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Rochester® Short Duration High Yield Municipal Fund

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Overview

The Strategy typically invests in short-maturity investment-grade and below investment-grade municipal bonds of issuers across the United States.

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 08/21/2018)
$4.45
Total Assets
(as of 07/31/2018)
$1.07 BN
Gross Expense Ratio
(as of 07/31/2018)
0.97%
Net Expense Ratio
(as of 07/31/2018)
0.94%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 07/31/2018
  • B
as of 06/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
8.88% 3.75% 1.89% 1.54% 3.02% 5.08%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.30% 0.27% 1.62% 2.07% 3.46% -
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (with sales charge)
6.43% 1.42% 1.12% 1.08% 2.79% 5.00%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.30% 0.27% 1.62% 2.07% 3.46% -
Cumulative
Annualized
ytd as of 2018-07-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
9.94% 4.63% 2.89% 1.91% 3.18% 5.09%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.69% -0.07% 1.57% 2.02% 3.35% -
Cumulative
Annualized
ytd as of 2018-07-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (with sales charge)
7.47% 2.28% 2.11% 1.45% 2.95% 5.02%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.69% -0.07% 1.57% 2.02% 3.35% -
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
7/31/2008 0.00 0.00 0.00
8/31/2008 1.09 1.35 0.95
9/30/2008 -2.97 -0.74 -0.41
10/31/2008 -8.63 -0.73 -2.76
11/30/2008 -9.83 1.39 0.41
12/31/2008 -12.95 3.16 4.15
1/31/2009 -8.29 6.31 3.23
2/28/2009 -7.26 4.95 2.84
3/31/2009 -6.89 5.42 4.27
4/30/2009 -4.21 6.53 4.77
5/31/2009 -0.71 6.46 5.53
6/30/2009 -1.49 6.21 6.13
7/31/2009 -0.29 8.20 7.85
8/31/2009 2.24 8.40 8.96
9/30/2009 5.41 10.20 10.11
10/31/2009 4.44 8.90 10.65
11/30/2009 4.66 10.84 12.08
12/31/2009 5.69 10.80 10.33
1/31/2010 6.73 11.48 12.02
2/28/2010 7.40 12.57 12.43
3/31/2010 7.80 11.65 12.30
4/30/2010 8.75 12.40 13.47
5/31/2010 9.00 13.17 14.42
6/30/2010 8.86 13.52 16.21
7/31/2010 9.75 15.23 17.45
8/31/2010 11.30 16.78 18.97
9/30/2010 11.85 16.39 19.09
10/31/2010 12.20 16.43 19.52
11/30/2010 10.83 15.74 18.83
12/31/2010 9.60 14.57 17.55
1/31/2011 8.48 14.19 17.68
2/28/2011 9.57 14.92 17.98
3/31/2011 9.83 15.27 18.04
4/30/2011 11.05 16.74 19.54
5/31/2011 12.43 18.15 21.10
6/30/2011 13.94 18.42 20.75
7/31/2011 15.02 19.51 22.66
8/31/2011 15.13 20.98 24.46
9/30/2011 16.31 20.76 25.36
10/31/2011 16.73 19.97 25.50
11/30/2011 17.28 20.91 25.39
12/31/2011 18.94 22.51 26.77
1/31/2012 21.40 23.77 27.88
2/29/2012 21.94 24.32 27.85
3/31/2012 21.80 23.23 27.15
4/30/2012 22.93 24.21 28.56
5/31/2012 23.90 24.73 29.72
6/30/2012 24.14 24.71 29.77
7/31/2012 25.83 25.67 31.56
8/31/2012 26.20 25.73 31.65
9/30/2012 26.87 26.41 31.83
10/31/2012 27.39 26.47 32.09
11/30/2012 29.27 26.96 32.30
12/31/2012 27.83 26.14 32.11
1/31/2013 28.58 26.75 31.18
2/28/2013 29.11 27.23 31.84
3/31/2013 28.78 27.20 31.95
4/30/2013 29.86 27.79 33.28
5/31/2013 29.12 27.04 30.90
6/30/2013 25.65 25.02 28.88
7/31/2013 24.59 25.79 29.06
8/31/2013 21.78 24.91 28.40
9/30/2013 22.86 26.11 29.61
10/31/2013 23.54 27.45 30.66
11/30/2013 23.28 27.37 30.17
12/31/2013 22.22 27.17 29.44
1/31/2014 24.01 28.51 31.35
2/28/2014 26.37 29.54 32.05
3/31/2014 26.71 28.44 31.82
4/30/2014 27.04 29.16 32.93
5/31/2014 28.78 30.01 34.45
6/30/2014 28.06 30.08 34.52
7/31/2014 26.90 30.26 34.18
8/31/2014 29.20 31.18 35.66
9/30/2014 29.72 31.11 34.74
10/31/2014 29.87 31.56 36.06
11/30/2014 30.29 31.65 37.03
12/31/2014 31.03 31.22 37.16
1/31/2015 32.46 33.21 40.03
2/28/2015 31.89 32.31 38.72
3/31/2015 31.44 32.22 39.36
4/30/2015 31.33 32.08 38.86
5/31/2015 31.38 31.63 38.53
6/30/2015 28.20 32.00 37.02
7/31/2015 25.74 32.69 37.97
8/31/2015 26.48 32.73 37.77
9/30/2015 28.35 33.53 38.70
10/31/2015 29.61 34.28 38.72
11/30/2015 29.75 34.15 38.36
12/31/2015 29.53 34.42 37.91
1/31/2016 29.47 35.96 39.81
2/29/2016 30.78 36.48 40.80
3/31/2016 30.65 35.95 42.09
4/30/2016 30.75 36.62 42.64
5/31/2016 31.23 36.34 42.67
6/30/2016 33.72 37.53 45.24
7/31/2016 34.42 38.05 46.16
8/31/2016 34.56 38.05 45.99
9/30/2016 35.21 37.51 45.90
10/31/2016 35.08 36.90 44.79
11/30/2016 33.71 33.23 41.36
12/31/2016 33.45 33.89 41.56
1/31/2017 34.27 35.29 41.84
2/28/2017 35.27 36.39 42.79
3/31/2017 32.94 36.43 42.72
4/30/2017 33.40 37.37 43.82
5/31/2017 32.33 38.73 44.93
6/30/2017 31.49 38.13 44.78
7/31/2017 31.66 39.16 45.40
8/31/2017 32.09 40.04 46.71
9/30/2017 30.00 39.07 46.01
10/31/2017 26.75 39.03 46.09
11/30/2017 24.99 37.46 45.91
12/31/2017 25.30 38.09 46.58
1/31/2018 27.06 37.77 44.89
2/28/2018 28.05 37.36 43.51
3/31/2018 30.58 37.31 44.44
4/30/2018 32.86 36.78 43.36
5/31/2018 33.57 38.14 44.38
6/30/2018 36.42 38.51 44.21
7/31/2018 37.76 39.05 44.24
Date Dividends
8/26/2008 0.058
9/23/2008 0.058
10/28/2008 0.058
11/25/2008 0.058
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

