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OITCX

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
December 1, 1993
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
683957401
NAV
  • A
(as of 03/19/2019)
$4.49
Total Assets
(as of 02/28/2019)
$1.05 BN
Gross Expense Ratio
(as of 02/28/2019)
1.97%
Net Expense Ratio
(as of 02/28/2019)
1.82%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 02/28/2019
  • E
as of 12/31/2018
  • E

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • E
Cumulative
Annualized
ytd as of 2018-12-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
12.08% 12.08% 2.21% 2.08% 4.13% 3.41%
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
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (with sales charge)
11.08% 11.08% 2.21% 2.08% 4.13% 3.41%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.69% 1.69% 1.47% 2.00% 3.13% -
Cumulative
Annualized
ytd as of 2019-02-28
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
2.07% 12.34% 2.70% 1.86% 3.69% 3.47%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.40% 3.66% 1.42% 1.91% 3.10% -
Cumulative
Annualized
ytd as of 2019-02-28
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (with sales charge)
1.07% 11.34% 2.70% 1.86% 3.69% 3.47%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.40% 3.66% 1.42% 1.91% 3.10% -
Gross Expense Ratio: 1.97% | Net Expense Ratio: 1.82%

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® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
1994 -5.58% -1.28%
1995 12.81% 11.65%
1996 4.28% 4.22%
1997 8.14% 6.38%
1998 5.36% 5.84%
1999 -4.18% 0.73%
2000 6.35% 7.72%
2001 2.92% 6.21%
2002 7.04% 9.27%
2003 7.19% 4.13%
2004 6.54% 2.72%
2005 6.11% 0.95%
2006 4.69% 3.34%
2007 -0.40% 5.15%
2008 -15.06% 5.78%
2009 20.49% 7.40%
2010 2.93% 3.40%
2011 7.66% 6.93%
2012 6.69% 2.96%
2013 -5.13% 0.81%
2014 6.36% 3.19%
2015 -2.39% 2.43%
2016 2.27% -0.39%
2017 -6.84% 3.14%
2018 12.08% 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® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
2/28/2009 0.00 0.00 0.00
3/31/2009 0.48 0.45 1.39
4/30/2009 3.37 1.51 1.88
5/31/2009 7.15 1.44 2.61
6/30/2009 6.31 1.21 3.20
7/31/2009 7.60 3.10 4.86
8/31/2009 10.33 3.29 5.95
9/30/2009 13.75 5.00 7.06
10/31/2009 12.70 3.76 7.59
11/30/2009 12.94 5.62 8.98
12/31/2009 14.05 5.57 7.28
1/31/2010 15.17 6.22 8.92
2/28/2010 15.90 7.26 9.32
3/31/2010 16.33 6.39 9.19
4/30/2010 17.36 7.10 10.33
5/31/2010 17.62 7.84 11.25
6/30/2010 17.48 8.17 13.00
7/31/2010 18.43 9.80 14.21
8/31/2010 20.11 11.27 15.67
9/30/2010 20.69 10.90 15.80
10/31/2010 21.07 10.94 16.21
11/30/2010 19.60 10.28 15.54
12/31/2010 18.27 9.17 14.30
1/31/2011 17.06 8.81 14.43
2/28/2011 18.24 9.50 14.72
3/31/2011 18.52 9.84 14.78
4/30/2011 19.84 11.24 16.24
5/31/2011 21.32 12.58 17.75
6/30/2011 22.95 12.84 17.41
7/31/2011 24.12 13.88 19.27
8/31/2011 24.24 15.28 21.01
9/30/2011 25.51 15.06 21.89
10/31/2011 25.97 14.31 22.03
11/30/2011 26.55 15.21 21.92
12/31/2011 28.35 16.73 23.26
1/31/2012 31.00 17.94 24.34
2/29/2012 31.58 18.46 24.31
3/31/2012 31.43 17.42 23.63
4/30/2012 32.66 18.35 25.00
5/31/2012 33.70 18.85 26.13
6/30/2012 33.96 18.83 26.18
7/31/2012 35.79 19.74 27.92
8/31/2012 36.18 19.80 28.01
9/30/2012 36.91 20.45 28.18
10/31/2012 37.46 20.50 28.44
11/30/2012 39.50 20.97 28.64
12/31/2012 37.94 20.19 28.45
1/31/2013 38.75 20.77 27.56
2/28/2013 39.32 21.23 28.20
3/31/2013 38.97 21.20 28.30
4/30/2013 40.13 21.76 29.60
5/31/2013 39.34 21.05 27.28
6/30/2013 35.59 19.12 25.32
7/31/2013 34.45 19.86 25.49
8/31/2013 31.41 19.02 24.84
9/30/2013 32.58 20.16 26.03
10/31/2013 33.31 21.44 27.05
11/30/2013 33.03 21.37 26.57
12/31/2013 31.89 21.17 25.86
1/31/2014 33.82 22.45 27.71
2/28/2014 36.36 23.43 28.39
3/31/2014 36.73 22.38 28.17
