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ONJAX

Rochester® New Jersey Municipal Fund

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Overview

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

Inception Date
March 1, 1994
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940506
NAV
  • A
(as of 03/18/2019)
$9.53
Total Assets
(as of 02/28/2019)
$249.38 MM
Gross Expense Ratio
(as of 02/28/2019)
1.31%
Net Expense Ratio
(as of 02/28/2019)
1.27%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 02/28/2019
  • E
as of 12/31/2018
  • E

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • E
Cumulative
Annualized
3 mo ytd as of 2018-12-31
  • C
1 yr 3 yr 5 yr since inception
Rochester® New Jersey Municipal Fund (NAV)
-0.11% 14.12% 14.12% 3.32% 5.12% 4.49%
Bloomberg Barclays Municipal Index
1.69% 1.28% 1.28% 2.30% 3.82% -
Cumulative
Annualized
3 mo ytd as of 2018-12-31
  • C
1 yr 3 yr 5 yr since inception
Rochester® New Jersey Municipal Fund (with sales charge)
-4.86% 8.70% 8.70% 1.66% 4.11% 4.29%
Bloomberg Barclays Municipal Index
1.69% 1.28% 1.28% 2.30% 3.82% -
Cumulative
Annualized
3 mo ytd as of 2019-02-28
  • C
1 yr 3 yr 5 yr since inception
Rochester® New Jersey Municipal Fund (NAV)
3.38% 2.84% 14.17% 3.90% 4.45% 4.58%
Bloomberg Barclays Municipal Index
2.51% 1.30% 4.13% 2.28% 3.44% -
Cumulative
Annualized
3 mo ytd as of 2019-02-28
  • C
1 yr 3 yr 5 yr since inception
Rochester® New Jersey Municipal Fund (with sales charge)
-1.53% -2.05% 8.75% 2.23% 3.44% 4.38%
Bloomberg Barclays Municipal Index
2.51% 1.30% 4.13% 2.28% 3.44% -
Gross Expense Ratio: 1.31% | Net Expense Ratio: 1.27%

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® New Jersey Municipal Fund Bloomberg Barclays Municipal Index
1995 14.42% 17.46%
1996 5.44% 4.43%
1997 9.51% 9.19%
1998 6.38% 6.48%
1999 -8.01% -2.06%
2000 9.38% 11.68%
2001 3.98% 5.13%
2002 9.44% 9.60%
2003 7.21% 5.31%
2004 8.53% 4.48%
2005 10.10% 3.51%
2006 7.76% 4.84%
2007 -4.73% 3.36%
2008 -34.20% -2.47%
2009 49.92% 12.91%
2010 3.72% 2.38%
2011 12.28% 10.70%
2012 11.30% 6.78%
2013 -10.10% -2.55%
2014 16.24% 9.05%
2015 0.13% 3.30%
2016 3.33% 0.25%
2017 -6.46% 5.45%
2018 14.12% 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® New Jersey Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
2/28/2014 0.00 0.00 0.00
3/31/2014 3.00 0.17 -0.17
4/30/2014 4.01 1.37 0.67
5/31/2014 6.81 2.68 1.82
6/30/2014 5.26 2.77 1.87
7/31/2014 4.90 2.95 1.62
8/31/2014 8.07 4.19 2.74
9/30/2014 8.54 4.30 2.04
10/31/2014 8.36 5.01 3.04
11/30/2014 8.93 5.20 3.77
12/31/2014 9.68 5.73 3.87
1/31/2015 11.48 7.60 6.05
2/28/2015 10.61 6.49 5.05
3/31/2015 10.00 6.80 5.54
4/30/2015 9.35 6.24 5.16
5/31/2015 10.35 5.94 4.91
6/30/2015 7.21 5.85 3.76
7/31/2015 6.77 6.62 4.49
8/31/2015 6.81 6.82 4.33
9/30/2015 8.33 7.60 5.04
10/31/2015 9.02 8.03 5.06
11/30/2015 9.36 8.46 4.78
12/31/2015 9.99 9.22 4.44
1/31/2016 10.42 10.52 5.88
2/29/2016 11.26 10.69 6.63
3/31/2016 11.64 11.05 7.61
4/30/2016 12.06 11.86 8.02
5/31/2016 13.05 12.16 8.05
6/30/2016 16.38 13.95 9.99
7/31/2016 16.93 14.02 10.69
8/31/2016 17.14 14.17 10.56
9/30/2016 17.53 13.60 10.49
10/31/2016 16.80 12.41 9.65
11/30/2016 13.83 8.22 7.06
12/31/2016 13.81 9.49 7.21
1/31/2017 14.58 10.21 7.42
2/28/2017 15.85 10.98 8.14
3/31/2017 14.03 11.22 8.08
4/30/2017 14.61 12.02 8.92
5/31/2017 13.82 13.80 9.76
6/30/2017 13.45 13.39 9.64
7/31/2017 13.61 14.31 10.12
8/31/2017 14.25 15.18 11.10
9/30/2017 11.79 14.59 10.58
10/31/2017 7.88 14.87 10.64
11/30/2017 6.31 14.26 10.50
12/31/2017 6.70 15.45 11.00
1/31/2018 7.75 14.09 9.73
2/28/2018 9.72 13.75 8.69
3/31/2018 12.81 14.17 9.38
4/30/2018 14.41 13.77 8.57
5/31/2018 16.26 15.07 9.34
6/30/2018 18.99 15.17 9.21
7/31/2018 19.69 15.45 9.24
8/31/2018 22.30 15.74 9.94
9/30/2018 22.10 14.99 9.23
10/31/2018 21.10 14.29 8.37
11/30/2018 21.36 15.55 9.01
12/31/2018 22.03 16.93 11.02
1/31/2019 22.99 17.82 12.20
2/28/2019 25.54 18.45 12.13
Date Dividends
3/24/2009 0.046
4/21/2009 0.046
5/26/2009 0.047
6/23/2009 0.047
7/28/2009 0.047
8/25/2009 0.047
9/22/2009 0.047
10/27/2009 0.047
11/24/2009 0.047
12/30/2009 0.047
1/26/2010 0.049
2/23/2010 0.049
3/23/2010 0.049
4/27/2010 0.049
5/25/2010 0.049
6/22/2010 0.049
7/27/2010 0.051
8/24/2010 0.051
9/21/2010 0.051
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 0.052
5/24/2011 0.052
6/21/2011 0.052
7/26/2011 0.052
8/23/2011 0.052
9/27/2011 0.052
10/25/2011 0.052
11/22/2011 0.052
12/29/2011 0.052
1/24/2012 0.052
2/21/2012 0.052
3/27/2012 0.049
4/24/2012 0.049
5/22/2012 0.049
6/26/2012 0.049
7/24/2012 0.046
8/28/2012 0.046
9/25/2012 0.046
10/23/2012 0.046
11/27/2012 0.046
12/28/2012 0.043
1/22/2013 0.043
2/19/2013 0.043
3/26/2013 0.043
4/23/2013 0.043
5/28/2013 0.043
6/25/2013 0.043
7/23/2013 0.043
8/27/2013 0.043
9/24/2013 0.043
10/22/2013 0.043
11/26/2013 0.043
12/30/2013 0.043
1/28/2014 0.043
2/25/2014 0.043
3/25/2014 0.043
4/22/2014 0.043
5/27/2014 0.043
6/24/2014 0.043
7/22/2014 0.043
8/26/2014 0.043
9/23/2014 0.043
10/28/2014 0.043
11/25/2014 0.043
12/31/2014 0.043
1/27/2015 0.043
2/24/2015 0.041
3/24/2015 0.041
4/21/2015 0.041
5/26/2015 0.041
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 0.039
12/31/2015 0.039
1/26/2016 0.039
2/23/2016 0.039
3/22/2016 0.039
4/26/2016 0.039
5/24/2016 0.038
6/21/2016 0.038
7/26/2016 0.038
8/23/2016 0.035
9/27/2016 0.035
10/25/2016 0.035
11/22/2016 0.035
12/30/2016 0.034
1/24/2017 0.034
2/21/2017 0.034
3/28/2017 0.034
4/25/2017 0.033
5/23/2017 0.033
6/27/2017 0.033
7/25/2017 0.028
8/22/2017 0.028
9/26/2017 0.026
10/24/2017 0.026
11/21/2017 0.026
12/29/2017 0.024
1/23/2018 0.024
2/20/2018 0.024
3/27/2018 0.021
4/24/2018 0.021
5/22/2018 0.021
6/26/2018 0.021
7/24/2018 0.021
8/28/2018 0.021
9/25/2018 0.021
10/23/2018 0.021
11/27/2018 0.021
12/31/2018 0.021
1/22/2019 0.023
2/19/2019 0.023

