Overview
The strategy typically seeks investment-grade bonds the income of which is exempt from federal personal income taxes.
- Inception Date
- December 6, 2010
- Investment Style
- Oppenheimer Municipals
- Fund Index
- Bloomberg Barclays Municipal 5 Yr (4-6) Index
- CUSIP
- 68385T306
- NAV
- A
- (as of 12/11/2018)
- $4.35
- Total Assets
- (as of 10/31/2018)
- $206.10 MM
Performance
Average Annual Returns as of 09/30/2018
Average Annual Returns as of 11/30/2018
|
Cumulative
|
Annualized | |||||
|---|---|---|---|---|---|---|
| 3 mo |
ytd as of 2018-09-30
|
1 yr | 3 yr | 5 yr | since inception | |
| -0.04% | -0.36% | 0.44% | 2.68% | 3.87% | 3.67% | |
| -0.20% | 0.10% | -0.60% | 1.16% | 1.85% | 2.30% | |
|
Cumulative
|
Annualized | |||||
|---|---|---|---|---|---|---|
| 3 mo |
ytd as of 2018-11-30
|
1 yr | 3 yr | 5 yr | since inception | |
| -0.25% | -0.16% | 0.91% | 2.38% | 3.78% | 3.62% | |
| 0.05% | 0.70% | 1.17% | 1.21% | 1.77% | 2.33% | |
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.
Calendar Year Returns as of 11/30/2018
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.
Cumulative Returns & Income Dividends
| Date | Intermediate Term Municipal Fund | Bloomberg Barclays Municipal 5 Yr (4-6) Index | BBG Barclays Agg |
|---|---|---|---|
| 10/31/2013 | 0.00 | 0.00 | 0.00 |
| 11/30/2013 | 0.20 | -0.06 | -0.37 |
| 12/31/2013 | -0.07 | -0.22 | -0.94 |
| 1/31/2014 | 1.45 | 0.83 | 0.53 |
| 2/28/2014 | 2.69 | 1.64 | 1.06 |
| 3/31/2014 | 3.21 | 0.78 | 0.89 |
| 4/30/2014 | 4.13 | 1.34 | 1.74 |
| 5/31/2014 | 6.12 | 2.01 | 2.90 |
| 6/30/2014 | 5.98 | 2.07 | 2.95 |
| 7/31/2014 | 5.76 | 2.20 | 2.69 |
| 8/31/2014 | 7.19 | 2.93 | 3.83 |
| 9/30/2014 | 7.54 | 2.87 | 3.12 |
| 10/31/2014 | 8.14 | 3.23 | 4.14 |
| 11/30/2014 | 8.40 | 3.30 | 4.87 |
| 12/31/2014 | 8.98 | 2.96 | 4.97 |
| 1/31/2015 | 10.48 | 4.52 | 7.17 |
| 2/28/2015 | 9.82 | 3.82 | 6.17 |
| 3/31/2015 | 10.19 | 3.75 | 6.66 |
| 4/30/2015 | 9.86 | 3.64 | 6.28 |
| 5/31/2015 | 9.41 | 3.29 | 6.02 |
| 6/30/2015 | 9.25 | 3.57 | 4.86 |
| 7/31/2015 | 10.02 | 4.12 | 5.59 |
| 8/31/2015 | 10.62 | 4.14 | 5.44 |
| 9/30/2015 | 11.63 | 4.78 | 6.16 |
| 10/31/2015 | 11.85 | 5.37 | 6.17 |
| 11/30/2015 | 12.85 | 5.26 | 5.89 |
| 12/31/2015 | 14.09 | 5.47 | 5.55 |
| 1/31/2016 | 15.40 | 6.68 | 7.00 |
| 2/29/2016 | 15.38 | 7.09 | 7.76 |
| 3/31/2016 | 16.14 | 6.68 | 8.75 |
| 4/30/2016 | 17.14 | 7.20 | 9.17 |
| 5/31/2016 | 17.39 | 6.98 | 9.20 |
| 6/30/2016 | 19.73 | 7.91 | 11.16 |
| 7/31/2016 | 19.66 | 8.32 | 11.86 |
