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OLCAX

Rochester®® Limited Term California Municipal Fund

Overview

The Strategy typically invests in investment-grade, California municipal bonds.

Inception Date
February 25, 2004
Investment Style
Single-State
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
68382L108
NAV
  • A
(as of 12/15/2017)
$3.06
Total Assets
(as of 11/30/2017)
$482.00 MM
Gross Expense Ratio
(as of 11/30/2017)
0.91%
Net Expense Ratio
(as of 11/30/2017)
0.91%
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® Limited Term California Municipal Fund (NAV)
0.45% -1.77% 1.32% 1.74% 3.08% 3.75%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
3.87% 1.14% 1.98% 1.93% 3.81% -
Cumulative
Annualized
ytd as of 2017-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (with sales charge)
-1.81% -3.98% 0.56% 1.28% 2.84% 3.57%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
3.87% 1.14% 1.98% 1.93% 3.81% -
Cumulative
Annualized
ytd as of 2017-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (NAV)
-1.59% -1.05% 0.42% 1.02% 2.86% 3.55%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
2.67% 3.18% 1.45% 1.60% 3.54% -
Cumulative
Annualized
ytd as of 2017-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (with sales charge)
-3.81% -3.28% -0.34% 0.56% 2.62% 3.37%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
2.67% 3.18% 1.45% 1.60% 3.54% -
Gross Expense Ratio: 0.91% | Net Expense Ratio: 0.89%

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 2.25% maximum sales charge as indicated.


Year Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
2005 7.88% 0.95%
2006 5.79% 3.34%
2007 0.10% 5.15%
2008 -12.69% 5.78%
2009 21.26% 7.40%
2010 3.58% 3.40%
2011 7.02% 6.93%
2012 7.29% 2.96%
2013 -2.66% 0.81%
2014 7.35% 3.19%
2015 0.35% 2.43%
2016 2.28% -0.39%

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 2.25% maximum sales charge as indicated.


Date Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
11/30/2012 0.00 0.00 0.00
12/31/2012 -0.53 -0.64 -0.14
1/31/2013 0.20 -0.16 -0.84
2/28/2013 0.50 0.21 -0.34
3/31/2013 0.51 0.19 -0.26
4/30/2013 1.43 0.65 0.75
5/31/2013 0.87 0.06 -1.05
6/30/2013 -1.45 -1.53 -2.58
7/31/2013 -2.03 -0.92 -2.45
8/31/2013 -3.51 -1.62 -2.95
9/30/2013 -2.61 -0.67 -2.03
10/31/2013 -2.00 0.38 -1.24
11/30/2013 -2.03 0.33 -1.61
12/31/2013 -2.67 0.17 -2.16
1/31/2014 -1.09 1.22 -0.72
2/28/2014 0.43 2.03 -0.19
3/31/2014 0.77 1.16 -0.36
4/30/2014 1.12 1.73 0.48
5/31/2014 2.66 2.40 1.62
6/30/2014 2.09 2.46 1.68
7/31/2014 1.53 2.60 1.42
8/31/2014 3.09 3.32 2.54
9/30/2014 3.74 3.27 1.85
10/31/2014 4.08 3.63 2.85
11/30/2014 4.41 3.69 3.58
12/31/2014 4.72 3.36 3.67
1/31/2015 5.75 4.93 5.85
2/28/2015 5.48 4.22 4.85
3/31/2015 4.91 4.15 5.34
4/30/2015 4.94 4.04 4.96
5/31/2015 4.96 3.68 4.71
6/30/2015 3.39 3.97 3.57
7/31/2015 2.77 4.52 4.29
8/31/2015 3.12 4.54 4.14
9/30/2015 4.11 5.18 4.84
10/31/2015 4.74 5.77 4.86
11/30/2015 5.06 5.67 4.58
12/31/2015 5.34 5.87 4.24
1/31/2016 5.73 7.09 5.68
2/29/2016 6.40 7.50 6.43
3/31/2016 6.75 7.09 7.40
4/30/2016 7.04 7.61 7.82
5/31/2016 7.41 7.39 7.84
6/30/2016 9.40 8.33 9.78
7/31/2016 9.72 8.74 10.48
8/31/2016 10.07 8.74 10.35
9/30/2016 10.37 8.31 10.28
10/31/2016 10.08 7.83 9.44
11/30/2016 7.39 4.94 6.85
12/31/2016 8.01 5.46 7.00
1/31/2017 8.43 6.56 7.21
2/28/2017 9.10 7.43 7.93
3/31/2017 8.39 7.46 7.88
4/30/2017 8.76 8.20 8.71
5/31/2017 9.12 9.27 9.55
6/30/2017 8.73 8.80 9.44
7/31/2017 9.09 9.61 9.91
8/31/2017 9.79 10.30 10.89
9/30/2017 8.70 9.54 10.36
10/31/2017 7.65 9.51 10.43
11/30/2017 6.53 8.27 10.29
Date Dividends
12/28/2007 0.012
1/22/2008 0.012
2/26/2008 0.012
3/25/2008 0.012
4/22/2008 0.012
5/27/2008 0.012
6/24/2008 0.012
7/22/2008 0.0125
8/26/2008 0.0125
9/23/2008 0.0125
10/28/2008 0.0125
11/25/2008 0.0125
12/30/2008 0.0125
1/27/2009 0.0125
2/24/2009 0.0125
3/24/2009 0.0125
4/21/2009 0.0125
5/26/2009 0.0125
6/23/2009 0.0125
7/28/2009 0.0125
8/25/2009 0.0125
9/22/2009 0.013
10/27/2009 0.013
11/24/2009 0.013
12/30/2009 0.013
1/26/2010 0.013
2/23/2010 0.013
3/23/2010 0.013
4/27/2010 0.013
5/25/2010 0.013
6/22/2010 0.013
7/27/2010 0.0135
8/24/2010 0.0135
9/21/2010 0.0135
10/26/2010 0.0135
11/23/2010 0.0135
12/30/2010 0.0135
1/25/2011 0.0135
2/22/2011 0.0135
3/22/2011 0.0135
4/26/2011 0.0135
5/24/2011 0.0135
6/21/2011 0.0135
7/26/2011 0.0135
8/23/2011 0.014
9/27/2011 0.014
10/25/2011 0.014
11/22/2011 0.014
12/29/2011 0.014
1/24/2012 0.014
2/21/2012 0.014
3/27/2012 0.014
4/24/2012 0.013
5/22/2012 0.013
6/26/2012 0.013
7/24/2012 0.012
8/28/2012 0.012
9/25/2012 0.012
10/23/2012 0.011
11/27/2012 0.011
12/28/2012 0.011
1/22/2013 0.011
2/19/2013 0.0105
3/26/2013 0.0105
4/23/2013 0.0105
5/28/2013 0.0105
6/25/2013 0.0105
7/23/2013 0.0095
8/27/2013 0.0095
9/24/2013 0.0095
10/22/2013 0.0095
11/26/2013 0.0095
12/30/2013 0.0095
1/28/2014 0.01
2/25/2014 0.01
3/25/2014 0.01
4/22/2014 0.0105
5/27/2014 0.0105
6/24/2014 0.0105
7/22/2014 0.0105
8/26/2014 0.0105
9/23/2014 0.0105
10/28/2014 0.0105
11/25/2014 0.0105
12/31/2014 0.0105
1/27/2015 0.0105
2/24/2015 0.0105
3/24/2015 0.0105
4/21/2015 0.0105
5/26/2015 0.0105
6/23/2015 0.01
7/28/2015 0.01
8/25/2015 0.01
9/22/2015 0.01
10/27/2015 0.0095
11/24/2015 0.0095
12/31/2015 0.0095
1/26/2016 0.0095
2/23/2016 0.0095
3/22/2016 0.0095
4/26/2016 0.0095
5/24/2016 0.0095
6/21/2016 0.0095
7/26/2016 0.0095
8/23/2016 0.0095
9/27/2016 0.0095
10/25/2016 0.0095
11/22/2016 0.0095
12/30/2016 0.0095
1/24/2017 0.0095
2/21/2017 0.0095
3/28/2017 0.0095
4/25/2017 0.0095
5/23/2017 0.0095
6/27/2017 0.009
7/25/2017 0.009
8/22/2017 0.009
9/26/2017 0.009
10/24/2017 0.0085
11/21/2017 0.0075

