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Registered Investment Advisor
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Fixed Income

Rochester Municipal Bonds

Focus

The Rochester portfolio managers invest in municipal bonds that generate attractive levels of tax-free income. Their investment process employs a bottom-up, research-oriented approach designed to generate long-term, income-driven total return." This should be reflected on both the strategy landing page and strategy detail page.

  1. 1. 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.
  2. Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of a Fund’s investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices fall and a fund’s share price can fall. Municipal bonds are subject to default on income and principal payments. Further, a portion of some funds’ distributions may be taxable and may increase alternative minimum tax (AMT) for investors subject to that tax; distributions from net realized capital gains are taxable as capital gains.

    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.

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