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RMUNX

Rochester® Fund Municipals

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Overview

The Strategy typically invests in New York municipal bonds.

Inception Date
May 15, 1986
Investment Style
Single-State
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
771362100
NAV
  • A
(as of 04/20/2018)
$15.06
Total Assets
(as of 03/31/2018)
$5.01 BN
Gross Expense Ratio
(as of 03/29/2018)
1.05%
Net Expense Ratio
(as of 03/29/2018)
1.05%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 03/31/2018
  • 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® Fund Municipals (NAV)
3.11% 4.13% 4.45% 3.14% 5.00% 6.21%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Fund Municipals (with sales charge)
-1.79% -0.82% 2.77% 2.14% 4.49% 6.05%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Fund Municipals (NAV)
3.11% 4.13% 4.45% 3.14% 5.00% 6.21%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Fund Municipals (with sales charge)
-1.79% -0.82% 2.77% 2.14% 4.49% 6.05%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% -
Gross Expense Ratio: 1.05% | Net Expense Ratio: 0.97%

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® Fund Municipals Bloomberg Barclays Municipal Index
1987 3.70% -
1988 13.72% -
1989 8.68% -
1990 7.33% -
1991 12.79% -
1992 11.20% 8.82%
1993 14.60% 12.28%
1994 -8.35% -5.17%
1995 18.61% 17.46%
1996 5.37% 4.43%
1997 10.20% 9.19%
1998 6.52% 6.48%
1999 -5.51% -2.06%
2000 11.93% 11.68%
2001 5.14% 5.13%
2002 5.46% 9.60%
2003 8.12% 5.31%
2004 7.25% 4.48%
2005 8.76% 3.51%
2006 8.33% 4.84%
2007 -1.59% 3.36%
2008 -30.84% -2.47%
2009 45.07% 12.91%
2010 3.63% 2.38%
2011 11.50% 10.70%
2012 12.94% 6.78%
2013 -10.84% -2.55%
2014 14.43% 9.05%
2015 1.94% 3.30%
2016 6.06% 0.25%
2017 4.11% 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® Fund Municipals Bloomberg Barclays Municipal Index BBG Barclays Agg
3/31/2008 0.00 0.00 0.00
4/30/2008 2.29 1.17 -0.21
5/31/2008 3.37 1.78 -0.94
6/30/2008 1.71 0.63 -1.02
7/31/2008 0.17 1.02 -1.10
8/31/2008 2.01 2.20 -0.16
9/30/2008 -8.46 -2.60 -1.50
10/31/2008 -19.53 -3.59 -3.83
11/30/2008 -22.26 -3.28 -0.70
12/31/2008 -27.30 -1.87 3.01
1/31/2009 -20.76 1.72 2.10
2/28/2009 -18.33 2.25 1.71
3/31/2009 -19.73 2.27 3.13
4/30/2009 -14.68 4.32 3.62
5/31/2009 -8.50 5.42 4.37
6/30/2009 -10.28 4.43 4.96
7/31/2009 -8.81 6.18 6.66
8/31/2009 -2.65 7.99 7.76
9/30/2009 8.28 11.87 8.89
10/31/2009 4.38 9.52 9.43
11/30/2009 4.35 10.43 10.85
12/31/2009 5.46 10.80 9.12
1/31/2010 6.69 11.38 10.78
2/28/2010 8.44 12.46 11.20
3/31/2010 9.75 12.19 11.06
4/30/2010 12.05 13.55 12.22
5/31/2010 13.45 14.40 13.16
6/30/2010 12.36 14.47 14.93
7/31/2010 14.00 15.90 16.16
8/31/2010 17.60 18.55 17.66
9/30/2010 18.38 18.36 17.78
10/31/2010 18.91 18.04 18.20
11/30/2010 13.43 15.68 17.52
12/31/2010 9.29 13.43 16.25
1/31/2011 6.16 12.60 16.39
2/28/2011 7.25 14.39 16.68
3/31/2011 6.22 14.01 16.74
4/30/2011 8.42 16.05 18.23
5/31/2011 11.55 18.04 19.77
6/30/2011 13.93 18.45 19.42
7/31/2011 15.59 19.66 21.31
8/31/2011 16.08 21.70 23.09
9/30/2011 20.40 22.96 23.98
10/31/2011 19.31 22.50 24.11
11/30/2011 18.64 23.23 24.01
12/31/2011 21.87 25.57 25.37
1/31/2012 26.71 28.48 26.47
2/29/2012 27.79 28.60 26.44
3/31/2012 28.24 27.77 25.75
4/30/2012 30.23 29.24 27.14
5/31/2012 31.76 30.31 28.29
6/30/2012 31.73 30.17 28.34
7/31/2012 34.28 32.24 30.11
8/31/2012 34.86 32.39 30.20
9/30/2012 35.41 33.19 30.38
10/31/2012 36.50 33.56 30.63
11/30/2012 39.51 35.76 30.84
12/31/2012 37.64 34.09 30.65
1/31/2013 40.19 34.64 29.74
2/28/2013 41.13 35.05 30.39
3/31/2013 39.69 34.47 30.49
4/30/2013 42.09 35.94 31.82
