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ORNAX

Rochester® High Yield Municipal Fund

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Overview

The strategy typically seeks high-yield as well as investment-grade municipal bonds the income of which is exempt from federal personal income taxes.

Inception Date
October 1, 1993
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940308
NAV
  • C
(as of 02/15/2019)
$7.34
Total Assets
(as of 01/31/2019)
$6.13 BN
Gross Expense Ratio
(as of 01/31/2019)
1.04%
Net Expense Ratio
(as of 01/31/2019)
0.96%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 01/31/2019
  • D
as of 12/31/2018
  • D

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • D
Cumulative
Annualized
ytd as of 2018-12-31
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
9.14% 9.14% 6.99% 8.30% 10.96% 4.71%
Bloomberg Barclays Municipal Index
1.28% 1.28% 2.30% 3.82% 4.85% -
Cumulative
Annualized
ytd as of 2018-12-31
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
3.96% 3.96% 5.26% 7.25% 10.42% 4.51%
Bloomberg Barclays Municipal Index
1.28% 1.28% 2.30% 3.82% 4.85% -
Cumulative
Annualized
ytd as of 2019-01-31
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
0.51% 9.40% 6.93% 7.65% 10.15% 4.71%
Bloomberg Barclays Municipal Index
0.76% 3.26% 2.15% 3.57% 4.55% -
Cumulative
Annualized
ytd as of 2019-01-31
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
-4.26% 4.20% 5.21% 6.60% 9.61% 4.51%
Bloomberg Barclays Municipal Index
0.76% 3.26% 2.15% 3.57% 4.55% -
Gross Expense Ratio: 1.04% | Net Expense Ratio: 0.96%

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
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%
2017 6.85% 5.45%
2018 9.14% 1.28%

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
1/31/2009 0.00 0.00 0.00
2/28/2009 1.37 0.52 -0.38
3/31/2009 -3.07 0.54 1.01
4/30/2009 3.58 2.55 1.49
5/31/2009 16.72 3.64 2.23
6/30/2009 13.08 2.67 2.81
7/31/2009 13.18 4.38 4.47
8/31/2009 25.63 6.17 5.55
9/30/2009 43.55 9.98 6.66
10/31/2009 37.00 7.67 7.18
11/30/2009 35.15 8.56 8.57
12/31/2009 40.24 8.93 6.87
1/31/2010 42.30 9.49 8.51
2/28/2010 43.62 10.56 8.91
3/31/2010 44.79 10.29 8.78
4/30/2010 48.30 11.63 9.91
5/31/2010 47.23 12.47 10.83
6/30/2010 46.14 12.53 12.57
7/31/2010 48.69 13.94 13.77
8/31/2010 53.24 16.55 15.24
9/30/2010 53.79 16.36 15.36
10/31/2010 55.31 16.04 15.77
11/30/2010 47.43 13.72 15.11
12/31/2010 42.70 11.52 13.87
1/31/2011 38.13 10.70 14.00
2/28/2011 41.49 12.46 14.28
3/31/2011 41.00 12.08 14.35
4/30/2011 44.56 14.09 15.80
5/31/2011 49.17 16.04 17.31
6/30/2011 52.42 16.45 16.97
7/31/2011 55.60 17.63 18.82
8/31/2011 55.12 19.65 20.56
9/30/2011 58.37 20.88 21.43
10/31/2011 56.48 20.43 21.56
11/30/2011 54.69 21.15 21.46
12/31/2011 59.40 23.45 22.79
1/31/2012 66.70 26.30 23.87
2/29/2012 69.09 26.43 23.84
3/31/2012 70.28 25.61 23.16
4/30/2012 73.46 27.06 24.53
5/31/2012 76.17 28.11 25.66
6/30/2012 76.61 27.97 25.71
7/31/2012 81.49 30.00 27.44
8/31/2012 82.49 30.15 27.52
9/30/2012 84.19 30.94 27.70
10/31/2012 86.46 31.31 27.95
11/30/2012 91.81 33.47 28.15
12/31/2012 89.47 31.82 27.97
1/31/2013 92.55 32.37 27.07
2/28/2013 93.01 32.77 27.71
3/31/2013 93.21 32.20 27.81
4/30/2013 96.03 33.65 29.11
5/31/2013 95.77 32.01 26.80
6/30/2013 82.84 28.28 24.84
7/31/2013 77.52 27.15 25.01
8/31/2013 70.56 25.34 24.37
9/30/2013 76.04 28.04 25.55
10/31/2013 78.21 29.05 26.57
11/30/2013 77.59 28.78 26.09
12/31/2013 75.87 28.45 25.38
1/31/2014 82.21 30.96 27.23
2/28/2014 87.61 32.49 27.91
3/31/2014 88.75 32.71 27.69
4/30/2014 91.25 34.31 28.77
5/31/2014 96.40 36.04 30.23
6/30/2014 94.26 36.16 30.30
7/31/2014 94.62 36.40 29.97
8/31/2014 100.16 38.05 31.41
9/30/2014 100.72 38.19 30.52
10/31/2014 100.72 39.14 31.80
11/30/2014 102.97 39.38 32.74
12/31/2014 104.25 40.08 32.86
1/31/2015 108.99 42.56 35.65
2/28/2015 106.95 41.09 34.37
3/31/2015 106.42 41.50 34.99
4/30/2015 106.10 40.76 34.51
5/31/2015 107.74 40.37 34.19
6/30/2015 102.43 40.24 32.72
7/31/2015 103.56 41.26 33.65
8/31/2015 104.46 41.53 33.45
9/30/2015 108.33 42.56 34.36
10/31/2015 111.24 43.13 34.38
11/30/2015 112.09 43.69 34.02
12/31/2015 113.99 44.70 33.59
1/31/2016 115.40 46.43 35.43
2/29/2016 117.25 46.66 36.39
3/31/2016 120.37 47.13 37.64
4/30/2016 122.37 48.21 38.17
5/31/2016 125.28 48.61 38.20
6/30/2016 132.48 50.97 40.69
7/31/2016 133.91 51.06 41.58
8/31/2016 135.15 51.27 41.42
9/30/2016 136.82 50.51 41.33
10/31/2016 134.60 48.93 40.25
11/30/2016 123.48 43.38 36.93
12/31/2016 124.70 45.06 37.13
1/31/2017 128.07 46.02 37.40
2/28/2017 132.75 47.03 38.32
3/31/2017 140.36 47.35 38.25
4/30/2017 142.25 48.42 39.31
5/31/2017 145.80 50.78 40.39
6/30/2017 144.14 50.24 40.25
7/31/2017 144.35 51.45 40.85
8/31/2017 145.18 52.60 42.11
9/30/2017 142.78 51.83 41.44
10/31/2017 139.60 52.20 41.52
11/30/2017 137.22 51.38 41.34
12/31/2017 140.09 52.97 41.98
1/31/2018 140.76 51.17 40.35
2/28/2018 141.74 50.71 39.02
3/31/2018 147.54 51.27 39.91
4/30/2018 151.79 50.73 38.87
5/31/2018 155.69 52.46 39.86
6/30/2018 159.43 52.59 39.69
7/31/2018 159.85 52.96 39.72
8/31/2018 165.40 53.35 40.62
9/30/2018 163.94 52.36 39.72
10/31/2018 159.61 51.42 38.61
11/30/2018 160.08 53.09 39.44
12/31/2018 162.04 54.93 42.00
1/31/2019 163.38 56.10 43.51
Date Dividends
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
10/24/2017 0.033
11/21/2017 0.031
12/29/2017 0.031
1/23/2018 0.031
2/20/2018 0.03
3/27/2018 0.03
4/24/2018 0.03
5/22/2018 0.03
6/26/2018 0.03
7/24/2018 0.03
8/28/2018 0.03
9/25/2018 0.027
10/23/2018 0.027
11/27/2018 0.027
12/31/2018 0.027
1/22/2019 0.028

