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Rochester® AMT-Free Municipal Fund

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Overview

The strategy typically seeks investment-grade bonds the income of which is exempt from federal personal income taxes and the federal alternative minimum tax.

Inception Date
October 27, 1976
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683977102
NAV
  • B
(as of 02/15/2019)
$7.11
Total Assets
(as of 01/31/2019)
$1.90 BN
Gross Expense Ratio
(as of 01/31/2019)
1.04%
Net Expense Ratio
(as of 01/31/2019)
1.01%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 01/31/2019
  • C
as of 12/31/2018
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (NAV)
7.42% 7.42% 5.28% 7.25% 10.13% 5.76%
Bloomberg Barclays Municipal Index
1.28% 1.28% 2.30% 3.82% 4.85% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (with sales charge)
2.32% 2.32% 3.58% 6.21% 9.60% 5.63%
Bloomberg Barclays Municipal Index
1.28% 1.28% 2.30% 3.82% 4.85% -
Cumulative
Annualized
ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (NAV)
0.54% 7.68% 5.26% 6.69% 9.53% 5.76%
Bloomberg Barclays Municipal Index
0.76% 3.26% 2.15% 3.57% 4.55% -
Cumulative
Annualized
ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (with sales charge)
-4.24% 2.56% 3.57% 5.65% 9.00% 5.64%
Bloomberg Barclays Municipal Index
0.76% 3.26% 2.15% 3.57% 4.55% -
Gross Expense Ratio: 1.04% | 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® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index
1977 6.35% -
1978 -4.91% -
1979 -3.35% -
1980 -14.90% -
1981 -9.22% -
1982 43.75% -
1983 16.91% -
1984 10.60% -
1985 21.38% -
1986 19.75% -
1987 0.00% -
1988 10.03% -
1989 9.43% -
1990 5.93% -
1991 12.11% -
1992 9.20% 8.82%
1993 13.79% 12.28%
1994 -9.19% -5.17%
1995 18.28% 17.46%
1996 5.17% 4.43%
1997 9.38% 9.19%
1998 6.05% 6.48%
1999 -5.09% -2.06%
2000 7.98% 11.68%
2001 2.35% 5.13%
2002 8.04% 9.60%
2003 7.67% 5.31%
2004 8.69% 4.48%
2005 7.83% 3.51%
2006 7.40% 4.84%
2007 -9.11% 3.36%
2008 -41.59% -2.47%
2009 42.69% 12.91%
2010 0.30% 2.38%
2011 16.40% 10.70%
2012 18.97% 6.78%
2013 -6.66% -2.55%
2014 15.64% 9.05%
2015 5.19% 3.30%
2016 2.51% 0.25%
2017 5.96% 5.45%
2018 7.42% 1.28%

