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Rochester® Short Duration High Yield Municipal Fund

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Overview

The Strategy typically invests in short-maturity investment-grade and below investment-grade municipal bonds of issuers across the United States.

Inception Date
November 11, 1986
Investment Style
National High Yield
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
683957104
NAV
  • A
(as of 05/22/2018)
$4.22
Total Assets
(as of 04/30/2018)
$1.09 BN
Gross Expense Ratio
(as of 04/30/2018)
0.97%
Net Expense Ratio
(as of 04/30/2018)
0.97%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 04/30/2018
  • B
as of 03/31/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
4.22% -1.78% -0.41% 0.16% 2.57% 4.97%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.57% 0.65% 1.27% 1.54% 3.28% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (with sales charge)
1.87% -3.99% -1.17% -0.29% 2.34% 4.89%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.57% 0.65% 1.27% 1.54% 3.28% -
Cumulative
Annualized
ytd as of 2018-04-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
6.04% -0.40% 0.19% 0.34% 2.72% 5.02%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.95% -0.43% 1.17% 1.37% 3.25% -
Cumulative
Annualized
ytd as of 2018-04-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Short Duration High Yield Municipal Fund (with sales charge)
3.65% -2.64% -0.57% -0.12% 2.48% 4.94%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.95% -0.43% 1.17% 1.37% 3.25% -
Gross Expense Ratio: 0.97% | Net Expense Ratio: 0.94%

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 2.25% maximum sales charge as indicated.


Year Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
1987 -0.53% -
1988 12.71% -
1989 11.23% -
1990 6.11% -
1991 11.87% -
1992 9.32% 7.62%
1993 9.91% 8.73%
1994 -4.36% -1.28%
1995 13.40% 11.65%
1996 5.06% 4.22%
1997 9.02% 6.38%
1998 6.15% 5.84%
1999 -3.44% 0.73%
2000 7.14% 7.72%
2001 3.69% 6.21%
2002 7.83% 9.27%
2003 8.05% 4.13%
2004 7.30% 2.72%
2005 6.95% 0.95%
2006 5.46% 3.34%
2007 0.34% 5.15%
2008 -14.43% 5.78%
2009 21.42% 7.40%
2010 3.70% 3.40%
2011 8.52% 6.93%
2012 7.47% 2.96%
2013 -4.39% 0.81%
2014 7.20% 3.19%
2015 -1.72% 2.43%
2016 3.02% -0.39%
2017 -6.11% 3.14%

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 2.25% maximum sales charge as indicated.


