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ORNCX

Rochester® High Yield Municipal Fund

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Overview

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

Inception Date
August 29, 1995
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940886
NAV
  • B
(as of 09/21/2018)
$7.36
Total Assets
(as of 08/31/2018)
$6.41 BN
Gross Expense Ratio
(as of 08/31/2018)
1.78%
Net Expense Ratio
(as of 08/31/2018)
1.60%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 08/31/2018
  • 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)
7.74% 5.60% 7.84% 6.47% 4.31% 4.07%
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)
6.74% 4.60% 7.84% 6.47% 4.31% 4.07%
Bloomberg Barclays Municipal Index
-0.25% 1.56% 2.85% 3.53% 4.43% -
Cumulative
Annualized
ytd as of 2018-08-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
9.97% 7.44% 8.31% 8.44% 4.57% 4.13%
Bloomberg Barclays Municipal Index
0.25% 0.49% 2.71% 4.12% 4.32% -
Cumulative
Annualized
ytd as of 2018-08-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
8.97% 6.44% 8.31% 8.44% 4.57% 4.13%
Bloomberg Barclays Municipal Index
0.25% 0.49% 2.71% 4.12% 4.32% -
Gross Expense Ratio: 1.78% | Net Expense Ratio: 1.60%

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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Year Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index
1996 3.18% 4.43%
1997 8.18% 9.19%
1998 5.15% 6.48%
1999 -5.80% -2.06%
2000 10.01% 11.68%
2001 4.44% 5.13%
2002 4.98% 9.60%
2003 14.07% 5.31%
2004 9.64% 4.48%
2005 9.13% 3.51%
2006 9.66% 4.84%
2007 -10.96% 3.36%
2008 -49.30% -2.47%
2009 50.08% 12.91%
2010 0.98% 2.38%
2011 10.89% 10.70%
2012 18.02% 6.78%
2013 -7.91% -2.55%
2014 15.16% 9.05%
2015 4.01% 3.30%
2016 4.24% 0.25%
2017 6.16% 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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  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
8/31/2008 0.00 0.00 0.00
9/30/2008 -10.88 -4.69 -1.34
10/31/2008 -29.27 -5.66 -3.67
11/30/2008 -31.62 -5.36 -0.54
12/31/2008 -41.21 -3.98 3.17
1/31/2009 -36.46 -0.47 2.26
2/28/2009 -35.75 0.05 1.88
3/31/2009 -38.61 0.07 3.29
4/30/2009 -34.44 2.07 3.79
5/31/2009 -26.14 3.15 4.54
6/30/2009 -28.50 2.19 5.14
7/31/2009 -28.49 3.89 6.83
8/31/2009 -20.77 5.67 7.94
9/30/2009 -9.49 9.46 9.07
10/31/2009 -13.57 7.17 9.61
11/30/2009 -14.92 8.05 11.03
12/31/2009 -11.76 8.42 9.29
1/31/2010 -10.39 8.98 10.96
2/28/2010 -9.62 10.04 11.38
3/31/2010 -9.06 9.77 11.24
4/30/2010 -6.92 11.11 12.40
5/31/2010 -7.64 11.94 13.34
6/30/2010 -8.39 12.01 15.12
7/31/2010 -6.85 13.40 16.35
8/31/2010 -4.05 16.00 17.85
9/30/2010 -3.76 15.82 17.97
10/31/2010 -2.88 15.50 18.39
11/30/2010 -7.88 13.19 17.71
12/31/2010 -10.90 11.00 16.44
1/31/2011 -13.68 10.18 16.58
2/28/2011 -11.63 11.93 16.87
3/31/2011 -11.99 11.56 16.93
4/30/2011 -9.96 13.56 18.42
5/31/2011 -7.14 15.50 19.96
6/30/2011 -5.17 15.90 19.61
7/31/2011 -3.25 17.08 21.51
8/31/2011 -3.62 19.09 23.29
9/30/2011 -1.66 20.32 24.18
10/31/2011 -2.75 19.87 24.32
11/30/2011 -4.07 20.58 24.21
12/31/2011 -1.20 22.87 25.57
1/31/2012 3.27 25.71 26.68
2/29/2012 4.69 25.84 26.65
3/31/2012 5.36 25.02 25.95
4/30/2012 7.27 26.46 27.35
5/31/2012 8.88 27.51 28.50
6/30/2012 9.08 27.37 28.55
7/31/2012 12.03 29.39 30.33
8/31/2012 12.58 29.54 30.41
9/30/2012 13.56 30.32 30.59
10/31/2012 14.89 30.69 30.85
11/30/2012 18.12 32.84 31.05
12/31/2012 16.60 31.20 30.87
1/31/2013 18.43 31.75 29.95
2/28/2013 18.64 32.15 30.60
3/31/2013 18.68 31.58 30.71
4/30/2013 20.35 33.02 32.03
5/31/2013 20.11 31.40 29.67
6/30/2013 12.08 27.68 27.67
7/31/2013 8.74 26.56 27.84
8/31/2013 4.39 24.75 27.19
9/30/2013 7.69 27.44 28.39
