Spoof Access

×
ORNAX

Rochester® High Yield Municipal Fund

×
Overview

The Strategy typically invests in high-yield municipal bonds issued across the United States.

Inception Date
October 1, 1993
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940308
NAV
  • B
(as of 08/20/2018)
$7.46
Total Assets
(as of 07/31/2018)
$6.22 BN
Gross Expense Ratio
(as of 07/31/2018)
1.13%
Net Expense Ratio
(as of 07/31/2018)
0.95%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 07/31/2018
  • C
as of 06/30/2018
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 2018-06-30
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
8.06% 6.26% 8.62% 7.25% 5.10% 4.76%
Bloomberg Barclays Municipal Index
-0.25% 1.56% 2.85% 3.53% 4.43% -
Cumulative
Annualized
ytd as of 2018-06-30
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
2.92% 1.22% 6.87% 6.21% 4.59% 4.56%
Bloomberg Barclays Municipal Index
-0.25% 1.56% 2.85% 3.53% 4.43% -
Cumulative
Annualized
ytd as of 2018-07-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
8.23% 6.34% 8.48% 7.92% 5.38% 4.75%
Bloomberg Barclays Municipal Index
-0.01% 0.99% 2.69% 3.76% 4.41% -
Cumulative
Annualized
ytd as of 2018-07-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
3.09% 1.29% 6.73% 6.87% 4.87% 4.55%
Bloomberg Barclays Municipal Index
-0.01% 0.99% 2.69% 3.76% 4.41% -
Gross Expense Ratio: 1.13% | Net Expense Ratio: 0.95%

