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Rochester® AMT-Free Municipal Fund

Overview

The Strategy typically invests in municipal bonds of issuers across the United States.

Inception Date
November 29, 2010
Investment Style
National
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683977508
NAV
  • A
(as of 05/22/2018)
$6.95
Total Assets
(as of 04/30/2018)
$1.88 BN
Gross Expense Ratio
(as of 04/30/2018)
0.78%
Net Expense Ratio
(as of 04/30/2018)
0.78%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 04/30/2018
  • B
as of 03/31/2018
  • B

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr since inception
Rochester® AMT-Free Municipal Fund (NAV)
2.49% 2.49% 2.51% 5.13% 4.81% 7.66%
Bloomberg Barclays Municipal Index
-1.11% -1.11% 2.66% 2.25% 2.73% -
Cumulative
Annualized
3 mo ytd as of 2018-04-30
  • C
1 yr 3 yr 5 yr since inception
Rochester® AMT-Free Municipal Fund (NAV)
3.44% 3.62% 2.91% 5.74% 4.72% 7.73%
Bloomberg Barclays Municipal Index
-0.29% -1.46% 1.56% 2.31% 2.44% -
Gross Expense Ratio: 0.78% | Net Expense Ratio: 0.69%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Year Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index
2011 16.31% 10.70%
2012 19.48% 6.78%
2013 -6.60% -2.55%
2014 15.97% 9.05%
2015 5.46% 3.30%
2016 2.76% 0.25%
2017 6.24% 5.45%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Date Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
4/30/2013 0.00 0.00 0.00
5/31/2013 -0.15 -1.22 -1.78
6/30/2013 -6.12 -4.02 -3.30
7/31/2013 -8.12 -4.86 -3.17
8/31/2013 -11.13 -6.21 -3.67
9/30/2013 -8.56 -4.20 -2.75
10/31/2013 -7.50 -3.44 -1.97
11/30/2013 -8.05 -3.64 -2.34
12/31/2013 -8.90 -3.89 -2.89
1/31/2014 -5.77 -2.01 -1.45
2/28/2014 -3.14 -0.86 -0.93
3/31/2014 -2.63 -0.70 -1.10
4/30/2014 -1.11 0.50 -0.26
5/31/2014 1.56 1.79 0.87
6/30/2014 0.63 1.88 0.93
7/31/2014 0.59 2.06 0.67
8/31/2014 3.30 3.29 1.78
9/30/2014 4.11 3.40 1.09
10/31/2014 3.89 4.11 2.09
11/30/2014 4.56 4.29 2.81
12/31/2014 5.64 4.81 2.91
1/31/2015 7.65 6.67 5.06
2/28/2015 6.98 5.57 4.08
3/31/2015 7.27 5.88 4.56
4/30/2015 6.60 5.32 4.18
5/31/2015 6.81 5.03 3.93
6/30/2015 5.21 4.93 2.80
7/31/2015 5.77 5.69 3.51
8/31/2015 6.67 5.90 3.37
9/30/2015 8.36 6.67 4.07
10/31/2015 10.02 7.09 4.08
11/30/2015 10.59 7.52 3.81
12/31/2015 11.40 8.27 3.47
1/31/2016 12.07 9.57 4.90
2/29/2016 12.82 9.74 5.64
3/31/2016 13.91 10.09 6.61
4/30/2016 14.43 10.90 7.02
5/31/2016 15.38 11.20 7.05
6/30/2016 17.94 12.96 8.97
7/31/2016 18.46 13.03 9.66
8/31/2016 18.86 13.19 9.53
9/30/2016 19.01 12.62 9.47
10/31/2016 18.26 11.44 8.63
11/30/2016 13.72 7.28 6.06
12/31/2016 14.48 8.54 6.21
1/31/2017 15.12 9.26 6.42
2/28/2017 17.33 10.02 7.14
3/31/2017 21.59 10.26 7.08
4/30/2017 22.46 11.06 7.91
5/31/2017 24.02 12.82 8.74
6/30/2017 23.41 12.41 8.63
7/31/2017 23.61 13.32 9.09
8/31/2017 24.29 14.19 10.07
9/30/2017 22.77 13.61 9.55
10/31/2017 21.33 13.88 9.61
11/30/2017 20.19 13.27 9.47
12/31/2017 21.61 14.46 9.97
1/31/2018 21.83 13.11 8.71
2/28/2018 22.08 12.77 7.68
3/31/2018 24.64 13.19 8.37
4/30/2018 26.02 12.78 7.56
Date Dividends
5/28/2013 0.0335
6/25/2013 0.0331
7/23/2013 0.033
8/27/2013 0.0334
9/24/2013 0.0341
10/22/2013 0.0342
11/26/2013 0.0346
12/30/2013 0.0345
1/28/2014 0.0342
2/25/2014 0.0342
3/25/2014 0.0343
4/22/2014 0.0343
5/27/2014 0.0356
6/24/2014 0.0353
7/22/2014 0.0352
8/26/2014 0.0356
9/23/2014 0.0353
10/28/2014 0.0356
11/25/2014 0.0363
12/31/2014 0.0367
1/27/2015 0.0363
2/24/2015 0.0363
3/24/2015 0.0363
4/21/2015 0.0363
5/26/2015 0.0366
6/23/2015 0.0363
7/28/2015 0.0365
8/25/2015 0.0362
9/22/2015 0.0363
10/27/2015 0.0366
11/24/2015 0.0363
12/31/2015 0.0367
1/26/2016 0.0352
2/23/2016 0.0353
3/22/2016 0.0353
4/26/2016 0.0356
5/24/2016 0.0343
6/21/2016 0.0343
7/26/2016 0.0346
8/23/2016 0.0323
9/27/2016 0.0327
10/25/2016 0.0323
11/22/2016 0.0323
12/30/2016 0.0307
1/24/2017 0.03
2/21/2017 0.0302
3/28/2017 0.0306
4/25/2017 0.0283
5/23/2017 0.0283
6/27/2017 0.0286
7/25/2017 0.0283
8/22/2017 0.0283
9/26/2017 0.0266
10/24/2017 0.0263
11/21/2017 0.0263
12/29/2017 0.0258
1/23/2018 0.025
2/20/2018 0.0252
3/27/2018 0.0246
4/24/2018 0.0242

