IOITX

Intermediate Term Municipal Fund

Overview

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

Inception Date
May 28, 2019
Investment Style
Oppenheimer Municipals
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
001419266
NAV
(as of 08/20/2019)
$4.61
Total Assets
(as of 07/31/2019)
$213.77 MM
Gross Expense Ratio
(as of 07/31/2019)
0.83%
Net Expense Ratio
(as of 07/31/2019)
0.75%
Performance
Average Annual Total Returns
Dividends
Capital Gains Distributions
as of 07/31/2019
as of 06/30/2019

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
Cumulative
Annualized
3 mo ytd as of 2019-06-30
1 yr since inception 3 yr 5 yr
Intermediate Term Municipal Fund (NAV)
2.21% 5.00% 6.00% 0.72% 2.14% 3.61%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.66% 3.80% 5.24% 25.97% 1.96% 2.30%
Cumulative
Annualized
3 mo ytd as of 2019-06-30
1 yr since inception 3 yr 5 yr
Intermediate Term Municipal Fund (with sales charge)
2.21% 5.00% 6.00% 0.72% 2.14% 3.61%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.66% 3.80% 5.24% 25.97% 1.96% 2.30%
Cumulative
Annualized
3 mo ytd as of 2019-07-31
1 yr since inception 3 yr 5 yr
Intermediate Term Municipal Fund (NAV)
2.21% 5.00% 6.00% 1.63% 2.14% 3.61%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
2.48% 4.67% 5.69% 27.02% 2.11% 2.44%
Cumulative
Annualized
3 mo ytd as of 2019-07-31
1 yr since inception 3 yr 5 yr
Intermediate Term Municipal Fund (with sales charge)
2.21% 5.00% 6.00% 1.63% 2.14% 3.61%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
2.48% 4.67% 5.69% 27.02% 2.11% 2.44%
Gross Expense Ratio: 0.83% | Net Expense Ratio: 0.75%

Year Intermediate Term Municipal Fund

Date Dividends
5/29/2019 0.0002
6/25/2019 0.0105
7/23/2019 0.0101
$ per share as of 08/21/2019

Date 2014 2015 2016 2017 2018
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date
Portfolio

Top Fixed Income Sectors

(95.3% of assets as of 07/31/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 11
Asset Allocation Intermediate Term Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 100.8% 100.0% 0.8%
State Intermediate Term Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
California 13.4% 14.0% -0.7%
Pennsylvania 13.0% 3.3% 9.7%
Texas 9.8% 8.3% 1.5%
New Jersey 8.2% 3.5% 4.7%
New York 7.4% 14.3% -6.9%
Florida 5.6% 4.1% 1.5%
Illinois 5.1% 4.6% 0.5%
Arizona 4.6% 2.7% 1.9%
Wisconsin 3.6% 1.6% 2.0%
Louisiana 3.6% 0.7% 2.9%
Michigan 2.7% 1.3% 1.5%
Maryland 2.6% 2.8% -0.2%
Minnesota 2.2% 1.2% 1.1%
Ohio 1.9% 2.8% -0.9%
Georgia 1.9% 3.5% -1.5%
Tennessee 1.5% 1.6% -0.1%
Alabama 1.4% 1.8% -0.4%
South Carolina 1.3% 1.3% 0.1%
Vermont 1.1% - -
Missouri 1.0% 0.7% 0.3%
Credit Rating Allocation Intermediate Term Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AAA 1.5% 21.4% -19.9%
AA 33.2% 56.0% -22.7%
A 32.4% 18.2% 14.1%
BBB 15.1% 3.2% 11.9%
BB 3.9% - -
B 1.8% - -
Unrated 12.9% 1.2% 11.8%
Analytics
(As of 07/31/2019)

Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
2.67%
Standardized Yield
1.71%
Unsubsidized Yield
1.66%
Taxable Equivalent Yield
2.89%
Interest Income 12/31/2018
Exposed to AMT
0.0%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
5.47 yrs
4.32 yrs
Current Duration
4.67 yrs
3.94 yrs
Turnover Ratio
45%
-
Dividends
Est. Frequency
Monthly
Last Pay Date
7/23/2019
Per Share ($)
$0.0101
12-Month Distribution ($)
$0.0208
Team
Tools
Documents
  1. 1. 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.
  2. 2. 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.
  3. 3. Before June 29, 2018, Oppenheimer Short Term Municipal Fund was known as Oppenheimer Rochester Short Term Municipal Fund, and Oppenheimer Intermediate Term Municipal Fund was known as Oppenheimer Rochester Intermediate Term Fund. Effective June 29, various changes were made to each fund’s prospectus. Past performance, therefore, is not indicative of future results. Investors are encouraged to review each fund’s prospectus and summary prospectus for additional details.
  4. 4. 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.  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. The Fund will not invest more than 15% of its total assets in unrated securities. However, this limitation does not apply to unrated debt that has similar characteristics and is comparable to NRSRO rated debt issued by the same issuer or guaranteed by the same guarantor.
  5. 5. 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 the 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 generally fall, and the Fund’s share prices 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.
  6. 6. Class I shares were reorganized into Class R6 shares. R6 shares are primarily intended for retirement plans that meet certain standards and for institutional investors.
  7. 7. 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.
  8. 8. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  9. 9. Fund performance reflects fee waivers, absent which, performance data quoted would have been lower. Total annual fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through May 28, 2021. See current prospectus for more information.
  10. 10. 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.
  11. 11. 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.
  12. 12. 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.
  13. 13.

    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.

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