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Municipal Bond

Rochester® Limited Term California Municipal Fund

The Strategy typically invests in investment-grade, California municipal bonds.

Investment Style
Maturity Managed
Fund Inception
February 25, 2004
Total Assets (all classes) (as of 4/30/2017)
$559 million
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
NAV (as of 5/24/17)
  • A
$3.16

Equity

Fixed Income

Municipal Bond
performance
analytics
holdings
as of 4/30/2017
  • B
as of 3/31/2017
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 5/24/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (NAV)
0.56% 1.30% 2.21% 2.40% 3.01% 3.88%
Cumulative
Annualized
ytd as of 5/24/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (with sales charge)
0.56% -0.98% 1.44% 1.93% 2.78% 3.70%
Cumulative
Annualized
ytd as of 5/24/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (NAV)
0.56% 1.36% 2.21% 2.32% 2.98% 3.88%
Cumulative
Annualized
ytd as of 5/24/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (with sales charge)
0.56% -0.92% 1.44% 1.86% 2.74% 3.70%
Gross Expense Ratio: 0.91% | Net Expense Ratio: 0.90%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 2.25% maximum sales charge as indicated.


Year Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
2005 7.88% 0.95%
2006 5.79% 3.34%
2007 0.10% 5.15%
2008 -12.69% 5.78%
2009 21.26% 7.40%
2010 3.58% 3.40%
2011 7.02% 6.93%
2012 7.29% 2.96%
2013 -2.66% 0.81%
2014 7.35% 3.19%
2015 0.35% 2.43%
2016 2.28% -0.39%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 2.25% maximum sales charge as indicated.


