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Rochester® Short Duration High Yield Municipal Fund

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Overview

The strategy typically seeks investment-grade bonds the income of which is exempt from federal personal income taxes.

Inception Date
November 11, 1986
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
683957104
NAV
  • A
(as of 12/13/2018)
$4.41
Total Assets
(as of 11/30/2018)
$1.05 BN
Gross Expense Ratio
(as of 11/30/2018)
0.97%
Net Expense Ratio
(as of 11/30/2018)
0.94%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 11/30/2018
  • B
as of 09/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
12.54% 8.47% 3.18% 2.67% 3.75% 5.14%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.10% -0.60% 1.16% 1.85% 3.37% -
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (with sales charge)
10.01% 6.03% 2.40% 2.21% 3.51% 5.07%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.10% -0.60% 1.16% 1.85% 3.37% -
Cumulative
Annualized
ytd as of 2018-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
12.59% 12.87% 2.83% 2.61% 4.52% 5.12%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.70% 1.17% 1.21% 1.77% 3.21% -
Cumulative
Annualized
ytd as of 2018-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (with sales charge)
10.06% 10.33% 2.05% 2.15% 4.28% 5.04%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.70% 1.17% 1.21% 1.77% 3.21% -
Gross Expense Ratio: 0.97% | Net Expense Ratio: 0.94%

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.


Year Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
1987 -0.53% -
1988 12.71% -
1989 11.23% -
1990 6.11% -
1991 11.87% -
1992 9.32% 7.62%
1993 9.91% 8.73%
1994 -4.36% -1.28%
1995 13.40% 11.65%
1996 5.06% 4.22%
1997 9.02% 6.38%
1998 6.15% 5.84%
1999 -3.44% 0.73%
2000 7.14% 7.72%
2001 3.69% 6.21%
2002 7.83% 9.27%
2003 8.05% 4.13%
2004 7.30% 2.72%
2005 6.95% 0.95%
2006 5.46% 3.34%
2007 0.34% 5.15%
2008 -14.43% 5.78%
2009 21.42% 7.40%
2010 3.70% 3.40%
2011 8.52% 6.93%
2012 7.47% 2.96%
2013 -4.39% 0.81%
2014 7.20% 3.19%
2015 -1.72% 2.43%
2016 3.02% -0.39%
2017 -6.11% 3.14%

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.


