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OPIYX

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
January 31, 2011
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
683957708
NAV
  • A
(as of 01/22/2019)
$4.43
Total Assets
(as of 12/31/2018)
$1.04 BN
Gross Expense Ratio
(as of 12/31/2018)
0.72%
Net Expense Ratio
(as of 12/31/2018)
0.69%
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

Sales charges are not applicable to Y & I Share Classes.
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)
13.13% 13.13% 3.22% 3.09% - 3.59%
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 (NAV)
13.13% 13.13% 3.22% 3.09% - 3.59%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
1.69% 1.69% 1.47% 2.00% 3.13% -
Gross Expense Ratio: 0.72% | Net Expense Ratio: 0.69%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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.  Class Y shares are not subject to a 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
2012 7.82% 2.96%
2013 -4.15% 0.81%
2014 7.47% 3.19%
2015 -1.47% 2.43%
2016 3.28% -0.39%
2017 -5.87% 3.14%
2018 13.13% 1.69%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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.  Class Y shares are not subject to a 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
12/31/2008 0.00 0.00 0.00
1/31/2009 5.35 3.05 -0.88
2/28/2009 6.54 1.73 -1.26
3/31/2009 6.96 2.18 0.12
4/30/2009 10.04 3.26 0.59
5/31/2009 14.06 3.19 1.32
6/30/2009 13.17 2.96 1.90
7/31/2009 14.55 4.88 3.54
8/31/2009 17.45 5.07 4.62
9/30/2009 21.09 6.81 5.72
10/31/2009 19.98 5.56 6.24
11/30/2009 20.23 7.44 7.61
12/31/2009 21.41 7.40 5.93
1/31/2010 22.61 8.06 7.55
2/28/2010 23.38 9.12 7.95
3/31/2010 23.84 8.23 7.82
4/30/2010 24.93 8.95 8.94
5/31/2010 25.21 9.70 9.86
6/30/2010 25.06 10.04 11.58
7/31/2010 26.08 11.69 12.77
8/31/2010 27.86 13.19 14.22
9/30/2010 28.48 12.82 14.34
10/31/2010 28.89 12.86 14.75
11/30/2010 27.32 12.19 14.09
12/31/2010 25.91 11.05 12.86
1/31/2011 24.62 10.69 12.99
2/28/2011 25.87 11.40 13.27
3/31/2011 26.17 11.74 13.34
4/30/2011 27.57 13.16 14.78
5/31/2011 29.16 14.53 16.27
6/30/2011 30.89 14.79 15.93
7/31/2011 32.13 15.84 17.77
8/31/2011 32.26 17.27 19.49
9/30/2011 33.61 17.05 20.36
10/31/2011 34.10 16.29 20.49
11/30/2011 34.72 17.20 20.39
12/31/2011 36.63 18.75 21.71
1/31/2012 39.46 19.98 22.78
2/29/2012 40.08 20.51 22.75
3/31/2012 39.92 19.45 22.08
4/30/2012 41.22 20.40 23.43
5/31/2012 42.33 20.91 24.55
6/30/2012 42.61 20.89 24.60
7/31/2012 44.55 21.81 26.32
8/31/2012 44.97 21.87 26.40
9/30/2012 45.75 22.53 26.57
10/31/2012 46.34 22.59 26.82
11/30/2012 48.51 23.06 27.02
12/31/2012 46.84 22.27 26.84
1/31/2013 47.71 22.86 25.95
2/28/2013 48.32 23.32 26.58
3/31/2013 47.94 23.30 26.69
4/30/2013 49.18 23.87 27.97
5/31/2013 48.33 23.14 25.68
6/30/2013 44.34 21.18 23.74
7/31/2013 43.13 21.93 23.91
8/31/2013 39.89 21.07 23.28
9/30/2013 41.14 22.24 24.44
10/31/2013 41.92 23.54 25.45
11/30/2013 41.62 23.46 24.98
12/31/2013 40.40 23.27 24.27
1/31/2014 42.46 24.57 26.11
2/28/2014 45.16 25.56 26.78
3/31/2014 45.56 24.50 26.56
4/30/2014 45.94 25.20 27.63
5/31/2014 47.94 26.02 29.08
6/30/2014 47.11 26.09 29.15
7/31/2014 45.77 26.26 28.83
8/31/2014 48.42 27.15 30.25
9/30/2014 49.01 27.08 29.37
10/31/2014 49.19 27.53 30.64
11/30/2014 49.67 27.61 31.56
12/31/2014 50.52 27.20 31.69
1/31/2015 52.17 29.13 34.45
2/28/2015 51.51 28.26 33.18
3/31/2015 51.00 28.17 33.80
4/30/2015 50.87 28.03 33.32
5/31/2015 50.92 27.60 33.00
6/30/2015 47.27 27.95 31.55
7/31/2015 44.45 28.62 32.47
8/31/2015 45.30 28.66 32.28
9/30/2015 47.45 29.44 33.17
10/31/2015 48.89 30.16 33.19
11/30/2015 49.05 30.04 32.84
12/31/2015 48.80 30.29 32.41
1/31/2016 48.73 31.79 34.23
2/29/2016 50.24 32.29 35.19
3/31/2016 50.09 31.78 36.43
4/30/2016 50.20 32.43 36.95
5/31/2016 50.76 32.16 36.98
6/30/2016 53.62 33.31 39.45
7/31/2016 54.41 33.82 40.33
8/31/2016 54.57 33.82 40.17
9/30/2016 55.33 33.29 40.09
10/31/2016 55.18 32.70 39.01
11/30/2016 53.60 29.14 35.73
12/31/2016 53.30 29.78 35.92
1/31/2017 54.24 31.14 36.18
2/28/2017 55.39 32.21 37.10
3/31/2017 52.72 32.24 37.03
4/30/2017 53.24 33.16 38.08
5/31/2017 52.02 34.48 39.15
6/30/2017 51.05 33.90 39.01
7/31/2017 51.24 34.89 39.61
8/31/2017 51.74 35.74 40.86
9/30/2017 49.33 34.80 40.19
10/31/2017 45.61 34.77 40.27
11/30/2017 43.58 33.24 40.09
12/31/2017 43.94 33.86 40.73
1/31/2018 45.96 33.55 39.11
2/28/2018 47.10 33.15 37.79
3/31/2018 50.00 33.10 38.68
4/30/2018 52.62 32.59 37.64
5/31/2018 53.44 33.90 38.63
6/30/2018 56.72 34.26 38.46
7/31/2018 58.25 34.79 38.49
8/31/2018 61.90 34.74 39.38
9/30/2018 61.98 33.99 38.48
10/31/2018 61.33 33.73 37.39
11/30/2018 62.06 34.80 38.21
12/31/2018 62.44 36.11 40.75
Date Dividends
1/28/2014 0.0481
2/25/2014 0.0496
3/25/2014 0.0497
4/22/2014 0.0497
5/27/2014 0.0506
6/24/2014 0.0508
7/22/2014 0.0507
8/26/2014 0.0515
9/23/2014 0.0508
10/28/2014 0.0514
11/25/2014 0.0507
12/31/2014 0.0515
1/27/2015 0.0506
2/24/2015 0.0507
3/24/2015 0.0507
4/21/2015 0.0507
5/26/2015 0.0514
6/23/2015 0.0507
7/28/2015 0.0513
8/25/2015 0.0445
9/22/2015 0.0168
10/27/2015 0.0161
11/24/2015 0.0159
12/31/2015 0.0161
1/26/2016 0.0158
2/23/2016 0.0159
3/22/2016 0.0159
4/26/2016 0.0161
5/24/2016 0.0158
6/21/2016 0.0158
7/26/2016 0.0161
8/23/2016 0.0149
9/27/2016 0.0151
10/25/2016 0.0149
11/22/2016 0.0149
12/30/2016 0.0152
1/24/2017 0.0147
2/21/2017 0.0148
3/28/2017 0.0151
4/25/2017 0.0148
5/23/2017 0.0148
6/27/2017 0.015
7/25/2017 0.0148
8/22/2017 0.0148
9/26/2017 0.014
10/24/2017 0.0138
11/21/2017 0.0138
12/29/2017 0.0141
1/23/2018 0.0136
2/20/2018 0.0138
3/27/2018 0.013
4/24/2018 0.0128
5/22/2018 0.0128
6/26/2018 0.013
7/24/2018 0.0123
8/28/2018 0.0125
9/25/2018 0.0124
10/23/2018 0.0123
11/27/2018 0.0125
12/31/2018 0.0125