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 2.25% maximum sales charge as indicated.

$ per share as of 12/15/2017

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

(102.7% of assets as of 11/30/2017)


Portfolio Holdings Breakdown

State 7
Credit Rating Allocation
Asset Allocation 7
State Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
California 89.3% 16.0% 73.3%
Puerto Rico 10.8% 0.4% 10.4%
Guam 0.5% 0.1% 0.4%
Virgin Islands 0.1% 0.0% 0.1%
Credit Rating Allocation Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AA 33.3% 56.8% -23.5%
A 26.4% 13.3% 13.1%
BBB 15.6% 3.7% 11.9%
Unrated 15.0% - -
BB 5.6% - -
AAA 5.2% 26.1% -20.9%
CC 2.5% - -
CCC 0.4% - -
C 0.3% - -
D 0.1% - -
Asset Allocation Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 104.6% 100.0% 4.6%
Analytics
(As of 11/30/2017)

Morningstar 11/30/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
36
Category
Muni Single State Short
Performance Statistics
3Y
5Y
Alpha
-0.74
-0.41
Beta
0.75
0.89
Information Ratio
-0.52
-0.28
R-Squared
52.90
54.45
Sharpe Ratio
0.02
0.27
Standard Deviation
2.69
3.00
Sortino Ratio
0.01
0.10
Tracking Error
1.98
2.06
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
11/21/2017
Per Share ($)
$0.0075
12-Month Distribution ($)
$0.1090
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
4.13 yrs
4.43 yrs
Current Duration
3.50 yrs
4.00 yrs
Turnover Ratio
21.00%
-
Yields
Dividend Yield (with sales charge)
2.88%
Dividend Yield (w/o sales charge)
2.94%
Standardized Yield
1.86%
Distribution Sources
  • D
Net Income
79.60%
Net Profit from Sale
0.00%
Other Capital Sources
20.40%
Interest Income 12/31/2016
Exposed to AMT
10.96%
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. 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. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  6. 6. Access index definitions.
  7. 7. 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.
  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. 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.
  11. 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.
  12. 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.
  13. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. 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 2.25% maximum sales charge as indicated.
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