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OPATX

Rochester® Pennsylvania Municipal Fund

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Overview

The Strategy typically invests in Pennsylvania municipal bonds.

Inception Date
September 18, 1989
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940100
NAV
  • A
(as of 10/19/2018)
$10.38
Total Assets
(as of 09/30/2018)
$636.98 MM
Gross Expense Ratio
(as of 09/30/2018)
1.07%
Net Expense Ratio
(as of 09/30/2018)
1.01%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 09/30/2018
  • B
as of 09/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (NAV)
11.14% 7.09% 4.88% 6.28% 6.38% 5.61%
Bloomberg Barclays Municipal Index
-0.40% 0.35% 2.24% 3.54% 4.75% -
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (with sales charge)
5.86% 2.01% 3.19% 5.25% 5.86% 5.43%
Bloomberg Barclays Municipal Index
-0.40% 0.35% 2.24% 3.54% 4.75% -
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (NAV)
11.14% 7.09% 4.88% 6.28% 6.38% 5.61%
Bloomberg Barclays Municipal Index
-0.40% 0.35% 2.24% 3.54% 4.75% -
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (with sales charge)
5.86% 2.01% 3.19% 5.25% 5.86% 5.43%
Bloomberg Barclays Municipal Index
-0.40% 0.35% 2.24% 3.54% 4.75% -
Gross Expense Ratio: 1.07% | Net Expense Ratio: 1.01%

