High yield municipal bonds hold a special allure for many investors thanks to the high levels of tax-free income they have the potential to deliver. These securities are designed for investors who understand the risks of an aggressive, yield-driven strategy.

Oppenheimer Rochester® High Yield Municipal Fund a long-term fund that was launched in 1993, has a rich history of generating above-average tax-free yields. The Fund has no limits on average effective maturity and intends to hold no more than 70% of assets in below-investment-grade securities. As a result, this high yield fund affords its portfolio managers the broadest investment discretion of all Oppenheimer Rochester municipal bond funds.

In addition, the portfolio includes more than 1,100 holdings from about 600 issuers. This diversity can reduce the overall risk of owning speculative, high yield securities and can help generate competitive levels of tax-free, yield-driven total return for shareholders.

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