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ORNAX

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
October 1, 1993
Investment Style
National High Yield
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940308
NAV
  • B
(as of 04/20/2018)
$7.20
Total Assets
(as of 03/31/2018)
$5.65 BN
Gross Expense Ratio
(as of 03/29/2018)
1.13%
Net Expense Ratio
(as of 03/29/2018)
1.13%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 03/31/2018
  • C
as of 03/31/2018
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
3.10% 2.99% 6.24% 5.08% 4.44% 4.61%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
-1.80% -1.91% 4.53% 4.06% 3.94% 4.41%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (NAV)
3.10% 2.99% 6.24% 5.08% 4.44% 4.61%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® High Yield Municipal Fund (with sales charge)
-1.80% -1.91% 4.53% 4.06% 3.94% 4.41%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% -
Gross Expense Ratio: 1.13% | Net Expense Ratio: 0.95%

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%

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
3/31/2008 0.00 0.00 0.00
4/30/2008 1.25 1.17 -0.21
5/31/2008 2.25 1.78 -0.94
6/30/2008 -1.39 0.63 -1.02
7/31/2008 -3.86 1.02 -1.10
8/31/2008 -1.65 2.20 -0.16
9/30/2008 -12.37 -2.60 -1.50
10/31/2008 -30.47 -3.59 -3.83
11/30/2008 -32.73 -3.28 -0.70
12/31/2008 -42.11 -1.87 3.01
1/31/2009 -37.40 1.72 2.10
2/28/2009 -36.66 2.25 1.71
3/31/2009 -39.44 2.27 3.13
4/30/2009 -35.29 4.32 3.62
5/31/2009 -27.07 5.42 4.37
6/30/2009 -29.35 4.43 4.96
7/31/2009 -29.28 6.18 6.66
8/31/2009 -21.51 7.99 7.76
9/30/2009 -10.31 11.87 8.89
10/31/2009 -14.40 9.52 9.43
11/30/2009 -15.56 10.43 10.85
12/31/2009 -12.38 10.80 9.12
1/31/2010 -11.09 11.38 10.78
2/28/2010 -10.27 12.46 11.20
3/31/2010 -9.54 12.19 11.06
4/30/2010 -7.34 13.55 12.22
5/31/2010 -8.01 14.40 13.16
6/30/2010 -8.69 14.47 14.93
7/31/2010 -7.10 15.90 16.16
8/31/2010 -4.26 18.55 17.66
9/30/2010 -3.91 18.36 17.78
10/31/2010 -2.96 18.04 18.20
11/30/2010 -7.89 15.68 17.52
12/31/2010 -10.84 13.43 16.25
1/31/2011 -13.70 12.60 16.39
2/28/2011 -11.60 14.39 16.68
3/31/2011 -11.90 14.01 16.74
4/30/2011 -9.68 16.05 18.23
5/31/2011 -6.80 18.04 19.77
6/30/2011 -4.76 18.45 19.42
7/31/2011 -2.78 19.66 21.31
8/31/2011 -3.08 21.70 23.09
9/30/2011 -1.05 22.96 23.98
10/31/2011 -2.23 22.50 24.11
11/30/2011 -3.35 23.23 24.01
12/31/2011 -0.40 25.57 25.37
1/31/2012 4.15 28.48 26.47
2/29/2012 5.65 28.60 26.44
3/31/2012 6.39 27.77 25.75
4/30/2012 8.38 29.24 27.14
5/31/2012 10.07 30.31 28.29
6/30/2012 10.35 30.17 28.34
7/31/2012 13.39 32.24 30.11
8/31/2012 14.02 32.39 30.20
9/30/2012 15.08 33.19 30.38
10/31/2012 16.50 33.56 30.63
11/30/2012 19.85 35.76 30.84
12/31/2012 18.38 34.09 30.65
1/31/2013 20.30 34.64 29.74
2/28/2013 20.59 35.05 30.39
3/31/2013 20.72 34.47 30.49
4/30/2013 22.48 35.94 31.82
5/31/2013 22.32 34.28 29.46
6/30/2013 14.24 30.48 27.46
7/31/2013 10.92 29.34 27.64
8/31/2013 6.56 27.49 26.98
9/30/2013 9.99 30.24 28.18
10/31/2013 11.35 31.27 29.22
11/30/2013 10.96 31.00 28.74
12/31/2013 9.89 30.66 28.01
1/31/2014 13.85 33.21 29.90
2/28/2014 17.22 34.77 30.59
3/31/2014 17.93 35.00 30.37
4/30/2014 19.49 36.62 31.47
5/31/2014 22.71 38.38 32.97
6/30/2014 21.38 38.50 33.04
7/31/2014 21.60 38.74 32.70
8/31/2014 25.06 40.42 34.17
9/30/2014 25.41 40.56 33.26
10/31/2014 25.41 41.53 34.57
11/30/2014 26.81 41.77 35.52
12/31/2014 27.62 42.49 35.65
1/31/2015 30.58 45.01 38.49
2/28/2015 29.30 43.52 37.19
3/31/2015 28.97 43.93 37.83
4/30/2015 28.77 43.18 37.33
5/31/2015 29.80 42.78 37.00
6/30/2015 26.48 42.65 35.51
7/31/2015 27.18 43.68 36.45
8/31/2015 27.75 43.97 36.25
9/30/2015 30.17 45.01 37.17
10/31/2015 31.98 45.59 37.20
11/30/2015 32.52 46.16 36.83
12/31/2015 33.70 47.19 36.39
1/31/2016 34.58 48.95 38.27
2/29/2016 35.74 49.18 39.25
3/31/2016 37.69 49.65 40.53
4/30/2016 38.94 50.76 41.07
5/31/2016 40.75 51.16 41.10
6/30/2016 45.25 53.57 43.64
7/31/2016 46.15 53.66 44.55
8/31/2016 46.92 53.87 44.38
9/30/2016 47.97 53.10 44.30
10/31/2016 46.58 51.49 43.19
11/30/2016 39.63 45.84 39.81
12/31/2016 40.39 47.56 40.00
1/31/2017 42.50 48.53 40.28
2/28/2017 45.43 49.56 41.22
3/31/2017 50.18 49.89 41.15
4/30/2017 51.36 50.97 42.24
5/31/2017 53.57 53.37 43.33
6/30/2017 52.54 52.82 43.19
7/31/2017 52.67 54.06 43.80
8/31/2017 53.19 55.23 45.09
9/30/2017 51.69 54.44 44.40
10/31/2017 49.70 54.82 44.49
11/30/2017 48.22 53.99 44.30
12/31/2017 50.01 55.60 44.96
1/31/2018 50.43 53.76 43.29
2/28/2018 51.04 53.31 41.93
3/29/2018 54.66
Date Dividends
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
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

