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OPAMX

Rochester® Minnesota Municipal Fund

Special Notice

Effective as of the close of the New York Stock Exchange on March 24, 2016, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.

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Overview

The Strategy typically invests in Minnesota municipal bonds.

Inception Date
November 7, 2006
Investment Style
Single-State
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683833107
NAV
  • A
(as of 05/23/2018)
$12.64
Total Assets
(as of 04/30/2018)
$117.52 MM
Gross Expense Ratio
(as of 04/30/2018)
1.16%
Net Expense Ratio
(as of 04/30/2018)
1.00%
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

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Minnesota Municipal Fund (NAV)
0.18% 3.49% 2.45% 3.22% 4.90% 3.99%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% 4.15%
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Minnesota Municipal Fund (with sales charge)
-4.58% -1.43% 0.80% 2.22% 4.39% 3.55%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% 4.15%
Cumulative
Annualized
ytd as of 2018-04-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Minnesota Municipal Fund (NAV)
0.11% 2.76% 2.57% 2.97% 4.77% 3.96%
Bloomberg Barclays Municipal Index
-1.46% 1.56% 2.31% 2.44% 4.25% 4.09%
Cumulative
Annualized
ytd as of 2018-04-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Minnesota Municipal Fund (with sales charge)
-4.64% -2.12% 0.92% 1.97% 4.26% 3.52%
Bloomberg Barclays Municipal Index
-1.46% 1.56% 2.31% 2.44% 4.25% 4.09%
Gross Expense Ratio: 1.16% | Net Expense Ratio: 0.94%

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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Year Rochester® Minnesota Municipal Fund Bloomberg Barclays Municipal Index
2007 -3.24% 3.36%
2008 -26.93% -2.47%
2009 40.73% 12.91%
2010 4.12% 2.38%
2011 14.41% 10.70%
2012 10.54% 6.78%
2013 -4.25% -2.55%
2014 13.29% 9.05%
2015 3.25% 3.30%
2016 0.54% 0.25%
2017 4.46% 5.45%

