UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22139
Oppenheimer Rochester Short Term Municipal Fund
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Arthur S. Gabinet
OFI Global Asset Management, Inc.
225 Liberty Street, New York, New York 10281-1008
(Name and address of agent for service)
Registrant’s telephone number, including area code: (303) 768-3200
Date of fiscal year end: May 31
Date of reporting period: 11/30/2015
Item 1. Reports to Stockholders.
Semiannual Report
| 11/30/2015 | |||||
| ||||||
| ||||||
Oppenheimer Rochester® | ||||||
Short Term Municipal Fund
|
Class A Shares
AVERAGE ANNUAL TOTAL RETURNS AT 11/30/15
Class A Shares of the Fund | ||||||||||||
Without Sales Charge With Sales Charge | Barclays 1-Year Bond Index | |||||||||||
6-Month | 0.97 % | -1.31 % | 0.40 % | |||||||||
| ||||||||||||
1-Year | 1.40 | -0.88 | 0.57 | |||||||||
| ||||||||||||
Since Inception (12/6/10) | 2.51 | 2.05 | 1.16 | |||||||||
|
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 their original cost. Fund returns include changes in share price, reinvested distributions, and a 2.25% maximum applicable sales charge except where “without sales charge” is indicated. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. Current performance may be lower or higher than the performance quoted. Returns for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).
Our Twitter handle is @RochesterFunds.
2 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Amid an ongoing, low-interest-rate environment, the Class A shares of Oppenheimer Rochester Short Term Municipal Fund had a steady dividend during this 6-month reporting period and a distribution yield of 1.93% at net asset value (NAV) as of November 30, 2015. Additionally, the Fund’s Class A shares delivered a 6-month cumulative total return of 0.97% as of that date, exceeding Barclays 1-Year Municipal Bond Index, its benchmark. Tax-free income comprised 100% of the Fund’s total return this reporting period, further evidence supporting our focus on yield as the long-term driver of Fund performance.
MARKET OVERVIEW
Investors waited with bated breath to learn what the Federal Open Market Committee (FOMC) decided during its September 2015 meeting. Many market watchers had predicted that the FOMC would raise the Fed Funds target rate (the short-term interest rate that it controls) for the first time in 7 years, but the Fed decided otherwise in September. The committee’s rationale for keeping the short-term rate at its current level of zero to 0.25% included “underutilization of labor resources and inflation continuing to run below the committee’s longer-run objective, partly reflecting declines in energy and other import prices.” The committee reported that it was
The average distribution yield in Lipper’s Short Municipal Debt Funds category was 0.80% at the end of this reporting period. At 1.93%, the distribution yield at NAV for this Fund’s Class A shares was 113 basis points higher than the category average.
|
also concerned that “recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term.”
| ||||||
YIELDS & DISTRIBUTIONS FOR CLASS A SHARES | ||||||
| ||||||
Dividend Yield w/o sales charge | 1.93 % | |||||
| ||||||
Dividend Yield with sales charge | 1.88 | |||||
| ||||||
Standardized Yield | 1.41 | |||||
| ||||||
Taxable Equivalent Yield | 2.49 | |||||
| ||||||
Last distribution (11/24/15) | $0.006 | |||||
| ||||||
Total distributions (6/1/15 to 11/30/15) | $0.036 | |||||
| ||||||
Endnotes for this discussion begin on page 11 of this report |
3 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
In a speech after the September meeting, Chairman Janet Yellen tried to quell the resulting market volatility saying, “It will likely be appropriate to raise the target range of the Federal Funds rate sometime later this year, and to continue boosting short-term rates at a gradual pace thereafter as the labor market improves further and inflation moves back to our 2% objective.”
While not definitive by any measure, the statement was more specific than earlier announcements from the Fed, some of which indicated that the Fed could be patient and would “increase the Fed Funds rate only when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium term.”
While inflation has remained persistently below the Fed’s 2% target range, employment increased by more than 400,000 new jobs in the last two months of this reporting period. Chairman Yellen reiterated in November 2015 that the central bank would bump up rates slowly, given the lingering obstacles to faster economic growth.
We remind investors that a change in the Fed Funds rate does not automatically translate into a change in longer-term interest rates, which are determined by the marketplace. No matter what the Fed does or when, this Fund’s investment team will seek to meet investors’ desires for competitive levels of tax-free
income by searching for value in the muni market.
Please note: On December 16, 2015, after the end of this Fund’s reporting period, the Fed Funds target rate was raised to a range of 0.25% to 0.50%.
As of November 30, 2015, the average yield on 30-year, AAA-rated muni bonds was 3.11%, down 11 basis points from May 29, 2015, the last business day of the previous reporting period. The average yield on 10-year, AAA-rated muni bonds was 2.11% on November 30, 2015, down 15 basis points from the May 2015 date, and the average yield on 1-year, AAA-rated muni bonds was 0.27%, up 3 basis points from the May 2015 date.
Successful investors, we have found, maintain a long-term perspective regardless of the specific developments associated with any given reporting period. To maximize the benefits that municipal bond funds seek to provide, many investors reinvest their dividends and allow the income generated from their investments to compound over time.
FUND PERFORMANCE
Oppenheimer Rochester Short Term Municipal Fund held more than 640 securities as of November 30, 2015. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that
4 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
we believe would be difficult and costly to replicate in an individual portfolio.
The Fund’s Class A distribution yield at NAV was the second highest in Lipper’s Short Municipal Debt Funds category as of November 30, 2015, trailing only the distribution yield of this Fund’s Y shares. At 1.93%, the distribution yield at NAV for this Fund’s Class A shares was 113 basis points higher than the category average, which was 0.80%.
Additionally, for a taxable investment to have provided a greater benefit than an investment in this Fund, it would have had to yield more than 2.49%, based on the Fund’s standardized yield as of November 30, 2015, and the current top federal income tax rate. As long-time investors know, yields on fixed-income funds rise when share prices fall, and yields have historically contributed the lion’s share of the long-term total returns generated by bonds.
The Fund’s dividend trend this reporting period demonstrates the power a yield-driven approach can have amid challenging market conditions. This Fund’s Class A dividend remained steady at six-tenths of 1 cent per share and in all, the Fund distributed 3.6 cents per Class A share this reporting period.
General obligation (G.O.) securities, which are backed by the full faith and taxing authority of state and local governments, comprised 29.1% of total assets (29.3% of net assets) as
of November 30, 2015. At the end of this reporting period, the Fund held bonds issued in various U.S. municipalities and insured bonds issued in the Commonwealth of Puerto Rico. While they have not been tested before a court, the legal protections for Puerto Rico’s G.O. debt are strong, we believe, and many of our funds have overweight positions in these bonds.
The Fund was also invested in the municipal leases sector this reporting period, which accounted for 11.3% of the Fund’s total assets (11.3% of net assets) as of November 30, 2015. As state and local governments seek new ways to reduce costs and improve near-term cash flow, many lease all types of assets, including office space for public sector employees. The bonds held by this Fund are backed by the proceeds of these lease arrangements, and as of the end of this reporting period, the Fund was invested in several bonds issued in Puerto Rico.
As of November 30, 2015, the Fund was invested in the hospital/healthcare sector, which represented 10.0% of total assets (10.0% of net assets). Our holdings in this sector consist of securities across the credit spectrum, but most are investment grade.
The Fund’s holdings in municipal bonds issued by utilities represented 7.3% of total assets (7.3% of net assets) at the end of this reporting period. This set of holdings included water utilities with 2.9% of total assets (2.9%
5 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
of net assets), electric utilities with 2.5% of total assets (2.5% of net assets), sewer utilities with 1.2% of total assets (1.2% of net assets) and gas utilities at 0.7% of total assets (0.7% of net assets) as of November 30, 2015. Our holdings in these sectors consist of securities in the mid-range of the credit spectrum and include one bond issued in Guam and others issued by PREPA (Puerto Rico’s electric utility authority).
The education sector represented 6.9% of the Fund’s total assets (6.9% of net assets) as of November 30, 2015. Bonds in this sector primarily finance the infrastructure needs of a variety of charter schools around the state.
Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 5.4% of the Fund’s total assets (5.4% of net assets) at the end of this reporting period. The Fund’s single Puerto Rico “tobacco bond” – which represents less than 1% of both total and net assets – was excluded from this figure, as it is backed by proceeds from the tobacco Master Settlement Agreement (MSA).
The Fund’s Puerto Rico holdings, all of which are insured or pre-refunded, include G.O. debt and securities from many different sectors. In a pre-refunding, a municipality issues a new bond, the proceeds of which are escrowed in U.S. Treasury bonds and earmarked to pay off a previously issued bond. Most of the Fund’s investments in securities issued in Puerto Rico
are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things. Investors should note that deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rico bonds and the performance of the Oppenheimer Rochester municipal funds that hold them, including this Fund.
As of November 30, 2015, 5.0% of the Fund’s total assets (5.1% of net assets) continued to be invested in the higher education sector, with one holding issued in Puerto Rico. The investment-grade bonds we hold in this sector have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest.
The sales tax revenue sector represented 3.9% of the Fund’s total assets (3.9% of net assets) as of November 30, 2015. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenue.
Tax increment financing (TIF) bonds constituted 3.6% of the Fund’s total assets (3.7% of net assets) on November 30, 2015. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax collections increase, driven either by an improving economy or inflation, the credit quality of these types of securities generally improves, which can lead to enhanced performance.
6 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
The Rochester Portfolio Management Team
| ||||||||
Dan Loughran, CFA | Scott Cottier, CFA | Troy Willis, JD, CFA | Mark DeMitry, CFA | |||||
Team Leader and |
Senior Portfolio |
Senior Portfolio |
Senior Portfolio | |||||
Senior Portfolio | Manager | Manager | Manager | |||||
Manager | ||||||||
Michael Camarella, CFA
Senior Portfolio Manager | Charlie Pulire, CFA
Senior Portfolio Manager | Elizabeth Mossow, CFA
Associate Portfolio Manager |
Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment goals or cause it to pay any capital gain distributions. In closing, we believe that the Fund’s structure and sector composition as well as our time-tested strategies will continue to benefit fixed-income investors through interest rate and economic cycles.
INVESTMENT STRATEGY
The Rochester investment team focuses exclusively on municipal bonds and has consistently used a time-tested, value-oriented and security-specific approach to fund management. We know that market conditions can and do fluctuate, but we do not waver in our belief in the power of tax-free yield to help investors achieve their long-term objectives.
7 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
The Rochester Credit Research Team
| ||||||||
Rich Stein, CFA | Chris Weiler, CFA | Bob Bertucci, CFA | Angela Uttaro | |||||
Director of Credit Research | Senior Credit Analyst | Senior Credit Analyst | Senior Credit Analyst | |||||
Matt Torpey, CFA | René Vecka, CFA | Jon Hagen, CFA | Alen Kreso, CFA | |||||
Senior Credit Analyst | Senior Credit Analyst | Senior Credit Analyst | Senior Credit Analyst | |||||
Chris Meteyer, CFA | Clara Sanguinetti | Chad Osterhout | ||||||
Credit Analyst | Credit Analyst | Credit Analyst |
8 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
This “maturity managed” Fund uses a dollar-weighted approach to measuring the average maturity of its securities and seeks an average effective maturity of 2 years or less for its portfolio. Additionally, during this reporting period, as it has since its inception, the Fund limited the average stated maturity of its portfolio to 5 years or less. While the Fund invests primarily in investment-grade municipal securities, it may invest up to 5% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase as is the credit quality of the securities. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings.
Our team continually searches for bonds that we believe are undervalued and can provide a meaningful level of tax-free income until maturity. Rather than making allocation shifts based on expected market conditions, we search the marketplace for what we believe to be the best values for generating income. It remains important to note that we do not manage our funds based on predictions of interest rate changes.
Instead, our investment approach involves scouring the market for municipal securities that meet our stringent credit criteria and buying bonds that we believe will deliver above-average yields relative to peer funds. We focus on identifying inefficiencies in market pricing that can lead to investment advantages. We seek to maintain a
thoughtful mix of industry sectors, maturities and credit ratings in this Fund’s portfolio.
The Rochester team also prospects for yield-enhancing opportunities in the secondary market, often picking up odd lots that we believe can add significant incremental yield to our portfolios. We will also look for non-rated issues with solid credit qualities, which we believe can often help enhance a fund’s tax-free yield. Investors should note that non-rated or unrated securities may or may not be the equivalent of investment grade securities.
The Rochester Way, we believe, distinguishes our approach to municipal investing from those of our competitors.
Daniel G. Loughran,
Senior Vice President, Senior Portfolio Manager and Team Leader, on behalf of the rest of the Rochester portfolio management team: Scott S. Cottier, Troy E. Willis, Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.