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® High Yield Municipal Fund Bloomberg Barclays Municipal Index
1994 -7.66% -5.17%
1995 17.60% 17.46%
1996 4.01% 4.43%
1997 9.13% 9.19%
1998 5.95% 6.48%
1999 -5.08% -2.06%
2000 10.83% 11.68%
2001 5.23% 5.13%
2002 5.78% 9.60%
2003 14.93% 5.31%
2004 10.56% 4.48%
2005 9.96% 3.51%
2006 10.56% 4.84%
2007 -10.33% 3.36%
2008 -48.90% -2.47%
2009 51.35% 12.91%
2010 1.76% 2.38%
2011 11.70% 10.70%
2012 18.86% 6.78%
2013 -7.17% -2.55%
2014 16.13% 9.05%
2015 4.77% 3.30%
2016 5.01% 0.25%
2017 6.85% 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® High Yield Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
7/31/2008 0.00 0.00 0.00
8/31/2008 2.47 1.17 0.95
9/30/2008 -8.70 -3.57 -0.41
10/31/2008 -27.56 -4.56 -2.76
11/30/2008 -29.92 -4.26 0.41
12/31/2008 -39.68 -2.86 4.15
1/31/2009 -34.78 0.70 3.23
2/28/2009 -34.01 1.23 2.84
3/31/2009 -36.90 1.24 4.27
4/30/2009 -32.58 3.27 4.77
5/31/2009 -24.02 4.36 5.53
6/30/2009 -26.39 3.38 6.13
7/31/2009 -26.32 5.11 7.85
8/31/2009 -18.22 6.91 8.96
9/30/2009 -6.56 10.74 10.11
10/31/2009 -10.82 8.42 10.65
11/30/2009 -12.02 9.32 12.08
12/31/2009 -8.71 9.68 10.33
1/31/2010 -7.37 10.26 12.02
2/28/2010 -6.51 11.33 12.43
3/31/2010 -5.75 11.06 12.30
4/30/2010 -3.46 12.41 13.47
5/31/2010 -4.16 13.25 14.42
6/30/2010 -4.87 13.32 16.21
7/31/2010 -3.21 14.73 17.45
8/31/2010 -0.25 17.36 18.97
9/30/2010 0.11 17.18 19.09
10/31/2010 1.10 16.85 19.52
11/30/2010 -4.03 14.51 18.83
12/31/2010 -7.11 12.29 17.55
1/31/2011 -10.08 11.47 17.68
2/28/2011 -7.90 13.24 17.98
3/31/2011 -8.21 12.87 18.04
4/30/2011 -5.89 14.89 19.54
5/31/2011 -2.89 16.85 21.10
6/30/2011 -0.78 17.26 20.75
7/31/2011 1.29 18.45 22.66
8/31/2011 0.98 20.48 24.46
9/30/2011 3.09 21.73 25.36
10/31/2011 1.86 21.27 25.50
11/30/2011 0.70 21.99 25.39
12/31/2011 3.76 24.31 26.77
1/31/2012 8.52 27.18 27.88
2/29/2012 10.07 27.31 27.85
3/31/2012 10.85 26.48 27.15
4/30/2012 12.91 27.94 28.56
5/31/2012 14.68 29.00 29.72
6/30/2012 14.97 28.87 29.77
7/31/2012 18.14 30.91 31.56
8/31/2012 18.79 31.06 31.65
9/30/2012 19.90 31.85 31.83
10/31/2012 21.38 32.22 32.09
11/30/2012 24.86 34.40 32.30
12/31/2012 23.34 32.74 32.11
1/31/2013 25.34 33.29 31.18
2/28/2013 25.64 33.69 31.84
3/31/2013 25.77 33.12 31.95
4/30/2013 27.61 34.58 33.28
5/31/2013 27.44 32.93 30.90
6/30/2013 19.02 29.17 28.88
7/31/2013 15.56 28.04 29.06
8/31/2013 11.03 26.21 28.40
9/30/2013 14.59 28.93 29.61
10/31/2013 16.01 29.95 30.66
11/30/2013 15.60 29.68 30.17
12/31/2013 14.49 29.35 29.44
1/31/2014 18.62 31.87 31.35
2/28/2014 22.13 33.41 32.05
3/31/2014 22.87 33.64 31.82
4/30/2014 24.49 35.24 32.93
5/31/2014 27.85 36.99 34.45
6/30/2014 26.46 37.11 34.52
7/31/2014 26.69 37.35 34.18
8/31/2014 30.29 39.01 35.66
9/30/2014 30.66 39.15 34.74
10/31/2014 30.66 40.11 36.06
11/30/2014 32.12 40.35 37.03
12/31/2014 32.96 41.06 37.16
1/31/2015 36.05 43.56 40.03
2/28/2015 34.72 42.07 38.72
3/31/2015 34.37 42.49 39.36
4/30/2015 34.16 41.74 38.86
5/31/2015 35.23 41.35 38.53
6/30/2015 31.77 41.22 37.02
7/31/2015 32.51 42.24 37.97
8/31/2015 33.10 42.52 37.77
9/30/2015 35.61 43.55 38.70
10/31/2015 37.51 44.12 38.72
11/30/2015 38.07 44.70 38.36
12/31/2015 39.30 45.71 37.91
1/31/2016 40.22 47.45 39.81
2/29/2016 41.42 47.68 40.80
3/31/2016 43.45 48.15 42.09
4/30/2016 44.76 49.24 42.64
5/31/2016 46.65 49.64 42.67
6/30/2016 51.33 52.02 45.24
7/31/2016 52.27 52.12 46.16
8/31/2016 53.07 52.32 45.99
9/30/2016 54.16 51.56 45.90
10/31/2016 52.71 49.97 44.79
11/30/2016 45.48 44.38 41.36
12/31/2016 46.27 46.07 41.56
1/31/2017 48.47 47.04 41.84
2/28/2017 51.51 48.06 42.79
3/31/2017 56.47 48.38 42.72
4/30/2017 57.70 49.46 43.82
5/31/2017 60.00 51.83 44.93
6/30/2017 58.93 51.28 44.78
7/31/2017 59.06 52.51 45.40
8/31/2017 59.60 53.67 46.71
9/30/2017 58.04 52.89 46.01
10/31/2017 55.97 53.26 46.09
11/30/2017 54.42 52.44 45.91
12/31/2017 56.29 54.03 46.58
1/31/2018 56.73 52.22 44.89
2/28/2018 57.36 51.76 43.51
3/31/2018 61.14 52.32 44.44
4/30/2018 63.90 51.78 43.36
5/31/2018 66.45 53.52 44.38
6/30/2018 68.88 53.65 44.21
7/31/2018 69.15 54.02 44.24
Date Dividends
8/26/2008 0.057
9/23/2008 0.057
10/28/2008 0.057
11/25/2008 0.057
12/30/2008 0.057
1/27/2009 0.057
2/24/2009 0.057
3/24/2009 0.046
4/21/2009 0.046
5/26/2009 0.046
6/23/2009 0.046
7/28/2009 0.046
8/25/2009 0.046
9/22/2009 0.046
10/27/2009 0.046
11/24/2009 0.046
12/30/2009 0.046
1/26/2010 0.046
2/23/2010 0.046
3/23/2010 0.046
4/27/2010 0.046
5/25/2010 0.046
6/22/2010 0.046
7/27/2010 0.046
8/24/2010 0.046
9/21/2010 0.046
10/26/2010 0.046
11/23/2010 0.046
12/30/2010 0.046
1/25/2011 0.046
2/22/2011 0.046
3/22/2011 0.046
4/26/2011 0.046
5/24/2011 0.046
6/21/2011 0.046
7/26/2011 0.046
8/23/2011 0.046
9/27/2011 0.046
10/25/2011 0.046
11/22/2011 0.043
12/29/2011 0.043
1/24/2012 0.043
2/21/2012 0.043
3/27/2012 0.043
4/24/2012 0.043
5/22/2012 0.042
6/26/2012 0.042
7/24/2012 0.042
8/28/2012 0.041
9/25/2012 0.041
10/23/2012 0.041
11/27/2012 0.041
12/28/2012 0.041
1/22/2013 0.041
2/19/2013 0.041
3/26/2013 0.041
4/23/2013 0.041
5/28/2013 0.041
6/25/2013 0.041
7/23/2013 0.041
8/27/2013 0.041
9/24/2013 0.041
10/22/2013 0.041
11/26/2013 0.041
12/30/2013 0.041
1/28/2014 0.041
2/25/2014 0.041
3/25/2014 0.041
4/22/2014 0.041
5/27/2014 0.041
6/24/2014 0.041
7/22/2014 0.041
8/26/2014 0.041
9/23/2014 0.041
10/28/2014 0.041
11/25/2014 0.041
12/31/2014 0.041
1/27/2015 0.039
2/24/2015 0.039
3/24/2015 0.039
4/21/2015 0.039
5/26/2015 0.039
6/23/2015 0.039
7/28/2015 0.039
8/25/2015 0.039
9/22/2015 0.039
10/27/2015 0.039
11/24/2015 0.039
12/31/2015 0.039
1/26/2016 0.039
2/23/2016 0.039
3/22/2016 0.039
4/26/2016 0.039
5/24/2016 0.039
6/21/2016 0.039
7/26/2016 0.039
8/23/2016 0.037
9/27/2016 0.037
10/25/2016 0.037
11/22/2016 0.035
12/30/2016 0.035
1/24/2017 0.035
2/21/2017 0.035
3/28/2017 0.035
4/25/2017 0.035
5/23/2017 0.035
6/27/2017 0.035
7/25/2017 0.033
8/22/2017 0.033
9/26/2017 0.033
10/24/2017 0.033
11/21/2017 0.031
12/29/2017 0.031
1/23/2018 0.031
2/20/2018 0.03
3/27/2018 0.03
4/24/2018 0.03
5/22/2018 0.03
6/26/2018 0.03
7/24/2018 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 08/20/2018

