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Rochester® North Carolina Municipal Fund

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Special Notice

On December 1, it was announced that the Board of Trustees approved a plan to liquidate the Fund. Please see footnotes on the bottom of this page and the prospectus for more information.

A special distribution was made on Monday December 4th to pay undistributed surplus investment income, if any, and to convert the Fund from a managed payout to a variable payout for the extent of the liquidation.

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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Overview

The Strategy typically invests in North Carolina municipal bonds.

Inception Date
July 29, 2011
Investment Style
Single-State
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683837405
NAV
  • A
(as of 04/19/2018)
$9.66
Total Assets
(as of 03/31/2018)
$20.83 MM
Gross Expense Ratio
(as of 03/29/2018)
1.21%
Net Expense Ratio
(as of 03/29/2018)
1.19%
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

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr since inception
Rochester® North Carolina Municipal Fund (NAV)
-4.20% -4.20% -7.21% -0.82% -0.07% 2.68%
Bloomberg Barclays Municipal Index
-1.11% -1.11% 2.66% 2.25% 2.73% 4.19%
Cumulative
Annualized
3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr since inception
Rochester® North Carolina Municipal Fund (NAV)
-4.20% -4.20% -7.21% -0.82% -0.07% 2.68%
Bloomberg Barclays Municipal Index
-1.11% -1.11% 2.66% 2.25% 2.73% 4.19%
Gross Expense Ratio: 1.21% | Net Expense Ratio: 1.17%

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.


Year Rochester® North Carolina Municipal Fund Bloomberg Barclays Municipal Index
2012 12.31% 6.78%
2013 -11.37% -2.55%
2014 14.47% 9.05%
2015 1.72% 3.30%
2016 3.57% 0.25%
2017 -2.00% 5.45%

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.


Date Rochester® North Carolina Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
3/31/2013 0.00 0.00 0.00
4/30/2013 1.50 1.10 1.01
5/31/2013 1.03 -0.14 -0.79
6/30/2013 -3.81 -2.97 -2.32
7/31/2013 -5.50 -3.81 -2.19
8/31/2013 -11.03 -5.19 -2.69
9/30/2013 -9.33 -3.15 -1.77
10/31/2013 -9.27 -2.38 -0.98
11/30/2013 -10.11 -2.58 -1.35
12/31/2013 -11.91 -2.83 -1.90
1/31/2014 -9.25 -0.94 -0.45
2/28/2014 -6.45 0.22 0.07
3/31/2014 -5.94 0.39 -0.10
4/30/2014 -4.82 1.60 0.75
5/31/2014 -2.18 2.91 1.89
6/30/2014 -3.48 3.00 1.95
7/31/2014 -3.73 3.18 1.69
8/31/2014 -0.87 4.43 2.81
9/30/2014 0.25 4.53 2.12
10/31/2014 0.23 5.25 3.12
11/30/2014 0.56 5.43 3.85
12/31/2014 0.84 5.96 3.95
1/31/2015 2.33 7.84 6.13
2/28/2015 2.21 6.73 5.13
3/31/2015 2.21 7.04 5.62
4/30/2015 1.27 6.48 5.24
5/31/2015 2.48 6.18 4.99
6/30/2015 -0.20 6.08 3.84
7/31/2015 0.04 6.85 4.56
8/31/2015 -0.53 7.06 4.41
9/30/2015 1.11 7.84 5.12
10/31/2015 1.79 8.27 5.14
11/30/2015 1.92 8.70 4.86
12/31/2015 2.57 9.46 4.52
1/31/2016 2.61 10.77 5.96
2/29/2016 3.90 10.94 6.71
3/31/2016 4.25 11.29 7.69
4/30/2016 4.53 12.11 8.10
5/31/2016 5.19 12.41 8.13
6/30/2016 8.01 14.20 10.07
7/31/2016 8.31 14.27 10.77
8/31/2016 8.53 14.43 10.64
9/30/2016 9.08 13.86 10.58
10/31/2016 8.55 12.66 9.73
11/30/2016 5.81 8.46 7.14
12/31/2016 6.23 9.73 7.29
1/31/2017 7.03 10.46 7.50
2/28/2017 8.30 11.22 8.22
3/31/2017 7.48 11.46 8.16
4/30/2017 8.71 12.27 9.00
5/31/2017 8.84 14.06 9.84
6/30/2017 8.27 13.65 9.73
7/31/2017 8.39 14.57 10.20
8/31/2017 8.99 15.44 11.19
9/30/2017 7.25 14.85 10.66
10/31/2017 5.17 15.13 10.72
11/30/2017 4.47 14.51 10.58
12/31/2017 4.10 15.71 11.09
1/31/2018 2.77 14.35 9.81
2/28/2018 -0.34 14.01 8.77
3/29/2018 -0.27
Date Dividends
4/23/2013 0.0442
5/28/2013 0.044
6/25/2013 0.0432
7/23/2013 0.0441
8/27/2013 0.045
9/24/2013 0.0451
10/22/2013 0.0443
11/26/2013 0.0449
12/30/2013 0.044
1/28/2014 0.0443
2/25/2014 0.0478
3/25/2014 0.048
4/22/2014 0.0481
5/27/2014 0.0487
6/24/2014 0.0488
7/22/2014 0.0485
8/26/2014 0.0486
9/23/2014 0.0483
10/28/2014 0.0487
11/25/2014 0.0484
12/31/2014 0.0483
1/27/2015 0.0483
2/24/2015 0.0465
3/24/2015 0.0465
4/21/2015 0.0466
5/26/2015 0.0466
6/23/2015 0.0466
7/28/2015 0.0467
8/25/2015 0.0463
9/22/2015 0.0463
10/27/2015 0.0456
11/24/2015 0.0454
12/31/2015 0.0465
1/26/2016 0.0462
2/23/2016 0.0445
3/22/2016 0.0446
4/26/2016 0.0444
5/24/2016 0.0442
6/21/2016 0.0435
7/26/2016 0.0442
8/23/2016 0.0413
9/27/2016 0.0413
10/25/2016 0.0413
11/22/2016 0.0409
12/30/2016 0.0409
1/24/2017 0.0408
2/21/2017 0.0404
3/28/2017 0.041
4/25/2017 0.041
5/23/2017 0.0411
6/27/2017 0.0385
7/25/2017 0.0378
8/22/2017 0.0379
9/26/2017 0.0329
10/24/2017 0.0326
11/21/2017 0.0325
12/4/2017 0.0107
12/29/2017 0.011
1/23/2018 0.0075
2/20/2018 0.008
3/27/2018 0.017

