Spoof Access

×
U.S. Flag United States
Individual Investor
×
ORNBX

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
National High Yield
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940407
NAV
  • B
(as of 01/18/2018)
$7.02
Total Assets
(as of 12/31/2017)
$5.33 BN
Gross Expense Ratio
(as of 12/31/2017)
1.78%
Net Expense Ratio
(as of 12/31/2017)
1.78%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 12/31/2017
  • G
as of 12/31/2017
  • G

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • G
Cumulative
Annualized
ytd as of 2017-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
6.09% 6.09% 4.74% 4.04% 2.34% 4.34%
Bloomberg Barclays Municipal Index
5.45% 5.45% 2.98% 3.02% 4.46% -
Cumulative
Annualized
ytd as of 2017-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
1.09% 1.09% 3.85% 3.73% 2.34% 4.34%
Bloomberg Barclays Municipal Index
5.45% 5.45% 2.98% 3.02% 4.46% -
Cumulative
Annualized
ytd as of 2017-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
6.09% 6.09% 4.74% 4.04% 2.34% 4.34%
Bloomberg Barclays Municipal Index
5.45% 5.45% 2.98% 3.02% 4.46% -
Cumulative
Annualized
ytd as of 2017-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
1.09% 1.09% 3.85% 3.73% 2.34% 4.34%
Bloomberg Barclays Municipal Index
5.45% 5.45% 2.98% 3.02% 4.46% -
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 contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B 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
1994 -8.42% -5.17%
1995 16.81% 17.46%
1996 3.24% 4.43%
1997 8.20% 9.19%
1998 5.23% 6.48%
1999 -5.87% -2.06%
2000 10.08% 11.68%
2001 4.43% 5.13%
2002 4.96% 9.60%
2003 14.12% 5.31%
2004 9.60% 4.48%
2005 9.18% 3.51%
2006 9.68% 4.84%
2007 -11.01% 3.36%
2008 -49.38% -2.47%
2009 50.16% 12.91%
2010 0.89% 2.38%
2011 10.72% 10.70%
2012 17.98% 6.78%
2013 -7.91% -2.55%
2014 15.19% 9.05%
2015 3.96% 3.30%
2016 4.19% 0.25%
2017 6.09% 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 contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B 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
12/31/2007 0.00 0.00 0.00
1/31/2008 -0.93 1.26 1.68
2/29/2008 -10.87 -3.37 1.82
3/31/2008 -11.62 -0.61 2.17
4/30/2008 -10.62 0.55 1.95
5/31/2008 -9.75 1.16 1.21
6/30/2008 -12.96 0.02 1.13
7/31/2008 -15.14 0.40 1.04
8/31/2008 -13.19 1.57 2.00
9/30/2008 -22.65 -3.19 0.63
10/31/2008 -38.63 -4.18 -1.74
11/30/2008 -40.63 -3.88 1.45
12/31/2008 -48.90 -2.47 5.24
1/31/2009 -44.75 1.10 4.31
2/28/2009 -44.09 1.63 3.92
3/31/2009 -46.54 1.65 5.36
4/30/2009 -42.88 3.68 5.87
5/31/2009 -35.63 4.77 6.63
6/30/2009 -37.63 3.79 7.24
7/31/2009 -37.58 5.53 8.97
8/31/2009 -30.71 7.33 10.10
9/30/2009 -20.83 11.18 11.26
10/31/2009 -24.44 8.85 11.80
11/30/2009 -25.46 9.75 13.25
12/31/2009 -22.66 10.12 11.48
1/31/2010 -21.52 10.69 13.18
2/28/2010 -20.79 11.77 13.61
3/31/2010 -20.15 11.50 13.47
4/30/2010 -18.21 12.85 14.65
5/31/2010 -18.80 13.70 15.61
6/30/2010 -19.40 13.77 17.43
7/31/2010 -18.00 15.19 18.68
8/31/2010 -15.49 17.82 20.21
9/30/2010 -15.18 17.64 20.33
10/31/2010 -14.35 17.31 20.76
11/30/2010 -18.69 14.97 20.07
12/31/2010 -21.30 12.74 18.77
1/31/2011 -23.82 11.91 18.91
2/28/2011 -21.97 13.69 19.21
3/31/2011 -22.23 13.31 19.28
4/30/2011 -20.27 15.34 20.79
5/31/2011 -17.73 17.31 22.37
6/30/2011 -15.94 17.72 22.01
7/31/2011 -14.18 18.92 23.94
8/31/2011 -14.45 20.96 25.76
9/30/2011 -12.66 22.21 26.67
10/31/2011 -13.70 21.75 26.81
11/30/2011 -14.69 22.47 26.70
12/31/2011 -12.09 24.80 28.09
1/31/2012 -8.06 27.69 29.21
2/29/2012 -6.75 27.82 29.18
3/31/2012 -6.09 26.98 28.48
4/30/2012 -4.34 28.45 29.90
5/31/2012 -2.84 29.52 31.07
6/30/2012 -2.60 29.38 31.13
7/31/2012 0.09 31.43 32.94
8/31/2012 0.65 31.58 33.02
9/30/2012 1.58 32.37 33.20
10/31/2012 2.84 32.75 33.47
11/30/2012 5.79 34.93 33.68