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

(105.6% of assets as of 07/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 114.6% 100.0% 14.6%
Corporates 0.1% - -
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
New York 16.0% 15.3% 0.6%
California 13.2% 17.1% -4.0%
Puerto Rico 11.3% 0.3% 11.0%
Texas 9.9% 9.4% 0.5%
Ohio 7.6% 2.4% 5.2%
Florida 6.5% 4.4% 2.0%
Illinois 4.7% 4.6% 0.2%
Alabama 4.4% 0.9% 3.5%
Pennsylvania 3.3% 3.9% -0.6%
Wisconsin 2.6% 1.3% 1.3%
District of Columbia 2.6% 1.2% 1.4%
Michigan 2.5% 1.7% 0.7%
Colorado 2.3% 1.7% 0.7%
New Jersey 2.0% 3.8% -1.8%
Washington 1.9% 3.2% -1.4%
Indiana 1.6% 0.9% 0.7%
Arizona 1.4% 1.7% -0.3%
Connecticut 1.1% 1.6% -0.5%
South Carolina 1.1% 1.0% 0.1%
Massachusetts 1.0% 4.1% -3.0%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 12.8% 22.4% -9.6%
AA 28.8% 53.6% -24.9%
A 7.1% 17.7% -10.6%
BBB 10.6% 5.0% 5.6%
BB 4.5% - -
B 7.1% - -
CCC 1.9% - -
CC 8.6% - -
C 0.2% - -
Unrated 33.1% 1.2% 31.9%
Analytics
(As of 07/31/2018)

Morningstar 07/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
154
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
5.40
3.02
Beta
1.09
1.31
Information Ratio
1.74
1.16
R-Squared
53.76
60.10
Sharpe Ratio
1.54
1.34
Standard Deviation
4.88
5.44
Sortino Ratio
0.70
0.64
Tracking Error
3.33
3.58
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
7/24/2018
Per Share ($)
$0.0300
12-Month Distribution ($)
$0.3720
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
10.54 yrs
5.95 yrs
Current Duration
8.00 yrs
6.30 yrs
Turnover Ratio
29%
-
Yields
Dividend Yield (with sales charge)
4.68%
Dividend Yield (w/o sales charge)
4.92%
Standardized Yield
3.12%
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Interest Income 12/31/2017
Exposed to AMT
6.91%
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. 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. May invest without limit in below-investment-grade (“high yield” or "junk") bonds, which 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 Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. 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.
  3. 3. 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.
  4. 4. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  5. 5. Access index definitions.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. A. Prior to October 1, 2001, this Fund was a non-diversified municipal bond fund that focused primarily on tax-exempt, investment-grade obligations of the State of Florida and its subdivisions and municipalities.  Therefore, performance before October 1, 2001, is not indicative of performance for any subsequent period.
  11. B. 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. C. 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. D. "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. E. There is no guarantee of the payment of any dividend or other distributions at any level.
×
Loading...
Tiny Button Small Button Large Button Default Button Secondary Button Framed Button Framed Button ( Small Caps )