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 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.

$ per share as of 04/19/2018

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

(64.3% of assets as of 03/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation
Asset Allocation Rochester® North Carolina Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 64.4% 100.0% -35.6%
State Rochester® North Carolina Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
North Carolina 64.4% 1.4% 62.9%
Credit Rating Allocation Rochester® North Carolina Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 9.6% 21.9% -12.3%
AA 49.2% 55.1% -5.8%
A 5.5% 18.0% -12.5%
Analytics
(As of 03/31/2018)

Morningstar 03/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
213
Category
Muni Single State Long
Performance Statistics
3Y
5Y
Alpha
-2.64
-3.14
Beta
0.78
1.20
Information Ratio
-0.88
-0.70
R-Squared
36.06
54.23
Sharpe Ratio
-0.30
-0.04
Standard Deviation
4.21
5.80
Sortino Ratio
-0.11
-0.02
Tracking Error
3.48
4.01
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
3/27/2018
Per Share ($)
$0.0170
12-Month Distribution ($)
$0.3487
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
0.62 yrs
5.98 yrs
Current Duration
0.50 yrs
6.30 yrs
Turnover Ratio
7.00%
-
Yields
Dividend Yield (w/o sales charge)
2.11%
Standardized Yield
0.33%
Distribution Sources
  • D
Net Income
28.50%
Net Profit from Sale
0.00%
Other Capital Sources
71.50%
Interest Income 12/31/2017
Exposed to AMT
8.6%
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. Existing shareholders can continue to purchase shares in the following types of retirement plans and accounts: defined contribution plans, including 401(k) (including “Single K”), 403(b) custodial plans, and pension and profit sharing plans; defined benefit plans; and SIMPLE IRAs and SEP IRAs until February 9, 2018. The Funds reserve the right, in their discretion, to modify the extent to which sales of shares are limited prior to the Funds’ liquidation. Existing shareholders can continue to purchase shares through dividend and capital gain reinvestment.
  3. 3. The Board of Trustees has approved a plan to liquidate the Fund, to take place on or about May 18, 2018 (the “Liquidation Date”).  Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed.  Subject to certain exceptions, redemptions made beginning January 12, 2018 through the Liquidation Date will not be subject to any contingent deferred sales charges. Shareholders should consult their tax advisors for information about the tax consequences of the liquidation.  In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the Liquidation Date, the Fund may deviate from its investment objectives and strategies as the Liquidation date approaches.
  4. 4. 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.
  5. 5. 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.
  6. 6. 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.
  7. 7. Access index definitions.
  8. 8. 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.
  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. 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 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.
  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.
  15. 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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