5/31/2013 41.57 34.28 29.46
6/30/2013 33.90 30.48 27.46
7/31/2013 29.17 29.34 27.64
8/31/2013 22.44 27.49 26.98
9/30/2013 25.03 30.24 28.18
10/31/2013 26.58 31.27 29.22
11/30/2013 25.30 31.00 28.74
12/31/2013 22.72 30.66 28.01
1/31/2014 26.69 33.21 29.90
2/28/2014 30.58 34.77 30.59
3/31/2014 30.69 35.00 30.37
4/30/2014 31.84 36.62 31.47
5/31/2014 35.93 38.38 32.97
6/30/2014 33.92 38.50 33.04
7/31/2014 33.42 38.74 32.70
8/31/2014 37.68 40.42 34.17
9/30/2014 38.20 40.56 33.26
10/31/2014 38.28 41.53 34.57
11/30/2014 39.35 41.77 35.52
12/31/2014 40.43 42.49 35.65
1/31/2015 43.33 45.01 38.49
2/28/2015 43.24 43.52 37.19
3/31/2015 43.03 43.93 37.83
4/30/2015 42.10 43.18 37.33
5/31/2015 43.65 42.78 37.00
6/30/2015 38.77 42.65 35.51
7/31/2015 39.33 43.68 36.45
8/31/2015 40.20 43.97 36.25
9/30/2015 42.11 45.01 37.17
10/31/2015 42.93 45.59 37.20
11/30/2015 43.39 46.16 36.83
12/31/2015 43.16 47.19 36.39
1/31/2016 44.17 48.95 38.27
2/29/2016 45.24 49.18 39.25
3/31/2016 46.04 49.65 40.53
4/30/2016 46.81 50.76 41.07
5/31/2016 48.56 51.16 41.10
6/30/2016 54.82 53.57 43.64
7/31/2016 55.60 53.66 44.55
8/31/2016 56.26 53.87 44.38
9/30/2016 57.50 53.10 44.30
10/31/2016 56.25 51.49 43.19
11/30/2016 50.77 45.84 39.81
12/31/2016 51.84 47.56 40.00
1/31/2017 53.63 48.53 40.28
2/28/2017 55.40 49.56 41.22
3/31/2017 56.53 49.89 41.15
4/30/2017 59.98 50.97 42.24
5/31/2017 61.52 53.37 43.33
6/30/2017 61.65 52.82 43.19
7/31/2017 61.77 54.06 43.80
8/31/2017 63.04 55.23 45.09
9/30/2017 60.56 54.44 44.40
10/31/2017 58.26 54.82 44.49
11/30/2017 56.62 53.99 44.30
12/31/2017 58.08 55.60 44.96
1/31/2018 57.96 53.76 43.29
2/28/2018 58.97 53.31 41.93
3/29/2018 63.00
Date Dividends
4/22/2008 0.073
5/27/2008 0.073
6/24/2008 0.073
7/22/2008 0.074
8/26/2008 0.074
9/23/2008 0.074
10/28/2008 0.074
11/25/2008 0.074
12/30/2008 0.074
1/27/2009 0.074
2/24/2009 0.074
3/24/2009 0.075
4/21/2009 0.075
5/26/2009 0.075
6/23/2009 0.075
7/28/2009 0.075
8/25/2009 0.075
9/22/2009 0.076
10/27/2009 0.076
11/24/2009 0.076
12/30/2009 0.079
1/26/2010 0.079
2/23/2010 0.079
3/23/2010 0.079
4/27/2010 0.081
5/25/2010 0.081
6/22/2010 0.081
7/27/2010 0.081
8/24/2010 0.081
9/21/2010 0.081
10/26/2010 0.082
11/23/2010 0.082
12/30/2010 0.082
1/25/2011 0.082
2/22/2011 0.082
3/22/2011 0.082
4/26/2011 0.132
5/24/2011 0.082
6/21/2011 0.082
7/26/2011 0.082
8/23/2011 0.082
9/27/2011 0.082
10/25/2011 0.082
11/22/2011 0.082
12/29/2011 0.082
1/24/2012 0.083
2/21/2012 0.083
3/27/2012 0.083
4/24/2012 0.083
5/22/2012 0.083
6/26/2012 0.083
7/24/2012 0.083
8/28/2012 0.082
9/25/2012 0.082
10/23/2012 0.082
11/27/2012 0.082
12/28/2012 0.08
1/22/2013 0.08
2/19/2013 0.08
3/26/2013 0.08
4/23/2013 0.08
5/28/2013 0.08
6/25/2013 0.08
7/23/2013 0.078
8/27/2013 0.078
9/24/2013 0.078
10/22/2013 0.078
11/26/2013 0.079
12/30/2013 0.079
1/28/2014 0.079
2/25/2014 0.079
3/25/2014 0.08
4/22/2014 0.08
5/27/2014 0.08
6/24/2014 0.08
7/22/2014 0.08
8/26/2014 0.08
9/23/2014 0.08
10/28/2014 0.08
11/25/2014 0.081
12/31/2014 0.081
1/27/2015 0.081
2/24/2015 0.081
3/24/2015 0.081
4/21/2015 0.081
5/26/2015 0.081
6/23/2015 0.081
7/28/2015 0.081
8/25/2015 0.079
9/22/2015 0.079
10/27/2015 0.079
11/24/2015 0.079
12/31/2015 0.079
1/26/2016 0.079
2/23/2016 0.077
3/22/2016 0.077
4/26/2016 0.077
5/24/2016 0.077
6/21/2016 0.074
7/26/2016 0.074
8/23/2016 0.071
9/27/2016 0.071
10/25/2016 0.071
11/22/2016 0.067
12/30/2016 0.067
1/24/2017 0.067
2/21/2017 0.064
3/28/2017 0.064
4/25/2017 0.064
5/23/2017 0.064
6/27/2017 0.06
7/25/2017 0.056
8/22/2017 0.056
9/26/2017 0.056
10/24/2017 0.05
11/21/2017 0.05
12/29/2017 0.046
1/23/2018 0.046
2/20/2018 0.046
3/27/2018 0.043