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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Date Rochester® Minnesota Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
4/30/2008 0.00 0.00 0.00
5/31/2008 1.06 0.61 -0.73
6/30/2008 -0.43 -0.53 -0.81
7/31/2008 -1.58 -0.15 -0.89
8/31/2008 -0.35 1.02 0.05
9/30/2008 -6.29 -3.72 -1.30
10/31/2008 -17.24 -4.70 -3.63
11/30/2008 -18.79 -4.40 -0.49
12/31/2008 -26.94 -3.01 3.22
1/31/2009 -21.15 0.54 2.31
2/28/2009 -18.52 1.07 1.93
3/31/2009 -17.86 1.09 3.34
4/30/2009 -15.28 3.11 3.84
5/31/2009 -12.05 4.20 4.59
6/30/2009 -12.00 3.22 5.18
7/31/2009 -10.60 4.95 6.88
8/31/2009 -8.03 6.75 7.99
9/30/2009 0.98 10.58 9.12
10/31/2009 0.73 8.26 9.66
11/30/2009 1.72 9.15 11.08
12/31/2009 2.83 9.52 9.34
1/31/2010 4.28 10.09 11.01
2/28/2010 5.83 11.16 11.43
3/31/2010 6.25 10.89 11.29
4/30/2010 7.25 12.24 12.45
5/31/2010 8.47 13.08 13.40
6/30/2010 8.88 13.15 15.17
7/31/2010 10.44 14.56 16.40
8/31/2010 13.54 17.18 17.90
9/30/2010 14.03 17.00 18.03
10/31/2010 13.63 16.67 18.45
11/30/2010 9.94 14.34 17.77
12/31/2010 7.07 12.12 16.50
1/31/2011 5.03 11.30 16.63
2/28/2011 7.21 13.07 16.92
3/31/2011 7.14 12.69 16.99
4/30/2011 9.39 14.71 18.47
5/31/2011 12.10 16.67 20.02
6/30/2011 13.16 17.08 19.67
7/31/2011 14.96 18.27 21.57
8/31/2011 16.82 20.30 23.34
9/30/2011 19.52 21.54 24.24
10/31/2011 19.16 21.09 24.37
11/30/2011 19.85 21.80 24.27
12/31/2011 22.50 24.12 25.63
1/31/2012 26.39 26.99 26.73
2/29/2012 27.08 27.12 26.71
3/31/2012 26.76 26.29 26.01
4/30/2012 28.15 27.75 27.41
5/31/2012 30.16 28.81 28.56
6/30/2012 30.40 28.67 28.61
7/31/2012 32.60 30.71 30.39
8/31/2012 33.15 30.86 30.47
9/30/2012 33.99 31.65 30.65
10/31/2012 34.36 32.02 30.91
11/30/2012 37.01 34.19 31.11
12/31/2012 35.42 32.54 30.93
1/31/2013 36.27 33.09 30.01
2/28/2013 36.65 33.49 30.66
3/31/2013 36.21 32.91 30.77
4/30/2013 37.77 34.37 32.09
5/31/2013 36.62 32.73 29.73
6/30/2013 30.57 28.97 27.73
7/31/2013 28.50 27.84 27.90
8/31/2013 25.97 26.02 27.25
9/30/2013 28.51 28.73 28.45
10/31/2013 29.82 29.75 29.49
11/30/2013 29.80 29.48 29.01
12/31/2013 29.66 29.15 28.28
1/31/2014 33.20 31.67 30.17
2/28/2014 35.41 33.21 30.87
3/31/2014 36.68 33.44 30.64
4/30/2014 38.48 35.04 31.75
5/31/2014 40.80 36.78 33.24
6/30/2014 41.21 36.90 33.31
7/31/2014 41.74 37.14 32.98
8/31/2014 43.98 38.80 34.45
9/30/2014 44.70 38.94 33.53
10/31/2014 45.75 39.89 34.85
11/30/2014 45.79 40.13 35.80
12/31/2014 46.90 40.84 35.93
1/31/2015 48.95 43.34 38.78
2/28/2015 47.77 41.86 37.48
3/31/2015 48.41 42.27 38.11
4/30/2015 47.78 41.52 37.62
5/31/2015 48.00 41.13 37.29
6/30/2015 47.57 41.00 35.79
7/31/2015 48.48 42.02 36.73
8/31/2015 48.74 42.30 36.54
9/30/2015 49.56 43.33 37.46
10/31/2015 49.89 43.90 37.48
11/30/2015 50.59 44.48 37.12
12/31/2015 51.68 45.49 36.68
1/31/2016 52.79 47.23 38.56
2/29/2016 52.91 47.46 39.54
3/31/2016 53.62 47.92 40.82
4/30/2016 54.61 49.01 41.36
5/31/2016 55.47 49.42 41.40
6/30/2016 58.17 51.79 43.94
7/31/2016 58.13 51.89 44.85
8/31/2016 58.37 52.09 44.68
9/30/2016 57.95 51.33 44.60
10/31/2016 56.92 49.74 43.49
11/30/2016 51.28 44.16 40.10
12/31/2016 52.49 45.85 40.30
1/31/2017 52.96 46.81 40.57
2/28/2017 54.01 47.83 41.52
3/31/2017 54.19 48.15 41.44
4/30/2017 55.19 49.23 42.53
5/31/2017 57.03 51.60 43.63
6/30/2017 57.08 51.05 43.49
7/31/2017 57.85 52.28 44.10
8/31/2017 58.96 53.43 45.40
9/30/2017 58.28 52.65 44.70
10/31/2017 58.19 53.03 44.79
11/30/2017 57.80 52.21 44.60
12/31/2017 59.29 53.80 45.27
1/31/2018 58.42 51.99 43.59
2/28/2018 58.25 51.53 42.23
3/31/2018 59.58 52.09 43.14
4/30/2018 59.47 51.55 42.08
Date Dividends
5/27/2008 0.053
6/24/2008 0.053
7/22/2008 0.054
8/26/2008 0.054
9/23/2008 0.054
10/28/2008 0.054
11/25/2008 0.054
12/30/2008 0.054
1/27/2009 0.054
2/24/2009 0.054
3/24/2009 0.054
4/21/2009 0.054
5/26/2009 0.054
6/23/2009 0.054
7/28/2009 0.054
8/25/2009 0.054
9/22/2009 0.054
10/27/2009 0.054
11/24/2009 0.054
12/30/2009 0.054
1/26/2010 0.054
2/23/2010 0.054
3/23/2010 0.054
4/27/2010 0.054
5/25/2010 0.054
6/22/2010 0.054
7/27/2010 0.054
8/24/2010 0.054
9/21/2010 0.054
10/26/2010 0.051
11/23/2010 0.051
12/30/2010 0.051
1/25/2011 0.051
2/22/2011 0.051
3/22/2011 0.051
4/26/2011 0.051
5/24/2011 0.051
6/21/2011 0.051
7/26/2011 0.051
8/23/2011 0.051
9/27/2011 0.051
10/25/2011 0.051
11/22/2011 0.051
12/29/2011 0.051
1/24/2012 0.051
2/21/2012 0.051
3/27/2012 0.051
4/24/2012 0.048
5/22/2012 0.048
6/26/2012 0.048
7/24/2012 0.048
8/28/2012 0.044
9/25/2012 0.044
10/23/2012 0.044
11/27/2012 0.044
12/28/2012 0.04
1/22/2013 0.04
2/19/2013 0.04
3/26/2013 0.04
4/23/2013 0.04
5/28/2013 0.04
6/25/2013 0.04
7/23/2013 0.04
8/27/2013 0.04
9/24/2013 0.041
10/22/2013 0.041
11/26/2013 0.043
12/30/2013 0.043
1/28/2014 0.043
2/25/2014 0.046
3/25/2014 0.046
4/22/2014 0.046
5/27/2014 0.046
6/24/2014 0.046
7/22/2014 0.046
8/26/2014 0.046
9/23/2014 0.046
10/28/2014 0.046
11/25/2014 0.046
12/31/2014 0.046
1/27/2015 0.046
2/24/2015 0.044
3/24/2015 0.044
4/21/2015 0.044
5/26/2015 0.044
6/23/2015 0.041
7/28/2015 0.041
8/25/2015 0.041
9/22/2015 0.041
10/27/2015 0.041
11/24/2015 0.041
12/31/2015 0.041
1/26/2016 0.039
2/23/2016 0.039
3/22/2016 0.039
4/26/2016 0.039
5/24/2016 0.039
6/21/2016 0.039
7/26/2016 0.039
8/23/2016 0.039
9/27/2016 0.039
10/25/2016 0.039
11/22/2016 0.039
12/30/2016 0.039
1/24/2017 0.039
2/21/2017 0.039
3/28/2017 0.039
4/25/2017 0.039
5/23/2017 0.039
6/27/2017 0.039
7/25/2017 0.039
8/22/2017 0.039
9/26/2017 0.039
10/24/2017 0.039
11/21/2017 0.039
12/29/2017 0.039
1/23/2018 0.039
2/20/2018 0.039
3/27/2018 0.039
4/24/2018 0.039
5/22/2018 0.039

