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LTNCX

Rochester® Limited Term New York Municipal Fund

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Distribution accrual announcement for shareholders of Oppenheimer Rochester Limited Term New York Municipal Fund.

We are pleased to announce a one time, 1.41 cent increase to the accrual rates of Oppenheimer Rochester Limited Term New York Municipal Fund, effective for the December 31 payout on Class A shares. Distributions for other share classes will be adjusted similarly.

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Overview

The strategy typically seeks investment-grade bonds the income of which is exempt from federal, New York State, and New York City personal income taxes.

Inception Date
May 1, 1997
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
771740305
NAV
  • B
(as of 01/23/2019)
$2.94
Total Assets
(as of 12/31/2018)
$1.71 BN
Gross Expense Ratio
(as of 12/31/2018)
1.71%
Net Expense Ratio
(as of 12/31/2018)
1.69%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 12/31/2018
  • F
as of 12/31/2018
  • F

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • F
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term New York Municipal Fund (NAV)
9.63% 9.63% 1.81% 1.98% 3.45% 3.03%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.69% 1.69% 1.47% 2.00% 3.13% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term New York Municipal Fund (with sales charge)
8.63% 8.63% 1.81% 1.98% 3.45% 3.03%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.69% 1.69% 1.47% 2.00% 3.13% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term New York Municipal Fund (NAV)
9.63% 9.63% 1.81% 1.98% 3.45% 3.03%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.69% 1.69% 1.47% 2.00% 3.13% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term New York Municipal Fund (with sales charge)
8.63% 8.63% 1.81% 1.98% 3.45% 3.03%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.69% 1.69% 1.47% 2.00% 3.13% -
Gross Expense Ratio: 1.71% | Net Expense Ratio: 1.69%

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® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
1998 5.15% 5.84%
1999 -1.63% 0.73%
2000 6.67% 7.72%
2001 4.06% 6.21%
2002 5.54% 9.27%
2003 4.02% 4.13%
2004 4.00% 2.72%
2005 4.35% 0.95%
2006 4.52% 3.34%
2007 0.97% 5.15%
2008 -10.89% 5.78%
2009 18.63% 7.40%
2010 2.74% 3.40%
2011 6.65% 6.93%
2012 5.35% 2.96%
2013 -7.01% 0.81%
2014 6.05% 3.19%
2015 -1.45% 2.43%
2016 0.55% -0.39%
2017 -4.27% 3.14%
2018 9.63% 1.69%