9 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
TOP TEN CATEGORIES
| ||||
General Obligation | 29.1% | |||
Municipal Leases | 11.3 | |||
Hospital/Healthcare | 10.0 | |||
Education | 6.9 | |||
Higher Education | 5.0 | |||
Sales Tax Revenue | 3.9 | |||
Tax Increment Financing (TIF) | 3.6 | |||
Government Appropriation | 2.9 | |||
Water Utilities | 2.9 | |||
Electric Utilities | 2.5 |
Portfolio holdings and allocations are subject to change. Percentages are as of November 30, 2015, and are based on total assets. See Note 2 of the accompanying Notes to Financial Statements.
CREDIT ALLOCATION
NRSRO- Rated | Sub- Adviser- Rated | Total | ||||||||||
AAA | 1.6% | 0.4% | 2.0% | |||||||||
AA | 61.2 | — | 61.2 | |||||||||
A | 20.9 | 4.4 | 25.3 | |||||||||
BBB | 4.9 | 1.7 | 6.6 | |||||||||
BB or lower | 4.3 | 0.6 | 4.9 | |||||||||
Total | 92.9% | 7.1% | 100.0% |
The percentages above are based on the market value of the securities as of November 30, 2015, and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.
For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories—AAA, AA, A and BBB—are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.
10 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Performance
DISTRIBUTION YIELDS
As of 11/30/15
Without Sales Charge | With Sales Charge | |||||||
Class A |
|
1.93% |
|
|
1.88% |
| ||
Class C |
|
1.23 |
|
|
N/A |
| ||
Class Y |
|
2.15 |
|
|
N/A |
|
STANDARDIZED YIELDS
For the 30 Days Ended 11/30/15 | ||||||
Class A |
|
1.41% |
| |||
Class C |
|
0.70 |
| |||
Class Y |
|
1.69 |
|
TAXABLE EQUIVALENT YIELDS
As of 11/30/15 | ||||||
Class A |
|
2.49% |
| |||
Class C |
|
1.24 |
| |||
Class Y |
|
2.99 |
|
AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 11/30/15
Inception Date | 6-Month | 1-Year | Since Inception | |||||||||||||
Class A (ORSTX) |
|
12/6/10 |
|
|
0.97% |
|
|
1.40% |
|
|
2.51% |
| ||||
Class C (ORSCX) |
|
12/6/10 |
|
|
0.59 |
|
|
0.64 |
|
|
1.73 |
| ||||
Class Y (ORSYX) |
|
12/6/10 |
|
|
1.09 |
|
|
1.65 |
|
|
2.76 |
| ||||
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 11/30/15
|
| |||||||||||||||
Inception Date | 6-Month | 1-Year | Since Inception | |||||||||||||
Class A (ORSTX) |
|
12/6/10 |
|
|
-1.31% |
|
|
-0.88% |
|
|
2.05% |
| ||||
Class C (ORSCX) |
|
12/6/10 |
|
|
-0.41 |
|
|
-0.36 |
|
|
1.73 |
| ||||
Class Y (ORSYX) |
|
12/6/10 |
|
|
1.09 |
|
|
1.65 |
|
|
2.76 |
|
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 their original cost. Current performance may be lower or higher than the performance quoted. Returns for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual’s investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 2.25%; for Class C, the contingent deferred sales charge of 1% for the 1-year period. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. There is no sales charge for Class Y shares.
11 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
The Fund’s performance is compared to the performance of the Barclays 1-Year Municipal Bond Index, an unmanaged index of fixed rate, investment-grade, tax-exempt bonds municipal bonds. The index is the 1-year (1-2) component of the Barclays Municipal Bond Index, itself a measure of the general municipal bond market. The index is unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.
Distribution yields for Class A shares are based on dividends of $0.0060 for the 28-day accrual period ended November 24, 2015. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on November 24, 2015; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0038 and $0.0067, respectively, for the 28-day accrual period ended November 24, 2015, and on the corresponding net asset values on that date.
Standardized yield is based on the Fund’s net investment income for the 30-day period ended November 30, 2015, and either that date’s maximum offering price (for Class A shares) or net asset value (for the other classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
The average distribution yield in Lipper’s Short Municipal Debt Funds category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The calculation included 102 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges – which, if included, would reduce results.
Taxable equivalent yield is based on the standardized yield and the 2015 top federal tax rate of 43.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. 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. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.
The average yields for AAA-rated municipal securities are provided by Municipal Market Advisors (MMA) and are based on its benchmark of general obligation bonds structured with a 5% coupon. The MMA 5% benchmark is constructed using yields from the leading underwriters, who represent a significant percentage of the primary activity of the top 10 underwriters and therefore the total issuance.
Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market
12 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast. The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.
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.
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.
13 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended November 30, 2015.
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended November 30, 2015” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
14 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Actual | Beginning Account Value June 1, 2015 | Ending Account Value | Expenses Paid During 6 Months Ended | |||||||||
Class A |
$ |
1,000.00 |
|
$ |
1,009.70 |
|
$ |
4.23 |
| |||
Class C |
|
1,000.00 |
|
|
1,005.90 |
|
|
8.01 |
| |||
Class Y |
|
1,000.00 |
|
|
1,010.90 |
|
|
2.97 |
| |||
Hypothetical (5% return before expenses) | ||||||||||||
Class A |
|
1,000.00 |
|
|
1,020.80 |
|
|
4.25 |
| |||
Class C |
|
1,000.00 |
|
|
1,017.05 |
|
|
8.05 |
| |||
Class Y |
|
1,000.00 |
|
|
1,022.05 |
|
|
2.99 |
|
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended November 30, 2015 are as follows:
Class | Expense Ratios | |||
Class A |
|
0.84% |
| |
Class C |
|
1.59 |
| |
Class Y |
|
0.59 |
|
15 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS November 30, 2015 Unaudited
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Municipal Bonds and Notes—96.9% | ||||||||||||||||||
Alabama—3.1% |
| |||||||||||||||||
$ 310,000 | AL Public Hsg. Authority, Series B | 4.450 % | 01/01/2024 | 01/01/2016 | A | $ | 310,573 | |||||||||||
| ||||||||||||||||||
25,000 | AL Water Pollution Control Authority (Revolving Fund) | 4.000 | 08/15/2018 | 02/15/2016 | A | 25,180 | ||||||||||||
| ||||||||||||||||||
5,045,000 | Jefferson County, AL GO | 5.000 | 04/01/2023 | 12/31/2015 | A | 5,046,261 | ||||||||||||
| ||||||||||||||||||
75,000 | Jefferson County, AL GO | 5.000 | 04/01/2018 | 12/31/2015 | A | 75,089 | ||||||||||||
| ||||||||||||||||||
655,000 | Jefferson County, AL GO | 5.250 | 04/01/2017 | 12/31/2015 | A | 655,806 | ||||||||||||
| ||||||||||||||||||
375,000 | Jefferson County, AL Limited Obligation School Warrant | 5.500 | 01/01/2022 | 01/01/2016 | A | 377,186 | ||||||||||||
| ||||||||||||||||||
3,335,000 | Jefferson County, AL Limited Obligation School Warrant | 5.500 | 01/01/2021 | 01/01/2016 | A | 3,354,443 | ||||||||||||
| ||||||||||||||||||
150,000 | Jefferson County, AL Limited Obligation School Warrant | 4.750 | 01/01/2025 | 01/01/2016 | A | 150,875 | ||||||||||||
| ||||||||||||||||||
30,000 | Jefferson County, AL Limited Obligation School Warrant | 5.250 | 01/01/2023 | 01/01/2016 | A | 30,175 | ||||||||||||
| ||||||||||||||||||
765,000 | Jefferson County, AL Limited Obligation School Warrant | 5.000 | 01/01/2024 | 01/01/2016 | A | 769,460 | ||||||||||||
| ||||||||||||||||||
1,200,000 | Jefferson County, AL Limited Obligation School Warrant | 5.250 | 01/01/2019 | 01/01/2016 | A | 1,206,996 | ||||||||||||
| ||||||||||||||||||
1,720,000 | Jefferson County, AL Limited Obligation School Warrant | 5.250 | 01/01/2018 | 01/01/2016 | A | 1,730,028 | ||||||||||||
| ||||||||||||||||||
180,000 | Jefferson County, AL Limited Obligation School Warrant | 4.750 | 01/01/2025 | 01/01/2016 | A | 181,049 | ||||||||||||
| ||||||||||||||||||
80,000 | Jefferson County, AL Limited Obligation School Warrant | 5.250 | 01/01/2017 | 01/01/2016 | A | 80,466 | ||||||||||||
| ||||||||||||||||||
1,700,000 | Jefferson County, AL Limited Obligation School Warrant | 5.250 | 01/01/2016 | 12/31/2015 | A | 1,709,911 | ||||||||||||
| ||||||||||||||||||
135,000 | Jefferson County, AL Limited Obligation School Warrant | 5.500 | 02/15/2016 | 12/31/2015 | A | 135,787 | ||||||||||||
| ||||||||||||||||||
2,250,000 | Jefferson County, AL Limited Obligation School Warrant | 5.500 | 01/01/2021 | 01/01/2016 | A | 2,263,118 | ||||||||||||
| ||||||||||||||||||
570,000 | Jefferson County, AL Limited Obligation School Warrant | 5.250 | 01/01/2020 | 01/01/2016 | A | 573,323 | ||||||||||||
| ||||||||||||||||||
2,890,000 | Jefferson County, AL Limited Obligation School Warrant | 5.250 | 01/01/2019 | 01/01/2016 | A | 2,906,849 | ||||||||||||
| ||||||||||||||||||
170,000 | Jefferson County, AL School Warrants | 5.500 | 02/15/2020 | 12/31/2015 | A | 170,542 | ||||||||||||
|
| |||||||||||||||||
| 21,753,117
|
| ||||||||||||||||
| ||||||||||||||||||
Arizona—4.7% |
| |||||||||||||||||
3,000,000 | AZ Sports & Tourism Authority (Professional Baseball Training Facilities) | 5.000 | 07/01/2016 | 07/01/2016 | 3,054,960 | |||||||||||||
| ||||||||||||||||||
3,445,000 | Mohave County, AZ IDA (Mohave Prison) | 7.500 | 05/01/2019 | 12/02/2017 | B | 3,752,501 | ||||||||||||
| ||||||||||||||||||
17,220,000 | Phoenix, AZ IDA (Rowan University) SPEARS | 0.200 | 06/01/2042 | 12/07/2015 | A | 17,220,000 | ||||||||||||
| ||||||||||||||||||