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 04/20/2018

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

(103.5% of assets as of 03/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 112.2% 100.0% 12.2%
Corporates 0.1% - -
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
California 15.2% 17.2% -2.0%
New York 12.4% 15.5% -3.0%
Puerto Rico 9.6% 0.3% 9.3%
Ohio 7.8% 2.4% 5.4%
Texas 7.0% 9.3% -2.3%
Florida 6.9% 4.5% 2.4%
Illinois 4.7% 4.6% 0.2%
Alabama 4.0% 0.8% 3.2%
Wisconsin 3.8% 1.4% 2.4%
New Jersey 3.4% 3.7% -0.4%
District of Columbia 2.7% 1.3% 1.4%
Michigan 2.6% 1.7% 0.9%
Colorado 2.2% 1.7% 0.5%
Pennsylvania 2.2% 3.9% -1.7%
Washington 2.0% 3.1% -1.1%
Indiana 1.7% 0.9% 0.8%
Arizona 1.5% 1.7% -0.2%
Massachusetts 1.3% 4.0% -2.8%
South Carolina 1.2% 1.0% 0.2%
Connecticut 1.2% 1.5% -0.4%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 6.9% 21.9% -15.0%
AA 25.8% 55.1% -29.3%
A 8.3% 18.0% -9.7%
BBB 9.4% 5.0% 4.4%
BB 5.2% - -
B 10.7% - -
CCC 1.8% - -
CC 7.8% - -
C 0.3% - -
Unrated 36.0% 0.0% 36.0%
Analytics
(As of 03/31/2018)

Morningstar 03/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
146
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
3.68
1.22
Beta
1.14
1.49
Information Ratio
1.11
0.58
R-Squared
52.30
68.37
Sharpe Ratio
1.10
0.74
Standard Deviation
5.14
6.48
Sortino Ratio
0.47
0.30
Tracking Error
3.58
4.05
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
3/27/2018
Per Share ($)
$0.0300
12-Month Distribution ($)
$0.3900
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.85 yrs
5.98 yrs
Current Duration
7.30 yrs
6.30 yrs
Turnover Ratio
29.00%
-
Yields
Dividend Yield (with sales charge)
4.81%
Dividend Yield (w/o sales charge)
5.05%
Standardized Yield
3.52%
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Interest Income 12/31/2017
Exposed to AMT
6.91%
Team
Tools
Morningstar logo 95x28 trans
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. 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. 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.
  7. 7. 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.
  8. 8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. 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. The funds may also invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rican bonds and the performance of the Rochester municipal funds that hold them.The views represented herein are the opinions of the Portfolio Managers at Macquarie Capital Investment Management LLC and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the date indicated, and are subject to change based on subsequent developments.Funds returns may not match the return of its respective index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternate weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because the Funds are rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on Fund performanceOn April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.On April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.

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