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Municipal Bond

The Strategy typically invests in New Jersey municipal bonds.
Cumulative Total Returns

as of 8/31/16

Since Inception 11/29/10
36%
Performance & Distributions
×

Municipal Bond

Gross Expense Ratio:
      1.02%
    Net Expense Ratio:   0.95%

    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.

    Income Dividend History
    • A

    No income dividends were paid during this time.

    Cumulative Returns
    • B

    Compare to Indices

    Rochester® New Jersey Municipal Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 9/23/16
      2011 2012 2013 2014 2015 YTD
    • C
    Rochester® New Jersey Municipal Fund 12.51 11.43 -9.96 16.39 0.28 6.68
    Barclays Municipal Index 10.70 6.78 -2.55 9.05 3.30
    Capital Gains Distributions ($ per share)
    Data as of 9/25/16
      2011 2012 2013 2014 2015
    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.

    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.

    Average Annual Total Returns
    • B

    as of 8/31/16

    as of 6/30/16

    • B
    YTD (as of 9/23/16)
    • C
    6.68%
    1 Year 9.68%
    3 Year 7.82%
    5 Year 5.53%
    Since Inception 5.44%
    YTD (as of 9/23/16)
    • C
    6.68%
    1 Year 9.68%
    3 Year 7.82%
    5 Year 5.53%
    Since Inception 5.44%
    YTD (as of 9/23/16)
    • C
    6.68%
    1 Year 8.55%
    3 Year 4.76%
    5 Year 5.75%
    Since Inception 5.49%
    YTD (as of 9/23/16)
    • C
    6.68%
    1 Year 8.55%
    3 Year 4.76%
    5 Year 5.75%
    Since Inception 5.49%
    Gross Expense Ratio
    1.02%
    Net Expense Ratio
    0.95%
    NAV
    • D
    as of 9/23/16
    $9.70
    Yields

    monthly as of 8/31/16

    Dividend Yield
    with sales charge
    N/A
    Dividend Yield
    w/o sales charge
    4.46%
    Standardized YLD 3.20%

    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 to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.

    Top 20 Sectors

    as of 8/31/16

    Tobacco Master Settlement Agr...
    12.8%
    Hospital/Healthcare
    11.3%
    Higher Education
    8.5%
    U.S. Government Obligations
    8.1%
    Sales Tax Revenue
    7.8%
    Highways/Commuter Facilities
    7.2%
    General Obligation
    6.9%
    Transportation Infrastructure...
    5.6%
    Marine/Aviation Facilities
    4.8%
    Student Loans
    4.0%
    Government Appropriation
    3.8%
    Electric Utilities
    3.4%
    Municipal Leases
    3.1%
    Casino
    2.9%
    Water Utilities
    2.7%
    Education
    2.5%
    Adult Living Facilities
    1.9%
    Housing - Multi-Family
    1.5%
    Housing - Single-Family
    1.2%
    Special Tax
    1.0%
    ×
    • 12.8 %
      Tobacco Master Settlement Agreement
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BB
    ×
    • 11.3 %
      Hospital/Healthcare
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 8.5 %
      Higher Education
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 8.1 %
      U.S. Government Obligations
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 7.8 %
      Sales Tax Revenue
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CC
    ×
    • 7.2 %
      Highways/Commuter Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 6.9 %
      General Obligation
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 5.6 %
      Transportation Infrastructure
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB
    ×
    • 4.8 %
      Marine/Aviation Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 4.0 %
      Student Loans
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 3.8 %
      Government Appropriation
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 3.4 %
      Electric Utilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 3.1 %
      Municipal Leases
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 2.9 %
      Casino
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB
    ×
    • 2.7 %
      Water Utilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 2.5 %
      Education
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BB
    ×
    • 1.9 %
      Adult Living Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB
    ×
    • 1.5 %
      Housing - Multi-Family
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 1.2 %
      Housing - Single-Family
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 1.0 %
      Special Tax
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    Holdings Breakdown

    as of 8/31/16

    62.3%

    New Jersey

    28.3%

    Puerto Rico

    4.8%

    Multistate Authority

    1.4%

    Northern Marianas

    0.1%

    Guam

    0.1%

    Virgin Islands

    0.0%

    22.9%

    23.9%

    18.4%

    13.1%

    2.9%

    12.0%

    5.1%

    0.1%

    6.7%

    105.1%

    -5.1%

    No Top Fixed Income Sectors
    in
    Net Cash and Equivalents
    Morningstar
    • E