Date Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
4/30/2007 0.00 0.00 0.00
5/31/2007 -0.14 -0.30 -0.76
6/30/2007 -0.39 -0.48 -1.05
7/31/2007 -0.04 0.39 -0.23
8/31/2007 -1.95 1.16 1.00
9/30/2007 -1.06 2.07 1.76
10/31/2007 -0.70 2.46 2.68
11/30/2007 -0.96 3.56 4.52
12/31/2007 -1.23 4.02 4.82
1/31/2008 -0.23 6.61 6.58
2/29/2008 -3.65 3.99 6.73
3/31/2008 -1.56 6.03 7.09
4/30/2008 -0.92 5.93 6.87
5/31/2008 -0.88 6.26 6.08
6/30/2008 -1.68 5.17 6.00
7/31/2008 -1.89 6.66 5.91
8/31/2008 -0.95 8.10 6.92
9/30/2008 -5.01 5.87 5.48
10/31/2008 -8.79 5.88 2.99
11/30/2008 -9.62 8.14 6.34
12/31/2008 -13.77 10.03 10.31
1/31/2009 -9.44 13.38 9.34
2/28/2009 -7.56 11.93 8.92
3/31/2009 -8.36 12.43 10.44
4/30/2009 -5.24 13.62 10.97
5/31/2009 -1.85 13.54 11.77
6/30/2009 -2.68 13.28 12.41
7/31/2009 -1.38 15.40 14.22
8/31/2009 1.49 15.62 15.40
9/30/2009 4.99 17.53 16.61
10/31/2009 3.20 16.15 17.19
11/30/2009 3.60 18.22 18.71
12/31/2009 4.56 18.17 16.85
1/31/2010 5.04 18.90 18.64
2/28/2010 6.40 20.06 19.08
3/31/2010 6.52 19.08 18.93
4/30/2010 7.86 19.88 20.17
5/31/2010 8.29 20.71 21.18
6/30/2010 7.76 21.08 23.08
7/31/2010 8.49 22.90 24.40
8/31/2010 10.25 24.55 26.00
9/30/2010 10.69 24.14 26.13
10/31/2010 11.10 24.18 26.58
11/30/2010 9.58 23.44 25.85
12/31/2010 8.30 22.20 24.50
1/31/2011 7.20 21.79 24.64
2/28/2011 8.31 22.57 24.95
3/31/2011 8.44 22.95 25.02
4/30/2011 9.52 24.51 26.61
5/31/2011 10.68 26.02 28.26
6/30/2011 11.81 26.30 27.89
7/31/2011 12.91 27.47 29.91
8/31/2011 12.73 29.04 31.81
9/30/2011 13.86 28.79 32.77
10/31/2011 14.36 27.95 32.91
11/30/2011 14.84 28.96 32.80
12/31/2011 15.91 30.67 34.26
1/31/2012 18.25 32.01 35.44
2/29/2012 18.72 32.60 35.41
3/31/2012 18.83 31.43 34.66
4/30/2012 19.65 32.47 36.16
5/31/2012 20.48 33.04 37.39
6/30/2012 20.90 33.02 37.44
7/31/2012 22.04 34.03 39.34
8/31/2012 22.48 34.10 39.43
9/30/2012 22.89 34.82 39.62
10/31/2012 23.30 34.88 39.90
11/30/2012 24.74 35.41 40.12
12/31/2012 24.36 34.54 39.92
1/31/2013 24.88 35.19 38.94
2/28/2013 25.60 35.70 39.64
3/31/2013 25.22 35.67 39.75
4/30/2013 26.34 36.29 41.16
5/31/2013 25.99 35.49 38.64
6/30/2013 22.70 33.34 36.50
7/31/2013 21.96 34.17 36.68
8/31/2013 20.09 33.22 35.99
9/30/2013 21.18 34.50 37.27
10/31/2013 21.93 35.93 38.38
11/30/2013 21.87 35.85 37.86
12/31/2013 21.05 35.63 37.09
1/31/2014 22.99 37.06 39.11
2/28/2014 24.87 38.16 39.85
3/31/2014 25.27 36.98 39.61
4/30/2014 25.67 37.76 40.79
5/31/2014 27.57 38.66 42.39
6/30/2014 26.84 38.74 42.47
7/31/2014 26.11 38.93 42.11
8/31/2014 28.03 39.91 43.68
9/30/2014 28.81 39.83 42.70
10/31/2014 29.21 40.32 44.11
11/30/2014 29.60 40.41 45.13
12/31/2014 29.95 39.96 45.26
1/31/2015 31.21 42.08 48.31
2/28/2015 30.84 41.12 46.92
3/31/2015 30.49 41.02 47.60
4/30/2015 30.12 40.87 47.07
5/31/2015 30.11 40.40 46.71
6/30/2015 28.13 40.79 45.11
7/31/2015 27.33 41.53 46.12
8/31/2015 27.75 41.56 45.91
9/30/2015 28.94 42.42 46.90
10/31/2015 29.70 43.22 46.92
11/30/2015 30.08 43.08 46.54
12/31/2015 30.40 43.36 46.06
1/31/2016 30.85 45.01 48.07
2/29/2016 31.66 45.56 49.12
3/31/2016 32.06 45.00 50.49
4/30/2016 32.40 45.72 51.07
5/31/2016 32.83 45.41 51.11
6/30/2016 35.28 46.69 53.82
7/31/2016 35.64 47.24 54.80
8/31/2016 36.05 47.24 54.62
9/30/2016 36.39 46.66 54.53
10/31/2016 36.00 46.01 53.35
11/30/2016 32.65 42.09 49.72
12/31/2016 33.38 42.80 49.93
1/31/2017 33.88 44.29 50.22
2/28/2017 34.67 45.47 51.23
3/31/2017 33.77 45.51 51.15
4/30/2017 34.20 46.52 52.32
Date Dividends
6/26/2007 0.012
7/24/2007 0.012
8/28/2007 0.012
9/25/2007 0.012
10/23/2007 0.012
11/27/2007 0.012
12/28/2007 0.012
1/22/2008 0.012
2/26/2008 0.012
3/25/2008 0.012
4/22/2008 0.012
5/27/2008 0.012
6/24/2008 0.012
7/22/2008 0.0125
8/26/2008 0.0125
9/23/2008 0.0125
10/28/2008 0.0125
11/25/2008 0.0125
12/30/2008 0.0125
1/27/2009 0.0125
2/24/2009 0.0125
3/24/2009 0.0125
4/21/2009 0.0125
5/26/2009 0.0125
6/23/2009 0.0125
7/28/2009 0.0125
8/25/2009 0.0125
9/22/2009 0.013
10/27/2009 0.013
11/24/2009 0.013
12/30/2009 0.013
1/26/2010 0.013
2/23/2010 0.013
3/23/2010 0.013
4/27/2010 0.013
5/25/2010 0.013
6/22/2010 0.013
7/27/2010 0.0135
8/24/2010 0.0135
9/21/2010 0.0135
10/26/2010 0.0135
11/23/2010 0.0135
12/30/2010 0.0135
1/25/2011 0.0135
2/22/2011 0.0135
3/22/2011 0.0135
4/26/2011 0.0135
5/24/2011 0.0135
6/21/2011 0.0135
7/26/2011 0.0135
8/23/2011 0.014
9/27/2011 0.014
10/25/2011 0.014
11/22/2011 0.014
12/29/2011 0.014
1/24/2012 0.014
2/21/2012 0.014
3/27/2012 0.014
4/24/2012 0.013
5/22/2012 0.013
6/26/2012 0.013
7/24/2012 0.012
8/28/2012 0.012
9/25/2012 0.012
10/23/2012 0.011
11/27/2012 0.011
12/28/2012 0.011
1/22/2013 0.011
2/19/2013 0.0105
3/26/2013 0.0105
4/23/2013 0.0105
5/28/2013 0.0105
6/25/2013 0.0105
7/23/2013 0.0095
8/27/2013 0.0095
9/24/2013 0.0095
10/22/2013 0.0095
11/26/2013 0.0095
12/30/2013 0.0095
1/28/2014 0.01
2/25/2014 0.01
3/25/2014 0.01
4/22/2014 0.0105
5/27/2014 0.0105
6/24/2014 0.0105
7/22/2014 0.0105
8/26/2014 0.0105
9/23/2014 0.0105
10/28/2014 0.0105
11/25/2014 0.0105
12/31/2014 0.0105
1/27/2015 0.0105
2/24/2015 0.0105
3/24/2015 0.0105
4/21/2015 0.0105
5/26/2015 0.0105
6/23/2015 0.01
7/28/2015 0.01
8/25/2015 0.01
9/22/2015 0.01
10/27/2015 0.0095
11/24/2015 0.0095
12/31/2015 0.0095
1/26/2016 0.0095
2/23/2016 0.0095
3/22/2016 0.0095
4/26/2016 0.0095
5/24/2016 0.0095
6/21/2016 0.0095
7/26/2016 0.0095
8/23/2016 0.0095
9/27/2016 0.0095
10/25/2016 0.0095
11/22/2016 0.0095
12/30/2016 0.0095
1/24/2017 0.0095
2/21/2017 0.0095
3/28/2017 0.0095
4/25/2017 0.0095
5/23/2017 0.0095