4/30/2014 37.09 23.07 29.26
5/31/2014 38.96 23.88 30.73
6/30/2014 38.19 23.95 30.80
7/31/2014 36.94 24.11 30.47
8/31/2014 39.42 24.99 31.91
9/30/2014 39.98 24.92 31.01
10/31/2014 40.14 25.36 32.30
11/30/2014 40.59 25.44 33.24
12/31/2014 41.39 25.04 33.36
1/31/2015 42.94 26.93 36.16
2/28/2015 42.33 26.08 34.88
3/31/2015 41.84 25.99 35.51
4/30/2015 41.72 25.85 35.02
5/31/2015 41.77 25.43 34.69
6/30/2015 38.34 25.78 33.23
7/31/2015 35.69 26.44 34.15
8/31/2015 36.48 26.47 33.96
9/30/2015 38.50 27.24 34.87
10/31/2015 39.86 27.95 34.89
11/30/2015 40.01 27.82 34.53
12/31/2015 39.78 28.08 34.10
1/31/2016 39.71 29.55 35.94
2/29/2016 41.13 30.04 36.91
3/31/2016 40.99 29.54 38.16
4/30/2016 41.09 30.18 38.69
5/31/2016 41.62 29.91 38.73
6/30/2016 44.30 31.05 41.22
7/31/2016 45.05 31.54 42.11
8/31/2016 45.20 31.54 41.95
9/30/2016 45.91 31.02 41.87
10/31/2016 45.77 30.44 40.78
11/30/2016 44.29 26.94 37.45
12/31/2016 44.00 27.57 37.65
1/31/2017 44.89 28.91 37.92
2/28/2017 45.97 29.96 38.84
3/31/2017 43.46 30.00 38.77
4/30/2017 43.95 30.90 39.84
5/31/2017 42.80 32.19 40.92
6/30/2017 41.89 31.62 40.78
7/31/2017 42.07 32.59 41.38
8/31/2017 42.54 33.44 42.65
9/30/2017 40.28 32.51 41.97
10/31/2017 36.78 32.48 42.05
11/30/2017 34.87 30.98 41.87
12/31/2017 35.21 31.58 42.52
1/31/2018 37.11 31.28 40.88
2/28/2018 38.18 30.89 39.55
3/31/2018 40.91 30.84 40.44
4/30/2018 43.37 30.33 39.40
5/31/2018 44.13 31.62 40.39
6/30/2018 47.21 31.98 40.22
7/31/2018 48.65 32.50 40.25
8/31/2018 52.08 32.45 41.15
9/30/2018 52.16 31.72 40.24
10/31/2018 51.55 31.46 39.14
11/30/2018 52.23 32.51 39.97
12/31/2018 52.59 33.80 42.54
1/31/2019 53.81 35.01 44.05
2/28/2019 56.27 35.67 43.97
Date Dividends
3/24/2009 0.0504
4/21/2009 0.0504
5/26/2009 0.0491
6/23/2009 0.051
7/28/2009 0.049
8/25/2009 0.0509
9/22/2009 0.0507
10/27/2009 0.0485
11/24/2009 0.0527
12/30/2009 0.05
1/26/2010 0.0532
2/23/2010 0.0526
3/23/2010 0.0524
4/27/2010 0.0504
5/25/2010 0.0525
6/22/2010 0.0526
7/27/2010 0.0505
8/24/2010 0.0525
9/21/2010 0.0525
10/26/2010 0.0503
11/23/2010 0.0525
12/30/2010 0.0497
1/25/2011 0.0538
2/22/2011 0.0529
3/22/2011 0.0528
4/26/2011 0.0504
5/24/2011 0.0524
6/21/2011 0.0525
7/26/2011 0.0505
8/23/2011 0.0526
9/27/2011 0.0507
10/25/2011 0.0527
11/22/2011 0.0495
12/29/2011 0.0462
1/24/2012 0.0506
2/21/2012 0.0494
3/27/2012 0.0453
4/24/2012 0.0474
5/22/2012 0.0473
6/26/2012 0.0421
7/24/2012 0.0443
8/28/2012 0.0421
9/25/2012 0.0442
10/23/2012 0.0399
11/27/2012 0.038
12/28/2012 0.0343
1/22/2013 0.0381
2/19/2013 0.0362
3/26/2013 0.034
4/23/2013 0.0362
5/28/2013 0.0338
6/25/2013 0.0362
7/23/2013 0.0366
8/27/2013 0.0345
9/24/2013 0.037
10/22/2013 0.0372
11/26/2013 0.0352
12/30/2013 0.0353
1/28/2014 0.0373
2/25/2014 0.0389
3/25/2014 0.0388
4/22/2014 0.0388
5/27/2014 0.0368
6/24/2014 0.0397
7/22/2014 0.0399
8/26/2014 0.0379
9/23/2014 0.0398
10/28/2014 0.0377
11/25/2014 0.0398
12/31/2014 0.0375
1/27/2015 0.0401
2/24/2015 0.0397
3/24/2015 0.0398
4/21/2015 0.0399
5/26/2015 0.0379
6/23/2015 0.0399
7/28/2015 0.0382
8/25/2015 0.0355
9/22/2015 0.0134
10/27/2015 0.0117
11/24/2015 0.0124
12/31/2015 0.0116
1/26/2016 0.0126
2/23/2016 0.0124
3/22/2016 0.0124
4/26/2016 0.0118
5/24/2016 0.0124
6/21/2016 0.0124
7/26/2016 0.0117
8/23/2016 0.0114
9/27/2016 0.0107
10/25/2016 0.0114
11/22/2016 0.0114
12/30/2016 0.0104
1/24/2017 0.0118
2/21/2017 0.0114
3/28/2017 0.0108
4/25/2017 0.0115
5/23/2017 0.0115
6/27/2017 0.0109
7/25/2017 0.0115
8/22/2017 0.0115
9/26/2017 0.0099
10/24/2017 0.0106
11/21/2017 0.0106
12/29/2017 0.0097
1/23/2018 0.0111
2/20/2018 0.0107
3/27/2018 0.009
4/24/2018 0.0096
5/22/2018 0.0096
6/26/2018 0.0089
7/24/2018 0.009
8/28/2018 0.0083
9/25/2018 0.009
10/23/2018 0.009
11/27/2018 0.0083
12/31/2018 0.0084
1/22/2019 0.0095
2/19/2019 0.0089