12/31/2012 4.49 33.26 33.49
1/31/2013 6.19 33.82 32.55
2/28/2013 6.45 34.23 33.22
3/31/2013 6.55 33.65 33.32
4/30/2013 8.11 35.11 34.67
5/31/2013 7.97 33.46 32.27
6/30/2013 0.84 29.68 30.22
7/31/2013 -2.10 28.55 30.40
8/31/2013 -5.94 26.71 29.74
9/30/2013 -2.91 29.44 30.96
10/31/2013 -1.71 30.46 32.02
11/30/2013 -2.06 30.19 31.53
12/31/2013 -3.00 29.86 30.79
1/31/2014 0.49 32.39 32.72
2/28/2014 3.47 33.94 33.42
3/31/2014 4.10 34.17 33.20
4/30/2014 5.47 35.78 34.32
5/31/2014 8.32 37.53 35.85
6/30/2014 7.14 37.65 35.92
7/31/2014 7.34 37.89 35.58
8/31/2014 10.39 39.56 37.08
9/30/2014 10.70 39.70 36.15
10/31/2014 10.70 40.66 37.48
11/30/2014 11.94 40.90 38.46
12/31/2014 12.65 41.62 38.59
1/31/2015 15.26 44.13 41.49
2/28/2015 14.14 42.64 40.16
3/31/2015 13.84 43.05 40.81
4/30/2015 13.67 42.30 40.31
5/31/2015 14.57 41.91 39.97
6/30/2015 11.64 41.78 38.45
7/31/2015 12.27 42.80 39.41
8/31/2015 12.76 43.08 39.21
9/30/2015 14.90 44.12 40.15
10/31/2015 16.50 44.69 40.17
11/30/2015 16.97 45.27 39.80
12/31/2015 18.02 46.29 39.35
1/31/2016 18.80 48.04 41.27
2/29/2016 19.82 48.27 42.27
3/31/2016 21.54 48.74 43.58
4/30/2016 22.64 49.83 44.13
5/31/2016 24.24 50.24 44.16
6/30/2016 28.21 52.63 46.75
7/31/2016 29.00 52.72 47.68
8/31/2016 29.69 52.93 47.51
9/30/2016 30.61 52.16 47.43
10/31/2016 29.38 50.57 46.30
11/30/2016 23.25 44.95 42.84
12/31/2016 23.93 46.65 43.04
1/31/2017 25.78 47.62 43.32
2/28/2017 28.37 48.65 44.28
3/31/2017 32.56 48.97 44.21
4/30/2017 33.61 50.05 45.32
5/31/2017 35.56 52.43 46.44
6/30/2017 34.65 51.88 46.29
7/31/2017 34.76 53.11 46.92
8/31/2017 35.22 54.28 48.24
9/30/2017 33.90 53.49 47.53
10/31/2017 32.14 53.87 47.62
11/30/2017 30.83 53.04 47.43
12/31/2017 32.41 54.64 0.00
Date Dividends
1/22/2008 0.0508
2/26/2008 0.0479
3/25/2008 0.0499
4/22/2008 0.0501
5/27/2008 0.0496
6/24/2008 0.051
7/22/2008 0.0511
8/26/2008 0.0499
9/23/2008 0.0514
10/28/2008 0.0512
11/25/2008 0.0529
12/30/2008 0.0523
1/27/2009 0.0536
2/24/2009 0.0533
3/24/2009 0.0424
4/21/2009 0.0425
5/26/2009 0.0413
6/23/2009 0.042
7/28/2009 0.0409
8/25/2009 0.042
9/22/2009 0.0416
10/27/2009 0.0401
11/24/2009 0.0414
12/30/2009 0.0399
1/26/2010 0.0417
2/23/2010 0.0414
3/23/2010 0.0415
4/27/2010 0.0402
5/25/2010 0.0413
6/22/2010 0.0413
7/27/2010 0.04
8/24/2010 0.0413
9/21/2010 0.0412
10/26/2010 0.04
11/23/2010 0.0412
12/30/2010 0.0398
1/25/2011 0.0422
2/22/2011 0.0419
3/22/2011 0.0418
4/26/2011 0.0406
5/24/2011 0.0417
6/21/2011 0.0415
7/26/2011 0.0404
8/23/2011 0.0416
9/27/2011 0.0402
10/25/2011 0.0414
11/22/2011 0.0385
12/29/2011 0.0367
1/24/2012 0.039
2/21/2012 0.0385
3/27/2012 0.0375
4/24/2012 0.0384
5/22/2012 0.0374
6/26/2012 0.0362
7/24/2012 0.0375
8/28/2012 0.0352
9/25/2012 0.0362
10/23/2012 0.036
11/27/2012 0.035
12/28/2012 0.0351
1/22/2013 0.0371
2/19/2013 0.0362
3/26/2013 0.0351
4/23/2013 0.0362
5/28/2013 0.0345
6/25/2013 0.036
7/23/2013 0.0366
8/27/2013 0.0356
9/24/2013 0.0368
10/22/2013 0.0366
11/26/2013 0.0355
12/30/2013 0.036
1/28/2014 0.0371
2/25/2014 0.037
3/25/2014 0.0369
4/22/2014 0.037
5/27/2014 0.0359
6/24/2014 0.0368
7/22/2014 0.0369
8/26/2014 0.0359
9/23/2014 0.0368
10/28/2014 0.0358
11/25/2014 0.0369
12/31/2014 0.0356
1/27/2015 0.0349
2/24/2015 0.0348
3/24/2015 0.0348
4/21/2015 0.0348
5/26/2015 0.0339
6/23/2015 0.0349
7/28/2015 0.034
8/25/2015 0.035
9/22/2015 0.035
10/27/2015 0.0339
11/24/2015 0.0349
12/31/2015 0.0336
1/26/2016 0.0352
2/23/2016 0.0349
3/22/2016 0.0349
4/26/2016 0.0339
5/24/2016 0.0349
6/21/2016 0.0348
7/26/2016 0.0337
8/23/2016 0.0327
9/27/2016 0.0316
10/25/2016 0.0327
11/22/2016 0.0308
12/30/2016 0.0293
1/24/2017 0.0315
2/21/2017 0.0309
3/28/2017 0.0299
4/25/2017 0.0312
5/23/2017 0.0313
6/27/2017 0.0303
7/25/2017 0.0293
8/22/2017 0.0293
9/26/2017 0.0284
10/24/2017 0.0294
11/21/2017 0.0274
12/29/2017 0.0259

