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MUNICIPAL BOND

Rochester® High Yield Municipal Fund 1 2 3 a

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Focus: This Strategy typically invests in high-yield municipal bonds issued across the United States.
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Management

Dan Loughran, CFA
Rochester Investment Team Leader, SVP and Senior Portfolio Manager
Managed fund since 10/01
Scott Cottier, CFA
Vice President and Senior Portfolio Manager
Managed fund since 9/02
Troy E. Willis, J.D., CFA
Vice President and Senior Portfolio Manager
Managed fund since 6/03
Mark DeMitry, CFA
Vice President and Senior Portfolio Manager
Managed fund since 9/06
Michael Camarella, CFA
Vice President and Senior Portfolio Manager
Managed fund since 1/08
Charlie Pulire, CFA
Senior Portfolio Manager
Managed fund since 12/10
Elizabeth Mossow, CFA
Associate Portfolio Manager
Managed fund since 7/13
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Strategy

Using a disciplined approach that seeks to maximize tax-free income, the Rochester-based municipal bond fund team focuses on providing highly competitive yields from diverse portfolio of carefully assessed muni bonds. It’s what we call the Rochester Way.
 
The portfolio managers of Oppenheimer Rochester National Municipals have broad discretion in their investment decisions. The Fund may be fully invested in high yield, lower-grade and below-investment-grade, fixed income securities. The Fund’s diversity, which can help reduce the overall risks of owning speculative bonds, helps the Fund generate competitive levels of tax-free yield.
 
High Yield versus Quality – A Tradeoff  The Fund invests primarily in lower-rated, high yield bonds. While these bonds carry a greater risk of default than higher-quality issues, they have the potential to compensate investors with significantly more tax-exempt income and have been far less sensitive to interest rate volatility historically.
 
A Focus on Income This Fund seeks long-term total return that consists primarily of tax-free income – real new investment-generated dollars that shareholders may keep, spend or reinvest as they see fit. The Fund adheres to a yield-driven, security-specific and value-oriented approach to fund management. This focus reflects the fact that the majority of a bond’s return typically comes from income rather than price appreciation.
 
Research and Experience The municipal market can be inefficient. Thus, if you are willing to spend the time – as we are- you can often uncover exceptional opportunities. No matter how large or small the bond issue, we apply our significant experience to the task of researching issuers, creditworthiness and security structures.
 
Turning Over Every Stone We have found some of the best opportunities to pick up added performance in smaller, unrated and lower-rated issues. 
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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 (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities.
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.
Prior to 11/27/13, the Fund's name was Oppenheimer Rochester National Municipals.
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.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008