| 8/31/2016 | 19.88 | 8.32 | 11.73 |
| 9/30/2016 | 19.53 | 7.89 | 11.67 |
| 10/31/2016 | 17.90 | 7.41 | 10.81 |
| 11/30/2016 | 12.78 | 4.54 | 8.19 |
| 12/31/2016 | 14.29 | 5.05 | 8.34 |
| 1/31/2017 | 14.81 | 6.15 | 8.56 |
| 2/28/2017 | 15.54 | 7.02 | 9.29 |
| 3/31/2017 | 16.00 | 7.05 | 9.23 |
| 4/30/2017 | 16.76 | 7.79 | 10.07 |
| 5/31/2017 | 18.86 | 8.85 | 10.92 |
| 6/30/2017 | 18.51 | 8.39 | 10.81 |
| 7/31/2017 | 19.04 | 9.19 | 11.28 |
| 8/31/2017 | 20.37 | 9.88 | 12.28 |
| 9/30/2017 | 20.32 | 9.12 | 11.75 |
| 10/31/2017 | 20.58 | 9.09 | 11.81 |
| 11/30/2017 | 20.00 | 7.86 | 11.67 |
| 12/31/2017 | 21.28 | 8.35 | 12.18 |
| 1/31/2018 | 19.94 | 8.10 | 10.89 |
| 2/28/2018 | 19.62 | 7.78 | 9.84 |
| 3/31/2018 | 19.85 | 7.74 | 10.54 |
| 4/30/2018 | 19.57 | 7.33 | 9.72 |
| 5/31/2018 | 20.66 | 8.39 | 10.50 |
| 6/30/2018 | 20.89 | 8.68 | 10.37 |
| 7/31/2018 | 21.16 | 9.11 | 10.39 |
| 8/31/2018 | 21.40 | 9.07 | 11.10 |
| 9/30/2018 | 20.84 | 8.47 | 10.39 |
| 10/31/2018 | 20.01 | 8.25 | 9.52 |
| Date | Dividends |
|---|---|
| 12/30/2013 | 0.0307 |
| 1/28/2014 | 0.0309 |
| 2/25/2014 | 0.0311 |
| 3/25/2014 | 0.031 |
| 4/22/2014 | 0.0311 |
| 5/27/2014 | 0.0327 |
| 6/24/2014 | 0.0322 |
| 7/22/2014 | 0.0321 |
| 8/26/2014 | 0.0327 |
| 9/23/2014 | 0.0321 |
| 10/28/2014 | 0.0327 |
| 11/25/2014 | 0.0322 |
| 12/31/2014 | 0.0327 |
| 1/27/2015 | 0.0321 |
| 2/24/2015 | 0.0322 |
| 3/24/2015 | 0.0322 |
| 4/21/2015 | 0.0302 |
| 5/26/2015 | 0.0305 |
| 6/23/2015 | 0.0302 |
| 7/28/2015 | 0.0305 |
| 8/25/2015 | 0.0265 |
| 9/22/2015 | 0.0087 |
| 10/27/2015 | 0.009 |
| 11/24/2015 | 0.0087 |
| 12/31/2015 | 0.009 |
| 1/26/2016 | 0.0087 |
| 2/23/2016 | 0.0087 |
| 3/22/2016 | 0.0087 |
| 4/26/2016 | 0.0089 |
| 5/24/2016 | 0.0087 |
| 6/21/2016 | 0.0088 |
| 7/26/2016 | 0.0079 |
| 8/23/2016 | 0.0078 |
| 9/27/2016 | 0.008 |
| 10/25/2016 | 0.0078 |
| 11/22/2016 | 0.0078 |
| 12/30/2016 | 0.008 |
| 1/24/2017 | 0.0076 |
| 2/21/2017 | 0.0077 |
| 3/28/2017 | 0.0079 |
| 4/25/2017 | 0.0077 |
| 5/23/2017 | 0.0077 |
| 6/27/2017 | 0.0079 |
| 7/25/2017 | 0.0087 |
| 8/22/2017 | 0.0087 |
| 9/26/2017 | 0.0089 |
| 10/24/2017 | 0.0088 |
| 11/21/2017 | 0.0087 |
| 12/29/2017 | 0.0091 |
| 1/23/2018 | 0.0086 |
| 2/20/2018 | 0.0087 |
| 3/27/2018 | 0.0089 |
| 4/24/2018 | 0.0092 |
| 5/22/2018 | 0.0092 |
| 6/26/2018 | 0.0094 |
| 7/24/2018 | 0.0089 |
| 8/28/2018 | 0.0097 |
| 9/25/2018 | 0.0092 |
| 10/23/2018 | 0.0097 |
| 11/27/2018 | 0.0099 |
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.
