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Municipal Bond

The Strategy typically invests in Virginia municipal bonds.
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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Cumulative Total Returns

as of 8/31/16

Since Inception 7/29/11
30%
Performance & Distributions
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Municipal Bond

Gross Expense Ratio:
      1.32%
    Net Expense Ratio:   1.30%

    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® Virginia Municipal Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 9/26/16
      2012 2013 2014 2015 YTD
    • C
    Rochester® Virginia Municipal Fund 13.08 -15.49 17.69 -1.71 10.12
    Barclays Municipal Index 6.78 -2.55 9.05 3.30
    Capital Gains Distributions ($ per share)
    Data as of 9/26/16
      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 9/26/16)
    • C
    10.12%
    1 Year 14.45%
    3 Year 7.29%
    5 Year 5.13%
    Since Inception 5.35%
    YTD (as of 9/26/16)
    • C
    10.12%
    1 Year 14.45%
    3 Year 7.29%
    5 Year 5.13%
    Since Inception 5.35%
    YTD (as of 9/26/16)
    • C
    10.12%
    1 Year 13.16%
    3 Year 3.93%
    Since Inception 5.48%
    YTD (as of 9/26/16)
    • C
    10.12%
    1 Year 13.16%
    3 Year 3.93%
    Since Inception 5.48%
    Gross Expense Ratio
    1.32%
    Net Expense Ratio
    1.30%
    NAV
    • D
    as of 9/26/16
    $8.46
    Yields

    monthly as of 8/31/16

    Dividend Yield
    with sales charge
    N/A
    Dividend Yield
    w/o sales charge
    5.83%
    Standardized YLD 6.24%

    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 19 Sectors

    as of 8/31/16

    Higher Education
    19.0%
    Tobacco Master Settlement Agr...
    14.9%
    Special Assessment
    9.3%
    Hospital/Healthcare
    8.5%
    General Obligation
    8.1%
    Electric Utilities
    6.9%
    Sales Tax Revenue
    6.6%
    Adult Living Facilities
    5.8%
    Highways/Commuter Facilities
    4.9%
    Municipal Leases
    3.9%
    Housing - Multi-Family
    3.5%
    Housing - Single-Family
    2.7%
    Marine/Aviation Facilities
    1.8%
    Non-Profit Organization
    1.2%
    Sewer Utilities
    1.1%
    Housing - Student
    0.4%
    Sports Facility Revenue
    0.3%
    Special Tax
    0.3%
    Government Appropriation
    0.1%
    ×
    • 19.0 %
      Higher Education
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AAA
    ×
    • 14.9 %
      Tobacco Master Settlement Agreement
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 9.3 %
      Special Assessment
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 8.5 %
      Hospital/Healthcare
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 8.1 %
      General Obligation
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 6.9 %
      Electric Utilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 6.6 %
      Sales Tax Revenue
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CC
    ×
    • 5.8 %
      Adult Living Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 4.9 %
      Highways/Commuter Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB
    ×
    • 3.9 %
      Municipal Leases
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 3.5 %
      Housing - Multi-Family
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.7 %
      Housing - Single-Family
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AAA
    ×
    • 1.8 %
      Marine/Aviation Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 1.2 %
      Non-Profit Organization
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 1.1 %
      Sewer Utilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 0.4 %
      Housing - Student
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 0.3 %
      Sports Facility Revenue
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 0.3 %
      Special Tax
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CC
    ×
    • 0.1 %
      Government Appropriation
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION C
    Holdings Breakdown

    as of 8/31/16

    59.3%

    Virginia

    32.8%

    Puerto Rico

    5.1%

    District of Columbia

    1.9%

    Guam

    9.7%

    14.3%

    1.1%

    12.1%

    4.4%

    3.5%

    25.7%

    7.3%

    0.1%

    21.0%

    99.2%

    0.8%

    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 278
    Category Muni Single State Long
    Risk Measurements

    as of 8/31/16

    Alpha -5.14%
    Beta 1.99
    R-Squared
    42.12
    Sharpe Ratio
    0.97
    Standard Deviation
    7.5%
    Equity Style
    Total Assets (all classes)
    as of 8/31/16
    $87.1 MM
    Portfolio Statistics

    as of

    Duration (yrs)
    7.56
    Avg Effective
    Maturity
    11.23
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • A
    Est Frequency Monthly
    Last Pay Date 8/23/16
    Per Share ($) 0.0411
    12-Month Distribution ($) 0.5306
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Interest Income

    as of 12/31/15

    Exposed to AMT 2.5%
    Top 19 Sectors

    as of 8/31/16

    Higher Educatio...
    19.0%
    Tobacco Master ...
    14.9%
    Special Assessm...
    9.3%
    Hospital/Health...
    8.5%
    General Obligat...
    8.1%
    Electric Utilit...
    6.9%
    Sales Tax Reven...
    6.6%
    Adult Living Fa...
    5.8%
    Highways/Commut...
    4.9%
    Municipal Lease...
    3.9%
    Housing - Multi...
    3.5%
    Housing - Singl...
    2.7%
    Marine/Aviation...
    1.8%
    Non-Profit Orga...
    1.2%
    Sewer Utilities...
    1.1%
    Housing - Stude...
    0.4%
    Sports Facility...
    0.3%
    Special Tax
    0.3%
    Government Appr...
    0.1%
    Holdings Breakdown

    as of 8/31/16

    Reset
    59.3%

    Virginia

    32.8%

    Puerto Rico

    5.1%

    District of Columbia

    1.9%

    Guam

    9.7%

    14.3%

    1.1%

    12.1%

    4.4%

    3.5%

    25.7%

    7.3%

    0.1%

    21.0%

    99.2%

    0.8%

    No Top Fixed Income Sectors
    in
    Net Cash and Equivalents
    ×
    • 19.0 %
      Higher Education
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AAA
    ×
    • 14.9 %
      Tobacco Master Settlement Agreement
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 9.3 %
      Special Assessment
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 8.5 %
      Hospital/Healthcare
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 8.1 %
      General Obligation
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 6.9 %
      Electric Utilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 6.6 %
      Sales Tax Revenue
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CC
    ×
    • 5.8 %
      Adult Living Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 4.9 %
      Highways/Commuter Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB
    ×
    • 3.9 %
      Municipal Leases
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 3.5 %
      Housing - Multi-Family
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.7 %
      Housing - Single-Family
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AAA
    ×
    • 1.8 %
      Marine/Aviation Facilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 1.2 %
      Non-Profit Organization
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 1.1 %
      Sewer Utilities
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 0.4 %
      Housing - Student
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 0.3 %
      Sports Facility Revenue
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 0.3 %
      Special Tax
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CC
    ×
    • 0.1 %
      Government Appropriation
    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION C

    Management

    Scott Cottier, CFA

    Managed Fund since 7/06

    Troy Willis, CFA, J.D.

    Managed Fund since 7/06

    Mark DeMitry, CFA

    Managed Fund since 7/06

    Michael Camarella, CFA

    Managed Fund since 7/06

    Charlie Pulire, CFA

    Managed Fund since 7/06

    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

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    Tools

    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 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. 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.
    7. 7. Access index definitions.
    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 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.
    10. 10. 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.
    11. 11. Percentage of tax-exempt income that is subject to the alternative minimum tax and reported in Form 1099-Div.
    12. A. There is no guarantee of the payment of any dividend or other distributions at any level.
    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.  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. 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.
    16. E. Class Y shares rated 5 stars overall by Morningstar among  278  Muni Single State Long funds for the 3-, 5-, and 10 year period ended 8/31/16 based on risk-adjusted performance.
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