10/31/2013 8.95 28.44 29.43
11/30/2013 8.50 28.18 28.95
12/31/2013 7.38 27.85 28.22
1/31/2014 11.19 30.34 30.11
2/28/2014 14.43 31.87 30.80
3/31/2014 15.06 32.09 30.58
4/30/2014 16.34 33.68 31.68
5/31/2014 19.41 35.40 33.18
6/30/2014 18.21 35.52 33.25
7/31/2014 18.35 35.76 32.92
8/31/2014 21.48 37.40 34.39
9/30/2014 21.92 37.54 33.47
10/31/2014 21.84 38.48 34.78
11/30/2014 22.96 38.72 35.74
12/31/2014 23.66 39.42 35.87
1/31/2015 26.64 41.89 38.72
2/28/2015 25.33 40.43 37.41
3/31/2015 24.75 40.84 38.05
4/30/2015 24.66 40.10 37.56
5/31/2015 25.57 39.71 37.22
6/30/2015 22.28 39.58 35.73
7/31/2015 22.70 40.59 36.67
8/31/2015 23.17 40.87 36.48
9/30/2015 25.62 41.89 37.40
10/31/2015 27.11 42.46 37.42
11/30/2015 27.74 43.02 37.06
12/31/2015 28.62 44.03 36.62
1/31/2016 29.39 45.74 38.50
2/29/2016 30.43 45.97 39.48
3/31/2016 32.22 46.44 40.76
4/30/2016 33.35 47.51 41.30
5/31/2016 35.01 47.91 41.33
6/30/2016 39.26 50.27 43.87
7/31/2016 40.03 50.36 44.78
8/31/2016 40.69 50.56 44.62
9/30/2016 41.60 49.81 44.53
10/31/2016 40.18 48.24 43.43
11/30/2016 33.62 42.71 40.03
12/31/2016 34.07 44.38 40.23
1/31/2017 36.01 45.34 40.51
2/28/2017 38.73 46.34 41.45
3/31/2017 43.20 46.66 41.38
4/30/2017 44.25 47.73 42.47
5/31/2017 46.29 50.07 43.56
6/30/2017 45.22 49.53 43.42
7/31/2017 45.27 50.74 44.04
8/31/2017 45.68 51.89 45.33
9/30/2017 44.17 51.12 44.64
10/31/2017 42.20 51.49 44.72
11/30/2017 40.70 50.68 44.54
12/31/2017 42.34 52.25 45.20
1/31/2018 42.65 50.46 43.53
2/28/2018 43.16 50.01 42.17
3/31/2018 46.53 50.56 43.08
4/30/2018 48.98 50.02 42.01
5/31/2018 51.22 51.74 43.03
6/30/2018 53.36 51.87 42.85
7/31/2018 53.52 52.24 42.89
8/31/2018 56.52 52.63 43.80
Date Dividends
10/28/2008 0.0516
11/25/2008 0.0532
12/30/2008 0.0528
1/27/2009 0.0538
2/24/2009 0.0536
3/24/2009 0.0427
4/21/2009 0.0428
5/26/2009 0.0417
6/23/2009 0.0423
7/28/2009 0.0415
8/25/2009 0.0424
9/22/2009 0.042
10/27/2009 0.0406
11/24/2009 0.0419
12/30/2009 0.0405
1/26/2010 0.042
2/23/2010 0.0417
3/23/2010 0.0418
4/27/2010 0.0407
5/25/2010 0.0417
6/22/2010 0.0418
7/27/2010 0.0407
8/24/2010 0.0417
9/21/2010 0.0417
10/26/2010 0.0406
11/23/2010 0.0418
12/30/2010 0.0406
1/25/2011 0.0426
2/22/2011 0.0422
3/22/2011 0.0421
4/26/2011 0.0412
5/24/2011 0.0421
6/21/2011 0.042
7/26/2011 0.041
8/23/2011 0.0419
9/27/2011 0.0409
10/25/2011 0.042
11/22/2011 0.039
12/29/2011 0.0374
1/24/2012 0.0394
2/21/2012 0.0388
3/27/2012 0.0377
4/24/2012 0.0388
5/22/2012 0.0377
6/26/2012 0.0366
7/24/2012 0.0377
8/28/2012 0.0355
9/25/2012 0.0366
10/23/2012 0.0365
11/27/2012 0.0354
12/28/2012 0.0355
1/22/2013 0.0375
2/19/2013 0.0365
3/26/2013 0.0354
4/23/2013 0.0365
5/28/2013 0.0352
6/25/2013 0.0366
7/23/2013 0.0369
8/27/2013 0.036
9/24/2013 0.0371
10/22/2013 0.037
11/26/2013 0.036
12/30/2013 0.0362
1/28/2014 0.0371
2/25/2014 0.0371
3/25/2014 0.037
4/22/2014 0.037
5/27/2014 0.0359
6/24/2014 0.0369
7/22/2014 0.037
8/26/2014 0.036
9/23/2014 0.0369
10/28/2014 0.0359
11/25/2014 0.0369
12/31/2014 0.0357
1/27/2015 0.035
2/24/2015 0.0348
3/24/2015 0.0349
4/21/2015 0.0349
5/26/2015 0.034
6/23/2015 0.035
7/28/2015 0.0341
8/25/2015 0.0351
9/22/2015 0.0351
10/27/2015 0.034
11/24/2015 0.035
12/31/2015 0.0337
1/26/2016 0.0353
2/23/2016 0.035
3/22/2016 0.035
4/26/2016 0.0339
5/24/2016 0.0349
6/21/2016 0.0349
7/26/2016 0.0337
8/23/2016 0.0328
9/27/2016 0.0317
10/25/2016 0.0328
11/22/2016 0.0309
12/30/2016 0.0295
1/24/2017 0.0316
2/21/2017 0.031
3/28/2017 0.0299
4/25/2017 0.0313
5/23/2017 0.0314
6/27/2017 0.0304
7/25/2017 0.0294
8/22/2017 0.0294
9/26/2017 0.0285
10/24/2017 0.0295
11/21/2017 0.0275
12/29/2017 0.026
1/23/2018 0.0281
2/20/2018 0.0265
3/27/2018 0.0257
4/24/2018 0.0264
5/22/2018 0.0264
6/26/2018 0.0255
7/24/2018 0.0263
8/28/2018 0.0254