8,125,000 | Pima County, AZ IDA Floaters | 0.290 1 | 03/01/2030 | 12/07/2015 | A | 8,125,000 | ||||||||||||
| ||||||||||||||||||
20,000 | �� | Surprise, AZ Municipal Property Corp. | 4.700 | 04/01/2022 | 04/01/2016 | A | 20,271 | |||||||||||
| ||||||||||||||||||
1,160,000 | Yavapai County, AZ IDA (Arizona Agribusiness and Equine Center) | 3.900 | 09/01/2024 | 11/14/2021 | B | 1,177,133 | ||||||||||||
|
| |||||||||||||||||
33,349,865 |
16 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Arkansas—0.0% |
| |||||||||||||||||
$ 25,000 | AR Devel. Finance Authority (Arkansas Enterprises for the Developmentally Disabled) | 5.250 % | 11/01/2019 | 12/31/2015 | A | $ | 25,103 | |||||||||||
| ||||||||||||||||||
10,000 | AR Devel. Financing Authority Tobacco Settlement (Biosciences Institute College) | 5.500 | 12/01/2016 | 12/16/2015 | A | 10,002 | ||||||||||||
|
| |||||||||||||||||
| 35,105
|
| ||||||||||||||||
| ||||||||||||||||||
California—16.3% |
| |||||||||||||||||
130,000 | Alameda Contra Costa, CA Transit District COP | 4.750 | 08/01/2017 | 02/04/2017 | B | 134,853 | ||||||||||||
| ||||||||||||||||||
12,965,000 | Alhambra, CA COP (Police Facilities) | 6.750 | 09/01/2023 | 07/06/2020 | B | 15,046,401 | ||||||||||||
| ||||||||||||||||||
1,160,000 | Anaheim, CA Public Financing Authority | 6.000 | 09/01/2016 | 09/01/2016 | 1,202,560 | |||||||||||||
| ||||||||||||||||||
25,000 | Antelope Valley, CA Healthcare District2 | 5.200 | 01/01/2017 | 01/01/2016 | A | 25,103 | ||||||||||||
| ||||||||||||||||||
20,000 | Barstow, CA Redevel. Agency | 4.700 | 09/01/2022 | 12/31/2015 | A | 20,061 | ||||||||||||
| ||||||||||||||||||
450,000 | Beaumont, CA Financing Authority, Series B | 5.000 | 09/01/2022 | 09/01/2022 | 498,816 | |||||||||||||
| ||||||||||||||||||
475,000 | Beaumont, CA Financing Authority, Series B | 5.000 | 09/01/2023 | 09/01/2023 | 528,665 | |||||||||||||
| ||||||||||||||||||
50,000 | Berkeley, CA Community Facilities District Special Tax (Disaster Fire Protection) | 4.500 | 09/01/2017 | 03/01/2016 | A | 50,453 | ||||||||||||
| ||||||||||||||||||
50,000 | Bonny Doon, CA Union Elementary School District | 4.625 | 06/01/2016 | 12/31/2015 | A | 50,175 | ||||||||||||
| ||||||||||||||||||
75,000 | CA College of the Sequoias Community College District COP | 4.750 | 05/01/2026 | 12/31/2015 | A | 75,220 | ||||||||||||
| ||||||||||||||||||
65,000 | CA County Tobacco Securitization Agency | 4.250 | 06/01/2021 | 01/05/2019 | B | 65,001 | ||||||||||||
| ||||||||||||||||||
100,000 | CA County Tobacco Securitization Agency (TASC) | 5.750 | 06/01/2029 | 12/31/2015 | A | 100,017 | ||||||||||||
| ||||||||||||||||||
55,000 | CA Dept. of Transportation COP | 5.250 | 03/01/2016 | 12/31/2015 | A | 55,238 | ||||||||||||
| ||||||||||||||||||
5,000 | CA Educational Facilities Authority (California Western School of Law) | 5.000 | 10/01/2018 | 12/31/2015 | A | 5,019 | ||||||||||||
| ||||||||||||||||||
10,000 | CA GO | 4.750 | 02/01/2016 | 12/31/2015 | A | 10,038 | ||||||||||||
| ||||||||||||||||||
10,000 | CA GO | 5.750 | 11/01/2017 | 05/01/2016 | A | 10,232 | ||||||||||||
| ||||||||||||||||||
20,000 | CA GO | 5.250 | 10/01/2016 | 04/01/2016 | A | 20,339 | ||||||||||||
| ||||||||||||||||||
5,000 | CA GO | 4.750 | 02/01/2018 | 12/31/2015 | A | 5,019 | ||||||||||||
| ||||||||||||||||||
25,000 | CA Municipal Finance Authority Charter School (John Adams Academics) | 5.400 | 10/01/2016 | 10/01/2016 | 25,010 | |||||||||||||
| ||||||||||||||||||
8,390,000 | CA Public Works | 6.500 | 09/01/2017 | 03/08/2017 | B | 8,968,658 | ||||||||||||
| ||||||||||||||||||
150,000 | CA Public Works (California Community Colleges) | 4.875 | 12/01/2017 | 12/31/2015 | A | 150,546 | ||||||||||||
| ||||||||||||||||||
25,000 | CA Public Works (California Community Colleges) | 4.750 | 12/01/2015 | 12/01/2015 | 25,003 | |||||||||||||
| ||||||||||||||||||
100,000 | CA Public Works (California Community Colleges) | 5.250 | 09/01/2019 | 12/31/2015 | A | 100,408 | ||||||||||||
| ||||||||||||||||||
75,000 | CA Public Works (California Community Colleges) | 5.250 | 12/01/2016 | 12/31/2015 | A | 75,312 |
17 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
California (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 20,000 | CA Public Works (California Community Colleges) | 4.875 % | 12/01/2018 | 12/31/2015 | A | $ | 20,073 | |||||||||||
| ||||||||||||||||||
15,000 | CA Public Works (California Community Colleges) | 4.750 | 12/01/2015 | 12/01/2015 | 15,002 | |||||||||||||
| ||||||||||||||||||
25,000 | CA Public Works (Dept. of Corrections) | 5.500 | 10/01/2019 | 12/31/2015 | A | 25,107 | ||||||||||||
| ||||||||||||||||||
20,000 | CA Public Works (Dept. of Forestry) | 4.875 | 10/01/2018 | 12/31/2015 | A | 20,076 | ||||||||||||
| ||||||||||||||||||
100,000 | CA Public Works (Dept. of Youth Authority) | 5.500 | 10/01/2017 | 12/31/2015 | A | 100,435 | ||||||||||||
| ||||||||||||||||||
35,000 | CA Public Works (Dept. of Youth Authority) | 4.700 | 12/01/2016 | 12/31/2015 | A | 35,127 | ||||||||||||
| ||||||||||||||||||
45,000 | CA Public Works (State Universities)2 | 5.500 | 12/01/2018 | 12/24/2015 | A | 45,197 | ||||||||||||
| ||||||||||||||||||
50,000 | CA Public Works (Various Community Colleges) | 4.875 | 12/01/2018 | 12/31/2015 | A | 50,182 | ||||||||||||
| ||||||||||||||||||
550,000 | CA Public Works (Various Community Colleges) | 5.625 | 03/01/2019 | 12/31/2015 | A | 557,430 | ||||||||||||
| ||||||||||||||||||
10,000 | CA Public Works (Various Community Colleges) | 5.625 | 03/01/2016 | 12/31/2015 | A | 10,045 | ||||||||||||
| ||||||||||||||||||
725,000 | CA Statewide CDA (588 Charleston Project) | 5.000 | 11/01/2019 | 05/25/2018 | B | 780,448 | ||||||||||||
| ||||||||||||||||||
2,000,000 | CA Statewide CDA (Bakersfield Reassessment District) | 5.000 | 09/02/2022 | 07/03/2020 | B | 2,190,320 | ||||||||||||
| ||||||||||||||||||
9,760,000 | CA Statewide CDA (Cottage Health System) Floaters | 0.220 1 | 11/01/2043 | 12/07/2015 | A | 9,760,000 | ||||||||||||
| ||||||||||||||||||
5,000 | CA Statewide CDA (Del Norte Clinics) | 4.650 | 12/01/2018 | 12/31/2015 | A | 5,018 | ||||||||||||
| ||||||||||||||||||
20,000 | CA Statewide CDA Water & Wastewater | 4.900 | 10/01/2018 | 12/31/2015 | A | 20,077 | ||||||||||||
| ||||||||||||||||||
15,000 | CA Statewide CDA Water & Wastewater | 4.500 | 10/01/2023 | 12/31/2015 | A | 15,033 | ||||||||||||
| ||||||||||||||||||
10,000 | CA Statewide CDA Water & Wastewater | 4.900 | 10/01/2017 | 12/31/2015 | A | 10,039 | ||||||||||||
| ||||||||||||||||||
20,000 | CA Water Resource Devel. GO, Series L | 4.500 | 08/01/2016 | 12/31/2015 | A | 20,071 | ||||||||||||
| ||||||||||||||||||
5,000 | CA Water Resource Devel. GO, Series L | 4.500 | 08/01/2018 | 12/31/2015 | A | 5,017 | ||||||||||||
| ||||||||||||||||||
25,000 | CA Water Resource Devel. GO, Series M | 4.000 | 10/01/2018 | 12/31/2015 | A | 25,077 | ||||||||||||
| ||||||||||||||||||
30,000 | CA Water Resource Devel. GO, Series N | 5.500 | 06/01/2016 | 12/31/2015 | A | 30,136 | ||||||||||||
| ||||||||||||||||||
40,000 | CA Water Resource Devel. GO, Series Q | 4.750 | 03/01/2018 | 12/31/2015 | A | 40,153 | ||||||||||||
| ||||||||||||||||||
35,000 | CA Water Resource Devel. GO, Series Q | 4.750 | 03/01/2021 | 12/31/2015 | A | 35,131 | ||||||||||||
| ||||||||||||||||||
15,000 | CA Y/S School Facilities Financing Authority (Chula Vista Elementary School) | 4.900 | 09/01/2018 | 12/31/2015 | A | 15,168 | ||||||||||||
| ||||||||||||||||||
80,000 | Castaic, CA Union School District | 3.892 3 | 05/01/2018 | 06/08/2017 | B | 73,230 | ||||||||||||
| ||||||||||||||||||
405,000 | Cerritos, CA Public Financing Authority | 5.000 | 11/01/2018 | 11/01/2017 | A | 442,130 | ||||||||||||
| ||||||||||||||||||
55,000 | Chico, CA Public Financing Authority | 4.875 | 04/01/2017 | 12/31/2015 | A | 55,176 | ||||||||||||
| ||||||||||||||||||
10,000 | Clovis, CA Public Financing Authority (Refuse Landfill) | 5.000 | 09/01/2018 | 12/31/2015 | A | 10,023 | ||||||||||||
| ||||||||||||||||||
250,000 | Compton, CA Unified School District | 3.000 3 | 06/01/2016 | 06/01/2016 | 249,132 | |||||||||||||
| ||||||||||||||||||
10,000 | Coronado, CA Community Devel. Agency Tax Allocation | 4.250 | 09/01/2017 | 12/31/2015 | A | 10,025 |
18 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
California (Continued) | ||||||||||||||||||
| ||||||||||||||||||
$ 200,000 | Duarte, CA Redevel. Agency Tax Allocation | 4.000 % | 10/01/2016 | 12/31/2015 | A | $ | 204,546 | |||||||||||
| ||||||||||||||||||
3,000,000 | Eureka, CA Union School District | 3.358 3 | 08/01/2018 | 08/24/2017 | B | 2,757,750 | ||||||||||||
| ||||||||||||||||||
65,000 | Fontana, CA Redevel. Agency (Jurupa Hills) | 5.500 | 10/01/2017 | 04/01/2016 | A | 66,071 | ||||||||||||
| ||||||||||||||||||
240,000 | Fontana, CA Redevel. Agency (Southwest Industrial Park) | 4.750 | 09/01/2026 | 12/31/2015 | A | 240,871 | ||||||||||||
| ||||||||||||||||||
300,000 | Fresno, CA GO | 4.600 | 08/15/2016 | 12/31/2015 | A | 300,606 | ||||||||||||
| ||||||||||||||||||
90,000 | Fresno, CA Joint Powers Financing Authority | 4.750 | 04/01/2023 | 04/01/2018 | A | 92,403 | ||||||||||||
| ||||||||||||||||||
3,845,000 | Fresno, CA Sewer System | 5.250 | 09/01/2019 | 09/15/2017 | B | 4,116,611 | ||||||||||||
| ||||||||||||||||||
4,545,000 | Fullerton, CA Public Financing Authority | 5.000 | 09/01/2024 | 03/01/2016 | A | 4,594,768 | ||||||||||||
| ||||||||||||||||||
580,000 | Imperial, CA PFA (Wastewater Facility) | 5.000 | 10/15/2019 | 10/15/2019 | 650,035 | |||||||||||||
| ||||||||||||||||||
610,000 | Imperial, CA PFA (Wastewater Facility) | 5.000 | 10/15/2020 | 10/15/2020 | 695,022 | |||||||||||||
| ||||||||||||||||||
845,000 | Imperial, CA PFA (Water Facility) | 5.000 | 10/15/2019 | 10/15/2019 | 947,034 | |||||||||||||
| ||||||||||||||||||
