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OPATX

Rochester®® Pennsylvania Municipal Fund

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Overview

The Strategy typically invests in Pennsylvania municipal bonds.

Inception Date
September 18, 1989
Investment Style
Single-State
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940100
NAV
  • A
(as of 12/08/2017)
$9.82
Total Assets
(as of 10/31/2017)
$691.00 MM
Gross Expense Ratio
(as of 11/30/2017)
1.07%
Net Expense Ratio
(as of 11/30/2017)
1.07%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 11/30/2017
  • E
as of 09/30/2017
  • E

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • E
Cumulative
Annualized
ytd as of 2017-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (NAV)
3.91% 0.81% 4.00% 3.21% 3.86% 5.55%
Cumulative
Annualized
ytd as of 2017-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (with sales charge)
-1.03% -3.98% 2.33% 2.21% 3.35% 5.37%
Cumulative
Annualized
ytd as of 2017-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (NAV)
0.05% 0.21% 2.51% 1.91% 3.58% 5.38%
Cumulative
Annualized
ytd as of 2017-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (with sales charge)
-4.71% -4.55% 0.86% 0.93% 3.07% 5.20%
Gross Expense Ratio: 1.07% | Net Expense Ratio: 1.01%

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® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index
1990 6.00% -
1991 11.49% -
1992 8.04% 8.82%
1993 13.12% 12.28%
1994 -7.68% -5.17%
1995 16.94% 17.46%
1996 4.35% 4.43%
1997 8.96% 9.19%
1998 4.45% 6.48%
1999 -6.18% -2.06%
2000 7.06% 11.68%
2001 6.51% 5.13%
2002 10.95% 9.60%
2003 9.81% 5.31%
2004 7.06% 4.48%
2005 8.97% 3.51%
2006 7.60% 4.84%
2007 -2.33% 3.36%
2008 -33.95% -2.47%
2009 48.44% 12.91%
2010 4.79% 2.38%
2011 11.30% 10.70%
2012 12.51% 6.78%
2013 -9.79% -2.55%
2014 15.36% 9.05%
2015 3.95% 3.30%
2016 2.97% 0.25%

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® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
10/31/2012 0.00 0.00 0.00
11/30/2012 2.08 1.65 0.16
12/31/2012 0.82 0.39 0.02
1/31/2013 1.68 0.81 -0.68
2/28/2013 2.20 1.11 -0.19
3/31/2013 1.65 0.68 -0.11
4/30/2013 2.91 1.78 0.90
5/31/2013 2.64 0.54 -0.90
6/30/2013 -2.81 -2.31 -2.43
7/31/2013 -4.85 -3.16 -2.30
8/31/2013 -9.82 -4.54 -2.80
9/30/2013 -7.83 -2.49 -1.88
10/31/2013 -6.97 -1.72 -1.08
11/30/2013 -7.66 -1.92 -1.45
12/31/2013 -8.91 -2.17 -2.01
1/31/2014 -5.85 -0.27 -0.56
2/28/2014 -3.23 0.90 -0.03
3/31/2014 -2.82 1.07 -0.20
4/30/2014 -1.66 2.29 0.64
5/31/2014 0.99 3.60 1.79
6/30/2014 -0.22 3.69 1.84
7/31/2014 -0.36 3.88 1.58
8/31/2014 2.23 5.13 2.70
9/30/2014 3.88 5.24 2.01
10/31/2014 4.09 5.96 3.01
11/30/2014 4.48 6.15 3.74
12/31/2014 5.22 6.68 3.84
1/31/2015 7.00 8.57 6.01
2/28/2015 7.23 7.45 5.02
3/31/2015 7.48 7.76 5.51
4/30/2015 6.50 7.20 5.13
5/31/2015 7.59 6.90 4.87
6/30/2015 5.30 6.80 3.73
7/31/2015 6.84 7.58 4.45
8/31/2015 7.39 7.79 4.30
9/30/2015 8.75 8.57 5.01
10/31/2015 8.65 9.00 5.02
11/30/2015 9.07 9.43 4.75
12/31/2015 9.43 10.20 4.41
1/31/2016 9.86 11.52 5.84
2/29/2016 9.80 11.69 6.60
3/31/2016 10.06 12.05 7.57
4/30/2016 10.23 12.87 7.99
5/31/2016 12.09 13.18 8.01
6/30/2016 14.78 14.98 9.96
7/31/2016 15.38 15.05 10.65
8/31/2016 15.70 15.20 10.52
9/30/2016 16.37 14.63 10.46
10/31/2016 16.28 13.42 9.61
11/30/2016 12.75 9.19 7.02
12/31/2016 12.94 10.48 7.17
1/31/2017 14.14 11.20 7.38
2/28/2017 15.97 11.98 8.10
3/31/2017 14.78 12.22 8.05
4/30/2017 19.38 13.03 8.88
5/31/2017 19.83 14.83 9.72
6/30/2017 19.25 14.42 9.61
7/31/2017 19.00 15.34 10.08
8/31/2017 19.75 16.22 11.07
9/30/2017 17.42 15.63 10.54
10/31/2017 14.39 15.91 10.60
Date Dividends
12/28/2007 0.0495
1/22/2008 0.0495
2/26/2008 0.05
3/25/2008 0.05
4/22/2008 0.05
5/27/2008 0.05
6/24/2008 0.05
7/22/2008 0.052
8/26/2008 0.052
9/23/2008 0.052
10/28/2008 0.052
11/25/2008 0.052
12/30/2008 0.052
1/27/2009 0.052
2/24/2009 0.052
3/24/2009 0.053
4/21/2009 0.053
5/26/2009 0.053
6/23/2009 0.053
7/28/2009 0.053
8/25/2009 0.053
9/22/2009 0.053
10/27/2009 0.053
11/24/2009 0.053
12/30/2009 0.053
1/26/2010 0.053
2/23/2010 0.053
3/23/2010 0.055
4/27/2010 0.055
5/25/2010 0.055
6/22/2010 0.055
7/27/2010 0.055
8/24/2010 0.055
9/21/2010 0.055
10/26/2010 0.055
11/23/2010 0.055
12/30/2010 0.055
1/25/2011 0.055
2/22/2011 0.055
3/22/2011 0.055
4/26/2011 0.056
5/24/2011 0.056
6/21/2011 0.056
7/26/2011 0.056
8/23/2011 0.056
9/27/2011 0.056
10/25/2011 0.056
11/22/2011 0.056
12/29/2011 0.056
1/24/2012 0.056
2/21/2012 0.056
3/27/2012 0.056
4/24/2012 0.056
5/22/2012 0.053
6/26/2012 0.053
7/24/2012 0.053
8/28/2012 0.053
9/25/2012 0.053
10/23/2012 0.053
11/27/2012 0.051
12/28/2012 0.051
1/22/2013 0.051
2/19/2013 0.051
3/26/2013 0.051
4/23/2013 0.049
5/28/2013 0.049
6/25/2013 0.049
7/23/2013 0.049
8/27/2013 0.049
9/24/2013 0.049
10/22/2013 0.049
11/26/2013 0.05
12/30/2013 0.05
1/28/2014 0.05
2/25/2014 0.05
3/25/2014 0.051
4/22/2014 0.051
5/27/2014 0.051
6/24/2014 0.051
7/22/2014 0.051
8/26/2014 0.051
9/23/2014 0.051
10/28/2014 0.051
11/25/2014 0.051
12/31/2014 0.051
1/27/2015 0.051
2/24/2015 0.051
3/24/2015 0.051
4/21/2015 0.051
5/26/2015 0.051
6/23/2015 0.051
7/28/2015 0.051
8/25/2015 0.051
9/22/2015 0.051
10/27/2015 0.051
11/24/2015 0.051
12/31/2015 0.051
1/26/2016 0.051
2/23/2016 0.051
3/22/2016 0.051
4/26/2016 0.051
5/24/2016 0.049
6/21/2016 0.049
7/26/2016 0.049
8/23/2016 0.046
9/27/2016 0.046
10/25/2016 0.046
11/22/2016 0.046
12/30/2016 0.046
1/24/2017 0.046
2/21/2017 0.046
3/28/2017 0.046
4/25/2017 0.046
5/23/2017 0.046
6/27/2017 0.042
7/25/2017 0.042
8/22/2017 0.042
9/26/2017 0.039
10/24/2017 0.039
11/21/2017 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 12/08/2017