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® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index
1990 6.00% -
1991 11.49% -
1992 8.04% 8.82%
1993 13.12% 12.28%
1994 -7.68% -5.17%
1995 16.94% 17.46%
1996 4.35% 4.43%
1997 8.96% 9.19%
1998 4.45% 6.48%
1999 -6.18% -2.06%
2000 7.06% 11.68%
2001 6.51% 5.13%
2002 10.95% 9.60%
2003 9.81% 5.31%
2004 7.06% 4.48%
2005 8.97% 3.51%
2006 7.60% 4.84%
2007 -2.33% 3.36%
2008 -33.95% -2.47%
2009 48.44% 12.91%
2010 4.79% 2.38%
2011 11.30% 10.70%
2012 12.51% 6.78%
2013 -9.79% -2.55%
2014 15.36% 9.05%
2015 3.95% 3.30%
2016 2.97% 0.25%
2017 0.12% 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® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
9/30/2008 0.00 0.00 0.00
10/31/2008 -14.03 -1.02 -2.36
11/30/2008 -15.84 -0.71 0.82
12/31/2008 -23.05 0.74 4.58
1/31/2009 -16.63 4.43 3.66
2/28/2009 -15.28 4.98 3.26
3/31/2009 -14.70 5.00 4.70
4/30/2009 -8.95 7.09 5.20
5/31/2009 -2.30 8.23 5.96
6/30/2009 -3.62 7.21 6.57
7/31/2009 -1.59 9.01 8.29
8/31/2009 3.98 10.87 9.41
9/30/2009 16.72 14.85 10.56
10/31/2009 12.75 12.44 11.10
11/30/2009 12.45 13.37 12.54
12/31/2009 14.23 13.75 10.78
1/31/2010 15.78 14.34 12.47
2/28/2010 17.24 15.45 12.89
3/31/2010 18.20 15.18 12.76
4/30/2010 20.65 16.57 13.93
5/31/2010 22.50 17.45 14.89
6/30/2010 21.79 17.52 16.69
7/31/2010 23.49 18.98 17.93
8/31/2010 26.86 21.71 19.45
9/30/2010 28.62 21.52 19.58
10/31/2010 29.43 21.18 20.00
11/30/2010 23.21 18.76 19.31
12/31/2010 19.70 16.46 18.03
1/31/2011 16.90 15.60 18.17
2/28/2011 20.33 17.44 18.46
3/31/2011 19.36 17.05 18.53
4/30/2011 20.91 19.14 20.03
5/31/2011 23.74 21.18 21.60
6/30/2011 25.95 21.60 21.24
7/31/2011 27.17 22.84 23.17
8/31/2011 27.75 24.95 24.97
9/30/2011 31.16 26.24 25.87
10/31/2011 30.17 25.77 26.01
11/30/2011 29.50 26.51 25.90
12/31/2011 33.23 28.92 27.28
1/31/2012 42.22 31.90 28.40
2/29/2012 41.91 32.03 28.37
3/31/2012 42.32 31.17 27.67
4/30/2012 41.40 32.69 29.08
5/31/2012 43.35 33.79 30.25
6/30/2012 43.71 33.64 30.30
7/31/2012 46.05 35.76 32.10
8/31/2012 46.99 35.92 32.19
9/30/2012 48.15 36.74 32.37
10/31/2012 48.86 37.12 32.63
11/30/2012 51.92 39.38 32.84
12/31/2012 49.89 37.66 32.65
1/31/2013 51.29 38.23 31.72
2/28/2013 51.91 38.65 32.38
3/31/2013 51.21 38.05 32.49
4/30/2013 53.06 39.57 33.83
5/31/2013 52.63 37.86 31.44
6/30/2013 44.39 33.96 29.41
7/31/2013 41.47 32.79 29.58
8/31/2013 34.06 30.89 28.92
9/30/2013 37.01 33.71 30.14
10/31/2013 38.26 34.76 31.19
11/30/2013 37.23 34.49 30.70
12/31/2013 35.22 34.14 29.96
1/31/2014 39.88 36.76 31.88
2/28/2014 43.76 38.36 32.59
3/31/2014 44.35 38.59 32.36
4/30/2014 45.92 40.26 33.48
5/31/2014 49.83 42.06 35.00
6/30/2014 48.17 42.19 35.07
7/31/2014 47.94 42.44 34.73
8/31/2014 51.77 44.16 36.21
9/30/2014 54.20 44.31 35.29
10/31/2014 54.34 45.30 36.62
11/30/2014 55.05 45.55 37.59
12/31/2014 55.98 46.28 37.72
1/31/2015 58.76 48.88 40.61
2/28/2015 58.92 47.34 39.28
3/31/2015 59.43 47.77 39.93
4/30/2015 57.96 46.99 39.43
5/31/2015 59.56 46.59 39.09
6/30/2015 55.99 46.45 37.58
7/31/2015 58.25 47.51 38.53
8/31/2015 59.20 47.80 38.33
9/30/2015 61.04 48.87 39.27
10/31/2015 60.87 49.47 39.29
11/30/2015 61.64 50.06 38.92
12/31/2015 62.14 51.11 38.47
1/31/2016 62.76 52.92 40.38
2/29/2016 62.65 53.16 41.38
3/31/2016 63.01 53.64 42.67
4/30/2016 63.25 54.77 43.22
5/31/2016 65.99 55.19 43.26
6/30/2016 69.79 57.66 45.83
7/31/2016 70.66 57.76 46.75
8/31/2016 71.27 57.97 46.59
9/30/2016 72.08 57.18 46.50
10/31/2016 72.09 55.53 45.38
11/30/2016 66.68 49.73 41.94
12/31/2016 66.95 51.49 42.14
1/31/2017 68.70 52.49 42.42
2/28/2017 71.39 53.55 43.38
3/31/2017 69.77 53.88 43.30
4/30/2017 76.37 55.00 44.41
5/31/2017 77.16 57.46 45.52
6/30/2017 76.10 56.89 45.37
7/31/2017 75.71 58.16 46.00
8/31/2017 76.94 59.36 47.31
9/30/2017 73.46 58.55 46.61
10/31/2017 68.95 58.94 46.69
11/30/2017 67.02 58.09 46.50
12/31/2017 67.14 59.74 47.18
1/31/2018 66.38 57.86 45.48
2/28/2018 67.79 57.39 44.10
3/31/2018 72.78 57.97 45.03
4/30/2018 75.11 57.41 43.95
5/31/2018 79.51 59.21 44.97
6/30/2018 82.24 59.35 44.80
7/31/2018 82.45 59.73 44.83
8/31/2018 86.26 60.14 45.76
9/30/2018 85.77 59.11 44.82
Date Dividends
10/28/2008 0.052
11/25/2008 0.052
12/30/2008 0.052
1/27/2009 0.052
2/24/2009 0.052
3/24/2009 0.053
4/21/2009 0.053
5/26/2009 0.053
6/23/2009 0.053
7/28/2009 0.053
8/25/2009 0.053
9/22/2009 0.053
10/27/2009 0.053
11/24/2009 0.053
12/30/2009 0.053
1/26/2010 0.053
2/23/2010 0.053
3/23/2010 0.055
4/27/2010 0.055
5/25/2010 0.055
6/22/2010 0.055
7/27/2010 0.055
8/24/2010 0.055
9/21/2010 0.055
10/26/2010 0.055
11/23/2010 0.055
12/30/2010 0.055
1/25/2011 0.055
2/22/2011 0.055
3/22/2011 0.055
4/26/2011 0.056
5/24/2011 0.056
6/21/2011 0.056
7/26/2011 0.056
8/23/2011 0.056
9/27/2011 0.056
10/25/2011 0.056
11/22/2011 0.056
12/29/2011 0.056
1/24/2012 0.056
2/21/2012 0.056
3/27/2012 0.056
4/24/2012 0.056
5/22/2012 0.053
6/26/2012 0.053
7/24/2012 0.053
8/28/2012 0.053
9/25/2012 0.053
10/23/2012 0.053
11/27/2012 0.051
12/28/2012 0.051
1/22/2013 0.051
2/19/2013 0.051
3/26/2013 0.051
4/23/2013 0.049
5/28/2013 0.049
6/25/2013 0.049
7/23/2013 0.049
8/27/2013 0.049
9/24/2013 0.049
10/22/2013 0.049
11/26/2013 0.05
12/30/2013 0.05
1/28/2014 0.05
2/25/2014 0.05
3/25/2014 0.051
4/22/2014 0.051
5/27/2014 0.051
6/24/2014 0.051
7/22/2014 0.051
8/26/2014 0.051
9/23/2014 0.051
10/28/2014 0.051
11/25/2014 0.051
12/31/2014 0.051
1/27/2015 0.051
2/24/2015 0.051
3/24/2015 0.051
4/21/2015 0.051
5/26/2015 0.051
6/23/2015 0.051
7/28/2015 0.051
8/25/2015 0.051
9/22/2015 0.051
10/27/2015 0.051
11/24/2015 0.051
12/31/2015 0.051
1/26/2016 0.051
2/23/2016 0.051
3/22/2016 0.051
4/26/2016 0.051
5/24/2016 0.049
6/21/2016 0.049
7/26/2016 0.049
8/23/2016 0.046
9/27/2016 0.046
10/25/2016 0.046
11/22/2016 0.046
12/30/2016 0.046
1/24/2017 0.046
2/21/2017 0.046
3/28/2017 0.046
4/25/2017 0.046
5/23/2017 0.046
6/27/2017 0.042
7/25/2017 0.042
8/22/2017 0.042
9/26/2017 0.039
10/24/2017 0.039
11/21/2017 0.039
12/29/2017 0.035
1/23/2018 0.035
2/20/2018 0.035
3/27/2018 0.032
4/24/2018 0.032
5/22/2018 0.032
6/26/2018 0.03
7/24/2018 0.03
8/28/2018 0.03
9/25/2018 0.03