885,000 | Imperial, CA PFA (Water Facility) | 5.000 | 10/15/2020 | 10/15/2020 | 1,008,351 | |||||||||||||
| ||||||||||||||||||
180,000 | Lancaster, CA Redevel. Agency Tax Allocation (Sheriffs Facility) | 5.250 | 12/01/2016 | 12/31/2015 | A | 180,673 | ||||||||||||
| ||||||||||||||||||
105,000 | Lincoln, CA Public Financing Authority | 4.250 | 08/01/2017 | 12/31/2015 | A | 105,250 | ||||||||||||
| ||||||||||||||||||
10,000 | Lodi, CA Wastewater System | 4.750 | 10/01/2024 | 12/31/2015 | A | 10,017 | ||||||||||||
| ||||||||||||||||||
8,945,000 | Los Angeles County, CA Community Devel. Properties | 0.290 1 | 09/01/2042 | 12/07/2015 | A | 8,945,000 | ||||||||||||
| ||||||||||||||||||
25,000 | Los Angeles, CA State Building Authority | 5.500 | 10/01/2016 | 12/31/2015 | A | 25,105 | ||||||||||||
| ||||||||||||||||||
60,000 | Madera County, CA COP (Valley Children’s Hospital) | 4.750 | 03/15/2018 | 12/31/2015 | A | 60,199 | ||||||||||||
| ||||||||||||||||||
25,000 | Merced, CA Redevel. Agency Tax Allocation | 4.750 | 12/01/2015 | 12/01/2015 | A | 25,002 | ||||||||||||
| ||||||||||||||||||
70,000 | Metropolitan Water District of Southern California Linked SAVRS & RIBS | 5.750 | 08/10/2018 | 10/12/2017 | B | 75,533 | ||||||||||||
| ||||||||||||||||||
30,000 | Modesto, CA COP (Golf Course) | 5.000 | 11/01/2023 | 08/04/2020 | B | 32,194 | ||||||||||||
| ||||||||||||||||||
2,500,000 | Natomas, CA Unified School District | 5.950 | 09/01/2021 | 04/14/2018 | B | 2,730,150 | ||||||||||||
| ||||||||||||||||||
1,000,000 | Northern, CA Inyo County Local Hospital District | 6.000 | 12/01/2021 | 05/26/2019 | A | 1,112,750 | ||||||||||||
| ||||||||||||||||||
185,000 | Ontario, CA Improvement Bond Act 1915 Assessment District No. 108 | 7.500 | 09/02/2020 | 03/02/2016 | A | 187,880 | ||||||||||||
| ||||||||||||||||||
7,115,000 | Orange County, CA COP (Civic Center Facilities)2 | 3.338 3 | 12/01/2018 | 06/01/2017 | B | 6,257,429 | ||||||||||||
| ||||||||||||||||||
50,000 | Orinda, CA Union School District | 4.700 | 10/15/2019 | 12/31/2015 | A | 50,179 | ||||||||||||
| ||||||||||||||||||
1,115,000 | Pasadena, CA COP (Old Pasadena Parking Facility) | 6.250 | 01/01/2018 | 01/15/2017 | B | 1,174,719 | ||||||||||||
| ||||||||||||||||||
30,000 | Redding, CA Joint Powers Financing Authority | 4.000 | 03/01/2017 | 12/31/2015 | A | 30,055 | ||||||||||||
| ||||||||||||||||||
50,000 | Redding, CA Redevel. Agency Tax Allocation (Canby-Hilltop-Cyprus Redevel.) | 4.625 | 09/01/2017 | 12/31/2015 | A | 50,143 | ||||||||||||
| ||||||||||||||||||
2,165,000 | Riverbank, CA Elementary School District | 3.620 3 | 08/01/2018 | 09/03/2017 | B | 1,997,104 |
19 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
California (Continued) | ||||||||||||||||||
| ||||||||||||||||||
$ 695,000 | Riverside County, CA Community Facilities District (Lake Hills Crest) | 5.000 % | 09/01/2020 | 09/01/2020 | $ | 779,540 | ||||||||||||
| ||||||||||||||||||
630,000 | Riverside County, CA Community Facilities District (Lake Hills Crest) | 5.000 | 09/01/2018 | 09/01/2018 | 684,596 | |||||||||||||
| ||||||||||||||||||
665,000 | Riverside County, CA Community Facilities District (Lake Hills Crest) | 5.000 | 09/01/2019 | 09/01/2019 | 735,823 | |||||||||||||
| ||||||||||||||||||
115,000 | Riverside County, CA Improvement Bond Act 1915 (Rivercrest Assessment District No. 168) | 5.000 | 09/02/2018 | 09/02/2018 | 124,328 | |||||||||||||
| ||||||||||||||||||
125,000 | Riverside County, CA Improvement Bond Act 1915 (Rivercrest Assessment District No. 168) | 5.000 | 09/02/2020 | 09/02/2020 | 139,611 | |||||||||||||
| ||||||||||||||||||
120,000 | Riverside County, CA Improvement Bond Act 1915 (Rivercrest Assessment District No. 168) | 5.000 | 09/02/2019 | 09/02/2019 | 131,873 | |||||||||||||
| ||||||||||||||||||
335,000 | Riverside County, CA Redevel. Agency (215 Corridor Redevel.)2 | 6.500 | 12/01/2021 | 03/02/2019 | B | 358,045 | ||||||||||||
| ||||||||||||||||||
70,000 | Robla, CA School District | 4.000 | 08/01/2016 | 12/31/2015 | A | 70,209 | ||||||||||||
| ||||||||||||||||||
20,000 | Rocklin, CA COP (Police Facilities) | 4.100 | 09/01/2017 | 12/31/2015 | A | 20,059 | ||||||||||||
| ||||||||||||||||||
265,000 | Roseville, CA Natural Gas Finance Authority | 5.000 | 02/15/2016 | 02/15/2016 | 267,343 | |||||||||||||
| ||||||||||||||||||
6,035,000 | Sacramento, CA City Financing Authority | 5.400 | 11/01/2020 | 12/10/2018 | B | 6,636,750 | ||||||||||||
| ||||||||||||||||||
65,000 | Saddleback Valley, CA Unified School District | 5.650 | 09/01/2017 | 12/31/2015 | A | 65,293 | ||||||||||||
| ||||||||||||||||||
730,000 | San Bernardino County, CA COP (Medical Center Financing) | 5.500 | 08/01/2017 | 02/04/2017 | B | 762,376 | ||||||||||||
| ||||||||||||||||||
100,000 | San Bernardino County, CA Flood Control District | 4.000 | 08/01/2016 | 12/31/2015 | A | 100,289 | ||||||||||||
| ||||||||||||||||||
50,000 | San Bernardino County, CA Flood Control District | 4.500 | 08/01/2019 | 12/31/2015 | A | 50,172 | ||||||||||||
| ||||||||||||||||||
25,000 | San Bernardino, CA Joint Powers Financing Authority | 5.750 | 10/01/2018 | 10/01/2018 | 27,780 | |||||||||||||
| ||||||||||||||||||
150,000 | San Bernardino, CA Joint Powers Financing Authority | 5.750 | 10/01/2017 | 10/01/2017 | 161,840 | |||||||||||||
| ||||||||||||||||||
5,000 | San Bernardino, CA Joint Powers Financing Authority | 5.750 | 10/01/2016 | 10/01/2016 | 5,197 | |||||||||||||
| ||||||||||||||||||
35,000 | San Bernardino, CA Joint Powers Financing Authority | 5.750 | 10/01/2017 | 10/01/2017 | 37,763 | |||||||||||||
| ||||||||||||||||||
530,000 | San Diego, CA Community Facilities District No. 3 Special Tax | 5.000 | 09/01/2021 | 09/01/2021 | 603,405 | |||||||||||||
| ||||||||||||||||||
50,000 | San Francisco, CA City & County, COP (30 Van Ness Avenue) | 4.700 | 09/01/2019 | 12/31/2015 | A | 50,185 | ||||||||||||
| ||||||||||||||||||
130,000 | San Francisco, CA City & County, COP (30 Van Ness Avenue) | 4.600 | 09/01/2018 | 12/31/2015 | A | 130,476 | ||||||||||||
| ||||||||||||||||||
1,545,000 | San Jose, CA Redevel. Agency | 5.000 | 08/01/2026 | 08/01/2017 | A | 1,634,610 | ||||||||||||
| ||||||||||||||||||
10,000 | San Jose, CA Redevel. Agency (Merged Area Redevel.) | 4.750 | 08/01/2019 | 12/31/2015 | A | 10,024 | ||||||||||||
| ||||||||||||||||||
45,000 | San Rafael, CA Redevel. Agency Tax Allocation (Central San Rafael Redevel.) | 4.500 | 12/01/2018 | 12/31/2015 | A | 45,160 |
20 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
California (Continued) | ||||||||||||||||||
| ||||||||||||||||||
$ 25,000 | Santa Barbara, CA Redevel. Agency (Central City) | 4.900 % | 03/01/2017 | 12/31/2015 | A | $ | 25,081 | |||||||||||
| ||||||||||||||||||
300,000 | Santa Clarita, CA Community Facilities District (Valencia Town Center) | 5.000 | 11/15/2019 | 11/15/2019 | 333,783 | |||||||||||||
| ||||||||||||||||||
365,000 | Santa Clarita, CA Community Facilities District (Valencia Town Center) | 5.000 | 11/15/2021 | 11/15/2021 | 415,600 | |||||||||||||
| ||||||||||||||||||
605,000 | Santa Clarita, CA Community Facilities District (Valencia Town Center) | 5.000 | 11/15/2020 | 11/15/2020 | 683,178 | |||||||||||||
| ||||||||||||||||||
100,000 | Santa Fe Springs, CA Community Devel. Commission | 4.750 | 09/01/2022 | 12/31/2015 | A | 100,233 | ||||||||||||
| ||||||||||||||||||
50,000 | Santa Fe Springs, CA Community Devel. Commission | 4.375 | 09/01/2016 | 12/31/2015 | A | 50,165 | ||||||||||||
| ||||||||||||||||||
75,000 | Santa Fe Springs, CA Community Devel. Commission | 4.500 | 09/01/2017 | 12/31/2015 | A | 75,229 | ||||||||||||
| ||||||||||||||||||
130,000 | Sante Fe Springs, CA Community Devel. Commission | 4.600 | 09/01/2018 | 12/31/2015 | A | 130,376 | ||||||||||||
| ||||||||||||||||||
50,000 | Sante Fe Springs, CA Community Devel. Commission | 4.600 | 09/01/2019 | 12/31/2015 | A | 50,136 | ||||||||||||
| ||||||||||||||||||
255,000 | Saugus, CA Union School District Community Facilities District No. 2002-1 | 5.000 | 09/01/2021 | 09/01/2021 | 290,318 | |||||||||||||
| ||||||||||||||||||
380,000 | Southern CA Tobacco Securitization Authority | 4.750 | 06/01/2025 | 12/31/2015 | A | 380,042 | ||||||||||||
| ||||||||||||||||||
25,000 | Stockton, CA Public Financing Authority (Parking) | 4.500 | 09/01/2016 | 09/01/2016 | 24,922 | |||||||||||||
| ||||||||||||||||||
65,000 | Temecula, CA Redevel. Agency | 4.900 | 08/01/2016 | 12/31/2015 | A | 65,170 | ||||||||||||
| ||||||||||||||||||
1,067,000 | Vallejo, CA Sanitation & Flood Control District | 5.000 | 07/01/2019 | 01/22/2018 | B | 1,125,610 | ||||||||||||
| ||||||||||||||||||
230,000 | Vernon, CA Electric System | 5.125 | 08/01/2021 | 08/30/2018 | C | 253,748 | ||||||||||||
| ||||||||||||||||||
520,000 | Vernon, CA Electric System | 5.125 | 08/01/2021 | 09/06/2018 | A | 574,033 | ||||||||||||
| ||||||||||||||||||
200,000 | West Kern County, CA Water District | 4.200 | 06/01/2018 | 12/31/2015 | A | 200,638 | ||||||||||||
| ||||||||||||||||||
250,000 | Westlands, CA Water District | 5.000 | 09/01/2021 | 09/01/2021 | 295,023 | |||||||||||||
| ||||||||||||||||||
250,000 | Westlands, CA Water District | 5.000 | 09/01/2022 | 09/01/2022 | 299,238 | |||||||||||||
| ||||||||||||||||||
13,630,000 | Whittier, CA Health Facilities (PIH/IC/IMC/DRMCH Obligated Group) | 4.900 | 06/01/2026 | 06/17/2020 | A | 15,125,756 | ||||||||||||
|
| |||||||||||||||||
114,772,701 | ||||||||||||||||||
| ||||||||||||||||||
Colorado—1.2% | ||||||||||||||||||
25,000 | Adams County, CO Pollution Control (Public Service Company of Colorado) | 4.375 | 09/01/2017 | 12/31/2015 | A | 25,083 | ||||||||||||
| ||||||||||||||||||
940,000 | CO Health Facilities Authority (Evangelical Lutheran Good Samaritan/Good Samaritan Society HCBS Obligated Group) | 5.250 | 06/01/2022 | 06/01/2016 | A | 957,888 | ||||||||||||
