Spoof Access

×
U.S. Flag United States
Private Client Group
×

Municipal Bond

Rochester® High Yield Municipal Fund

The Strategy typically invests in high-yield municipal bonds issued across the United States.

Investment Style
High Yield
Fund Inception
October 1, 1993
Total Assets (all classes) (as of 9/30/2017)
$5.76 billion
Fund Index
Bloomberg Barclays Municipal Index
NAV (as of 10/19/17)
  • B
$7.07
performance
analytics
holdings
as of 9/30/2017
  • C
as of 9/30/2017
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 10/19/17
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
7.03% 2.52% 6.55% 5.68% 2.42% 4.63%
Cumulative
Annualized
ytd as of 10/19/17
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
7.03% -2.35% 4.83% 4.66% 1.93% 4.42%
Cumulative
Annualized
ytd as of 10/19/17
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
7.03% 2.52% 6.55% 5.68% 2.42% 4.63%
Cumulative
Annualized
ytd as of 10/19/17
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
7.03% -2.35% 4.83% 4.66% 1.93% 4.42%
Gross Expense Ratio: 1.09% | Net Expense Ratio: 0.92%

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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Year Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index
1993 0.00% -
1994 -7.66% -5.17%
1995 17.60% 17.46%
1996 4.01% 4.43%
1997 9.13% 9.19%
1998 5.95% 6.48%
1999 -5.08% -2.06%
2000 10.83% 11.68%
2001 5.23% 5.13%
2002 5.78% 9.60%
2003 14.93% 5.31%
2004 10.56% 4.48%
2005 9.96% 3.51%
2006 10.56% 4.84%
2007 -10.33% 3.36%
2008 -48.90% -2.47%
2009 51.35% 12.91%
2010 1.76% 2.38%
2011 11.70% 10.70%
2012 18.86% 6.78%
2013 -7.17% -2.55%
2014 16.13% 9.05%
2015 4.77% 3.30%
2016 5.01% 0.25%

