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OPIYX

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
January 31, 2011
Investment Style
National High Yield
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
683957708
NAV
  • A
(as of 06/19/2018)
$4.30
Total Assets
(as of 05/31/2018)
$1.08 BN
Gross Expense Ratio
(as of 05/31/2018)
0.72%
Net Expense Ratio
(as of 05/31/2018)
0.72%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 05/31/2018
  • B
as of 03/31/2018
  • B

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
4.28% 4.28% -1.54% -0.17% 0.41% 2.79%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.57% -0.57% 0.65% 1.27% 1.54% -
Cumulative
Annualized
3 mo ytd as of 2018-05-31
  • C
1 yr 3 yr 5 yr since inception
Rochester® Short Duration High Yield Municipal Fund (NAV)
4.37% 6.71% 1.42% 0.60% 0.82% 3.05%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
0.56% 0.03% -0.43% 1.62% 1.69% -
Gross Expense Ratio: 0.72% | Net Expense Ratio: 0.69%

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® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
2012 7.82% 2.96%
2013 -4.15% 0.81%
2014 7.47% 3.19%
2015 -1.47% 2.43%
2016 3.28% -0.39%
2017 -5.87% 3.14%

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® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
5/31/2013 0.00 0.00 0.00
6/30/2013 -2.55 -1.59 -1.55
7/31/2013 -3.42 -0.98 -1.41
8/31/2013 -5.51 -1.68 -1.92
9/30/2013 -4.65 -0.73 -0.99
10/31/2013 -4.17 0.32 -0.19
11/30/2013 -4.28 0.26 -0.56
12/31/2013 -5.09 0.10 -1.12
1/31/2014 -3.74 1.16 0.34
2/28/2014 -1.90 1.97 0.87
3/31/2014 -1.61 1.10 0.70
4/30/2014 -1.26 1.67 1.55
5/31/2014 0.11 2.34 2.71
6/30/2014 -0.50 2.40 2.76
7/31/2014 -1.31 2.53 2.50
8/31/2014 0.50 3.26 3.63
9/30/2014 0.92 3.20 2.93
10/31/2014 1.06 3.56 3.94
11/30/2014 1.41 3.63 4.68
12/31/2014 2.01 3.30 4.78
1/31/2015 3.14 4.86 6.97
2/28/2015 2.72 4.15 5.97
3/31/2015 2.39 4.08 6.46
4/30/2015 2.26 3.97 6.08
5/31/2015 2.38 3.62 5.82
6/30/2015 -0.15 3.91 4.67
7/31/2015 -1.96 4.45 5.40
8/31/2015 -1.34 4.48 5.24
9/30/2015 0.14 5.12 5.96
10/31/2015 1.14 5.71 5.97
11/30/2015 1.27 5.60 5.69
12/31/2015 1.12 5.81 5.35
1/31/2016 1.09 7.02 6.80
2/29/2016 2.14 7.43 7.56
3/31/2016 2.06 7.02 8.55
4/30/2016 2.16 7.55 8.96
5/31/2016 2.56 7.32 8.99
6/30/2016 4.30 8.26 10.95
7/31/2016 5.09 8.67 11.65
8/31/2016 5.22 8.67 11.52
9/30/2016 5.75 8.24 11.46
10/31/2016 5.67 7.76 10.61
11/30/2016 4.62 4.87 7.99
12/31/2016 4.44 5.39 8.14
1/31/2017 5.10 6.50 8.35
2/28/2017 5.67 7.37 9.08
3/31/2017 4.11 7.39 9.02
4/30/2017 4.24 8.14 9.87
5/31/2017 3.43 9.21 10.71
6/30/2017 3.03 8.74 10.60
7/31/2017 3.18 9.54 11.08
8/31/2017 3.55 10.24 12.07
9/30/2017 1.92 9.47 11.54
10/31/2017 -0.60 9.44 11.60
11/30/2017 -1.96 8.21 11.46
12/31/2017 -1.70 8.70 11.97
1/31/2018 -0.54 8.45 10.68
2/28/2018 0.50 8.13 9.63
3/31/2018 2.51 8.09 10.34
4/30/2018 4.32 7.67 9.52
5/31/2018 4.90 8.74 10.30
Date Dividends
6/25/2013 0.048
7/23/2013 0.0479
8/27/2013 0.0484
9/24/2013 0.0481
10/22/2013 0.0482
11/26/2013 0.0489
12/30/2013 0.0489
1/28/2014 0.0481
2/25/2014 0.0496
3/25/2014 0.0497
4/22/2014 0.0497
5/27/2014 0.0506
6/24/2014 0.0508
7/22/2014 0.0507
8/26/2014 0.0515
9/23/2014 0.0508
10/28/2014 0.0514
11/25/2014 0.0507
12/31/2014 0.0515
1/27/2015 0.0506
2/24/2015 0.0507
3/24/2015 0.0507
4/21/2015 0.0507
5/26/2015 0.0514
6/23/2015 0.0507
7/28/2015 0.0513
8/25/2015 0.0445
9/22/2015 0.0168
10/27/2015 0.0161
11/24/2015 0.0159
12/31/2015 0.0161
1/26/2016 0.0158
2/23/2016 0.0159
3/22/2016 0.0159
4/26/2016 0.0161
5/24/2016 0.0158
6/21/2016 0.0158
7/26/2016 0.0161
8/23/2016 0.0149
9/27/2016 0.0151
10/25/2016 0.0149
11/22/2016 0.0149
12/30/2016 0.0152
1/24/2017 0.0147
2/21/2017 0.0148
3/28/2017 0.0151
4/25/2017 0.0148
5/23/2017 0.0148
6/27/2017 0.015
7/25/2017 0.0148
8/22/2017 0.0148
9/26/2017 0.014
10/24/2017 0.0138
11/21/2017 0.0138
12/29/2017 0.0141
1/23/2018 0.0136
2/20/2018 0.0138
3/27/2018 0.013
4/24/2018 0.0128
5/22/2018 0.0128