| ||||||||||||||||||
2,320,000 | CO Health Facilities Authority (Evangelical Lutheran Good Samaritan/Good Samaritan Society HCBS Obligated Group) | 5.250 | 06/01/2022 | 06/01/2016 | A | 2,377,235 | ||||||||||||
| ||||||||||||||||||
5,000 | CO Water Resources & Power Devel. Authority | 4.000 | 11/01/2017 | 12/31/2015 | A | 5,014 | ||||||||||||
| ||||||||||||||||||
1,105,000 | Larimer County, CO School District No. R-001 Poudre | 7.000 | 12/15/2016 | 06/25/2016 | B | 1,139,067 |
21 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Colorado (Continued) | ||||||||||||||||||
| ||||||||||||||||||
$ 480,000 | Larimer County, CO School District No. R-001 Poudre | 7.000 % | 12/15/2016 | 06/25/2016 | B | $ | 494,799 | |||||||||||
| ||||||||||||||||||
2,940,000 | Public Authority for CO (Natural Gas Energy) | 5.750 | 11/15/2018 | 12/11/2017 | B | 3,174,994 | ||||||||||||
| ||||||||||||||||||
5,000 | Weld County, CO School District RE002 | 5.000 | 12/01/2021 | 12/31/2015 | A | 5,020 | ||||||||||||
|
| |||||||||||||||||
8,179,100 | ||||||||||||||||||
| ||||||||||||||||||
Connecticut—0.0% | ||||||||||||||||||
25,000 | Winchester, CT GO | 4.500 | 06/01/2019 | 12/31/2015 | A | 25,078 | ||||||||||||
| ||||||||||||||||||
District of Columbia—0.1% | ||||||||||||||||||
625,000 | District of Columbia (Kipp Charter School) | 5.000 | 07/01/2023 | 07/01/2023 | 714,119 | |||||||||||||
| ||||||||||||||||||
120,000 | District of Columbia Tobacco Settlement Financing Corp. | 6.250 | 05/15/2024 | 12/31/2015 | A | 120,018 | ||||||||||||
|
| |||||||||||||||||
834,137 | ||||||||||||||||||
| ||||||||||||||||||
Florida—1.1% | ||||||||||||||||||
210,000 | Belle Isle, FL Charter School (Cornerstone Charter Academy & Cornerstone Charter High School Obligated Group) | 5.500 | 10/01/2022 | 12/24/2019 | B | 224,263 | ||||||||||||
| ||||||||||||||||||
225,000 | Bonaventure, FL Devel. District Special Assessment | 5.125 | 11/01/2022 | 12/31/2015 | A | 225,484 | ||||||||||||
| ||||||||||||||||||
200,000 | Brevard County, FL Industrial Devel. Revenue (TUFF Florida Tech) | 6.000 | 11/01/2019 | 07/25/2018 | B | 210,244 | ||||||||||||
| ||||||||||||||||||
45,000 | Celebration, FL Community Devel. District | 5.125 | 05/01/2020 | 12/31/2015 | A | 45,118 | ||||||||||||
| ||||||||||||||||||
50,000 | Fishhawk, FL Community Devel. District | 5.250 | 05/01/2018 | 12/31/2015 | A | 50,122 | ||||||||||||
| ||||||||||||||||||
100,000 | FL Capital Projects Financing Authority (Florida Universities Student Hsg.) | 5.125 | 10/01/2021 | 04/24/2020 | B | 99,731 | ||||||||||||
| ||||||||||||||||||
15,000 | FL Dept. of General Services | 4.750 | 09/01/2018 | 12/31/2015 | A | 15,057 | ||||||||||||
| ||||||||||||||||||
10,000 | FL Dept. of General Services | 4.500 | 09/01/2019 | 12/31/2015 | A | 10,035 | ||||||||||||
| ||||||||||||||||||
5,000 | FL Education System (State of Florida University Hsg. Facility) | 4.500 | 07/01/2019 | 01/01/2016 | A | 5,018 | ||||||||||||
| ||||||||||||||||||
10,000 | FL Municipal Loan Council | 5.250 | 12/01/2015 | 12/01/2015 | 10,001 | |||||||||||||
| ||||||||||||||||||
10,000 | FL Municipal Loan Council | 4.750 | 11/01/2021 | 12/31/2015 | A | 10,022 | ||||||||||||
| ||||||||||||||||||
75,000 | FL State Education System (State of Florida University Hsg.) | 5.000 | 07/01/2019 | 01/01/2016 | A | 76,056 | ||||||||||||
| ||||||||||||||||||
25,000 | FL Water Pollution Control | 4.875 | 01/15/2017 | 12/31/2015 | A | 25,098 | ||||||||||||
| ||||||||||||||||||
55,000 | Flagler County, FL School District | 5.000 | 08/01/2018 | 12/31/2015 | A | 55,212 | ||||||||||||
| ||||||||||||||||||
50,000 | Hernando County, FL School Board | 4.875 | 12/01/2018 | 12/31/2015 | A | 50,106 | ||||||||||||
| ||||||||||||||||||
1,000,000 | Highlands County, FL School Board | 4.000 | 03/01/2021 | 09/01/2016 | A | 1,027,190 | ||||||||||||
| ||||||||||||||||||
130,000 | Indian River County, FL Revenue (Spring Training Facility) | 5.250 | 04/01/2017 | 12/31/2015 | A | 130,558 | ||||||||||||
| ||||||||||||||||||
3,555,000 | Lakeland, FL Hospital System (Lakeland Regional Medical Center/Lakeland Regional Hospital System Obligated Group) | 5.000 | 11/15/2023 | 11/15/2016 | A | 3,693,254 | ||||||||||||
| ||||||||||||||||||
10,000 | Manatee County, FL School District | 4.000 | 10/01/2017 | 12/31/2015 | A | 10,024 | ||||||||||||
| ||||||||||||||||||
50,000 | Marion County, FL GO | 4.625 | 08/01/2017 | 12/31/2015 | A | 50,183 |
22 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Florida (Continued) | ||||||||||||||||||
| ||||||||||||||||||
$ 350,000 | Miami, FL (Homeland Defense/Neighborhood) | 4.800 % | 01/01/2020 | 01/01/2016 | A | $ | 351,078 | |||||||||||
| ||||||||||||||||||
105,000 | Miami-Dade County, FL Solid Waste | 5.000 | 10/01/2019 | 12/31/2015 | A | 105,421 | ||||||||||||
| ||||||||||||||||||
255,000 | Miami-Dade County, FL Solid Waste | 4.750 | 10/01/2018 | 12/31/2015 | A | 255,969 | ||||||||||||
| ||||||||||||||||||
55,000 | Miami-Dade County, FL Solid Waste | 5.000 | 10/01/2018 | 12/31/2015 | A | 55,221 | ||||||||||||
| ||||||||||||||||||
365,000 | Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy) | 6.125 | 09/15/2021 | 06/29/2019 | B | 394,722 | ||||||||||||
| ||||||||||||||||||
50,000 | Port St. Lucie, FL Community Redevel. Agency | 4.250 | 01/01/2023 | 01/01/2016 | A | 50,032 | ||||||||||||
| ||||||||||||||||||
5,000 | Port St. Lucie, FL COP (Public Buildings Project) | 4.250 | 09/01/2023 | 12/31/2015 | A | 5,007 | ||||||||||||
| ||||||||||||||||||
10,000 | St. Johns County, FL Ponte Vedra Utility System | 4.000 | 10/01/2017 | 12/31/2015 | A | 10,021 | ||||||||||||
| ||||||||||||||||||
25,000 | Sunrise, FL Special Tax District No. 1 | 4.875 | 10/01/2018 | 12/31/2015 | A | 25,096 | ||||||||||||
| ||||||||||||||||||
310,000 | Sunrise, FL Special Tax District No. 1 | 4.800 | 10/01/2017 | 12/31/2015 | A | 311,169 | ||||||||||||
|
| |||||||||||||||||
7,586,512 | ||||||||||||||||||
| ||||||||||||||||||
Georgia—0.6% | ||||||||||||||||||
100,000 | Atlanta & Fulton County, GA Recreation Authority | 4.250 | 12/01/2023 | 12/31/2015 | A | 100,316 | ||||||||||||
| ||||||||||||||||||
1,085,000 | Atlanta, GA Tax Allocation (Eastside) | 5.400 | 01/01/2020 | 01/01/2016 | A | 1,089,058 | ||||||||||||
| ||||||||||||||||||
65,000 | GA Municipal Assoc. (Atlanta Detention Center) | 5.000 | 12/01/2023 | 12/31/2015 | A | 65,250 | ||||||||||||
| ||||||||||||||||||
45,000 | GA Municipal Assoc. (Atlanta Detention Center) | 5.000 | 12/01/2018 | 12/22/2015 | A | 45,175 | ||||||||||||
| ||||||||||||||||||
575,000 | GA Private Colleges & University Authority (Mercer University) | 5.000 | 10/01/2020 | 10/01/2020 | 659,048 | |||||||||||||
| ||||||||||||||||||
280,000 | GA Private Colleges & University Authority (Spelman College) | 5.250 | 06/01/2021 | 12/31/2015 | A | 281,153 | ||||||||||||
| ||||||||||||||||||
500,000 | Gilmer County, GA GO | 5.000 | 04/01/2020 | 04/01/2017 | A | 529,195 | ||||||||||||
| ||||||||||||||||||
5,000 | Gwinett County, GA Hospital Authority | 4.500 | 10/01/2024 | 12/31/2015 | A | 5,017 | ||||||||||||
| ||||||||||||||||||
850,000 | Houston County, GA Hospital Authority (Houston Heart Institute) | 5.250 | 10/01/2016 | 10/01/2016 | 881,229 | |||||||||||||
| ||||||||||||||||||
555,000 | Metropolitan Atlanta, GA Rapid Transit Authority | 6.250 | 07/01/2020 | 12/09/2017 | B | 606,249 | ||||||||||||
|
| |||||||||||||||||
4,261,690 | ||||||||||||||||||
| ||||||||||||||||||
Idaho—0.1% | ||||||||||||||||||
500,000 | ID Health Facilities Authority (Partners in Healthcare) | 2.500 | 05/01/2017 | 05/01/2017 | 499,515 | |||||||||||||
| ||||||||||||||||||
Illinois—22.5% | ||||||||||||||||||
8,500,000 | Centerpoint, IL Intermodal Center Program | 3.690 1 | 06/15/2023 | 12/16/2015 | A | 8,500,000 | ||||||||||||
| ||||||||||||||||||
1,800,000 | Chicago, IL Board of Education | 5.000 | 12/01/2025 | 12/01/2016 | A | 1,822,302 | ||||||||||||
| ||||||||||||||||||
500,000 | Chicago, IL Board of Education | 5.000 | 12/01/2015 | 12/01/2015 | 500,055 | |||||||||||||
| ||||||||||||||||||
50,000 | Chicago, IL Board of Education | 5.000 | 12/01/2016 | 12/31/2015 | A | 50,401 | ||||||||||||
| ||||||||||||||||||
325,000 | Chicago, IL Board of Education | 5.000 | 12/01/2018 | 12/01/2016 | A | 331,406 | ||||||||||||
| ||||||||||||||||||
600,000 | Chicago, IL Board of Education | 5.000 | 12/01/2021 | 12/01/2016 | A | 610,632 | ||||||||||||
| ||||||||||||||||||
760,000 | Chicago, IL Board of Education | 5.000 | 12/01/2023 | 12/01/2016 | A | 770,762 | ||||||||||||
| ||||||||||||||||||
100,000 | Chicago, IL Board of Education | 5.250 | 12/01/2018 | 12/31/2015 | A | 100,317 |
23 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Illinois (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 50,000 | Chicago, IL Board of Education | 5.000 % | 12/01/2016 | 12/31/2015 | A | $ | 50,607 | |||||||||||
| ||||||||||||||||||
5,000,000 | Chicago, IL Board of Education | 5.000 | 12/01/2021 | 12/01/2017 | A | 5,141,900 | ||||||||||||
| ||||||||||||||||||
100,000 | Chicago, IL Board of Education | 5.000 | 12/01/2022 | 12/01/2017 | A | 102,585 | ||||||||||||
| ||||||||||||||||||
610,000 | Chicago, IL Board of Education | 5.250 | 12/01/2020 | 12/31/2015 | A | 611,952 | ||||||||||||
| ||||||||||||||||||
555,000 | Chicago, IL Board of Education | 5.000 | 12/01/2021 | 12/31/2015 | A | 556,748 | ||||||||||||
| ||||||||||||||||||
18,475,000 | Chicago, IL Board of Education | 6.000 | 01/01/2020 | 07/28/2018 | B | 19,966,302 | ||||||||||||
| ||||||||||||||||||
400,000 | Chicago, IL Board of Education (School Reform) | 2.350 3 | 12/01/2016 | 12/01/2016 | 386,440 | |||||||||||||
| ||||||||||||||||||
