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Municipal Bond

Rochester® Minnesota Municipal Fund

The Strategy typically invests in Minnesota municipal bonds.

Investment Style
State-Specific
Fund Inception
November 7, 2006
Total Assets (all classes) (as of 7/31/2017)
$130 million
Fund Index
Bloomberg Barclays Municipal Index
NAV (as of 8/15/17)
  • A
$12.85
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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Equity

Fixed Income

Municipal Bond
performance
analytics
holdings
as of 7/31/2017
  • B
as of 6/30/2017
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 8/15/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Minnesota Municipal Fund (NAV)
3.68% -0.70% 3.61% 3.79% 4.14% 4.12%
Cumulative
Annualized
ytd as of 8/15/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Minnesota Municipal Fund (with sales charge)
3.68% -5.41% 1.94% 2.79% 3.63% 3.65%
Cumulative
Annualized
ytd as of 8/15/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Minnesota Municipal Fund (NAV)
3.68% -0.18% 3.65% 3.55% 4.16% 4.14%
Cumulative
Annualized
ytd as of 8/15/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Minnesota Municipal Fund (with sales charge)
3.68% -4.92% 1.99% 2.55% 3.65% 3.67%
Gross Expense Ratio: 1.16% | Net Expense Ratio: 0.94%

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® Minnesota Municipal Fund Bloomberg Barclays Municipal Index
2006 0.00% -
2007 -3.24% 3.36%
2008 -26.93% -2.47%
2009 40.73% 12.91%
2010 4.12% 2.38%
2011 14.41% 10.70%
2012 10.54% 6.78%
2013 -4.25% -2.55%
2014 13.29% 9.05%
2015 3.25% 3.30%
2016 0.54% 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® Minnesota Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
7/31/2007 0.00 0.00 0.00
8/31/2007 -3.22 -0.43 1.23
9/30/2007 -2.19 1.04 1.99
10/31/2007 -1.95 1.49 2.91
11/30/2007 -3.09 2.14 4.76
12/31/2007 -4.71 2.42 5.05
1/31/2008 -3.25 3.71 6.82
2/29/2008 -8.70 -1.03 6.97
3/31/2008 -5.78 1.80 7.33
4/30/2008 -4.61 2.99 7.11
5/31/2008 -3.69 3.61 6.32
6/30/2008 -5.11 2.44 6.24
7/31/2008 -6.21 2.83 6.15
8/31/2008 -5.04 4.03 7.16
9/30/2008 -10.70 -0.85 5.72
10/31/2008 -21.14 -1.86 3.22
11/30/2008 -22.61 -1.55 6.58
12/31/2008 -30.37 -0.11 10.56
1/31/2009 -24.86 3.54 9.58
2/28/2009 -22.35 4.09 9.17
3/31/2009 -21.73 4.11 10.69
4/30/2009 -19.27 6.19 11.22
5/31/2009 -16.18 7.31 12.02
6/30/2009 -16.14 6.31 12.66
7/31/2009 -14.80 8.08 14.48
8/31/2009 -12.36 9.93 15.66
9/30/2009 -3.77 13.88 16.88
10/31/2009 -4.01 11.49 17.46
11/30/2009 -3.06 12.41 18.98
12/31/2009 -2.01 12.79 17.12
1/31/2010 -0.63 13.38 18.91
2/28/2010 0.85 14.47 19.35
3/31/2010 1.25 14.20 19.20
4/30/2010 2.20 15.59 20.44
5/31/2010 3.37 16.45 21.46
6/30/2010 3.76 16.52 23.36
7/31/2010 5.25 17.98 24.68
8/31/2010 8.20 20.68 26.28
9/30/2010 8.67 20.49 26.42
10/31/2010 8.29 20.16 26.87
11/30/2010 4.77 17.75 26.14
12/31/2010 2.03 15.47 24.78
1/31/2011 0.09 14.62 24.92
2/28/2011 2.16 16.44 25.24
3/31/2011 2.10 16.06 25.30
4/30/2011 4.24 18.14 26.90
5/31/2011 6.83 20.16 28.55
6/30/2011 7.84 20.57 28.17
7/31/2011 9.55 21.80 30.21
8/31/2011 11.33 23.89 32.11
9/30/2011 13.90 25.17 33.07
10/31/2011 13.55 24.70 33.22
11/30/2011 14.21 25.44 33.10
12/31/2011 16.74 27.83 34.56
1/31/2012 20.44 30.78 35.74
2/29/2012 21.10 30.91 35.71
3/31/2012 20.80 30.06 34.97
4/30/2012 22.12 31.56 36.47
5/31/2012 24.03 32.65 37.70
6/30/2012 24.27 32.51 37.75
7/31/2012 26.36 34.61 39.65
8/31/2012 26.89 34.76 39.75
9/30/2012 27.69 35.58 39.94
10/31/2012 28.04 35.96 40.21
11/30/2012 30.57 38.20 40.43
12/31/2012 29.05 36.49 40.23