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 10/19/2018

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

(108.9% of assets as of 09/30/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 109.1% 100.0% 9.1%
State Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Pennsylvania 74.3% 3.9% 70.4%
Puerto Rico 20.9% 0.3% 20.6%
Virgin Islands 1.2% 0.0% 1.2%
Northern Marianas 0.4% - -
Guam 0.3% 0.2% 0.1%
Credit Rating Allocation Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AA 23.5% 53.7% -30.2%
A 35.9% 18.0% 17.9%
BBB 17.5% 4.9% 12.7%
BB 5.7% - -
B 0.5% - -
CC 11.5% - -
C 0.2% - -
Unrated 14.3% 1.2% 13.1%
Analytics
(As of 09/30/2018)

Morningstar 09/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
55
Category
Muni Pennsylvania
Performance Statistics
3Y
5Y
Alpha
2.90
2.75
Beta
0.79
0.98
Information Ratio
0.63
0.71
R-Squared
28.65
37.46
Sharpe Ratio
0.82
1.16
Standard Deviation
4.92
4.88
Sortino Ratio
1.38
2.14
Tracking Error
4.19
3.86
Yields
Dividend Yield (with sales charge)
3.26%
Dividend Yield (w/o sales charge)
3.42%
Standardized Yield
2.59%
Unsubsidized Yield
2.58%
Interest Income 12/31/2017
Exposed to AMT
4.71%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.25 yrs
6.15 yrs
Current Duration
7.10 yrs
6.40 yrs
Turnover Ratio
13%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
9/25/2018
Per Share ($)
$0.0300
12-Month Distribution ($)
$0.3990
Distribution Sources
  • D
Net Income
90.70%
Net Profit from Sale
0.00%
Other Capital Sources
9.30%
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 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.
  5. 5. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  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. 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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