130,000 | Chicago, IL Board of Education (School Reform) | 2.165 3 | 12/01/2015 | 12/01/2015 | 129,992 | |||||||||||||
| ||||||||||||||||||
80,000 | Chicago, IL Building Acquisition COP | 5.400 | 01/01/2019 | 01/01/2016 | A | 80,314 | ||||||||||||
| ||||||||||||||||||
1,230,000 | Chicago, IL Building Acquisition COP | 5.400 | 01/01/2018 | 01/01/2016 | A | 1,234,932 | ||||||||||||
| ||||||||||||||||||
100,000 | Chicago, IL GO | 5.000 | 01/01/2020 | 01/01/2016 | A | 100,379 | ||||||||||||
| ||||||||||||||||||
11,835,000 | Chicago, IL GO | 5.000 | 01/01/2019 | 01/01/2016 | A | 11,866,126 | ||||||||||||
| ||||||||||||||||||
5,000 | Chicago, IL GO | 4.250 | 01/01/2025 | 01/01/2016 | A | 5,002 | ||||||||||||
| ||||||||||||||||||
195,000 | Chicago, IL GO | 5.000 | 01/01/2021 | 01/01/2016 | A | 195,739 | ||||||||||||
| ||||||||||||||||||
275,000 | Chicago, IL GO | 5.250 | 01/01/2024 | 01/01/2018 | A | 285,436 | ||||||||||||
| ||||||||||||||||||
25,000 | Chicago, IL GO | 5.300 4 | 01/01/2016 | 01/01/2016 | 25,069 | |||||||||||||
| ||||||||||||||||||
200,000 | Chicago, IL GO | 5.000 | 01/01/2018 | 01/01/2016 | A | 200,758 | ||||||||||||
| ||||||||||||||||||
1,105,000 | Chicago, IL GO | 5.000 | 01/01/2018 | 01/01/2017 | A | 1,130,437 | ||||||||||||
| ||||||||||||||||||
1,515,000 | Chicago, IL GO | 5.000 | 01/01/2026 | 01/01/2016 | A | 1,530,923 | ||||||||||||
| ||||||||||||||||||
1,000,000 | Chicago, IL GO | 5.000 | 01/01/2022 | 01/01/2018 | A | 1,032,750 | ||||||||||||
| ||||||||||||||||||
295,000 | Chicago, IL GO | 5.000 | 01/01/2023 | 01/01/2016 | A | 295,678 | ||||||||||||
| ||||||||||||||||||
300,000 | Chicago, IL GO | 5.000 | 01/01/2022 | 01/01/2016 | A | 303,153 | ||||||||||||
| ||||||||||||||||||
350,000 | Chicago, IL GO | 5.000 | 01/01/2024 | 01/01/2016 | A | 353,678 | ||||||||||||
| ||||||||||||||||||
1,950,000 | Chicago, IL GO | 5.000 | 01/01/2025 | 01/01/2016 | A | 1,959,516 | ||||||||||||
| ||||||||||||||||||
4,925,000 | Chicago, IL GO | 5.000 | 01/01/2021 | 01/01/2016 | A | 4,976,762 | ||||||||||||
| ||||||||||||||||||
25,000 | Chicago, IL GO | 5.000 | 01/01/2020 | 01/01/2016 | A | 25,263 | ||||||||||||
| ||||||||||||||||||
250,000 | Chicago, IL GO | 5.000 | 01/01/2026 | 01/01/2016 | A | 250,977 | ||||||||||||
| ||||||||||||||||||
4,075,000 | Chicago, IL GO | 5.000 | 01/01/2024 | 01/01/2016 | A | 4,084,413 | ||||||||||||
| ||||||||||||||||||
2,000,000 | Chicago, IL GO | 5.000 | 12/01/2024 | 12/01/2016 | A | 2,041,420 | ||||||||||||
| ||||||||||||||||||
100,000 | Chicago, IL GO | 5.000 | 12/01/2021 | 12/01/2016 | A | 102,041 | ||||||||||||
| ||||||||||||||||||
100,000 | Chicago, IL O’Hare International Airport | 5.000 | 01/01/2020 | 01/01/2017 | A | 104,588 | ||||||||||||
| ||||||||||||||||||
2,185,000 | Chicago, IL Public Building Commission (Chicago School Reform) | 5.250 | 12/01/2016 | 12/01/2016 | 2,239,712 | |||||||||||||
| ||||||||||||||||||
150,000 | Chicago, IL Sales Tax | 5.000 | 01/01/2024 | 01/01/2016 | A | 152,420 | ||||||||||||
| ||||||||||||||||||
170,000 | Chicago, IL Sales Tax | 5.000 | 01/01/2022 | 01/01/2016 | A | 172,742 | ||||||||||||
| ||||||||||||||||||
100,000 | Chicago, IL Sales Tax | 5.000 | 01/01/2019 | 01/01/2016 | A | 101,613 | ||||||||||||
| ||||||||||||||||||
110,000 | Chicago, IL State University (Auxiliary Facilities System)2 | 5.000 | 12/01/2018 | 12/24/2015 | A | 110,459 | ||||||||||||
| ||||||||||||||||||
250,000 | Chicago, IL Transit Authority Capital Grant Receipts | 5.000 | 06/01/2016 | 06/01/2016 | 255,108 | |||||||||||||
| ||||||||||||||||||
250,000 | Chicago, IL Waterworks | 5.000 | 11/01/2024 | 11/01/2016 | A | 257,763 | ||||||||||||
| ||||||||||||||||||
190,000 | Chicago, IL Waterworks | 5.000 | 11/01/2023 | 11/01/2016 | A | 196,078 | ||||||||||||
| ||||||||||||||||||
975,000 | Cook County, IL GO | 5.000 | 11/15/2026 | 05/15/2016 | A | 989,703 | ||||||||||||
| ||||||||||||||||||
4,350,000 | Cook County, IL GO | 5.000 | 11/15/2019 | 05/15/2016 | A | 4,425,908 | ||||||||||||
| ||||||||||||||||||
80,000 | East Dundee, IL Tax Increment (Route 25 South Redevel.)2 | 5.250 | 12/01/2022 | 12/01/2021 | A | 80,978 |
24 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Illinois (Continued) | ||||||||||||||||||
| ||||||||||||||||||
$ 105,000 | Eastern Illinois University (Auxiliary Facilities System) | 4.125 % | 04/01/2022 | 12/31/2015 | A | $ | 105,245 | |||||||||||
| ||||||||||||||||||
10,000 | Eastern Illinois University (Auxiliary Facilities System) | 3.850 | 04/01/2017 | 12/31/2015 | A | 10,025 | ||||||||||||
| ||||||||||||||||||
25,000 | Forest Park, IL GO | 4.850 | 12/01/2016 | 12/31/2015 | A | 25,097 | ||||||||||||
| ||||||||||||||||||
500,000 | Grundy & Kendall Counties, IL Consolidated School District No. 60-c | 4.250 | 02/01/2026 | 02/01/2016 | A�� | 501,965 | ||||||||||||
| ||||||||||||||||||
885,000 | Grundy & Kendall Counties, IL Consolidated School District No. 60-c | 4.200 | 02/01/2024 | 02/01/2016 | A | 888,655 | ||||||||||||
| ||||||||||||||||||
325,000 | IL Civic Center | 5.000 | 12/15/2015 | 12/15/2015 | 325,676 | |||||||||||||
| ||||||||||||||||||
50,000 | IL Civic Center | 5.500 | 12/15/2015 | 12/15/2015 | 50,114 | |||||||||||||
| ||||||||||||||||||
1,565,000 | IL Civic Center2 | 6.250 | 12/15/2020 | 08/21/2018 | B | 1,699,793 | ||||||||||||
| ||||||||||||||||||
15,000 | IL COP | 6.375 | 07/01/2017 | 01/01/2016 | A | 15,040 | ||||||||||||
| ||||||||||||||||||
5,000 | IL COP | 5.800 | 07/01/2017 | 01/01/2016 | A | 5,013 | ||||||||||||
| ||||||||||||||||||
17,050,000 | IL Finance Authority (Centegra Health System) SPEARS | 0.310 1 | 09/01/2038 | 12/07/2015 | A | 17,050,000 | ||||||||||||
| ||||||||||||||||||
1,540,000 | IL Finance Authority (Rehabilitation Institute of Chicago) | 5.000 | 07/01/2021 | 07/01/2021 | 1,724,646 | |||||||||||||
| ||||||||||||||||||
1,000,000 | IL Finance Authority (Rehabilitation Institute of Chicago) | 5.000 | 07/01/2023 | 07/01/2023 | 1,129,720 | |||||||||||||
| ||||||||||||||||||
1,000,000 | IL Finance Authority (Rehabilitation Institute of Chicago) | 5.000 | 07/01/2022 | 07/01/2022 | 1,125,710 | |||||||||||||
| ||||||||||||||||||
30,000 | IL GO | 5.000 | 06/01/2019 | 12/31/2015 | A | 30,108 | ||||||||||||
| ||||||||||||||||||
70,000 | IL GO | 5.000 | 09/01/2023 | 12/31/2015 | A | 70,262 | ||||||||||||
| ||||||||||||||||||
150,000 | IL GO | 5.000 | 04/01/2021 | 12/31/2015 | A | 150,486 | ||||||||||||
| ||||||||||||||||||
65,000 | IL GO | 5.000 | 10/01/2016 | 12/31/2015 | A | 65,203 | ||||||||||||
| ||||||||||||||||||
30,000 | IL GO | 5.000 | 03/01/2018 | 12/31/2015 | A | 30,094 | ||||||||||||
| ||||||||||||||||||
145,000 | IL GO | 5.000 | 03/01/2022 | 12/31/2015 | A | 145,454 | ||||||||||||
| ||||||||||||||||||
4,200,000 | IL GO | 5.000 | 10/01/2017 | 12/31/2015 | A | 4,213,146 | ||||||||||||
| ||||||||||||||||||
1,150,000 | IL GO | 5.000 | 03/01/2019 | 12/31/2015 | A | 1,153,600 | ||||||||||||
| ||||||||||||||||||
25,000 | IL GO | 5.000 | 10/01/2018 | 12/31/2015 | A | 25,078 | ||||||||||||
| ||||||||||||||||||
555,000 | IL GO | 5.000 | 10/01/2019 | 12/31/2015 | A | 556,798 | ||||||||||||
| ||||||||||||||||||
25,000 | IL GO | 5.000 | 09/01/2019 | 12/31/2015 | A | 25,078 | ||||||||||||
| ||||||||||||||||||
260,000 | IL GO | 5.000 | 11/01/2023 | 12/31/2015 | A | 260,842 | ||||||||||||
| ||||||||||||||||||
4,000,000 | IL GO | 5.000 | 11/01/2026 | 12/31/2015 | A | 4,012,960 | ||||||||||||
| ||||||||||||||||||
50,000 | IL GO | 5.000 | 09/01/2026 | 12/31/2015 | A | 50,180 | ||||||||||||
| ||||||||||||||||||
13,330,000 | IL GO SPEARS | 0.310 1 | 07/01/2031 | 12/07/2015 | A | 13,330,000 | ||||||||||||
| ||||||||||||||||||
20,000 | IL Health Facilities Authority (Michael Reese Hospital & Medical Center) | 7.600 | 02/15/2019 | 01/31/2016 | A | 22,190 | ||||||||||||
| ||||||||||||||||||
35,000 | IL Hsg. Devel. Authority (Homeowner Mtg.) | 3.625 | 08/01/2016 | 08/01/2016 | 35,487 | |||||||||||||
| ||||||||||||||||||
150,000 | IL Medical District COP | 5.000 | 06/01/2022 | 12/31/2015 | A | 150,195 | ||||||||||||
| ||||||||||||||||||
2,795,000 | IL Regional Transportation Authority | 5.000 | 07/01/2022 | 07/01/2016 | A | 2,866,887 | ||||||||||||
| ||||||||||||||||||
540,000 | Kane & DeKalb Counties, IL Community Unit School District No. 302 | 5.500 | 02/01/2024 | 02/01/2016 | A | 544,763 | ||||||||||||
| ||||||||||||||||||
580,000 | Kankakee & Will Counties, IL Community Unit School District No. 5 | 4.125 | 12/01/2024 | 06/01/2017 | A | 598,891 | ||||||||||||
| ||||||||||||||||||
630,000 | Kankakee & Will Counties, IL Community Unit School District No. 5 | 4.125 | 12/01/2026 | 06/01/2017 | A | 648,906 |
25 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Illinois (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 4,000,000 | Kendall County, IL Forest Preserve District | 5.250 % | 01/01/2023 | 01/01/2018 | A | $ | 4,294,880 | |||||||||||
| ||||||||||||||||||
10,000,000 | Kendall Kane & Will Counties, IL Community Unit School District No. 308 | 5.000 | 02/01/2026 | 02/01/2017 | A | 10,431,100 | ||||||||||||
| ||||||||||||||||||
190,000 | La Salle & DeKalb Counties, IL Community Unit School District No. 12 | 4.100 | 12/30/2017 | 04/03/2017 | B | 196,739 | ||||||||||||
| ||||||||||||||||||
45,000 | Lake County, IL School District No. 38 (Big Hallow) | 3.500 3 | 02/01/2017 | 02/01/2017 | 44,220 | |||||||||||||
| ||||||||||||||||||
500,000 | Lansing, IL GO | 4.000 | 03/01/2018 | 03/01/2018 | 528,770 | |||||||||||||
| ||||||||||||||||||
1,000,000 | Lemont, IL GO | 4.850 | 12/01/2016 | 12/31/2015 | A | 1,003,580 | ||||||||||||
| ||||||||||||||||||
310,000 | Matteson, IL Waterworks | 4.000 | 12/01/2019 | 12/31/2015 | A | 310,226 | ||||||||||||
| ||||||||||||||||||
65,000 | Ogle Lee & De Kalb Counties, IL Townships High School District No. 212 | 5.000 | 12/01/2020 | 12/01/2015 | A | 65,008 | ||||||||||||