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 investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 2.25% maximum sales charge as indicated.

$ per share as of 5/23/2017

Date 2012 2013 2014 2015 2016
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.

Analytics

(As of 4/30/2017)

Morningstar 4/30/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
36
Category
Muni Single State Short
Performance Statistics
3Y
5Y
Alpha
0.58
0.48
Information Ratio
0.07
0.14
Sharpe Ratio
0.74
0.75
R-Squared
45.74
52.32
Standard Deviation
2.74
2.92
Sortino Ratio
0.31
0.31
Beta
0.77
0.90
Tracking Error
2.10
2.03
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
5/23/2017
Per Share ($)
$0.01
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.11
Lipper
Peer Group
California Sh-Intmdt Municipal Debt Fds
Percentile
9
1 year Rank
2
Funds in Category
22
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
4.29 yrs
-
Current Duration
3.50 yrs
4.00 yrs
Turnover Ratio
13.00%
-
Yields
Dividend Yield (with sales charge)
3.52%
Dividend Yield (w/o sales charge)
3.60%
Standardized Yield
2.55%

Top Fixed Income Sectors

(100.0% of assets as of 04/30/17)


Portfolio Holdings Breakdown

State 9
Credit Rating Allocation 10
Asset Allocation 9
State Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
California 83.8% 15.8% 67.9%
Puerto Rico 14.2% 0.5% 13.8%
Guam 0.5% 0.1% 0.4%
Virgin Islands 0.1% 0.0% 0.1%
Credit Rating Allocation Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AA 34.7% 1.6% 33.1%
A 23.5% 0.5% 23.0%
Unrated 15.1% - -
BBB 13.0% 0.2% 12.8%
BB 5.6% - -
CCC 3.5% - -
CC 3.1% - -
AAA 2.4% 0.0% 2.4%
B 0.4% - -
C 0.1% - -
Asset Allocation Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 101.5% 100.0% 1.5%
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  1. 1. Available to investors only in certain states.
  2. 2. A portion of the Fund's distributions may be subject to tax and may increase taxes for investors subject to Alternative Minimum Tax (AMT).  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.
  3. 3. 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. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. 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. 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.
  4. 4. 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.
  5. 5. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  6. 6. Access index definitions.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.
  11. 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 p.m. ET daily.
  12. B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 2.25% maximum sales charge as indicated.
  13. 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.
  14. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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