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 06/19/2018

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

(107.3% of assets as of 05/31/2018)


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 110.0% 100.0% 10.0%
State Rochester® Short Duration High Yield Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Puerto Rico 18.5% 0.2% 18.2%
Illinois 16.5% 4.5% 12.0%
California 10.5% 15.2% -4.7%
District of Columbia 6.3% 0.9% 5.3%
New Jersey 5.9% 4.4% 1.5%
Multistate Authority 5.5% 0.2% 5.3%
Florida 4.8% 4.2% 0.5%
Georgia 2.9% 3.0% -0.2%
Pennsylvania 2.5% 3.4% -0.8%
Massachusetts 2.5% 4.1% -1.5%
Nevada 2.4% 0.9% 1.5%
Ohio 2.0% 3.1% -1.1%
New York 2.0% 14.1% -12.1%
Texas 1.9% 7.7% -5.8%
Indiana 1.5% 0.8% 0.7%
Louisiana 1.5% 1.0% 0.5%
Mississippi 1.5% 0.2% 1.3%
Arizona 1.4% 2.0% -0.6%
Wisconsin 1.3% 2.0% -0.7%
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 2.1% 25.3% -23.1%
AA 33.0% 54.6% -21.5%
A 20.0% 16.6% 3.3%
BBB 26.4% 3.5% 22.9%
BB 5.5% - -
B 0.6% - -
CCC 0.3% - -
CC 10.4% - -
C 0.4% - -
D 0.1% - -
Unrated 11.2% - -
Analytics
(As of 05/31/2018)

Morningstar 05/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
141
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
-0.35
-0.37
Beta
0.36
0.65
Information Ratio
-0.25
-0.25
R-Squared
5.91
18.64
Sharpe Ratio
0.00
0.13
Standard Deviation
3.83
3.80
Sortino Ratio
0.00
0.05
Tracking Error
4.03
3.53
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
5/22/2018
Per Share ($)
$0.0128
12-Month Distribution ($)
$0.1662
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
2.98 yrs
4.40 yrs
Current Duration
2.50 yrs
4.00 yrs
Turnover Ratio
26%
-
Distribution Sources
  • D
Net Income
92.80%
Net Profit from Sale
0.00%
Other Capital Sources
7.20%
Interest Income 12/31/2017
Exposed to AMT
14.28%
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. 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. 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.
  10. B. 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.
  11. 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.
  12. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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