| ||||||||||||||||||
225,000 | Riverdale, IL GO | 4.500 | 01/01/2017 | 01/01/2016 | A | 225,603 | ||||||||||||
| ||||||||||||||||||
150,000 | Riverdale, IL GO | 4.800 | 01/01/2023 | 01/01/2016 | A | 150,219 | ||||||||||||
| ||||||||||||||||||
605,000 | Saint Clair County, IL School District No. 189 East Saint Louis | 3.000 | 01/01/2016 | 01/01/2016 | 604,274 | |||||||||||||
| ||||||||||||||||||
300,000 | Saint Clair County, IL School District No. 189 East Saint Louis | 5.100 | 01/01/2020 | 01/01/2020 | 293,133 | |||||||||||||
| ||||||||||||||||||
100,000 | Southwestern IL Devel. Authority (Belleville Township) | 4.000 | 10/01/2018 | 12/31/2015 | A | 100,222 | ||||||||||||
| ||||||||||||||||||
280,000 | Southwestern, IL Devel. Authority (Granite City) | 5.250 | 03/01/2023 | 11/12/2016 | A | 291,564 | ||||||||||||
| ||||||||||||||||||
1,020,000 | University of Illinois Board of Trustees COP | 5.250 | 10/01/2026 | 10/01/2017 | A | 1,094,113 | ||||||||||||
| ||||||||||||||||||
2,110,000 | University of Illinois Board of Trustees COP | 5.250 | 10/01/2022 | 10/01/2017 | A | 2,270,128 | ||||||||||||
| ||||||||||||||||||
370,000 | University Park IL (Village of University Park Illinois) | 4.100 | 12/01/2017 | 12/31/2015 | A | 371,103 | ||||||||||||
| ||||||||||||||||||
385,000 | University Park IL (Village of University Park Illinois) | 4.200 | 12/01/2018 | 12/31/2015 | A | 386,186 | ||||||||||||
| ||||||||||||||||||
280,000 | University Park IL (Village of University Park Illinois) | 4.250 | 12/01/2017 | 12/31/2015 | A | 280,666 | ||||||||||||
| ||||||||||||||||||
70,000 | University Park IL (Village of University Park Illinois) | 4.250 | 12/01/2018 | 12/31/2015 | A | 70,147 | ||||||||||||
| ||||||||||||||||||
355,000 | Wheaton, IL Park District | 4.250 | 12/30/2025 | 12/30/2015 | A | 356,186 | ||||||||||||
| ||||||||||||||||||
350,000 | Will & Kendall Counties, IL Community Consolidated School District No. 202 | 4.250 | 01/01/2019 | 07/01/2016 | A | 357,270 | ||||||||||||
|
| |||||||||||||||||
| 158,168,883
|
| ||||||||||||||||
| ||||||||||||||||||
Indiana—1.3% | ||||||||||||||||||
20,000 | Ball, IN State University (Hsg. & Dining System) | 5.000 | 07/01/2016 | 01/01/2016 | A | 20,081 | ||||||||||||
| ||||||||||||||||||
890,000 | Gary Chicago, IN International Airport Authority | 5.500 | 02/01/2025 | 02/01/2019 | A | 952,638 | ||||||||||||
| ||||||||||||||||||
1,250,000 | Hammond, IN Local Public Improvement District | 3.250 | 05/01/2016 | 01/01/2016 | A | 1,250,175 | ||||||||||||
| ||||||||||||||||||
1,000,000 | Hammond, IN Local Public Improvement District | 5.000 | 02/01/2024 | 02/01/2018 | A | 1,040,380 |
26 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Indiana (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 75,000 | IN Municipal Power Agency | 5.500 % | 01/01/2016 | 01/01/2016 | $ | 75,330 | ||||||||||||
| ||||||||||||||||||
3,000,000 | Indiana, IN Bond Bank Special Program Floaters | 0.350 1 | 04/15/2018 | 12/07/2015 | A | 3,000,000 | ||||||||||||
| ||||||||||||||||||
3,000,000 | Indianapolis, IN Local Public Improvement Bond Bank (Nos Innovation Partners) PUTTERS |
| 0.290 1 |
| 02/01/2019 | 12/07/2015 | A | 3,000,000 | ||||||||||
| ||||||||||||||||||
5,000 | Rushville, IN Sewer | 5.700 | 01/01/2016 | 12/31/2015 | A | 5,023 | ||||||||||||
|
| |||||||||||||||||
| 9,343,627
|
| ||||||||||||||||
| ||||||||||||||||||
Iowa—0.0% | ||||||||||||||||||
100,000 | Coralville, IA GO | 3.250 | 05/01/2016 | 05/01/2016 | 100,877 | |||||||||||||
| ||||||||||||||||||
15,000 | IA HFA (Multifamily Hsg.) | 6.000 | 04/01/2021 | 04/01/2016 | A | 15,174 | ||||||||||||
| ||||||||||||||||||
130,000 | Keokuk, IA Hospital Facility (Keokuk Area Hospital) | 5.250 | 12/01/2021 | 12/31/2015 | A | 130,472 | ||||||||||||
|
| |||||||||||||||||
| 246,523
|
| ||||||||||||||||
| ||||||||||||||||||
Kansas—0.0% | ||||||||||||||||||
35,000 | Johnson County, KS GO
|
| 4.000
|
|
| 09/01/2017
|
|
| 12/31/2015
| A
|
| 35,107
|
| |||||
| ||||||||||||||||||
Kentucky—0.8% | ||||||||||||||||||
4,500,000 | KY Municipal Power Agency
|
| 5.000
|
|
| 09/01/2025
|
|
| 09/01/2025
|
|
| 5,314,320
|
| |||||
| ||||||||||||||||||
Louisiana—0.6% | ||||||||||||||||||
1,000,000 | LA Public Facilities Authority (Nineteenth Judicial District Court) | 4.500 | 06/01/2021 | 06/01/2017 | A | 1,057,250 | ||||||||||||
| ||||||||||||||||||
3,000,000 | LA Tobacco Settlement Financing Corp. (TASC) | | 5.000 | | 05/15/2024 | 12/31/2015 | A | 3,006,540 | ||||||||||
|
| |||||||||||||||||
| 4,063,790
|
| ||||||||||||||||
| ||||||||||||||||||
Maine—0.0% | ||||||||||||||||||
75,000 | ME H&HEFA (FMemH / HDGH / MCOTA / MDIH / PBMC / 75SS Obligated Group)
|
| 5.000
|
|
| 07/01/2021
|
|
| 07/01/2016
| A
|
| 76,949
|
| |||||
| ||||||||||||||||||
Maryland—0.1% | ||||||||||||||||||
105,000 | Anne Arundel County, MD GO | 5.000 | 03/01/2016 | 12/31/2015 | A | 105,428 | ||||||||||||
| ||||||||||||||||||
225,000 | MD Community Devel. Administration (Dept. of Hsg. & Community Devel.) | 4.400 | 07/01/2021 | 01/01/2016 | A | 225,502 | ||||||||||||
| ||||||||||||||||||
25,000 | MD EDC Student Hsg. (University of Maryland College Park) | 5.000 | 06/01/2017 | 06/01/2016 | A | 25,582 | ||||||||||||
| ||||||||||||||||||
100,000 | Montgomery County, MD Hsg. Opportunities Commission (Single Family Mtg.) | 4.050 | 07/01/2016 | 01/01/2016 | A | 100,517 | ||||||||||||
| ||||||||||||||||||
50,000 | Prince Georges County, MD IDA (Upper Marlboro Justice) | 4.250 | 06/30/2019 | 12/31/2015 | A | 50,161 | ||||||||||||
|
| |||||||||||||||||
| 507,190
|
| ||||||||||||||||
| ||||||||||||||||||
Massachusetts—1.2% | ||||||||||||||||||
10,000 | Clinton, MA GO | 4.750 | 03/15/2017 | 12/31/2015 | A | 10,038 | ||||||||||||
| ||||||||||||||||||
15,000 | Clinton, MA GO | 4.750 | 03/15/2016 | 12/31/2015 | A | 15,057 | ||||||||||||
| ||||||||||||||||||
25,000 | Foxborough, MA GO | 4.000 | 06/15/2022 | 02/01/2016 | A | 25,162 | ||||||||||||
| ||||||||||||||||||
790,000 | MA Bay Transportation Authority | 6.200 | 03/01/2016 | 03/01/2016 | 797,544 |
27 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Massachusetts (Continued) | ||||||||||||||||||
| ||||||||||||||||||
$ 250,000 | MA Devel. Finance Agency (Avon Association) | 5.000 % | 04/01/2018 | 04/01/2018 | $ | 266,260 | ||||||||||||
| ||||||||||||||||||
345,000 | MA Devel. Finance Agency (Lawrence General Hospital) | 5.000 | 07/01/2018 | 07/01/2018 | 367,936 | |||||||||||||
| ||||||||||||||||||
32,459 | MA Devel. Finance Agency (Linden Ponds) | 6.250 | 11/15/2018 | 05/03/2018 | B | 32,389 | ||||||||||||
| ||||||||||||||||||
190,000 | MA H&EFA (Harvard Pilgrim Health Care/Pilgrim Health Care Obligated Group) | 4.750 | 07/01/2022 | 01/01/2016 | A | 190,441 | ||||||||||||
| ||||||||||||||||||
180,000 | MA H&EFA (UMass Memorial Health Care/UMass Memorial Medical Center Obligated Group) | 5.000 | 07/01/2033 | 01/01/2016 | A | 180,526 | ||||||||||||
| ||||||||||||||||||
40,000 | MA Ralph C. Mahar Regional School District | 4.000 | 08/01/2019 | 12/31/2015 | A | 40,522 | ||||||||||||
| ||||||||||||||||||
50,000 | MA Ralph C. Mahar Regional School District | 4.000 | 08/01/2018 | 12/31/2015 | A | 50,652 | ||||||||||||
| ||||||||||||||||||
4,000,000 | MA School Building Authority | 5.000 | 08/15/2025 | 08/15/2022 | A | 4,797,040 | ||||||||||||
| ||||||||||||||||||
1,750,000 | MA Special Obligation5 | 1.858 | 01/01/2018 | 01/01/2016 | A | 1,761,235 | ||||||||||||
| ||||||||||||||||||
100,000 | MA Special Obligation (Consolidated Loan)5 | 2.744 | 06/01/2017 | 12/01/2015 | A | 102,261 | ||||||||||||
| ||||||||||||||||||
20,000 | Revere, MA GO | 4.000 | 06/15/2016 | 12/31/2015 | A | 20,059 | ||||||||||||
|
| |||||||||||||||||
| 8,657,122
|
| ||||||||||||||||
| ||||||||||||||||||
Michigan—6.0% | ||||||||||||||||||
400,000 | Allen Park, MI GO | 4.000 | 04/01/2020 | 12/31/2015 | A | 400,892 | ||||||||||||
| ||||||||||||||||||
400,000 | Charyl Stockwell Academy, MI Public School Academy | 4.875 | 10/01/2023 | 06/29/2020 | B | 401,268 | ||||||||||||
| ||||||||||||||||||
455,000 | Clare, MI Public Schools | 4.000 | 05/01/2021 | 05/01/2016 | A | 459,791 | ||||||||||||
| ||||||||||||||||||
4,000,000 | Detroit, MI City School District Floaters | 0.260 1 | 05/01/2032 | 12/07/2015 | A | 4,000,000 | ||||||||||||
| ||||||||||||||||||
345,000 | Detroit, MI Downtown Devel. Authority | 4.828 3 | 07/01/2016 | 07/01/2016 | 334,201 | |||||||||||||
| ||||||||||||||||||
2,325 | Detroit, MI GO | 4.000 | 04/01/2017 | 04/01/2017 | 2,309 | |||||||||||||
| ||||||||||||||||||
9,300 | Detroit, MI GO | 5.250 | 04/01/2017 | 12/31/2015 | A | 9,315 | ||||||||||||
| ||||||||||||||||||
2,325 | Detroit, MI GO | 5.250 | 04/01/2019 | 04/01/2016 | A | 2,345 | ||||||||||||
| ||||||||||||||||||
674,250 | Detroit, MI GO | 5.250 | 04/01/2016 | 12/31/2015 | A | 675,666 | ||||||||||||
| ||||||||||||||||||
69,750 | Detroit, MI GO | 5.000 | 04/01/2017 | 12/31/2015 | A | 69,901 | ||||||||||||
| ||||||||||||||||||
4,650 | Detroit, MI GO | 5.000 | 04/01/2016 | 12/31/2015 | A | 4,661 | ||||||||||||
| ||||||||||||||||||
31,000 | Detroit, MI GO | 5.250 | 04/01/2019 | 12/31/2015 | A | 31,020 | ||||||||||||
| ||||||||||||||||||
869,550 | Detroit, MI GO | 5.000 | 04/01/2020 | 12/31/2015 | A | 870,072 | ||||||||||||
| ||||||||||||||||||
50,000 | Detroit, MI Sewer Disposal System | 5.750 3 | 07/01/2018 | 07/01/2018 | 45,584 | |||||||||||||
| ||||||||||||||||||
515,000 | Detroit, MI Sewer Disposal System | 5.500 | 07/01/2017 | 07/01/2017 | 549,515 | |||||||||||||
| ||||||||||||||||||
110,000 | Detroit, MI Sewer Disposal System | 5.000 | 07/01/2022 | 07/01/2016 | A | 111,685 | ||||||||||||
| ||||||||||||||||||
25,000 | Detroit, MI Sewer Disposal System | 5.500 | 07/01/2016 | 07/01/2016 | 25,673 | |||||||||||||
| ||||||||||||||||||