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 04/20/2018

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

(106.7% of assets as of 03/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation
Asset Allocation Rochester® Fund Municipals Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 110.6% 100.0% 10.6%
Equity 0.1% - -
State Rochester® Fund Municipals Bloomberg Barclays Municipal Index Overweight / Underweight
New York 85.0% 15.5% 69.6%
Puerto Rico 18.3% 0.3% 18.0%
Multistate Authority 2.3% 0.1% 2.2%
Northern Marianas 0.5% - -
Virgin Islands 0.4% 0.0% 0.4%
Guam 0.3% 0.2% 0.1%
Credit Rating Allocation Rochester® Fund Municipals Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 15.2% 21.9% -6.7%
AA 37.2% 55.1% -17.9%
A 15.5% 18.0% -2.5%
BBB 11.0% 5.0% 6.0%
BB 0.3% - -
B 0.6% - -
CCC 0.1% - -
CC 10.7% - -
C 1.2% - -
Unrated 18.8% 0.0% 18.8%
Other 0.1% - -
Analytics
(As of 03/31/2018)

Morningstar 03/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
63
Category
Muni New York Long
Performance Statistics
3Y
5Y
Alpha
2.22
-0.37
Beta
0.99
1.37
Information Ratio
0.60
0.09
R-Squared
43.93
59.34
Sharpe Ratio
0.80
0.46
Standard Deviation
4.87
6.40
Sortino Ratio
0.35
0.18
Tracking Error
3.64
4.29
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
3/27/2018
Per Share ($)
$0.0430
12-Month Distribution ($)
$0.6370
Lipper
1y
3y
5y
Percentile
43
3
34
Rank
38
2
27
Funds in Category
88
86
80
Peer Group
New York Municipal Debt Funds
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
11.42 yrs
5.98 yrs
Current Duration
9.00 yrs
6.30 yrs
Turnover Ratio
23.00%
-
Yields
Dividend Yield (with sales charge)
3.29%
Dividend Yield (w/o sales charge)
3.45%
Standardized Yield
2.88%
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
17.15%
Team
Tools
Morningstar logo 95x28 trans
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. 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.
  3. 3. 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.
  4. 4. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  5. 5. Access index definitions.
  6. 6. 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.
  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 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.
  9. 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.
  10. 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.
  11. 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.
  12. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  13. 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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