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 08/20/2018

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

(101.3% of assets as of 07/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 104.1% 100.0% 4.1%
State Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Illinois 16.6% 4.5% 12.1%
Puerto Rico 15.7% 0.3% 15.4%
California 10.3% 14.5% -4.2%
District of Columbia 5.9% 0.9% 5.0%
Multistate Authority 5.4% 0.2% 5.2%
Florida 4.8% 4.0% 0.8%
Ohio 3.6% 2.8% 0.8%
Georgia 2.9% 3.0% -0.2%
New Jersey 2.8% 4.3% -1.5%
Massachusetts 2.5% 4.0% -1.5%
Pennsylvania 2.5% 3.1% -0.6%
Nevada 2.4% 0.9% 1.6%
New York 2.0% 14.4% -12.4%
Texas 1.8% 8.2% -6.4%
Indiana 1.5% 0.8% 0.7%
Louisiana 1.5% 0.7% 0.8%
Mississippi 1.5% 0.2% 1.3%
Arizona 1.4% 2.0% -0.6%
Wisconsin 1.3% 2.0% -0.6%
Hawaii 1.1% 1.3% -0.2%
Credit Rating Allocation Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AAA 2.1% 25.5% -23.4%
AA 29.0% 52.8% -23.8%
A 15.3% 16.7% -1.3%
BBB 26.5% 3.2% 23.3%
BB 5.5% - -
B 0.6% - -
CCC 0.3% - -
CC 10.6% - -
C 0.4% - -
Unrated 13.8% 1.9% 11.9%
Analytics
(As of 07/31/2018)

Morningstar 07/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
154
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
1.74
0.54
Beta
0.48
0.61
Information Ratio
0.36
-0.03
R-Squared
11.36
14.77
Sharpe Ratio
0.59
0.40
Standard Deviation
3.64
3.77
Sortino Ratio
0.26
0.16
Tracking Error
3.65
3.59
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
7/24/2018
Per Share ($)
$0.0115
12-Month Distribution ($)
$0.1515
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
2.62 yrs
4.39 yrs
Current Duration
2.40 yrs
4.00 yrs
Turnover Ratio
26%
-
Yields
Dividend Yield (with sales charge)
3.13%
Dividend Yield (w/o sales charge)
3.20%
Standardized Yield
1.41%
Unsubsidized Yield
1.40%
Distribution Sources
  • D
Net Income
94.00%
Net Profit from Sale
0.00%
Other Capital Sources
6.00%
Interest Income 12/31/2017
Exposed to AMT
14.28%
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. 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 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. 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.
  8. 8. 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.
  9. 9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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