1/31/2013 29.86 37.06 39.25
2/28/2013 30.23 37.48 39.95
3/31/2013 29.80 36.88 40.06
4/30/2013 31.29 38.38 41.48
5/31/2013 30.19 36.69 38.96
6/30/2013 24.43 32.82 36.81
7/31/2013 22.45 31.66 36.99
8/31/2013 20.05 29.78 36.29
9/30/2013 22.47 32.58 37.58
10/31/2013 23.72 33.62 38.70
11/30/2013 23.70 33.35 38.18
12/31/2013 23.56 33.01 37.40
1/31/2014 26.94 35.60 39.43
2/28/2014 29.04 37.19 40.17
3/31/2014 30.25 37.42 39.93
4/30/2014 31.97 39.07 41.11
5/31/2014 34.18 40.86 42.72
6/30/2014 34.57 40.98 42.79
7/31/2014 35.07 41.23 42.43
8/31/2014 37.21 42.94 44.00
9/30/2014 37.89 43.09 43.03
10/31/2014 38.89 44.07 44.43
11/30/2014 38.94 44.32 45.46
12/31/2014 39.99 45.05 45.59
1/31/2015 41.95 47.62 48.65
2/28/2015 40.82 46.09 47.25
3/31/2015 41.43 46.52 47.93
4/30/2015 40.83 45.75 47.40
5/31/2015 41.04 45.34 47.05
6/30/2015 40.63 45.21 45.44
7/31/2015 41.50 46.26 46.45
8/31/2015 41.74 46.55 46.24
9/30/2015 42.53 47.61 47.23
10/31/2015 42.84 48.20 47.26
11/30/2015 43.51 48.79 46.87
12/31/2015 44.55 49.83 46.39
1/31/2016 45.61 51.62 48.41
2/29/2016 45.72 51.86 49.46
3/31/2016 46.40 52.34 50.83
4/30/2016 47.34 53.46 51.41
5/31/2016 48.16 53.88 51.45
6/30/2016 50.73 56.32 54.17
7/31/2016 50.69 56.42 55.15
8/31/2016 50.93 56.63 54.97
9/30/2016 50.52 55.85 54.88
10/31/2016 49.54 54.21 53.69
11/30/2016 44.17 48.46 50.06
12/31/2016 45.32 50.21 50.27
1/31/2017 45.76 51.20 50.56
2/28/2017 46.77 52.25 51.58
3/31/2017 46.94 52.58 51.50
4/30/2017 47.89 53.68 52.67
5/31/2017 49.64 56.12 53.84
6/30/2017 49.69 55.56 53.69
7/31/2017 50.42 56.82 54.35
Date Dividends
8/28/2007 0.051
9/25/2007 0.051
10/23/2007 0.051
11/27/2007 0.051
12/28/2007 0.051
1/22/2008 0.051
2/26/2008 0.053
3/25/2008 0.053
4/22/2008 0.053
5/27/2008 0.053
6/24/2008 0.053
7/22/2008 0.054
8/26/2008 0.054
9/23/2008 0.054
10/28/2008 0.054
11/25/2008 0.054
12/30/2008 0.054
1/27/2009 0.054
2/24/2009 0.054
3/24/2009 0.054
4/21/2009 0.054
5/26/2009 0.054
6/23/2009 0.054
7/28/2009 0.054
8/25/2009 0.054
9/22/2009 0.054
10/27/2009 0.054
11/24/2009 0.054
12/30/2009 0.054
1/26/2010 0.054
2/23/2010 0.054
3/23/2010 0.054
4/27/2010 0.054
5/25/2010 0.054
6/22/2010 0.054
7/27/2010 0.054
8/24/2010 0.054
9/21/2010 0.054
10/26/2010 0.051
11/23/2010 0.051
12/30/2010 0.051
1/25/2011 0.051
2/22/2011 0.051
3/22/2011 0.051
4/26/2011 0.051
5/24/2011 0.051
6/21/2011 0.051
7/26/2011 0.051
8/23/2011 0.051
9/27/2011 0.051
10/25/2011 0.051
11/22/2011 0.051
12/29/2011 0.051
1/24/2012 0.051
2/21/2012 0.051
3/27/2012 0.051
4/24/2012 0.048
5/22/2012 0.048
6/26/2012 0.048
7/24/2012 0.048
8/28/2012 0.044
9/25/2012 0.044
10/23/2012 0.044
11/27/2012 0.044
12/28/2012 0.04
1/22/2013 0.04
2/19/2013 0.04
3/26/2013 0.04
4/23/2013 0.04
5/28/2013 0.04
6/25/2013 0.04
7/23/2013 0.04
8/27/2013 0.04
9/24/2013 0.041
10/22/2013 0.041
11/26/2013 0.043
12/30/2013 0.043
1/28/2014 0.043
2/25/2014 0.046
3/25/2014 0.046
4/22/2014 0.046
5/27/2014 0.046
6/24/2014 0.046
7/22/2014 0.046
8/26/2014 0.046
9/23/2014 0.046
10/28/2014 0.046
11/25/2014 0.046
12/31/2014 0.046
1/27/2015 0.046
2/24/2015 0.044
3/24/2015 0.044
4/21/2015 0.044
5/26/2015 0.044
6/23/2015 0.041
7/28/2015 0.041
8/25/2015 0.041
9/22/2015 0.041
10/27/2015 0.041
11/24/2015 0.041
12/31/2015 0.041
1/26/2016 0.039
2/23/2016 0.039
3/22/2016 0.039
4/26/2016 0.039
5/24/2016 0.039
6/21/2016 0.039
7/26/2016 0.039
8/23/2016 0.039
9/27/2016 0.039
10/25/2016 0.039
11/22/2016 0.039
12/30/2016 0.039
1/24/2017 0.039
2/21/2017 0.039
3/28/2017 0.039
4/25/2017 0.039
5/23/2017 0.039
6/27/2017 0.039
7/25/2017 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 8/15/2017