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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Date Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
9/30/2007 0.00 0.00 0.00
10/31/2007 -0.46 0.45 0.90
11/30/2007 -3.98 1.09 2.71
12/31/2007 -5.03 1.37 3.00
1/31/2008 -5.92 2.65 4.73
2/29/2008 -15.35 -2.05 4.88
3/31/2008 -16.07 0.75 5.23
4/30/2008 -15.12 1.92 5.01
5/31/2008 -14.29 2.54 4.24
6/30/2008 -17.34 1.38 4.16
7/31/2008 -19.41 1.77 4.08
8/31/2008 -17.56 2.96 5.06
9/30/2008 -26.55 -1.87 3.65
10/31/2008 -41.71 -2.87 1.21
11/30/2008 -43.61 -2.56 4.50
12/31/2008 -51.47 -1.14 8.40
1/31/2009 -47.53 2.48 7.44
2/28/2009 -46.91 3.02 7.04
3/31/2009 -49.23 3.04 8.52
4/30/2009 -45.75 5.09 9.04
5/31/2009 -38.87 6.21 9.83
6/30/2009 -40.77 5.21 10.46
7/31/2009 -40.72 6.97 12.24
8/31/2009 -34.20 8.80 13.40
9/30/2009 -24.82 12.70 14.59
10/31/2009 -28.25 10.34 15.16
11/30/2009 -29.22 11.25 16.65
12/31/2009 -26.55 11.63 14.83
1/31/2010 -25.47 12.21 16.58
2/28/2010 -24.78 13.29 17.02
3/31/2010 -24.17 13.02 16.87
4/30/2010 -22.33 14.40 18.09
5/31/2010 -22.89 15.25 19.08
6/30/2010 -23.46 15.32 20.95
7/31/2010 -22.12 16.76 22.24
8/31/2010 -19.74 19.43 23.81
9/30/2010 -19.45 19.25 23.95
10/31/2010 -18.66 18.92 24.39
11/30/2010 -22.78 16.54 23.67
12/31/2010 -25.26 14.28 22.34
1/31/2011 -27.65 13.44 22.48
2/28/2011 -25.90 15.24 22.79
3/31/2011 -26.15 14.86 22.86
4/30/2011 -24.29 16.92 24.42
5/31/2011 -21.87 18.92 26.04
6/30/2011 -20.17 19.33 25.67
7/31/2011 -18.50 20.55 27.66
8/31/2011 -18.76 22.61 29.53
9/30/2011 -17.06 23.88 30.47
10/31/2011 -18.04 23.42 30.61
11/30/2011 -18.98 24.15 30.50
12/31/2011 -16.51 26.51 31.93
1/31/2012 -12.69 29.43 33.09
2/29/2012 -11.44 29.56 33.06
3/31/2012 -10.82 28.72 32.33
4/30/2012 -9.15 30.21 33.80
5/31/2012 -7.73 31.29 35.01
6/30/2012 -7.50 31.15 35.06
7/31/2012 -4.95 33.22 36.92
8/31/2012 -4.42 33.38 37.01
9/30/2012 -3.53 34.18 37.20
10/31/2012 -2.34 34.56 37.47
11/30/2012 0.46 36.78 37.69
12/31/2012 -0.77 35.09 37.49
1/31/2013 0.85 35.65 36.53
2/28/2013 1.09 36.06 37.22
3/31/2013 1.19 35.47 37.33
4/30/2013 2.67 36.96 38.72
5/31/2013 2.54 35.28 36.24
6/30/2013 -4.24 31.45 34.13
7/31/2013 -7.02 30.30 34.32
8/31/2013 -10.67 28.45 33.63
9/30/2013 -7.80 31.21 34.89
10/31/2013 -6.66 32.25 35.99
11/30/2013 -6.99 31.97 35.48
12/31/2013 -7.89 31.64 34.71
1/31/2014 -4.57 34.20 36.70
2/28/2014 -1.74 35.77 37.43
3/31/2014 -1.14 36.00 37.19
4/30/2014 0.17 37.64 38.35
5/31/2014 2.86 39.41 39.93
6/30/2014 1.75 39.53 40.00
7/31/2014 1.93 39.78 39.65
8/31/2014 4.83 41.47 41.19
9/30/2014 5.13 41.61 40.23
10/31/2014 5.13 42.58 41.61
11/30/2014 6.30 42.83 42.61
12/31/2014 6.98 43.55 42.75
1/31/2015 9.46 46.10 45.74
2/28/2015 8.39 44.59 44.37
3/31/2015 8.11 45.01 45.04
4/30/2015 7.95 44.25 44.52
5/31/2015 8.80 43.85 44.17
6/30/2015 6.02 43.72 42.60
7/31/2015 6.61 44.76 43.59
8/31/2015 7.09 45.04 43.39
9/30/2015 9.11 46.09 44.36
10/31/2015 10.64 46.67 44.38
11/30/2015 11.08 47.26 44.00
12/31/2015 12.08 48.29 43.53
1/31/2016 12.82 50.06 45.51
2/29/2016 13.79 50.30 46.54
3/31/2016 15.42 50.77 47.88
4/30/2016 16.47 51.88 48.45
5/31/2016 17.99 52.29 48.49
6/30/2016 21.76 54.71 51.16
7/31/2016 22.51 54.81 52.11
8/31/2016 23.16 55.02 51.94
9/30/2016 24.03 54.24 51.85
10/31/2016 22.87 52.62 50.69
11/30/2016 17.05 46.93 47.12
12/31/2016 17.69 48.66 47.33
1/31/2017 19.45 49.64 47.62
2/28/2017 21.90 50.68 48.61
3/31/2017 25.89 51.00 48.54
4/30/2017 26.88 52.10 49.68
5/31/2017 28.74 54.51 50.83
6/30/2017 27.87 53.96 50.68
7/31/2017 27.98 55.21 51.33
8/31/2017 28.41 56.39 52.69
9/30/2017 27.16 55.59 51.96
Date Dividends
10/23/2007 0.055
11/27/2007 0.055
12/28/2007 0.056
1/22/2008 0.056
2/26/2008 0.056
3/25/2008 0.056
4/22/2008 0.056
5/27/2008 0.057
6/24/2008 0.057
7/22/2008 0.057
8/26/2008 0.057
9/23/2008 0.057
10/28/2008 0.057
11/25/2008 0.057
12/30/2008 0.057
1/27/2009 0.057
2/24/2009 0.057
3/24/2009 0.046
4/21/2009 0.046
5/26/2009 0.046
6/23/2009 0.046
7/28/2009 0.046
8/25/2009 0.046
9/22/2009 0.046
10/27/2009 0.046
11/24/2009 0.046
12/30/2009 0.046
1/26/2010 0.046
2/23/2010 0.046
3/23/2010 0.046
4/27/2010 0.046
5/25/2010 0.046
6/22/2010 0.046
7/27/2010 0.046
8/24/2010 0.046
9/21/2010 0.046
10/26/2010 0.046
11/23/2010 0.046
12/30/2010 0.046
1/25/2011 0.046
2/22/2011 0.046
3/22/2011 0.046
4/26/2011 0.046
5/24/2011 0.046
6/21/2011 0.046
7/26/2011 0.046
8/23/2011 0.046
9/27/2011 0.046
10/25/2011 0.046
11/22/2011 0.043
12/29/2011 0.043
1/24/2012 0.043
2/21/2012 0.043
3/27/2012 0.043
4/24/2012 0.043
5/22/2012 0.042
6/26/2012 0.042
7/24/2012 0.042
8/28/2012 0.041
9/25/2012 0.041
10/23/2012 0.041
11/27/2012 0.041
12/28/2012 0.041
1/22/2013 0.041
2/19/2013 0.041
3/26/2013 0.041
4/23/2013 0.041
5/28/2013 0.041
6/25/2013 0.041
7/23/2013 0.041
8/27/2013 0.041
9/24/2013 0.041
10/22/2013 0.041
11/26/2013 0.041
12/30/2013 0.041
1/28/2014 0.041
2/25/2014 0.041
3/25/2014 0.041
4/22/2014 0.041
5/27/2014 0.041
6/24/2014 0.041
7/22/2014 0.041
8/26/2014 0.041
9/23/2014 0.041
10/28/2014 0.041
11/25/2014 0.041
12/31/2014 0.041
1/27/2015 0.039
2/24/2015 0.039
3/24/2015 0.039
4/21/2015 0.039
5/26/2015 0.039
6/23/2015 0.039
7/28/2015 0.039
8/25/2015 0.039
9/22/2015 0.039
10/27/2015 0.039
11/24/2015 0.039
12/31/2015 0.039
1/26/2016 0.039
2/23/2016 0.039
3/22/2016 0.039
4/26/2016 0.039
5/24/2016 0.039
6/21/2016 0.039
7/26/2016 0.039
8/23/2016 0.037
9/27/2016 0.037
10/25/2016 0.037
11/22/2016 0.035
12/30/2016 0.035
1/24/2017 0.035
2/21/2017 0.035
3/28/2017 0.035
4/25/2017 0.035
5/23/2017 0.035
6/27/2017 0.035
7/25/2017 0.033
8/22/2017 0.033
9/26/2017 0.033

