Lipper Analytical Services Inc. As of July 31,the Fund's Class A shares generated a 1-year total return of 3. By comparison, its primary benchmark, the Lehman Brothers Municipal Bond Index, produced a total return of 2. These adjustments were made in response to general market conditions and uncertainty caused by the Sept.
The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently Below is a discussion by OppenheimerFunds, Inc.
We are pleased to report that Oppenheimer Rochester Michigan Municipal Fund distributed high levels of tax-free income to its shareholders during this reporting period, providing higher yields than many fixed-income alternatives on an after-tax basis.
Distributions for other share classes were adjusted accordingly. No capital gains were distributed this reporting period. At the end of this reporting period, the Fund had more than holdings and an overall credit quality of A-minus. Despite the broad turmoil in the municipal market, which caused widespread NAV declines, the Fund had no credit defaults this reporting period.
As the charts on pages 23 to 25 show, Fund performance weakened this reporting period as investors grew increasingly concerned about risk and as credit spreads widened. Tax collection data suggests that Michigan is either doing much better than the average state or much worse, depending on the data set examined.
In nominal terms, fourth-quarter personal income tax revenues were Rockefeller Institute of Government.
The Rockefeller Institute of Government conducts independent analysis of government finances and management in its capacity as the public policy research arm of the State University of New York.
During this reporting period, a shortage of bidders led municipal securities auctions to fail, pushing the short-term rates on some bonds into the double digits and creating an unusual opportunity for the Fund. Based on our expertise in credit research, we were able to identify bonds that we believed had a superior credit structure and would reset at a high, fixed rate if an auction failed.
During this reporting period, for example, the Public Building Authority decided to pre-refund bonds that the Fund had acquired in The Fund sold these holdings at a gain.
As is our practice, the Fund seeks to minimize the tax consequences, if any, from these types of transactions. Investors should note that the commonwealth, its agencies and the government development bank retained their investment-grade ratings during this reporting period, although some rate reductions occurred.
We take pride in the successes of our in-house credit research team, which continues to identify yield-enhancing issues in Puerto Rico, despite ongoing economic difficulties and political 3.
A pre-refunding involves earmarking the proceeds from a new municipal bond to pay off an earlier bond that is not yet callable; proceeds from the new issue are escrowed in U.
The Fund also benefited this reporting period from a partial pre-refunding of tax increment financing bonds issued by the City of Pontiac. Before the pre-refunding, these bonds had a below-investment-grade rating, a 6. After the pre-refunding event, credit and call uncertainty were no longer a factor, the price of the pre-refunded bonds rose sharply and the Fund sold these holdings at a gain.Nov 28, · A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes.
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N-CSRS 1 attheheels.com RS_NCSRS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number OPPENHEIMER MULTI-STATE MUNICIPAL TRUST, CONSISTING OF: .
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