There is no guarantee of the payment of any dividend or other distributions at any level.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 05/21/2018

Date 2013 2014 2015 2016 2017
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Fixed Income Sectors

(101.0% of assets as of 04/30/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 107.7% 100.0% 7.7%
State Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
California 10.8% 17.3% -6.5%
Puerto Rico 9.7% 0.3% 9.4%
New York 9.5% 15.4% -6.0%
Pennsylvania 6.4% 3.8% 2.6%
Florida 6.1% 4.5% 1.6%
New Jersey 6.1% 3.7% 2.3%
Illinois 5.7% 4.5% 1.2%
Alabama 5.3% 0.8% 4.5%
Ohio 5.1% 2.4% 2.7%
Texas 4.1% 9.3% -5.2%
Michigan 3.3% 1.7% 1.6%
Louisiana 2.7% 1.1% 1.6%
Washington 2.6% 3.2% -0.5%
Arizona 2.4% 1.7% 0.7%
Wisconsin 2.3% 1.4% 0.9%
Colorado 2.3% 1.7% 0.6%
Kentucky 1.6% 0.7% 0.9%
Virginia 1.6% 2.0% -0.4%
Massachusetts 1.5% 4.0% -2.5%
Indiana 1.5% 0.9% 0.6%
Credit Rating Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 3.1% 21.9% -18.7%
AA 32.8% 55.1% -22.3%
A 24.9% 18.0% 6.9%
BBB 15.2% 4.9% 10.3%
BB 2.0% 0.0% 2.0%
B 1.3% - -
CCC 1.0% - -
CC 7.7% - -
C 0.4% - -
Unrated 19.2% 0.1% 19.0%
Analytics
(As of 04/30/2018)

Morningstar 04/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
146
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
3.47
1.67
Beta
0.93
1.31
Information Ratio
1.10
0.66
R-Squared
48.72
67.06
Sharpe Ratio
1.17
0.77
Standard Deviation
4.35
5.70
Sortino Ratio
0.53
0.32
Tracking Error
3.12
3.45
Dividends
  • D
12-Month Distribution ($)
$0.3175
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
8.92 yrs
5.97 yrs
Current Duration
7.10 yrs
6.30 yrs
Turnover Ratio
25.00%
-
Yields
Dividend Yield (w/o sales charge)
4.19%
Standardized Yield
3.24%
Distribution Sources
  • D
Interest Income 12/31/2017
Exposed to AMT
0.0%
Team
Documents
  1. 1. A portion of the Fund's distributions may be subject to tax.  Capital gains distributions are taxable as capital gains.  Tax treatments of the Fund's distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them.
  2. 2. Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Below-investment-grade (“high yield” or "junk") bonds are more at risk of default and are subject to liquidity risk. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization (“NRSRO”). Under certain market conditions, some unrated securities may trade less actively than rated securities.
  3. 3. The net expense ratio represents the Fund's gross expense ratio less certain interest and related expenses from the Fund's investment in inverse floaters, as reported in the latest prospectus. Under accounting rules, the Fund recognized additional income in an amount that offsets those expenses. the Fund's total returns and net asset values are not affected by those offsets.
  4. 4. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  5. 5. Access index definitions.
  6. 6. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
  7. 7. All securities except for those labeled "unrated" have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as S&P Global Ratings ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality. The credit rating table values may not total 100% due to rounding. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.) Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund's Prospectus or Statement of Additional Information.
  8. 8. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
  9. 9. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
  10. A. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  11. B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
  12. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  13. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. The funds invest in below-investment-grade debt securities, which may entail greater credit risks, as described in each fund’s prospectus. These securities (sometimes called “junk bonds”) may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade municipal securities. The funds may invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. The funds may also invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rican bonds and the performance of the Rochester municipal funds that hold them.The views represented herein are the opinions of the Portfolio Managers at Macquarie Capital Investment Management LLC and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the date indicated, and are subject to change based on subsequent developments.Funds returns may not match the return of its respective index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternate weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because the Funds are rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on Fund performanceOn April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.On April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.

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