Date Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
4/30/2008 0.00 0.00 0.00
5/31/2008 0.26 0.31 -0.73
6/30/2008 -0.21 -0.72 -0.81
7/31/2008 -0.82 0.68 -0.89
8/31/2008 0.17 2.04 0.05
9/30/2008 -3.86 -0.06 -1.30
10/31/2008 -9.46 -0.05 -3.63
11/30/2008 -10.66 2.08 -0.49
12/31/2008 -13.75 3.87 3.22
1/31/2009 -9.13 7.03 2.31
2/28/2009 -8.11 5.67 1.93
3/31/2009 -7.74 6.14 3.34
4/30/2009 -5.09 7.26 3.84
5/31/2009 -1.62 7.19 4.59
6/30/2009 -2.39 6.94 5.18
7/31/2009 -1.20 8.94 6.88
8/31/2009 1.30 9.14 7.99
9/30/2009 4.45 10.95 9.12
10/31/2009 3.49 9.64 9.66
11/30/2009 3.70 11.60 11.08
12/31/2009 4.72 11.56 9.34
1/31/2010 5.75 12.24 11.01
2/28/2010 6.42 13.34 11.43
3/31/2010 6.82 12.41 11.29
4/30/2010 7.76 13.17 12.45
5/31/2010 8.00 13.95 13.40
6/30/2010 7.87 14.30 15.17
7/31/2010 8.75 16.02 16.40
8/31/2010 10.28 17.57 17.90
9/30/2010 10.82 17.19 18.03
10/31/2010 11.17 17.22 18.45
11/30/2010 9.82 16.53 17.77
12/31/2010 8.60 15.35 16.50
1/31/2011 7.49 14.97 16.63
2/28/2011 8.57 15.71 16.92
3/31/2011 8.83 16.06 16.99
4/30/2011 10.04 17.54 18.47
5/31/2011 11.40 18.96 20.02
6/30/2011 12.90 19.23 19.67
7/31/2011 13.97 20.33 21.57
8/31/2011 14.08 21.81 23.34
9/30/2011 15.25 21.58 24.24
10/31/2011 15.66 20.78 24.37
11/30/2011 16.20 21.74 24.27
12/31/2011 17.85 23.35 25.63
1/31/2012 20.29 24.62 26.73
2/29/2012 20.82 25.17 26.71
3/31/2012 20.68 24.07 26.01
4/30/2012 21.81 25.05 27.41
5/31/2012 22.77 25.59 28.56
6/30/2012 23.00 25.57 28.61
7/31/2012 24.68 26.52 30.39
8/31/2012 25.04 26.59 30.47
9/30/2012 25.71 27.27 30.65
10/31/2012 26.22 27.33 30.91
11/30/2012 28.09 27.83 31.11
12/31/2012 26.66 27.00 30.93
1/31/2013 27.41 27.61 30.01
2/28/2013 27.93 28.10 30.66
3/31/2013 27.60 28.07 30.77
4/30/2013 28.67 28.66 32.09
5/31/2013 27.94 27.90 29.73
6/30/2013 24.50 25.87 27.73
7/31/2013 23.45 26.65 27.90
8/31/2013 20.66 25.76 27.25
9/30/2013 21.74 26.97 28.45
10/31/2013 22.41 28.32 29.49
11/30/2013 22.15 28.24 29.01
12/31/2013 21.10 28.04 28.28
1/31/2014 22.88 29.39 30.17
2/28/2014 25.21 30.42 30.87
3/31/2014 25.55 29.31 30.64
4/30/2014 25.88 30.04 31.75
5/31/2014 27.60 30.90 33.24
6/30/2014 26.89 30.97 33.31
7/31/2014 25.74 31.14 32.98
8/31/2014 28.02 32.07 34.45
9/30/2014 28.53 32.00 33.53
10/31/2014 28.68 32.46 34.85
11/30/2014 29.09 32.55 35.80
12/31/2014 29.83 32.12 35.93
1/31/2015 31.25 34.12 38.78
2/28/2015 30.68 33.22 37.48
3/31/2015 30.24 33.12 38.11
4/30/2015 30.13 32.98 37.62
5/31/2015 30.17 32.53 37.29
6/30/2015 27.02 32.90 35.79
7/31/2015 24.59 33.60 36.73
8/31/2015 25.32 33.63 36.54
9/30/2015 27.18 34.45 37.46
10/31/2015 28.42 35.20 37.48
11/30/2015 28.56 35.07 37.12
12/31/2015 28.35 35.33 36.68
1/31/2016 28.28 36.89 38.56
2/29/2016 29.58 37.41 39.54
3/31/2016 29.46 36.88 40.82
4/30/2016 29.55 37.55 41.36
5/31/2016 30.03 37.27 41.40
6/30/2016 32.50 38.47 43.94
7/31/2016 33.19 39.00 44.85
8/31/2016 33.32 38.99 44.68
9/30/2016 33.98 38.45 44.60
10/31/2016 33.84 37.83 43.49
11/30/2016 32.49 34.14 40.10
12/31/2016 32.22 34.80 40.30
1/31/2017 33.04 36.21 40.57
2/28/2017 34.03 37.33 41.52
3/31/2017 31.73 37.36 41.44
4/30/2017 32.17 38.31 42.53
5/31/2017 31.12 39.68 43.63
6/30/2017 30.28 39.08 43.49
7/31/2017 30.45 40.11 44.10
8/31/2017 30.88 41.00 45.40
9/30/2017 28.81 40.02 44.70
10/31/2017 25.59 39.98 44.79
11/30/2017 23.84 38.40 44.60
12/31/2017 24.15 39.04 45.27
1/31/2018 25.89 38.71 43.59
2/28/2018 26.88 38.30 42.23
3/31/2018 29.38 38.25 43.14
4/30/2018 31.64 37.72 42.08
Date Dividends
5/27/2008 0.058
6/24/2008 0.058
7/22/2008 0.058
8/26/2008 0.058
9/23/2008 0.058
10/28/2008 0.058
11/25/2008 0.058
12/30/2008 0.058
1/27/2009 0.058
2/24/2009 0.058
3/24/2009 0.058
4/21/2009 0.058
5/26/2009 0.059
6/23/2009 0.059
7/28/2009 0.059
8/25/2009 0.059
9/22/2009 0.059
10/27/2009 0.059
11/24/2009 0.061
12/30/2009 0.061
1/26/2010 0.061
2/23/2010 0.061
3/23/2010 0.061
4/27/2010 0.061
5/25/2010 0.061
6/22/2010 0.061
7/27/2010 0.061
8/24/2010 0.061
9/21/2010 0.061
10/26/2010 0.061
11/23/2010 0.061
12/30/2010 0.061
1/25/2011 0.061
2/22/2011 0.061
3/22/2011 0.061
4/26/2011 0.061
5/24/2011 0.061
6/21/2011 0.061
7/26/2011 0.061
8/23/2011 0.061
9/27/2011 0.061
10/25/2011 0.061
11/22/2011 0.058
12/29/2011 0.058
1/24/2012 0.058
2/21/2012 0.058
3/27/2012 0.056
4/24/2012 0.056
5/22/2012 0.056
6/26/2012 0.053
7/24/2012 0.053
8/28/2012 0.053
9/25/2012 0.053
10/23/2012 0.049
11/27/2012 0.049
12/28/2012 0.045
1/22/2013 0.045
2/19/2013 0.045
3/26/2013 0.045
4/23/2013 0.045
5/28/2013 0.045
6/25/2013 0.045
7/23/2013 0.045
8/27/2013 0.045
9/24/2013 0.0455
10/22/2013 0.0455
11/26/2013 0.0455
12/30/2013 0.0455
1/28/2014 0.0455
2/25/2014 0.047
3/25/2014 0.047
4/22/2014 0.047
5/27/2014 0.047
6/24/2014 0.048
7/22/2014 0.048
8/26/2014 0.048
9/23/2014 0.048
10/28/2014 0.048
11/25/2014 0.048
12/31/2014 0.048
1/27/2015 0.048
2/24/2015 0.048
3/24/2015 0.048
4/21/2015 0.048
5/26/2015 0.048
6/23/2015 0.048
7/28/2015 0.048
8/25/2015 0.0423
9/22/2015 0.016
10/27/2015 0.015
11/24/2015 0.015
12/31/2015 0.015
1/26/2016 0.015
2/23/2016 0.015
3/22/2016 0.015
4/26/2016 0.015
5/24/2016 0.015
6/21/2016 0.015
7/26/2016 0.015
8/23/2016 0.014
9/27/2016 0.014
10/25/2016 0.014
11/22/2016 0.014
12/30/2016 0.014
1/24/2017 0.014
2/21/2017 0.014
3/28/2017 0.014
4/25/2017 0.014
5/23/2017 0.014
6/27/2017 0.014
7/25/2017 0.014
8/22/2017 0.014
9/26/2017 0.013
10/24/2017 0.013
11/21/2017 0.013
12/29/2017 0.013
1/23/2018 0.013
2/20/2018 0.013
3/27/2018 0.012
4/24/2018 0.012
5/22/2018 0.012