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.

Analytics

(As of 7/31/2017)

Morningstar 7/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
53
Category
Muni Minnesota
Performance Statistics
3Y
5Y
Alpha
0.48
0.24
Information Ratio
0.12
0.36
Sharpe Ratio
1.12
0.84
R-Squared
93.39
90.79
Standard Deviation
3.00
4.03
Sortino Ratio
0.44
0.33
Beta
0.88
1.07
Tracking Error
0.87
1.25
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
7/25/2017
Per Share ($)
$0.04
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.47
Lipper
1y
3y
5y
Percentile
40
9
6
Rank
18
4
2
Funds in Category
45
45
38
Peer Group
Minnesota Municipal Debt Funds
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
5.21 yrs
5.95 yrs
Current Duration
4.30 yrs
6.70 yrs
Turnover Ratio
12.00%
-
Yields
Dividend Yield (with sales charge)
3.47%
Dividend Yield (w/o sales charge)
3.64%
Standardized Yield
2.37%

Top Fixed Income Sectors

(106.5% of assets as of 07/31/17)


Portfolio Holdings Breakdown

State 9
Credit Rating Allocation 10
Asset Allocation 9
State Rochester® Minnesota Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Minnesota 98.1% 1.1% 97.1%
Puerto Rico 1.8% 0.5% 1.3%
Credit Rating Allocation Rochester® Minnesota Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Unrated 34.0% - -
AA 21.0% 3.2% 17.8%
A 20.8% 2.2% 18.6%
BBB 18.8% 0.9% 17.9%
BB 5.7% - -
AAA 4.2% 0.7% 3.5%
CCC 1.1% - -
CC 0.6% - -
B 0.2% - -
C 0.1% - -
Asset Allocation Rochester® Minnesota Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 106.4% 100.0% 6.4%
  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 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 (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.
  6. 6. Access index definitions.
  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. 9. 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.
  10. 10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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