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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 10/19/2017

Date 2012 2013 2014 2015 2016
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.

Analytics

(As of 9/30/2017)

Morningstar 9/30/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
146
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
2.78
1.20
Beta
1.18
1.54
Information Ratio
1.03
0.69
R-Squared
59.38
72.93
Sharpe Ratio
1.22
0.85
Standard Deviation
5.04
6.50
Sortino Ratio
0.53
0.35
Tracking Error
3.26
3.90
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
9/26/2017
Per Share ($)
$0.03
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.42
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
10.16 yrs
5.93 yrs
Current Duration
7.50 yrs
6.60 yrs
Turnover Ratio
29.00%
-
Yields
Dividend Yield (with sales charge)
5.24%
Dividend Yield (w/o sales charge)
5.50%
Standardized Yield
3.67%

Top Fixed Income Sectors

(103.1% of assets as of 09/30/17)


Portfolio Holdings Breakdown

State 8
Credit Rating Allocation 9
Asset Allocation 8
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
California 15.6% 17.3% -1.7%
New York 11.1% 15.4% -4.3%
Texas 9.6% 9.4% 0.3%
Puerto Rico 9.2% 0.5% 8.7%
Ohio 8.9% 2.3% 6.6%
Florida 7.3% 4.4% 2.8%
Illinois 6.5% 4.5% 2.1%
Alabama 4.1% 0.8% 3.3%
New Jersey 3.9% 3.8% 0.1%
Wisconsin 3.6% 1.2% 2.3%
Colorado 2.6% 1.7% 1.0%
District of Columbia 2.5% 1.3% 1.3%
Michigan 2.5% 1.7% 0.7%
Pennsylvania 2.2% 3.6% -1.4%
Washington 1.7% 3.2% -1.4%
Indiana 1.5% 0.9% 0.6%
Arizona 1.2% 1.7% -0.6%
Virginia 1.1% 1.8% -0.7%
Connecticut 1.1% 1.6% -0.5%
Massachusetts 1.0% 4.0% -3.0%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Unrated 35.4% 0.2% 35.3%
AA 24.8% 11.9% 12.9%
BBB 12.6% 1.1% 11.5%
B 12.2% - -
CCC 6.7% - -
A 6.4% 2.4% 4.1%
AAA 6.2% 1.5% 4.7%
BB 4.6% - -
CC 3.2% - -
C 0.3% - -
D 0.1% - -
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 112.3% 100.0% 12.3%
Corporates 0.1% - -
  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. May invest without limit in below-investment-grade (“high yield” or "junk") bonds, which 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. 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. 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. A. Prior to October 1, 2001, this Fund was a non-diversified municipal bond fund that focused primarily on tax-exempt, investment-grade obligations of the State of Florida and its subdivisions and municipalities.  Therefore, performance before October 1, 2001, is not indicative of performance for any subsequent period.
  11. B. 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.
  12. C. 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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  13. D. "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.
  14. E. There is no guarantee of the payment of any dividend or other distributions at any level.
×
Loading...
Tiny Button Small Button Large Button Default Button Secondary Button Framed Button Framed Button ( Small Caps )