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.

Portfolio

Top Fixed Income Sectors

(109.0% of assets as of 10/31/2017)


Portfolio Holdings Breakdown

State 8
Credit Rating Allocation
Asset Allocation 8
State Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Pennsylvania 68.3% 3.7% 64.6%
Puerto Rico 25.1% 0.5% 24.6%
Virgin Islands 1.3% 0.0% 1.3%
Northern Marianas 0.4% - -
Guam 0.2% 0.2% 0.1%
Credit Rating Allocation Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
A 28.7% 2.5% 26.2%
Unrated 22.0% 0.2% 21.9%
BBB 19.0% 1.2% 17.8%
AA 17.7% 12.5% 5.2%
BB 13.6% - -
CC 7.8% - -
B 0.2% - -
C 0.1% - -
Asset Allocation Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 109.1% 100.0% 9.1%
Analytics
(As of 10/31/2017)

Morningstar 10/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
59
Category
Muni Pennsylvania
Performance Statistics
3Y
5Y
Alpha
0.48
-1.08
Beta
0.85
1.28
Information Ratio
0.01
-0.11
R-Squared
35.91
58.29
Sharpe Ratio
0.59
0.41
Standard Deviation
4.63
6.03
Sortino Ratio
0.26
0.16
Tracking Error
3.76
4.03
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
11/21/2017
Per Share ($)
$0.04
Net Income
70.90%
Net Profit from Sale
0.00%
Other Capital Sources
29.10%
12-Month Distribution ($)
$0.52
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.37 yrs
5.96 yrs
Current Duration
7.20 yrs
6.70 yrs
Turnover Ratio
20.00%
-
Yields
Dividend Yield (with sales charge)
4.51%
Dividend Yield (w/o sales charge)
4.73%
Standardized Yield
2.94%
Team
Documents
  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. Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds’ historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of 11/30/16. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over 3, 5 or 10 years. Other share classes may have different performance and expense characteristics. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results. Licensee shall provide a conspicuous credit notice as follows: From Thomson Reuters Lipper Awards, © 2017 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. 
  5. 5. 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.
  6. 6. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  7. 7. 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.
  8. 8. 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.
  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. 11. Access index definitions.
  12. 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.
  13. 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.
  14. 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.
  15. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  16. E. 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.
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