Capital Gains and Distributions ($ per share) as of 12/11/2018
| 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
(96.8% of assets as of 10/31/2018)
Municipal Bond
CLASS Y: ORRYX
Portfolio Holdings Breakdown
as of
10/31/2018
| Asset Allocation | Intermediate Term Municipal Fund | Bloomberg Barclays Municipal 5 Yr (4-6) Index | Overweight / Underweight |
|---|---|---|---|
| Municipal | 102.3% | 100.0% | 2.3% |
| State | Intermediate Term Municipal Fund | Bloomberg Barclays Municipal 5 Yr (4-6) Index | Overweight / Underweight |
|---|---|---|---|
| California | 14.4% | 14.9% | -0.5% |
| Pennsylvania | 12.3% | 3.1% | 9.1% |
| Texas | 9.9% | 8.5% | 1.4% |
| New Jersey | 8.5% | 3.8% | 4.7% |
| New York | 7.6% | 14.7% | -7.2% |
| Florida | 6.4% | 3.8% | 2.6% |
| Illinois | 6.0% | 4.7% | 1.4% |
| Louisiana | 3.6% | 0.7% | 2.9% |
| Arizona | 3.3% | 2.2% | 1.1% |
| Ohio | 3.0% | 2.6% | 0.4% |
| Michigan | 2.7% | 1.3% | 1.4% |
| Maryland | 2.5% | 2.9% | -0.4% |
| Wisconsin | 2.5% | 1.9% | 0.6% |
| Minnesota | 2.1% | 1.2% | 1.0% |
| Georgia | 1.5% | 3.0% | -1.5% |
| Alabama | 1.4% | 1.8% | -0.4% |
| South Carolina | 1.3% | 1.2% | 0.1% |
| Missouri | 1.2% | 0.7% | 0.4% |
| Tennessee | 1.1% | 1.9% | -0.8% |
| Washington | 1.1% | 3.0% | -1.8% |
| Credit Rating Allocation | Intermediate Term Municipal Fund | Bloomberg Barclays Municipal 5 Yr (4-6) Index | Overweight / Underweight |
|---|---|---|---|
| AAA | 2.8% | 25.5% | -22.7% |
| AA | 31.4% | 53.0% | -21.6% |
| A | 34.0% | 16.4% | 17.6% |
| BBB | 15.2% | 3.4% | 11.8% |
| BB | 3.5% | - | - |
| B | 1.9% | - | - |
| Unrated | 13.5% | 1.7% | 11.8% |
Analytics
Municipal Bond
CLASS Y: ORRYX
Analytics
as of
10/31/2018
Morningstar
10/31/2018
(based on risk adjusted performance)
Overall Rating
Number of Funds
260
Category
Muni National Interm
Performance Statistics
3Y
5Y
Alpha
1.49
1.83
Beta
1.25
1.17
Information Ratio
0.71
1.07
R-Squared
71.96
67.96
Sharpe Ratio
0.39
0.93
Standard Deviation
3.71
3.23
Sortino Ratio
0.51
1.34
Tracking Error
2.08
1.89
Dividend Yield (w/o sales charge)
2.71%
Standardized Yield
2.51%
Unsubsidized Yield
2.47%
Taxable Equivalent Yield
4.24%
Interest Income
12/31/2017
Exposed to AMT
0.0%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
6.08 yrs
4.45 yrs
Current Duration
5.00 yrs
4.00 yrs
Turnover Ratio
25%
-
Dividends
- D
Est. Frequency
Monthly
Last Pay Date
11/27/2018
Per Share ($)
$0.0099
12-Month Distribution ($)
$0.1108
Distribution Sources
- D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Documents
- 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. Prior to 6/29/18, the Fund's name was Oppenheimer Rochester Intermediate Term Municipal Fund.
-
3.
Before June 29, 2018, Oppenheimer Short Term Municipal Fund was known as Oppenheimer Rochester Short Term Municipal Fund, and Oppenheimer Intermediate Term Municipal Fund was known as Oppenheimer Rochester Intermediate Term Fund. Effective June 29, various changes were made to each fund’s prospectus. Past performance, therefore, is not indicative of future results. Investors are encouraged to review each fund’s prospectus and summary prospectus for additional details.
- 4. The funds invest in below-investment-grade debt securities, which may entail greater credit risks, as described in each fund’s prospectus. These securities (sometimes called “junk bonds”) may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade municipal securities. The funds 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.
- 5. 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. 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. The Fund will not invest more than 15% of its total assets in unrated securities. However, this limitation does not apply to unrated debt that has similar characteristics and is comparable to NRSRO rated debt issued by the same issuer or guaranteed by the same guarantor.
- 6. Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Municipal bonds are subject to default on income and principal payments. Further, a portion of some funds’ distributions may be taxable and may increase alternative minimum tax (AMT) for investors subject to that tax; distributions from net realized capital gains are taxable as capital gains.
- 7. The net expense ratio is not the result of a fee waiver or expense reimbursement.
- 8. 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.
- 9. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
- 10. 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.
- 11. 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.
- 12. 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.
-
13.
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. - 14. 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.
- 15. 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.
- 16. 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.
- 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. ↩
- B. 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. ↩
- 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. ↩
- D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