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Rochester® High Yield Municipal Fund

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Overview

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

Inception Date
November 29, 2010
Investment Style
National High Yield
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940852
NAV
  • B
(as of 11/17/2017)
$7.00
Total Assets
(as of 10/31/2017)
$5.42 BN
Gross Expense Ratio
(as of 10/31/2017)
0.84%
Net Expense Ratio
(as of 10/31/2017)
0.84%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2017
  • C
as of 09/30/2017
  • C

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2017-09-30
  • D
1 yr 3 yr 5 yr since inception
Rochester® High Yield Municipal Fund (NAV)
-0.50% 8.23% 2.58% 6.73% 5.85% 7.79%
Cumulative
Annualized
3 mo ytd as of 2017-10-31
  • D
1 yr 3 yr 5 yr since inception
Rochester® High Yield Municipal Fund (NAV)
-1.89% 6.83% 2.34% 6.21% 5.31% 7.49%
Gross Expense Ratio: 0.84% | Net Expense Ratio: 0.67%

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® High Yield Municipal Fund Bloomberg Barclays Municipal Index
2011 11.89% 10.70%
2012 19.05% 6.78%
2013 -6.92% -2.55%
2014 16.16% 9.05%
2015 4.93% 3.30%
2016 5.17% 0.25%

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® High Yield Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
10/31/2012 0.00 0.00 0.00
11/30/2012 3.15 1.65 0.16
12/31/2012 1.76 0.39 0.02
1/31/2013 3.57 0.81 -0.68
2/28/2013 3.69 1.11 -0.19
3/31/2013 3.81 0.68 -0.11
4/30/2013 5.48 1.78 0.90
5/31/2013 5.21 0.54 -0.90
6/30/2013 -1.60 -2.31 -2.43
7/31/2013 -4.59 -3.16 -2.30
8/31/2013 -8.32 -4.54 -2.80
9/30/2013 -5.22 -2.49 -1.88
10/31/2013 -4.04 -1.72 -1.08
11/30/2013 -4.51 -1.92 -1.45
12/31/2013 -5.27 -2.17 -2.01
1/31/2014 -1.99 -0.27 -0.56
2/28/2014 0.93 0.90 -0.03
3/31/2014 1.56 1.07 -0.20
4/30/2014 2.91 2.29 0.64
5/31/2014 5.70 3.60 1.79
6/30/2014 4.56 3.69 1.84
7/31/2014 4.92 3.88 1.58
8/31/2014 7.76 5.13 2.70
9/30/2014 8.08 5.24 2.01
10/31/2014 8.25 5.96 3.01
11/30/2014 9.32 6.15 3.74
12/31/2014 10.03 6.68 3.84
1/31/2015 12.75 8.57 6.01
2/28/2015 11.51 7.45 5.02
3/31/2015 11.24 7.76 5.51
4/30/2015 11.23 7.20 5.13
5/31/2015 11.98 6.90 4.87
6/30/2015 9.28 6.80 3.73
7/31/2015 9.75 7.58 4.45
8/31/2015 10.25 7.79 4.30
9/30/2015 12.51 8.57 5.01
10/31/2015 13.93 9.00 5.02
11/30/2015 14.41 9.43 4.75
12/31/2015 15.45 10.20 4.41
1/31/2016 16.22 11.52 5.84
2/29/2016 17.24 11.69 6.60
3/31/2016 18.94 12.05 7.57
4/30/2016 20.03 12.87 7.99
5/31/2016 21.62 13.18 8.01
6/30/2016 25.53 14.98 9.96
7/31/2016 26.32 15.05 10.65
8/31/2016 27.00 15.20 10.52
9/30/2016 28.09 14.63 10.46
10/31/2016 26.73 13.42 9.61
11/30/2016 20.91 9.19 7.02
12/31/2016 21.41 10.48 7.17
1/31/2017 23.25 11.20 7.38
2/28/2017 25.80 11.98 8.10
3/31/2017 29.93 12.22 8.05
4/30/2017 31.16 13.03 8.88
5/31/2017 32.93 14.83 9.72
6/30/2017 32.06 14.42 9.61
7/31/2017 32.20 15.34 10.08
8/31/2017 32.86 16.22 11.07
9/30/2017 31.40 15.63 10.54
10/31/2017 29.71 15.91 10.60
Date Dividends
11/27/2012 0.042
12/28/2012 0.0418
1/22/2013 0.0416
2/19/2013 0.0418
3/26/2013 0.042
4/23/2013 0.042
5/28/2013 0.0421
6/25/2013 0.0418
7/23/2013 0.0418
8/27/2013 0.0419
9/24/2013 0.0417
10/22/2013 0.0418
11/26/2013 0.0419
12/30/2013 0.0419
1/28/2014 0.0418
2/25/2014 0.0418
3/25/2014 0.0418
4/22/2014 0.0418
5/27/2014 0.042
6/24/2014 0.0418
7/22/2014 0.0418
8/26/2014 0.042
9/23/2014 0.0418
10/28/2014 0.042
11/25/2014 0.0418
12/31/2014 0.0421
1/27/2015 0.0398
2/24/2015 0.0398
3/24/2015 0.0398
4/21/2015 0.0398
5/26/2015 0.04
6/23/2015 0.0398
7/28/2015 0.04
8/25/2015 0.0398
9/22/2015 0.0398
10/27/2015 0.04
11/24/2015 0.0398
12/31/2015 0.0401
1/26/2016 0.0397
2/23/2016 0.0398
3/22/2016 0.0398
4/26/2016 0.04
5/24/2016 0.0398
6/21/2016 0.0398
7/26/2016 0.04
8/23/2016 0.0378
9/27/2016 0.0381
10/25/2016 0.0378
11/22/2016 0.0358
12/30/2016 0.0361
1/24/2017 0.0357
2/21/2017 0.0358
3/28/2017 0.036
4/25/2017 0.0363
5/23/2017 0.0364
6/27/2017 0.0367
7/25/2017 0.0344
8/22/2017 0.0344
9/26/2017 0.0347
10/24/2017 0.0343