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® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
1/31/2009 0.00 0.00 0.00
2/28/2009 2.16 0.52 -0.38
3/31/2009 -0.48 0.54 1.01
4/30/2009 5.77 2.55 1.49
5/31/2009 15.57 3.64 2.23
6/30/2009 11.21 2.67 2.81
7/31/2009 13.09 4.38 4.47
8/31/2009 23.89 6.17 5.55
9/30/2009 38.83 9.98 6.66
10/31/2009 32.91 7.67 7.18
11/30/2009 31.61 8.56 8.57
12/31/2009 34.59 8.93 6.87
1/31/2010 36.17 9.49 8.51
2/28/2010 37.83 10.56 8.91
3/31/2010 37.40 10.29 8.78
4/30/2010 40.97 11.63 9.91
5/31/2010 40.70 12.47 10.83
6/30/2010 39.32 12.53 12.57
7/31/2010 40.94 13.94 13.77
8/31/2010 46.64 16.55 15.24
9/30/2010 47.01 16.36 15.36
10/31/2010 48.18 16.04 15.77
11/30/2010 40.22 13.72 15.11
12/31/2010 34.99 11.52 13.87
1/31/2011 30.72 10.70 14.00
2/28/2011 34.23 12.46 14.28
3/31/2011 33.66 12.08 14.35
4/30/2011 36.70 14.09 15.80
5/31/2011 41.25 16.04 17.31
6/30/2011 44.63 16.45 16.97
7/31/2011 47.94 17.63 18.82
8/31/2011 48.08 19.65 20.56
9/30/2011 51.92 20.88 21.43
10/31/2011 52.53 20.43 21.56
11/30/2011 52.85 21.15 21.46
12/31/2011 57.12 23.45 22.79
1/31/2012 64.70 26.30 23.87
2/29/2012 66.49 26.43 23.84
3/31/2012 66.54 25.61 23.16
4/30/2012 70.61 27.06 24.53
5/31/2012 73.96 28.11 25.66
6/30/2012 74.74 27.97 25.71
7/31/2012 80.34 30.00 27.44
8/31/2012 81.96 30.15 27.52
9/30/2012 83.29 30.94 27.70
10/31/2012 85.72 31.31 27.95
11/30/2012 90.83 33.47 28.15
12/31/2012 86.93 31.82 27.97
1/31/2013 89.29 32.37 27.07
2/28/2013 89.80 32.77 27.71
3/31/2013 88.76 32.20 27.81
4/30/2013 91.95 33.65 29.11
5/31/2013 91.45 32.01 26.80
6/30/2013 80.01 28.28 24.84
7/31/2013 76.15 27.15 25.01
8/31/2013 70.37 25.34 24.37
9/30/2013 75.24 28.04 25.55
10/31/2013 77.24 29.05 26.57
11/30/2013 76.14 28.78 26.09
12/31/2013 74.48 28.45 25.38
1/31/2014 80.14 30.96 27.23
2/28/2014 85.42 32.49 27.91
3/31/2014 86.36 32.71 27.69
4/30/2014 89.22 34.31 28.77
5/31/2014 94.27 36.04 30.23
6/30/2014 92.18 36.16 30.30
7/31/2014 92.34 36.40 29.97
8/31/2014 97.47 38.05 31.41
9/30/2014 98.98 38.19 30.52
10/31/2014 98.51 39.14 31.80
11/30/2014 99.76 39.38 32.74
12/31/2014 101.77 40.08 32.86
1/31/2015 105.55 42.56 35.65
2/28/2015 104.25 41.09 34.37
3/31/2015 104.75 41.50 34.99
4/30/2015 103.43 40.76 34.51
5/31/2015 103.80 40.37 34.19
6/30/2015 100.71 40.24 32.72
7/31/2015 101.72 41.26 33.65
8/31/2015 103.40 41.53 33.45
9/30/2015 106.57 42.56 34.36
10/31/2015 109.68 43.13 34.38
11/30/2015 110.72 43.69 34.02
12/31/2015 112.22 44.70 33.59
1/31/2016 113.45 46.43 35.43
2/29/2016 114.84 46.66 36.39
3/31/2016 116.87 47.13 37.64
4/30/2016 117.80 48.21 38.17
5/31/2016 119.56 48.61 38.20
6/30/2016 124.69 50.97 40.69
7/31/2016 125.32 51.06 41.58
8/31/2016 126.03 51.27 41.42
9/30/2016 126.58 50.51 41.33
10/31/2016 124.80 48.93 40.25