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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 09/21/2018

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

(108.2% of assets as of 08/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 116.0% 100.0% 16.0%
Corporates 0.1% - -
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
New York 16.0% 15.5% 0.5%
Puerto Rico 12.7% 0.3% 12.4%
California 12.5% 17.1% -4.6%
Texas 10.0% 9.5% 0.6%
Ohio 7.6% 2.4% 5.1%
Florida 6.1% 4.4% 1.7%
Illinois 5.3% 4.6% 0.7%
Alabama 4.6% 0.9% 3.7%
Pennsylvania 3.3% 3.8% -0.6%
Colorado 3.0% 1.7% 1.3%
District of Columbia 2.6% 1.2% 1.3%
Michigan 2.4% 1.7% 0.7%
Wisconsin 2.4% 1.3% 1.1%
New Jersey 1.9% 3.8% -1.9%
Washington 1.8% 3.2% -1.4%
Indiana 1.7% 0.9% 0.8%
Arizona 1.5% 1.6% -0.1%
Massachusetts 1.2% 4.0% -2.8%
South Carolina 1.1% 1.0% 0.0%
Connecticut 0.9% 1.6% -0.7%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 13.3% 22.3% -9.1%
AA 28.3% 53.9% -25.5%
A 7.7% 17.8% -10.1%
BBB 10.8% 4.8% 6.1%
BB 4.3% - -
B 7.0% - -
CCC 1.8% - -
CC 9.9% - -
C 0.3% - -
Unrated 32.8% 1.3% 31.5%
Analytics
(As of 08/31/2018)

Morningstar 08/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
155
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
5.27
3.43
Beta
1.07
1.21
Information Ratio
1.64
1.27
R-Squared
51.35
55.95
Sharpe Ratio
1.49
1.54
Standard Deviation
4.91
5.03
Sortino Ratio
2.36
2.77
Tracking Error
3.43
3.40
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
4.10%
Standardized Yield
2.58%
Interest Income 12/31/2017
Exposed to AMT
6.91%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
10.53 yrs
5.99 yrs
Current Duration
8.30 yrs
6.30 yrs
Turnover Ratio
29%
-
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
8/28/2018
Per Share ($)
$0.0254
12-Month Distribution ($)
$0.3219
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
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. 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 is not the result of a fee waiver or expense reimbursement.
  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 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.
  6. 6. 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.
  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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  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.
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