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 2.25% maximum sales charge as indicated.

$ per share as of 05/21/2018

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

(107.9% of assets as of 04/30/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 110.8% 100.0% 10.8%
State Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Puerto Rico 19.1% 0.3% 18.8%
Illinois 16.9% 4.5% 12.3%
California 12.5% 15.5% -2.9%
District of Columbia 6.5% 1.0% 5.6%
New Jersey 5.8% 4.6% 1.2%
Multistate Authority 5.5% 0.2% 5.2%
Florida 4.4% 4.3% 0.1%
Ohio 3.5% 3.0% 0.4%
Nevada 2.4% 0.9% 1.5%
Georgia 2.1% 2.6% -0.5%
Massachusetts 2.0% 4.1% -2.2%
Pennsylvania 2.0% 3.4% -1.3%
New York 2.0% 14.1% -12.1%
Texas 1.9% 7.7% -5.7%
Louisiana 1.6% 1.0% 0.6%
Mississippi 1.5% 0.4% 1.1%
Indiana 1.4% 0.8% 0.7%
Arizona 1.4% 2.0% -0.6%
Wisconsin 1.2% 1.9% -0.8%
Hawaii 1.1% 1.1% 0.0%
Credit Rating Allocation Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AAA 1.6% 25.7% -24.2%
AA 31.0% 54.8% -23.8%
A 20.7% 15.7% 5.0%
BBB 27.3% 3.8% 23.5%
BB 5.6% - -
B 0.3% - -
CCC 1.8% - -
CC 10.9% - -
C 0.4% - -
D 0.1% - -
Unrated 11.0% - -
Analytics
(As of 04/30/2018)

Morningstar 04/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
146
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
-0.57
-0.66
Beta
0.38
0.69
Information Ratio
-0.24
-0.29
R-Squared
6.18
19.76
Sharpe Ratio
-0.09
0.01
Standard Deviation
3.91
3.88
Sortino Ratio
-0.03
0.00
Tracking Error
4.07
3.55
Dividends
  • D
12-Month Distribution ($)
$0.1580
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
2.92 yrs
4.42 yrs
Current Duration
2.50 yrs
4.00 yrs
Turnover Ratio
26.00%
-
Yields
Dividend Yield (with sales charge)
3.33%
Dividend Yield (w/o sales charge)
3.40%
Standardized Yield
1.04%
Distribution Sources
  • D
Interest Income 12/31/2017
Exposed to AMT
14.28%
Team
Tools
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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. Prior to June 1, 2017, the Fund's name was Oppenheimer Rochester Limited Term Municipal Fund.
  3. 3. 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. Below-investment-grade (“high yield” or "junk") bonds 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. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. 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.
  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. Access index definitions.
  7. 7. 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.
  8. 8. 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.
  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. 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. B. 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 2.25% maximum sales charge as indicated.
  13. 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.
  14. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  15. 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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