IORHX

Rochester® High Yield Municipal Fund

Overview

The strategy typically seeks high-yield as well as investment-grade municipal bonds the income of which is exempt from federal personal income taxes.

Inception Date
May 28, 2019
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
00141W802
NAV
(as of 06/26/2019)
$7.77
Total Assets
(as of 05/31/2019)
$7.05 BN
Gross Expense Ratio
(as of 05/25/2019)
0.77%
Net Expense Ratio
(as of 05/25/2019)
0.75%
Performance
Average Annual Total Returns
Dividends
Capital Gains Distributions
as of 05/31/2019
  • C
as of 03/31/2019
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
3 mo ytd as of 2019-03-31
  • D
1 yr 3 yr 5 yr 10 yr
Rochester® High Yield Municipal Fund (NAV)
5.25% 5.25% 11.42% 7.77% 7.88% 11.02%
Bloomberg Barclays Municipal Index
2.90% 2.90% 5.38% 2.71% 3.73% 4.72%
Cumulative
Annualized
3 mo ytd as of 2019-03-31
  • D
1 yr 3 yr 5 yr 10 yr
Rochester® High Yield Municipal Fund (with sales charge)
5.25% 5.25% 11.42% 7.77% 7.88% 11.02%
Bloomberg Barclays Municipal Index
2.90% 2.90% 5.38% 2.71% 3.73% 4.72%
Cumulative
Annualized
3 mo ytd as of 2019-05-31
  • D
1 yr 3 yr 5 yr 10 yr
Rochester® High Yield Municipal Fund (NAV)
5.93% 8.47% 11.16% 8.06% 7.67% 9.31%
Bloomberg Barclays Municipal Index
3.37% 4.71% 6.40% 2.96% 3.58% 4.58%
Cumulative
Annualized
3 mo ytd as of 2019-05-31
  • D
1 yr 3 yr 5 yr 10 yr
Rochester® High Yield Municipal Fund (with sales charge)
5.93% 8.47% 11.16% 8.06% 7.67% 9.31%
Bloomberg Barclays Municipal Index
3.37% 4.71% 6.40% 2.96% 3.58% 4.58%
Gross Expense Ratio: 0.77% | Net Expense Ratio: 0.75%

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.


Year Rochester® High Yield Municipal Fund

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.


Date Dividends
5/29/2019 0.0005
6/25/2019 0.0294

There is no guarantee of the payment of any dividend or other distributions at any level.

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.

$ per share as of 06/25/2019

Date 2014 2015 2016 2017 2018
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

(104.7% of assets as of 05/31/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 112.8% 100.0% 12.8%
Corporates 0.1% - -
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
California 13.7% 17.0% -3.3%
Puerto Rico 12.6% 0.3% 12.3%
New York 11.9% 15.3% -3.4%
Texas 8.4% 9.5% -1.1%
Ohio 7.1% 2.4% 4.7%
Florida 6.9% 4.4% 2.5%
Illinois 5.5% 4.8% 0.7%
Alabama 4.8% 0.8% 3.9%
Colorado 4.0% 2.0% 2.0%
District of Columbia 3.1% 1.3% 1.9%
Wisconsin 3.0% 1.4% 1.6%
Michigan 2.9% 1.7% 1.2%
Pennsylvania 2.7% 3.8% -1.1%
Indiana 2.4% 0.9% 1.5%
Arizona 2.0% 1.7% 0.3%
New Jersey 1.8% 3.8% -2.0%
Georgia 1.6% 2.0% -0.4%
Nevada 1.3% 0.9% 0.4%
Massachusetts 1.2% 3.9% -2.8%
South Carolina 1.1% 1.0% 0.2%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 8.0% 19.7% -11.7%
AA 29.2% 55.8% -26.6%
A 7.8% 18.5% -10.8%
BBB 9.9% 4.8% 5.1%
BB 5.5% - -
B 6.4% - -
CCC 1.5% - -
CC 5.8% - -
C 0.3% - -
Unrated 38.3% 1.1% 37.2%
Analytics
(As of 05/31/2019)

Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
0.07%
Standardized Yield
0.00%
Taxable Equivalent Yield
0.00%
Interest Income 12/31/2018
Exposed to AMT
7.36%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.84 yrs
5.59 yrs
Current Duration
8.10 yrs
5.72 yrs
Turnover Ratio
34%
-
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
6/25/2019
Per Share ($)
$0.0294
12-Month Distribution ($)
$0.0005
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. 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.
  4. 4. 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.
  5. 5. 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.
  6. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  7. B. 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. &nbsp;Therefore, performance before October 1, 2001, is not indicative of performance for any subsequent period.
  8. C. Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.
  9. 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.
  10. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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