11/30/2016 116.15 43.38 36.93
12/31/2016 117.54 45.06 37.13
1/31/2017 118.71 46.02 37.40
2/28/2017 122.86 47.03 38.32
3/31/2017 130.89 47.35 38.25
4/30/2017 132.49 48.42 39.31
5/31/2017 135.40 50.78 40.39
6/30/2017 134.19 50.24 40.25
7/31/2017 134.52 51.45 40.85
8/31/2017 135.77 52.60 42.11
9/30/2017 132.83 51.83 41.44
10/31/2017 130.08 52.20 41.52
11/30/2017 127.86 51.38 41.34
12/31/2017 130.51 52.97 41.98
1/31/2018 131.22 51.17 40.35
2/28/2018 131.30 50.71 39.02
3/31/2018 136.10 51.27 39.91
4/30/2018 138.66 50.73 38.87
5/31/2018 142.23 52.46 39.86
6/30/2018 145.31 52.59 39.69
7/31/2018 146.81 52.96 39.72
8/31/2018 150.62 53.35 40.62
9/30/2018 149.35 52.36 39.72
10/31/2018 145.27 51.42 38.61
11/30/2018 146.25 53.09 39.44
12/31/2018 147.62 54.93 42.00
1/31/2019 148.96 56.10 43.51
Date Dividends
2/24/2009 0.043
3/24/2009 0.043
4/21/2009 0.043
5/26/2009 0.043
6/23/2009 0.043
7/28/2009 0.043
8/25/2009 0.043
9/22/2009 0.043
10/27/2009 0.038
11/24/2009 0.038
12/30/2009 0.038
1/26/2010 0.038
2/23/2010 0.038
3/23/2010 0.038
4/27/2010 0.038
5/25/2010 0.036
6/22/2010 0.036
7/27/2010 0.036
8/24/2010 0.036
9/21/2010 0.036
10/26/2010 0.036
11/23/2010 0.034
12/30/2010 0.034
1/25/2011 0.034
2/22/2011 0.034
3/22/2011 0.034
4/26/2011 0.034
5/24/2011 0.034
6/21/2011 0.034
7/26/2011 0.034
8/23/2011 0.034
9/27/2011 0.034
10/25/2011 0.034
11/22/2011 0.034
12/29/2011 0.034
1/24/2012 0.034
2/21/2012 0.034
3/27/2012 0.034
4/24/2012 0.034
5/22/2012 0.034
6/26/2012 0.034
7/24/2012 0.034
8/28/2012 0.034
9/25/2012 0.034
10/23/2012 0.034
11/27/2012 0.034
12/28/2012 0.032
1/22/2013 0.032
2/19/2013 0.032
3/26/2013 0.032
4/23/2013 0.032
5/28/2013 0.032
6/25/2013 0.032
7/23/2013 0.032
8/27/2013 0.032
9/24/2013 0.033
10/22/2013 0.033
11/26/2013 0.033
12/30/2013 0.033
1/28/2014 0.033
2/25/2014 0.033
3/25/2014 0.033
4/22/2014 0.033
5/27/2014 0.034
6/24/2014 0.034
7/22/2014 0.034
8/26/2014 0.034
9/23/2014 0.034
10/28/2014 0.034
11/25/2014 0.035
12/31/2014 0.035
1/27/2015 0.035
2/24/2015 0.035
3/24/2015 0.035
4/21/2015 0.035
5/26/2015 0.035
6/23/2015 0.035
7/28/2015 0.035
8/25/2015 0.035
9/22/2015 0.035
10/27/2015 0.035
11/24/2015 0.035
12/31/2015 0.035
1/26/2016 0.034
2/23/2016 0.034
3/22/2016 0.034
4/26/2016 0.034
5/24/2016 0.033
6/21/2016 0.033
7/26/2016 0.033
8/23/2016 0.031
9/27/2016 0.031
10/25/2016 0.031
11/22/2016 0.031
12/30/2016 0.029
1/24/2017 0.029
2/21/2017 0.029
3/28/2017 0.029
4/25/2017 0.027
5/23/2017 0.027
6/27/2017 0.027
7/25/2017 0.027
8/22/2017 0.027
9/26/2017 0.025
10/24/2017 0.025
11/21/2017 0.025
12/29/2017 0.024
1/23/2018 0.024
2/20/2018 0.024
3/27/2018 0.023
4/24/2018 0.023
5/22/2018 0.023
6/26/2018 0.022
7/24/2018 0.022
8/28/2018 0.022
9/25/2018 0.022
10/23/2018 0.022
11/27/2018 0.021
12/31/2018 0.021
1/22/2019 0.021