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 02/15/2019

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

(107.6% of assets as of 01/31/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 115.6% 100.0% 15.6%
Corporates 0.1% - -
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
New York 13.6% 15.5% -1.9%
California 13.1% 16.9% -3.8%
Puerto Rico 11.7% 0.3% 11.4%
Texas 8.8% 9.5% -0.7%
Ohio 7.9% 2.4% 5.5%
Florida 6.6% 4.4% 2.2%
Illinois 5.2% 4.8% 0.4%
Alabama 5.0% 0.9% 4.1%
Colorado 4.0% 2.0% 2.0%
Wisconsin 3.2% 1.4% 1.7%
District of Columbia 3.2% 1.2% 2.0%
Pennsylvania 2.8% 3.9% -1.1%
Michigan 2.6% 1.7% 0.9%
Indiana 2.3% 0.8% 1.5%
Arizona 2.0% 1.7% 0.4%
New Jersey 1.9% 3.7% -1.8%
Washington 1.3% 3.2% -1.9%
South Carolina 1.2% 1.0% 0.1%
Georgia 1.2% 2.0% -0.8%
Maryland 1.1% 2.2% -1.1%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 8.6% 19.4% -10.8%
AA 29.6% 56.3% -26.7%
A 7.6% 18.1% -10.5%
BBB 11.3% 4.9% 6.4%
BB 5.8% - -
B 6.8% - -
CCC 1.7% 0.0% 1.7%
CC 7.5% - -
C 0.3% - -
Unrated 36.4% 1.2% 35.3%
Analytics
(As of 01/31/2019)

Morningstar 01/31/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
154
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
4.56
3.52
Beta
1.09
1.15
Information Ratio
1.33
1.18
R-Squared
51.12
50.41
Sharpe Ratio
1.11
1.40
Standard Deviation
5.11
4.83
Sortino Ratio
1.73
2.37
Tracking Error
3.60
3.44
Yields
Dividend Yield (with sales charge)
4.41%
Dividend Yield (w/o sales charge)
4.63%
Standardized Yield
3.41%
Unsubsidized Yield
3.40%
Taxable Equivalent Yield
5.76%
Interest Income 12/31/2017
Exposed to AMT
6.91%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
11.22 yrs
6.11 yrs
Current Duration
8.70 yrs
6.40 yrs
Turnover Ratio
34%
-
Dividends
  • F
Est. Frequency
Monthly
Last Pay Date
1/22/2019
Per Share ($)
$0.0280
12-Month Distribution ($)
$0.3460
Distribution Sources
  • F
Net Income
62.20%
Net Profit from Sale
0.00%
Other Capital Sources
37.80%
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. 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 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. 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.
  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. 10. 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.
  11. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  12. B. 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. &nbsp;Therefore, performance before October 1, 2001, is not indicative of performance for any subsequent period.
  13. C. 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.
  14. D. 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.
  15. E. "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.
  16. F. There is no guarantee of the payment of any dividend or other distributions at any level.
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