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 03/18/2019

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

(107.3% of assets as of 02/28/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® New Jersey Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 109.3% 100.0% 9.3%
State Rochester® New Jersey Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
New Jersey 80.4% 3.8% 76.7%
Puerto Rico 19.9% 0.3% 19.6%
Multistate Authority 7.1% 0.1% 7.1%
Northern Marianas 0.7% - -
Virgin Islands 0.5% 0.0% 0.5%
New York 0.4% 15.5% -15.1%
Guam 0.2% 0.1% 0.1%
Credit Rating Allocation Rochester® New Jersey Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 0.7% 19.4% -18.8%
AA 15.5% 56.3% -40.8%
A 25.5% 18.2% 7.2%
BBB 35.6% 4.8% 30.8%
BB 9.4% 0.0% 9.4%
B 0.7% - -
CCC 0.1% - -
CC 2.0% - -
C 0.8% - -
Unrated 18.9% 1.1% 17.8%
Analytics
(As of 02/28/2019)

Morningstar 02/28/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
48
Category
Muni New Jersey
Performance Statistics
3Y
5Y
Alpha
2.10
1.83
Beta
0.58
0.71
Information Ratio
0.35
0.23
R-Squared
15.98
19.47
Sharpe Ratio
0.56
0.78
Standard Deviation
4.92
4.79
Sortino Ratio
0.84
1.25
Tracking Error
4.68
4.37
Yields
Dividend Yield (with sales charge)
2.80%
Dividend Yield (w/o sales charge)
2.94%
Standardized Yield
2.10%
Unsubsidized Yield
2.08%
Taxable Equivalent Yield
3.92%
Interest Income 12/31/2018
Exposed to AMT
17.86%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
6.90 yrs
5.99 yrs
Current Duration
5.20 yrs
6.60 yrs
Turnover Ratio
23%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
2/19/2019
Per Share ($)
$0.0230
12-Month Distribution ($)
$0.2560
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Tools
Documents
  1. 1. Available to investors only in certain states.
  2. 2. 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.
  3. 3. 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 is not the result of a fee waiver or expense reimbursement.
  5. 5. 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.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.
  11. 11.

    Based on the 2018 top federal tax rate of 40.8%, including the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. For illustrative purposes only. Not intended to show any fund’s performance or investor’s results. Results would vary if a different tax rate were used.

  12. 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.
  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 (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. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  16. 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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
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