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 11/16/2017

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.

Portfolio

Top Fixed Income Sectors

(102.9% of assets as of 10/31/2017)


Portfolio Holdings Breakdown

State 8
Credit Rating Allocation
Asset Allocation 8
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
California 15.2% 17.3% -2.1%
New York 10.5% 15.4% -4.9%
Ohio 9.5% 2.3% 7.1%
Texas 9.0% 9.5% -0.5%
Florida 8.2% 4.5% 3.7%
Puerto Rico 7.9% 0.5% 7.4%
Illinois 6.8% 4.4% 2.3%
Alabama 4.1% 0.8% 3.3%
Wisconsin 3.8% 1.2% 2.6%
New Jersey 3.7% 3.8% -0.1%
District of Columbia 2.6% 1.3% 1.3%
Michigan 2.6% 1.7% 0.9%
Colorado 2.5% 1.7% 0.8%
Pennsylvania 2.2% 3.7% -1.5%
Washington 1.8% 3.2% -1.4%
Indiana 1.7% 0.9% 0.8%
Arizona 1.2% 1.7% -0.5%
Connecticut 1.2% 1.6% -0.4%
Virginia 1.2% 1.8% -0.6%
Massachusetts 1.1% 4.0% -2.9%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Unrated 38.1% 0.2% 37.9%
AA 24.1% 12.5% 11.7%
B 12.6% - -
BBB 11.5% 1.2% 10.4%
A 6.3% 2.5% 3.8%
AAA 5.9% 2.4% 3.5%
CC 5.8% - -
BB 4.8% - -
CCC 2.4% - -
C 0.3% - -
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 111.7% 100.0% 11.7%
Corporates 0.1% - -
Analytics
(As of 10/31/2017)

Morningstar 10/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
146
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
2.61
0.86
Beta
1.19
1.55
Information Ratio
0.94
0.59
R-Squared
58.18
72.62
Sharpe Ratio
1.13
0.79
Standard Deviation
5.12
6.54
Sortino Ratio
0.50
0.33
Tracking Error
3.38
3.95
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
10/24/2017
Per Share ($)
$0.03
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.43
Lipper
1y
3y
5y
Percentile
5
1
3
Rank
7
1
3
Funds in Category
159
138
111
Peer Group
High Yield Municipal Debt Funds
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
10.08 yrs
5.96 yrs
Current Duration
7.40 yrs
6.70 yrs
Turnover Ratio
29.00%
-
Yields
Dividend Yield (w/o sales charge)
5.88%
Standardized Yield
4.13%
Team
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. 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. Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds’ historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of 11/30/16. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over 3, 5 or 10 years. Other share classes may have different performance and expense characteristics. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results. Licensee shall provide a conspicuous credit notice as follows: From Thomson Reuters Lipper Awards, © 2017 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. 
  4. 4. 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.
  5. 5. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  6. 6. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
  7. 7. Access index definitions.
  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. 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. 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.
  12. 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.
  13. C. 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.
  14. 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.
  15. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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