Date Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
11/30/2008 0.00 0.00 0.00
12/31/2008 -3.40 1.75 3.73
1/31/2009 1.77 4.85 2.82
2/28/2009 2.92 3.51 2.43
3/31/2009 3.33 3.97 3.85
4/30/2009 6.30 5.07 4.35
5/31/2009 10.19 5.00 5.10
6/30/2009 9.32 4.76 5.70
7/31/2009 10.65 6.72 7.41
8/31/2009 13.45 6.91 8.52
9/30/2009 16.98 8.68 9.66
10/31/2009 15.90 7.40 10.20
11/30/2009 16.14 9.32 11.63
12/31/2009 17.29 9.28 9.88
1/31/2010 18.44 9.95 11.56
2/28/2010 19.19 11.02 11.98
3/31/2010 19.63 10.12 11.84
4/30/2010 20.68 10.86 13.01
5/31/2010 20.96 11.62 13.96
6/30/2010 20.81 11.97 15.74
7/31/2010 21.79 13.65 16.98
8/31/2010 23.51 15.17 18.48
9/30/2010 24.12 14.79 18.61
10/31/2010 24.51 14.83 19.03
11/30/2010 22.99 14.15 18.35
12/31/2010 21.63 13.00 17.07
1/31/2011 20.38 12.63 17.21
2/28/2011 21.59 13.35 17.50
3/31/2011 21.88 13.69 17.57
4/30/2011 23.24 15.14 19.06
5/31/2011 24.76 16.53 20.61
6/30/2011 26.44 16.79 20.26
7/31/2011 27.64 17.87 22.17
8/31/2011 27.76 19.32 23.95
9/30/2011 29.07 19.10 24.85
10/31/2011 29.54 18.32 24.99
11/30/2011 30.14 19.25 24.88
12/31/2011 31.99 20.83 26.25
1/31/2012 34.72 22.07 27.36
2/29/2012 35.31 22.62 27.33
3/31/2012 35.16 21.54 26.63
4/30/2012 36.42 22.50 28.04
5/31/2012 37.50 23.02 29.20
6/30/2012 37.76 23.00 29.25
7/31/2012 39.64 23.94 31.03
8/31/2012 40.04 24.01 31.11
9/30/2012 40.79 24.67 31.29
10/31/2012 41.36 24.73 31.55
11/30/2012 43.46 25.22 31.76
12/31/2012 41.85 24.41 31.57
1/31/2013 42.69 25.01 30.65
2/28/2013 43.28 25.48 31.31
3/31/2013 42.91 25.45 31.41
4/30/2013 44.11 26.03 32.74
5/31/2013 43.29 25.29 30.37
6/30/2013 39.44 23.30 28.36
7/31/2013 38.26 24.07 28.53
8/31/2013 35.14 23.19 27.88
9/30/2013 36.34 24.38 29.09
10/31/2013 37.09 25.70 30.13
11/30/2013 36.81 25.62 29.64
12/31/2013 35.63 25.42 28.91
1/31/2014 37.62 26.75 30.81
2/28/2014 40.23 27.76 31.51
3/31/2014 40.61 26.67 31.29
4/30/2014 40.98 27.39 32.39
5/31/2014 42.91 28.22 33.90
6/30/2014 42.11 28.29 33.97
7/31/2014 40.82 28.47 33.63
8/31/2014 43.37 29.38 35.11
9/30/2014 43.95 29.31 34.19
10/31/2014 44.12 29.76 35.51
11/30/2014 44.58 29.84 36.47
12/31/2014 45.40 29.42 36.60
1/31/2015 46.99 31.38 39.47
2/28/2015 46.36 30.50 38.15
3/31/2015 45.86 30.41 38.80
4/30/2015 45.74 30.27 38.30
5/31/2015 45.79 29.83 37.96
6/30/2015 42.26 30.19 36.46
7/31/2015 39.54 30.87 37.41
8/31/2015 40.36 30.91 37.21
9/30/2015 42.43 31.70 38.14
10/31/2015 43.83 32.44 38.16
11/30/2015 43.98 32.31 37.80
12/31/2015 43.74 32.57 37.35
1/31/2016 43.67 34.09 39.24
2/29/2016 45.13 34.61 40.23
3/31/2016 44.99 34.09 41.52
4/30/2016 45.09 34.75 42.06
5/31/2016 45.63 34.47 42.10
6/30/2016 48.39 35.65 44.65
7/31/2016 49.16 36.16 45.56
8/31/2016 49.32 36.16 45.40
9/30/2016 50.05 35.62 45.31
10/31/2016 49.90 35.02 44.20
11/30/2016 48.38 31.40 40.79
12/31/2016 48.09 32.05 40.99
1/31/2017 49.00 33.43 41.26
2/28/2017 50.11 34.52 42.21
3/31/2017 47.53 34.56 42.14
4/30/2017 48.03 35.49 43.24
5/31/2017 46.85 36.83 44.34
6/30/2017 45.91 36.24 44.19
7/31/2017 46.10 37.25 44.81
8/31/2017 46.59 38.12 46.11
9/30/2017 44.26 37.16 45.42
10/31/2017 40.66 37.12 45.50
11/30/2017 38.70 35.57 45.31
12/31/2017 39.04 36.20 45.98
1/31/2018 41.00 35.88 44.30
2/28/2018 42.10 35.48 42.93
3/31/2018 44.90 35.43 43.85
4/30/2018 47.44 34.91 42.78
5/31/2018 48.22 36.24 43.80
6/30/2018 51.39 36.61 43.62
7/31/2018 52.87 37.14 43.66
8/31/2018 56.40 37.09 44.58
9/30/2018 56.48 36.34 43.65
10/31/2018 55.84 36.07 42.51
11/30/2018 56.55 37.16 43.36
Date Dividends
12/30/2008 0.058
1/27/2009 0.058
2/24/2009 0.058
3/24/2009 0.058
4/21/2009 0.058
5/26/2009 0.059
6/23/2009 0.059
7/28/2009 0.059
8/25/2009 0.059
9/22/2009 0.059
10/27/2009 0.059
11/24/2009 0.061
12/30/2009 0.061
1/26/2010 0.061
2/23/2010 0.061
3/23/2010 0.061
4/27/2010 0.061
5/25/2010 0.061
6/22/2010 0.061
7/27/2010 0.061
8/24/2010 0.061
9/21/2010 0.061
10/26/2010 0.061
11/23/2010 0.061
12/30/2010 0.061
1/25/2011 0.061
2/22/2011 0.061
3/22/2011 0.061
4/26/2011 0.061
5/24/2011 0.061
6/21/2011 0.061
7/26/2011 0.061
8/23/2011 0.061
9/27/2011 0.061
10/25/2011 0.061
11/22/2011 0.058
12/29/2011 0.058
1/24/2012 0.058
2/21/2012 0.058
3/27/2012 0.056
4/24/2012 0.056
5/22/2012 0.056
6/26/2012 0.053
7/24/2012 0.053
8/28/2012 0.053
9/25/2012 0.053
10/23/2012 0.049
11/27/2012 0.049
12/28/2012 0.045
1/22/2013 0.045
2/19/2013 0.045
3/26/2013 0.045
4/23/2013 0.045
5/28/2013 0.045
6/25/2013 0.045
7/23/2013 0.045
8/27/2013 0.045
9/24/2013 0.0455
10/22/2013 0.0455
11/26/2013 0.0455
12/30/2013 0.0455
1/28/2014 0.0455
2/25/2014 0.047
3/25/2014 0.047
4/22/2014 0.047
5/27/2014 0.047
6/24/2014 0.048
7/22/2014 0.048
8/26/2014 0.048
9/23/2014 0.048
10/28/2014 0.048
11/25/2014 0.048
12/31/2014 0.048
1/27/2015 0.048
2/24/2015 0.048
3/24/2015 0.048
4/21/2015 0.048
5/26/2015 0.048
6/23/2015 0.048
7/28/2015 0.048
8/25/2015 0.0423
9/22/2015 0.016
10/27/2015 0.015
11/24/2015 0.015
12/31/2015 0.015
1/26/2016 0.015
2/23/2016 0.015
3/22/2016 0.015
4/26/2016 0.015
5/24/2016 0.015
6/21/2016 0.015
7/26/2016 0.015
8/23/2016 0.014
9/27/2016 0.014
10/25/2016 0.014
11/22/2016 0.014
12/30/2016 0.014
1/24/2017 0.014
2/21/2017 0.014
3/28/2017 0.014
4/25/2017 0.014
5/23/2017 0.014
6/27/2017 0.014
7/25/2017 0.014
8/22/2017 0.014
9/26/2017 0.013
10/24/2017 0.013
11/21/2017 0.013
12/29/2017 0.013
1/23/2018 0.013
2/20/2018 0.013
3/27/2018 0.012
4/24/2018 0.012
5/22/2018 0.012
6/26/2018 0.012
7/24/2018 0.0115
8/28/2018 0.0115
9/25/2018 0.0115
10/23/2018 0.0115
11/27/2018 0.0115