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® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
12/31/2008 0.00 0.00 0.00
1/31/2009 4.36 3.05 -0.88
2/28/2009 5.13 1.73 -1.26
3/31/2009 4.53 2.18 0.12
4/30/2009 7.45 3.26 0.59
5/31/2009 10.69 3.19 1.32
6/30/2009 10.06 2.96 1.90
7/31/2009 11.92 4.88 3.54
8/31/2009 15.62 5.07 4.62
9/30/2009 19.69 6.81 5.72
10/31/2009 18.28 5.56 6.24
11/30/2009 18.71 7.44 7.61
12/31/2009 19.45 7.40 5.93
1/31/2010 20.33 8.06 7.55
2/28/2010 21.52 9.12 7.95
3/31/2010 21.61 8.23 7.82
4/30/2010 22.78 8.95 8.94
5/31/2010 23.62 9.70 9.86
6/30/2010 23.33 10.04 11.58
7/31/2010 24.13 11.69 12.77
8/31/2010 26.12 13.19 14.22
9/30/2010 26.58 12.82 14.34
10/31/2010 27.00 12.86 14.75
11/30/2010 25.18 12.19 14.09
12/31/2010 23.64 11.05 12.86
1/31/2011 22.66 10.69 12.99
2/28/2011 23.90 11.40 13.27
3/31/2011 23.61 11.74 13.34
4/30/2011 24.81 13.16 14.78
5/31/2011 26.09 14.53 16.27
6/30/2011 27.35 14.79 15.93
7/31/2011 28.97 15.84 17.77
8/31/2011 29.46 17.27 19.49
9/30/2011 30.70 17.05 20.36
10/31/2011 30.80 16.29 20.49
11/30/2011 31.67 17.20 20.39
12/31/2011 33.24 18.75 21.71
1/31/2012 35.82 19.98 22.78
2/29/2012 36.27 20.51 22.75
3/31/2012 36.31 19.45 22.08
4/30/2012 37.20 20.40 23.43
5/31/2012 38.07 20.91 24.55
6/30/2012 38.08 20.89 24.60
7/31/2012 39.76 21.81 26.32
8/31/2012 40.20 21.87 26.40
9/30/2012 40.62 22.53 26.57
10/31/2012 41.07 22.59 26.82
11/30/2012 43.13 23.06 27.02
12/31/2012 41.41 22.27 26.84
1/31/2013 41.95 22.86 25.95
2/28/2013 42.77 23.32 26.58
3/31/2013 42.31 23.30 26.69
4/30/2013 43.14 23.87 27.97
5/31/2013 42.26 23.14 25.68
6/30/2013 38.44 21.18 23.74
7/31/2013 37.57 21.93 23.91
8/31/2013 32.83 21.07 23.28
9/30/2013 34.07 22.24 24.44
10/31/2013 34.47 23.54 25.45
11/30/2013 33.96 23.46 24.98
12/31/2013 32.14 23.27 24.27
1/31/2014 33.89 24.57 26.11
2/28/2014 36.91 25.56 26.78
3/31/2014 36.46 24.50 26.56
4/30/2014 37.32 25.20 27.63
5/31/2014 39.03 26.02 29.08
6/30/2014 37.26 26.09 29.15
7/31/2014 35.51 26.26 28.83
8/31/2014 38.58 27.15 30.25
9/30/2014 40.34 27.08 29.37
10/31/2014 39.89 27.53 30.64
11/30/2014 40.76 27.61 31.56
12/31/2014 41.59 27.20 31.69
1/31/2015 43.02 29.13 34.45
2/28/2015 43.02 28.26 33.18
3/31/2015 43.05 28.17 33.80
4/30/2015 43.05 28.03 33.32
5/31/2015 43.47 27.60 33.00
6/30/2015 40.28 27.95 31.55
7/31/2015 37.08 28.62 32.47
8/31/2015 37.09 28.66 32.28
9/30/2015 39.40 29.44 33.17
10/31/2015 39.81 30.16 33.19
11/30/2015 40.24 30.04 32.84
12/31/2015 40.15 30.29 32.41
1/31/2016 40.67 31.79 34.23
2/29/2016 41.60 32.29 35.19
3/31/2016 41.13 31.78 36.43
4/30/2016 41.52 32.43 36.95
5/31/2016 41.55 32.16 36.98
6/30/2016 44.37 33.31 39.45
7/31/2016 44.78 33.82 40.33
8/31/2016 44.75 33.82 40.17
9/30/2016 45.13 33.29 40.09
10/31/2016 45.12 32.70 39.01
11/30/2016 41.66 29.14 35.73
12/31/2016 42.44 29.78 35.92
1/31/2017 43.41 31.14 36.18
2/28/2017 44.75 32.21 37.10
3/31/2017 43.16 32.24 37.03
4/30/2017 44.52 33.16 38.08
5/31/2017 44.42 34.48 39.15
6/30/2017 43.76 33.90 39.01
7/31/2017 43.68 34.89 39.61
8/31/2017 44.55 35.74 40.86
9/30/2017 42.88 34.80 40.19
10/31/2017 39.31 34.77 40.27
11/30/2017 37.17 33.24 40.09
12/31/2017 37.44 33.86 40.73
1/31/2018 37.89 33.55 39.11
2/28/2018 39.21 33.15 37.79
3/31/2018 42.01 33.10 38.68
4/30/2018 42.86 32.59 37.64
5/31/2018 44.72 33.90 38.63
6/30/2018 46.01 34.26 38.46
7/31/2018 47.88 34.79 38.49
8/31/2018 50.20 34.74 39.38
9/30/2018 50.05 33.99 38.48
10/31/2018 49.89 33.73 37.39
11/30/2018 50.75 34.80 38.21
12/31/2018 51.70 36.11 40.75
Date Dividends
1/27/2009 0.0104
2/24/2009 0.0103
3/24/2009 0.0103
4/21/2009 0.0103
5/26/2009 0.0098
6/23/2009 0.0102
7/28/2009 0.0099
8/25/2009 0.0102
9/22/2009 0.0102
10/27/2009 0.0096
11/24/2009 0.0101
12/30/2009 0.0095
1/26/2010 0.0102
2/23/2010 0.0101
3/23/2010 0.0101
4/27/2010 0.0096
5/25/2010 0.0101
6/22/2010 0.0101
7/27/2010 0.0096
8/24/2010 0.0101
9/21/2010 0.0101
10/26/2010 0.0096
11/23/2010 0.0101
12/30/2010 0.0094
1/25/2011 0.0104
2/22/2011 0.0102
3/22/2011 0.0101
4/26/2011 0.0096
5/24/2011 0.0101
6/21/2011 0.0101
7/26/2011 0.0096
8/23/2011 0.0101
9/27/2011 0.0096
10/25/2011 0.0101
11/22/2011 0.0101
12/29/2011 0.0088
1/24/2012 0.0098
2/21/2012 0.0095
3/27/2012 0.0091
4/24/2012 0.0095
5/22/2012 0.009
6/26/2012 0.0085
7/24/2012 0.009
8/28/2012 0.008
9/25/2012 0.0085
10/23/2012 0.0084
11/27/2012 0.008
12/28/2012 0.0076
1/22/2013 0.0084
2/19/2013 0.008
3/26/2013 0.0075
4/23/2013 0.0076
5/28/2013 0.007
6/25/2013 0.0076
7/23/2013 0.0071
8/27/2013 0.0067
9/24/2013 0.0072
10/22/2013 0.0071
11/26/2013 0.0066
12/30/2013 0.0067
1/28/2014 0.0072
2/25/2014 0.0077
3/25/2014 0.0077
4/22/2014 0.0077
5/27/2014 0.0072
6/24/2014 0.0077
7/22/2014 0.0077
8/26/2014 0.0078
9/23/2014 0.0082
10/28/2014 0.0077
11/25/2014 0.0082
12/31/2014 0.0077
1/27/2015 0.0082
2/24/2015 0.0082
3/24/2015 0.0082
4/21/2015 0.0082
5/26/2015 0.0077
6/23/2015 0.0082
7/28/2015 0.0078
8/25/2015 0.0083
9/22/2015 0.0083
10/27/2015 0.0073
11/24/2015 0.0078
12/31/2015 0.0072
1/26/2016 0.0079
2/23/2016 0.0078
3/22/2016 0.0078
4/26/2016 0.0074
5/24/2016 0.0078
6/21/2016 0.0078
7/26/2016 0.0073
8/23/2016 0.0073
9/27/2016 0.0068
10/25/2016 0.0073
11/22/2016 0.0063
12/30/2016 0.0056
1/24/2017 0.0065
2/21/2017 0.0063
3/28/2017 0.0059
4/25/2017 0.0058
5/23/2017 0.0058
6/27/2017 0.0054
7/25/2017 0.0058
8/22/2017 0.0058
9/26/2017 0.0049
10/24/2017 0.0054
11/21/2017 0.0054
12/29/2017 0.0047
1/23/2018 0.0057
2/20/2018 0.0054
3/27/2018 0.0045
4/24/2018 0.0049
5/22/2018 0.0049
6/26/2018 0.0044
7/24/2018 0.0048
8/28/2018 0.0044
9/25/2018 0.0048
10/23/2018 0.0048
11/27/2018 0.0044
12/31/2018 0.0185
1/22/2019 0.0052