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 02/15/2019

Date 2014 2015 2016 2017 2018
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

(100.5% of assets as of 01/31/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 107.2% 100.0% 7.2%
State Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Puerto Rico 10.5% 0.3% 10.2%
California 10.2% 16.9% -6.7%
New York 9.3% 15.5% -6.2%
New Jersey 8.3% 3.7% 4.6%
Illinois 8.2% 4.8% 3.4%
Pennsylvania 6.7% 3.9% 2.8%
Alabama 5.3% 0.9% 4.5%
Florida 5.2% 4.4% 0.8%
Texas 3.9% 9.5% -5.6%
Ohio 3.9% 2.4% 1.5%
Colorado 3.5% 2.0% 1.5%
Michigan 2.9% 1.7% 1.2%
Kentucky 2.6% 0.7% 1.9%
Arizona 2.4% 1.7% 0.7%
Washington 2.1% 3.2% -1.1%
Louisiana 2.0% 1.0% 1.0%
Massachusetts 1.5% 3.9% -2.4%
Indiana 1.4% 0.8% 0.6%
Tennessee 1.3% 1.2% 0.1%
Wisconsin 1.3% 1.4% -0.1%
Credit Rating Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 3.7% 19.4% -15.7%
AA 29.7% 56.3% -26.6%
A 27.0% 18.1% 8.9%
BBB 17.1% 4.9% 12.2%
BB 1.2% - -
B 1.7% - -
CCC 0.5% 0.0% 0.5%
CC 8.5% - -
C 0.5% - -
Unrated 17.3% 1.2% 16.1%
Analytics
(As of 01/31/2019)

Morningstar 01/31/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
154
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
3.12
2.96
Beta
0.93
1.02
Information Ratio
0.98
1.05
R-Squared
49.45
51.43
Sharpe Ratio
0.92
1.38
Standard Deviation
4.44
4.24
Sortino Ratio
1.43
2.45
Tracking Error
3.17
2.97
Yields
Dividend Yield (with sales charge)
3.41%
Dividend Yield (w/o sales charge)
3.57%
Standardized Yield
2.90%
Unsubsidized Yield
2.88%
Taxable Equivalent Yield
4.90%
Interest Income 12/31/2017
Exposed to AMT
0.0%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
8.81 yrs
6.11 yrs
Current Duration
7.00 yrs
6.40 yrs
Turnover Ratio
20%
-
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
1/22/2019
Per Share ($)
$0.0210
12-Month Distribution ($)
$0.2660
Distribution Sources
  • E
Net Income
92.20%
Net Profit from Sale
0.00%
Other Capital Sources
7.80%
Tools
Documents
  1. 1. A portion of a municipal bond fund’s distributions may be subject to the alternative minimum tax (AMT). Capital gains distributions are taxable as capital gains.
  2. 2. 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. 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.
  3. 3. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  4. 4. The net expense ratio represents the Fund's gross expense ratio less certain interest and related expenses from the Fund's investments in inverse floaters, as reported in the latest prospectus. Under accounting rules, the Fund recognized additional income in an amount that offsets these expenses; the Fund's total returns and net asset values are not affected by those offsets.
  5. 5. The Bloomberg Barclays Municipal Bond Index is an unmanaged index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  6. 6. Holdings are subject to change, and are dollar weighted based on total new 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.
  7. 7. 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.
  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 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.
  10. 10. Taxable equivalent yield is based on the standardized yield and the top federal and tax rate of 43.4% for 2017 and assumes that the federal Alternative Minimum Tax (AMT) does not apply. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable.
  11. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  12. B. 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. C. 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.
  14. D. "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. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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