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 2.25% maximum sales charge as indicated.

$ per share as of 12/13/2018

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

(102.0% of assets as of 11/30/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 108.0% 100.0% 8.0%
State Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Illinois 14.7% 4.6% 10.1%
Puerto Rico 12.5% 0.3% 12.2%
California 9.9% 15.0% -5.1%
District of Columbia 5.7% 0.9% 4.8%
Multistate Authority 5.5% 0.2% 5.2%
New Jersey 4.8% 3.7% 1.1%
Pennsylvania 4.1% 3.1% 1.0%
Florida 4.0% 3.9% 0.1%
Ohio 3.9% 2.7% 1.3%
Georgia 3.0% 2.9% 0.1%
Massachusetts 2.7% 3.6% -0.9%
Texas 2.7% 8.6% -5.9%
New York 2.4% 14.7% -12.3%
Louisiana 2.1% 0.7% 1.4%
Mississippi 1.9% 0.2% 1.6%
Wisconsin 1.9% 2.0% -0.1%
Arizona 1.8% 2.3% -0.5%
Minnesota 1.6% 1.1% 0.5%
Indiana 1.5% 0.8% 0.7%
Missouri 1.4% 0.7% 0.7%
Credit Rating Allocation Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AAA 2.0% 22.2% -20.1%
AA 28.8% 56.5% -27.7%
A 16.9% 16.3% 0.6%
BBB 28.1% 3.4% 24.7%
BB 7.0% - -
B 0.5% - -
CCC 0.3% - -
CC 6.4% - -
C 0.8% - -
Unrated 17.2% 1.7% 15.5%
Analytics
(As of 11/30/2018)

Morningstar 11/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
155
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
1.75
1.43
Beta
0.41
0.52
Information Ratio
0.42
0.23
R-Squared
8.12
10.60
Sharpe Ratio
0.50
0.55
Standard Deviation
3.76
3.72
Sortino Ratio
0.76
0.83
Tracking Error
3.87
3.67
Yields
Dividend Yield (with sales charge)
3.07%
Dividend Yield (w/o sales charge)
3.14%
Standardized Yield
-0.38%
Taxable Equivalent Yield
0.00%
Interest Income 12/31/2017
Exposed to AMT
14.28%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
3.28 yrs
4.36 yrs
Current Duration
2.90 yrs
4.00 yrs
Turnover Ratio
19%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
11/27/2018
Per Share ($)
$0.0115
12-Month Distribution ($)
$0.1445
Distribution Sources
  • D
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. 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 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. 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.
  13. B. 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.
  14. C. "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.
  15. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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