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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 05/22/2018

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

(104.7% of assets as of 04/30/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® Minnesota Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 105.0% 100.0% 5.0%
State Rochester® Minnesota Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Minnesota 92.3% 1.1% 91.2%
Puerto Rico 1.8% 0.3% 1.5%
Credit Rating Allocation Rochester® Minnesota Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 4.5% 21.9% -17.4%
AA 23.0% 55.1% -32.1%
A 25.3% 18.0% 7.3%
BBB 17.0% 4.9% 12.1%
BB 8.1% 0.0% 8.1%
B 0.2% - -
CCC 0.2% - -
CC 1.4% - -
C 0.1% - -
Unrated 25.1% 0.1% 25.0%
Analytics
(As of 04/30/2018)

Morningstar 04/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
51
Category
Muni Minnesota
Performance Statistics
3Y
5Y
Alpha
0.51
0.45
Beta
0.84
1.04
Information Ratio
0.29
0.41
R-Squared
92.72
89.29
Sharpe Ratio
0.69
0.67
Standard Deviation
2.86
3.94
Sortino Ratio
0.26
0.26
Tracking Error
0.93
1.30
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
5/22/2018
Per Share ($)
$0.0390
12-Month Distribution ($)
$0.4680
Lipper
1y
3y
5y
Percentile
11
16
6
Rank
5
7
2
Funds in Category
46
44
38
Peer Group
Minnesota Municipal Debt Funds
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
5.39 yrs
5.97 yrs
Current Duration
4.20 yrs
6.30 yrs
Turnover Ratio
12.00%
-
Yields
Dividend Yield (with sales charge)
3.53%
Dividend Yield (w/o sales charge)
3.70%
Standardized Yield
2.50%
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Interest Income 12/31/2017
Exposed to AMT
6.08%
Team
Documents
  1. 1. 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.
  2. 2. As of the close of the New York Stock Exchange on March 24, 2016, the purchase and exchange of Fund shares are restricted, subject to certain exceptions. Please see the prospectus for further information.
  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 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 (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  6. 6. Access index definitions.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.
  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 7:00pm 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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  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.
  15. 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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