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 03/19/2019

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

(103.4% of assets as of 02/28/2019)


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 108.8% 100.0% 8.8%
State Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Puerto Rico 13.0% 0.3% 12.7%
California 11.2% 15.2% -3.9%
Illinois 11.1% 4.5% 6.5%
District of Columbia 5.9% 1.0% 4.9%
Multistate Authority 5.4% - -
New Jersey 4.3% 3.6% 0.7%
Pennsylvania 4.2% 3.3% 0.9%
Ohio 4.2% 2.7% 1.6%
Florida 4.0% 4.0% 0.1%
Texas 4.0% 8.8% -4.8%
Georgia 3.6% 2.8% 0.7%
Massachusetts 2.7% 3.5% -0.8%
New York 2.4% 14.5% -12.1%
Louisiana 2.1% 0.7% 1.4%
Wisconsin 2.0% 1.9% 0.1%
Mississippi 1.9% 0.2% 1.7%
Minnesota 1.8% 1.2% 0.6%
Arizona 1.8% 2.4% -0.6%
Missouri 1.5% 0.7% 0.8%
Indiana 1.5% 0.7% 0.8%
Credit Rating Allocation Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AAA 2.0% 22.3% -20.2%
AA 25.1% 55.4% -30.3%
A 19.5% 17.6% 1.9%
BBB 27.1% 3.3% 23.8%
BB 8.6% 0.0% 8.6%
B 0.7% - -
CCC 0.3% - -
CC 4.5% - -
C 0.7% - -
Unrated 20.3% 1.4% 18.9%
Analytics
(As of 02/28/2019)

Morningstar 02/28/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
154
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
1.43
0.66
Beta
0.44
0.43
Information Ratio
0.34
-0.01
R-Squared
9.30
7.98
Sharpe Ratio
0.42
0.33
Standard Deviation
3.76
3.57
Sortino Ratio
0.63
0.48
Tracking Error
3.80
3.62
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
2.41%
Standardized Yield
0.77%
Unsubsidized Yield
0.75%
Taxable Equivalent Yield
1.30%
Interest Income 12/31/2018
Exposed to AMT
13.67%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
3.68 yrs
4.40 yrs
Current Duration
3.20 yrs
4.00 yrs
Turnover Ratio
19%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
2/19/2019
Per Share ($)
$0.0089
12-Month Distribution ($)
$0.1076
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.

    Based on the 2018 top federal tax rate of 40.8%, including the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. For illustrative purposes only. Not intended to show any fund’s performance or investor’s results. Results would vary if a different tax rate were used.

  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.
  16. E. 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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