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 01/23/2019

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

(103.2% of assets as of 12/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 106.0% 100.0% 6.0%
Equity 0.4% - -
State Rochester® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
New York 75.8% 14.5% 61.3%
Puerto Rico 14.0% 0.3% 13.7%
Multistate Authority 9.7% 0.2% 9.5%
Guam 2.0% 0.1% 1.9%
Virgin Islands 0.9% 0.0% 0.9%
Credit Rating Allocation Rochester® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AAA 4.8% 22.4% -17.6%
AA 46.5% 56.1% -9.7%
A 14.6% 16.6% -2.0%
BBB 20.1% 3.4% 16.6%
BB 5.4% 0.0% 5.4%
B 0.2% - -
CCC 1.3% - -
CC 4.3% - -
C 1.9% - -
Unrated 6.9% 1.4% 5.5%
Other 0.4% - -
Analytics
(As of 12/31/2018)

Morningstar 12/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
32
Category
Muni Single State Short
Performance Statistics
3Y
5Y
Alpha
0.49
0.43
Beta
0.67
0.69
Information Ratio
0.11
-0.01
R-Squared
26.37
19.27
Sharpe Ratio
0.23
0.37
Standard Deviation
3.44
3.72
Sortino Ratio
0.31
0.51
Tracking Error
3.04
3.41
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
7.59%
Standardized Yield
1.29%
Unsubsidized Yield
1.28%
Taxable Equivalent Yield
2.40%
Interest Income 12/31/2017
Exposed to AMT
25.31%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
4.33 yrs
4.44 yrs
Current Duration
3.70 yrs
4.00 yrs
Turnover Ratio
9%
-
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
1/22/2019
Per Share ($)
$0.0052
12-Month Distribution ($)
$0.0715
Distribution Sources
  • E
Net Income
76.30%
Net Profit from Sale
0.00%
Other Capital Sources
23.70%
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. Below-investment-grade (“high yield” or “junk”) bonds 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 municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. 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. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. 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. The Bloomberg Barclays 5 Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market. The index is the 5 year (4-6) component of the Bloomberg Barclays Municipal Bond Index. 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.
  11. 11. Taxable equivalent yield is based on the standardized yield and the top federal and tax rate of 43.4% for 2017 and assumes that the federal Alternative Minimum Tax (AMT) does not apply. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable.
  12. 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>
  13. 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.
  14. 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 2.25% maximum sales charge as indicated.
  15. 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.
  16. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  17. F. 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.
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