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 investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 01/22/2019

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

(102.2% of assets as of 12/31/2018)


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 108.2% 100.0% 8.2%
State Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Puerto Rico 12.5% 0.3% 12.2%
California 11.1% 14.9% -3.9%
Illinois 11.1% 4.7% 6.4%
District of Columbia 5.9% 0.9% 4.9%
Multistate Authority 5.4% 0.2% 5.2%
New Jersey 4.9% 3.7% 1.1%
Pennsylvania 4.1% 3.2% 0.9%
Ohio 4.0% 2.7% 1.3%
Florida 4.0% 3.9% 0.1%
Texas 3.9% 8.7% -4.9%
Georgia 3.6% 2.8% 0.8%
Massachusetts 2.7% 3.4% -0.7%
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%
Arizona 1.8% 2.3% -0.4%
Minnesota 1.7% 1.2% 0.5%
Indiana 1.5% 0.7% 0.8%
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% 22.4% -20.4%
AA 25.4% 56.1% -30.7%
A 19.3% 16.6% 2.7%
BBB 28.9% 3.4% 25.4%
BB 7.2% 0.0% 7.2%
B 0.5% - -
CCC 0.3% - -
CC 6.2% - -
C 0.8% - -
Unrated 17.6% 1.4% 16.2%
Analytics
(As of 12/31/2018)

Morningstar 12/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
156
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
2.00
1.81
Beta
0.37
0.47
Information Ratio
0.46
0.30
R-Squared
7.11
9.49
Sharpe Ratio
0.60
0.68
Standard Deviation
3.66
3.63
Sortino Ratio
0.92
1.05
Tracking Error
3.85
3.64
Yields
Dividend Yield (w/o sales charge)
3.40%
Standardized Yield
2.13%
Unsubsidized Yield
2.12%
Taxable Equivalent Yield
3.60%
Interest Income 12/31/2017
Exposed to AMT
14.28%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
3.38 yrs
4.44 yrs
Current Duration
3.00 yrs
4.00 yrs
Turnover Ratio
19%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
1/22/2019
Per Share ($)
$0.0122
12-Month Distribution ($)
$0.1535
Distribution Sources
  • D
Net Income
77.40%
Net Profit from Sale
0.00%
Other Capital Sources
22.60%
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.
  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.
  17. F. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
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