    as of 8/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 58
    Category Muni New Jersey
    Risk Measurements

    as of 8/31/16

    Alpha -0.89%
    Beta 1.36
    R-Squared
    46.79
    Sharpe Ratio
    1.57
    Standard Deviation
    4.8%
    Equity Style
    Total Assets (all classes)
    as of 8/31/16
    $411.2 MM
    Portfolio Statistics

    as of

    Duration (yrs)
    5.35
    Avg Effective
    Maturity
    8.55
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • A
    Est Frequency Monthly
    Last Pay Date 8/23/16
    Per Share ($) 0.0361
    12-Month Distribution ($) 0.4788
    Distribution Sources
    Net Income 0.00%
    Net Profit from Sale 2.80%
    Other Capital Sources 97.20%
    Interest Income

    as of 12/31/15

    Exposed to AMT 15.8%
    Top 20 Sectors

    as of 8/31/16

    Tobacco Master ...
    12.8%
    Hospital/Health...
    11.3%
    Higher Educatio...
    8.5%
    U.S. Government...
    8.1%
    Sales Tax Reven...
    7.8%
    Highways/Commut...
    7.2%
    General Obligat...
    6.9%
    Transportation ...
    5.6%
    Marine/Aviation...
    4.8%
    Student Loans
    4.0%
    Government Appr...
    3.8%
    Electric Utilit...
    3.4%
    Municipal Lease...
    3.1%
    Casino
    2.9%
    Water Utilities...
    2.7%
    Education
    2.5%
    Adult Living Fa...
    1.9%
    Housing - Multi...
    1.5%
    Housing - Singl...
    1.2%
    Special Tax
    1.0%
    Holdings Breakdown

    as of 8/31/16

    Reset
    62.3%

    New Jersey

    28.3%

    Puerto Rico

    4.8%

    Multistate Authority

    1.4%

    Northern Marianas

    0.1%

    Guam

    0.1%

    Virgin Islands

    0.0%

    22.9%

    23.9%

    18.4%

    13.1%

    2.9%

    12.0%

    5.1%

    0.1%

    6.7%

    105.1%

    -5.1%

    No Top Fixed Income Sectors
    in
    Net Cash and Equivalents
    ×
    • 12.8 %
      Tobacco Master Settlement Agreement
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BB
    ×
    • 11.3 %
      Hospital/Healthcare
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 8.5 %
      Higher Education
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 8.1 %
      U.S. Government Obligations
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 7.8 %
      Sales Tax Revenue
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CC
    ×
    • 7.2 %
      Highways/Commuter Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 6.9 %
      General Obligation
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 5.6 %
      Transportation Infrastructure
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB
    ×
    • 4.8 %
      Marine/Aviation Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 4.0 %
      Student Loans
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 3.8 %
      Government Appropriation
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 3.4 %
      Electric Utilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 3.1 %
      Municipal Leases
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 2.9 %
      Casino
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB
    ×
    • 2.7 %
      Water Utilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 2.5 %
      Education
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BB
    ×
    • 1.9 %
      Adult Living Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB
    ×
    • 1.5 %
      Housing - Multi-Family
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 1.2 %
      Housing - Single-Family
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 1.0 %
      Special Tax
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA

    Management

    Scott Cottier, CFA

    Managed Fund since 9/02

    Troy Willis, CFA, J.D.

    Managed Fund since 6/02

    Mark DeMitry, CFA

    Managed Fund since 12/00

    Michael Camarella, CFA

    Managed Fund since 6/03

    Charlie Pulire, CFA

    Managed Fund since 5/06

    Elizabeth Mossow, CFA

    Managed Fund since 7/13

    Investment Approach

    The portfolio managers invest in municipal bonds that offer attractive, tax-free yield, within prospectus parameters. Their investment process employs a bottom-up, research-oriented approach to generate long-term, income-driven total return.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

    ×

    Tools

    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. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
    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 the Fund's net investment income 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. Percentage of tax-exempt income that is subject to the alternative minimum tax and reported in Form 1099-Div.
    11. A. There is no guarantee of the payment of any dividend or other distributions at any level.
    12. 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.
    13. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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. 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.
    15. E. Class Y shares rated 5 stars overall by Morningstar among  58  Muni New Jersey funds for the 3-, 5-, and 10 year period ended 8/31/16 based on risk-adjusted performance.
    ×
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