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 contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B 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 01/17/2018

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

(104.7% of assets as of 12/31/2017)


Portfolio Holdings Breakdown

State
Credit Rating Allocation
Asset Allocation
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
California 15.4% 17.2% -1.8%
New York 12.2% 15.4% -3.2%
Ohio 8.9% 2.3% 6.5%
Texas 8.6% 9.5% -0.9%
Florida 7.1% 4.3% 2.8%
Puerto Rico 6.9% 0.5% 6.4%
Illinois 4.5% 4.8% -0.2%
Alabama 4.3% 0.8% 3.5%
Wisconsin 4.1% 1.3% 2.8%
New Jersey 3.8% 3.8% 0.1%
District of Columbia 2.7% 1.2% 1.5%
Michigan 2.7% 1.7% 1.1%
Pennsylvania 2.3% 3.8% -1.5%
Colorado 2.2% 1.7% 0.5%
Indiana 1.9% 0.9% 1.0%
Washington 1.8% 3.2% -1.3%
Arizona 1.8% 1.8% 0.0%
Virginia 1.7% 1.8% -0.2%
Connecticut 1.2% 1.5% -0.3%
Massachusetts 1.1% 4.0% -2.9%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Unrated 39.1% 0.1% 39.0%
AA 24.6% 54.6% -30.0%
B 11.7% - -
BBB 10.1% 4.9% 5.2%
A 8.3% 18.3% -10.0%
AAA 7.5% 22.1% -14.6%
CC 4.9% - -
BB 4.6% - -
CCC 2.2% - -
C 0.3% - -
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 113.2% 100.0% 13.2%
Corporates 0.1% - -
Analytics
(As of 12/31/2017)

Morningstar 12/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
150
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
1.29
-0.37
Beta
1.19
1.55
Information Ratio
0.52
0.26
R-Squared
58.55
71.10
Sharpe Ratio
0.83
0.60
Standard Deviation
5.20
6.45
Sortino Ratio
0.35
0.24
Tracking Error
3.42
3.97
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
12/29/2017
Per Share ($)
$0.0259
12-Month Distribution ($)
$0.3549
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.72 yrs
5.95 yrs
Current Duration
7.50 yrs
6.10 yrs
Turnover Ratio
29.00%
-
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
4.43%
Standardized Yield
2.91%
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Interest Income 12/31/2016
Exposed to AMT
7.29%
Team
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. 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.
  8. 8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. F. Class B shares convert to Class A shares 72 months after purchase; therefore "since inception", "10-year" and "15-year" returns for Class B (if applicable) use Class A performance for period after conversion.
  15. G. 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 contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B 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.
×
Loading...
Tiny Button Small Button Large Button Default Button Secondary Button Framed Button Framed Button ( Small Caps )