100,000 | Detroit, MI Sewer Disposal System | 5.250 | 07/01/2016 | 07/01/2016 | 102,548 | |||||||||||||
| ||||||||||||||||||
50,000 | Detroit, MI Sewer Disposal System | 5.000 | 07/01/2017 | 07/01/2016 | A | 51,115 | ||||||||||||
| ||||||||||||||||||
50,000 | Detroit, MI Sewer Disposal System | 5.250 | 07/01/2019 | 07/01/2017 | A | 52,379 | ||||||||||||
| ||||||||||||||||||
435,000 | Detroit, MI Water Supply System | 5.000 | 07/01/2022 | 07/01/2016 | A | 441,664 | ||||||||||||
| ||||||||||||||||||
50,000 | Detroit, MI Water Supply System | 4.800 | 07/01/2018 | 07/01/2018 | 54,196 | |||||||||||||
| ||||||||||||||||||
530,000 | Detroit, MI Water Supply System | 5.000 | 07/01/2026 | 07/01/2016 | A | 536,964 | ||||||||||||
| ||||||||||||||||||
20,000 | Detroit, MI Water Supply System | 5.000 | 07/01/2024 | 07/01/2016 | A | 20,284 | ||||||||||||
| ||||||||||||||||||
600,000 | Detroit, MI Water Supply System | 5.000 | 07/01/2025 | 07/01/2016 | A | 607,884 | ||||||||||||
| ||||||||||||||||||
650,000 | Detroit, MI Water Supply System | 5.000 | 07/01/2019 | 01/01/2016 | A | 656,156 |
28 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Michigan (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 1,000,000 | Detroit, MI Water Supply System | 5.000 % | 07/01/2018 | 07/01/2016 | A | $ | 1,019,210 | |||||||||||
| ||||||||||||||||||
850,000 | Fitzgerald, MI Public School District | 4.000 | 05/01/2021 | 05/01/2016 | A | 852,389 | ||||||||||||
| ||||||||||||||||||
100,000 | Highland Park, MI Building Authority | 7.750 | 05/01/2018 | 09/08/2017 | B | 111,336 | ||||||||||||
| ||||||||||||||||||
4,740,450 | MI Finance Authority (City of Detroit) | 5.000 | 04/01/2020 | 12/31/2015 | A | 4,740,545 | ||||||||||||
| ||||||||||||||||||
380,250 | MI Finance Authority (City of Detroit) | 5.000 | 04/01/2017 | 12/31/2015 | A | 381,071 | ||||||||||||
| ||||||||||||||||||
12,675 | MI Finance Authority (City of Detroit) | 4.000 | 04/01/2017 | 04/01/2017 | 12,587 | |||||||||||||
| ||||||||||||||||||
3,675,750 | MI Finance Authority (City of Detroit) | 5.250 | 04/01/2016 | 12/31/2015 | A | 3,683,469 | ||||||||||||
| ||||||||||||||||||
25,350 | MI Finance Authority (City of Detroit) | 5.000 | 04/01/2016 | 12/31/2015 | A | 25,409 | ||||||||||||
| ||||||||||||||||||
12,675 | MI Finance Authority (City of Detroit) | 5.250 | 04/01/2019 | 04/01/2016 | A | 12,784 | ||||||||||||
| ||||||||||||||||||
2,300,000 | MI Finance Authority (Detroit School District) | 4.750 | 06/01/2016 | 06/01/2016 | 2,312,949 | |||||||||||||
| ||||||||||||||||||
11,150,000 | MI Finance Authority (Detroit School District) | 5.500 | 06/01/2021 | 12/25/2019 | B | 11,988,257 | ||||||||||||
| ||||||||||||||||||
3,325,000 | MI Finance Authority (Detroit School District) | 5.000 | 06/01/2016 | 06/01/2016 | 3,385,116 | |||||||||||||
| ||||||||||||||||||
169,000 | MI Finance Authority (Detroit) | 5.000 | 04/01/2018 | 04/01/2016 | A | 170,425 | ||||||||||||
| ||||||||||||||||||
30,000 | MI Hsg. Devel. Authority (BGC-II Nonprofit Hsg. Corp.) | 5.500 | 01/15/2018 | 12/31/2015 | A | 30,092 | ||||||||||||
| ||||||||||||||||||
1,160,000 | MI Hsg. Devel. Authority, Series A | 4.750 | 10/01/2019 | 10/11/2017 | A | 1,238,636 | ||||||||||||
| ||||||||||||||||||
100,000 | Taylor, MI School District | 4.250 | 05/01/2022 | 12/31/2015 | A | 100,295 | ||||||||||||
| ||||||||||||||||||
155,000 | Wayne County, MI Building Authority | 5.250 | 06/01/2016 | 12/31/2015 | A | 155,597 | ||||||||||||
| ||||||||||||||||||
1,115,000 | Wayne County, MI Downriver Sewer Disposal | 5.125 | 11/01/2018 | 05/01/2016 | A | 1,127,533 | ||||||||||||
| ||||||||||||||||||
375,000 | Wayne, MI GO | 4.400 | 10/01/2021 | 04/01/2016 | A | 375,964 | ||||||||||||
|
| |||||||||||||||||
| 42,240,752
|
| ||||||||||||||||
| ||||||||||||||||||
Minnesota—0.6% | ||||||||||||||||||
1,850,000 | Edina, MN Multifamily Hsg. (Yorktown Continental) | 2.250 | 06/01/2016 | 06/01/2016 | 1,849,630 | |||||||||||||
| ||||||||||||||||||
355,000 | Minneapolis, MN Multifamily Hsg. | 3.000 | 01/01/2018 | 07/01/2016 | A | 355,057 | ||||||||||||
| ||||||||||||||||||
835,000 | St. Paul, MN Hsg. & Redevel. Authority (Higher Ground Academy)2 | 5.000 | 12/01/2018 | 07/11/2017 | B | 885,860 | ||||||||||||
| ||||||||||||||||||
305,000 | St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) | 5.000 | 03/01/2016 | 03/01/2016 | 306,747 | |||||||||||||
| ||||||||||||||||||
205,000 | Woodbury, MN Charter School (MSA Building Company) | 3.650 | 12/01/2020 | 12/01/2020 | 209,186 | |||||||||||||
| ||||||||||||||||||
100,000 | Woodbury, MN Charter School (MSA Building Company) | 2.900 | 12/01/2017 | 12/01/2017 | 100,660 | |||||||||||||
| ||||||||||||||||||
180,000 | Woodbury, MN Charter School (MSA Building Company) | 2.650 | 12/01/2016 | 12/01/2016 | 180,639 | |||||||||||||
|
| |||||||||||||||||
| 3,887,779
|
| ||||||||||||||||
| ||||||||||||||||||
Mississippi—0.5% | ||||||||||||||||||
50,000 | Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport) | 5.500 | 07/01/2021 | 01/01/2016 | A | 50,176 | ||||||||||||
| ||||||||||||||||||
1,895,000 | MS Devel. Bank (Biloxi) | 4.500 | 11/01/2019 | 11/01/2016 | A | 1,955,545 | ||||||||||||
| ||||||||||||||||||
800,000 | MS Devel. Bank (Jackson Water & Sewer System) | 5.250 | 12/01/2022 | 12/01/2022 | 971,136 | |||||||||||||
| ||||||||||||||||||
170,000 | Parkway East, MS Public Improvement District | 4.250 | 05/01/2020 | 05/01/2016 | A | 170,275 | ||||||||||||
|
| |||||||||||||||||
3,147,132 |
29 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Missouri—2.1% |
| |||||||||||||||||
| ||||||||||||||||||
$ 515,000 | Brentwood, MO Tax Increment (Hanley Stadium Redevel.) | 3.200 % | 11/01/2021 | 02/24/2018 | B | $ | 512,137 | |||||||||||
| ||||||||||||||||||
2,585,000 | MO Devel. Finance Board (Branson Landing) | 6.000 | 06/01/2020 | 09/16/2018 | B | 2,815,091 | ||||||||||||
| ||||||||||||||||||
70,000 | MO Environmental Improvement & Energy Resources Authority | 5.500 | 07/01/2019 | 01/01/2016 | A | 70,315 | ||||||||||||
| ||||||||||||||||||
10,000 | MO Environmental Improvement & Energy Resources Authority | 7.200 | 07/01/2016 | 01/01/2016 | A | 10,134 | ||||||||||||
| ||||||||||||||||||
40,000 | MO Environmental Improvement & Energy Resources Authority | 5.000 | 01/01/2020 | 01/01/2016 | A | 40,163 | ||||||||||||
| ||||||||||||||||||
25,000 | MO Environmental Improvement & Energy Resources Authority | 5.375 | 01/01/2017 | 01/01/2016 | A | 25,110 | ||||||||||||
| ||||||||||||||||||
245,000 | MO Monarch-Chesterfield Levee District | 5.750 | 03/01/2019 | 12/31/2015 | A | 246,076 | ||||||||||||
| ||||||||||||||||||
75,000 | O’Fallon, MO GO | 4.375 | 03/01/2017 | 12/31/2015 | A | 75,256 | ||||||||||||
| ||||||||||||||||||
10,000,000 | St. Louis, MO Airport (Lambert-St. Louis International Airport) Floaters | 0.240 1 | 07/01/2026 | 12/07/2015 | A | 10,000,000 | ||||||||||||
| ||||||||||||||||||
500,000 | St. Louis, MO GO | 5.000 | 02/15/2017 | 12/31/2015 | A | 502,040 | ||||||||||||
| ||||||||||||||||||
240,000 | Union, MO R-XI School District COP | 4.500 | 03/01/2017 | 12/31/2015 | A | 240,590 | ||||||||||||
| ||||||||||||||||||
240,000 | Union, MO R-XI School District COP | 4.400 | 03/01/2016 | 12/31/2015 | A | 240,638 | ||||||||||||
|
| |||||||||||||||||
| 14,777,550
|
| ||||||||||||||||
| ||||||||||||||||||
Nebraska—0.0% | ||||||||||||||||||
50,000 | Lincoln, NE (Antelope Valley) | 5.000 | 09/15/2016 | 12/31/2015 | A |
| 50,204
|
| ||||||||||
| ||||||||||||||||||
Nevada—0.8% | ||||||||||||||||||
250,000 | Clark County, NV School District | 5.000 | 06/15/2016 | 12/15/2015 | A | 250,505 | ||||||||||||
| ||||||||||||||||||
1,045,000 | North Las Vegas, NV GO | 5.000 | 05/01/2021 | 05/01/2016 | A | 1,051,636 | ||||||||||||
| ||||||||||||||||||
1,500,000 | North Las Vegas, NV Wastewater Reclamation System | 5.000 | 10/01/2023 | 10/01/2016 | A | 1,515,225 | ||||||||||||
| ||||||||||||||||||
1,000,000 | North Las Vegas, NV Wastewater Reclamation System | 5.000 | 10/01/2022 | 10/01/2016 | A | 1,010,640 | ||||||||||||
| ||||||||||||||||||
1,105,000 | North Las Vegas, NV Wastewater Reclamation System | 5.000 | 10/01/2021 | 10/01/2016 | A | 1,118,945 | ||||||||||||
| ||||||||||||||||||
650,000 | Reno, NV Hospital (Renown Regional Medial Center/Renown Network Services Obligated Group) | 5.500 | 06/01/2023 | 06/01/2018 | A | 714,636 | ||||||||||||
| ||||||||||||||||||
10,000 | Reno, NV Redevel. Agency (Downtown Redevel.) | 5.000 | 09/01/2017 | 12/31/2015 | A | 10,020 | ||||||||||||
|
| |||||||||||||||||
| 5,671,607
|
| ||||||||||||||||
| ||||||||||||||||||
New Jersey—4.1% | ||||||||||||||||||
600,000 | Atlantic City, NJ GO | 5.500 | 02/15/2017 | 02/15/2017 | 617,442 | |||||||||||||
| ||||||||||||||||||
1,500,000 | Casino Reinvestment Devel. Authority of NJ | 5.250 | 01/01/2024 | 01/01/2016 | A | 1,534,650 | ||||||||||||
| ||||||||||||||||||
3,515,000 | Casino Reinvestment Devel. Authority of NJ | 5.000 | 11/01/2023 | 11/01/2023 | 3,755,145 | |||||||||||||
| ||||||||||||||||||
2,525,000 | Casino Reinvestment Devel. Authority of NJ | 5.250 | 01/01/2019 | 01/01/2016 | A | 2,584,110 | ||||||||||||
| ||||||||||||||||||
145,000 | Casino Reinvestment Devel. Authority of NJ | 5.250 | 06/01/2019 | 12/31/2015 | A | 145,497 |
30 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
New Jersey (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 155,000 | Casino Reinvestment Devel. Authority of NJ | 5.125 % | 01/01/2017 | 01/01/2016 | A | $ | 158,625 | |||||||||||
| ||||||||||||||||||
260,000 | Gloucester County, NJ Utilities Authority | 4.250 | 01/01/2021 | 01/01/2016 | A | 260,725 | ||||||||||||
| ||||||||||||||||||
375,000 | Hudson County, NJ Improvement Authority (Weehawkeip-Baldwin Avenue) | 4.125 | 07/01/2016 | 01/01/2016 | A | 376,020 | ||||||||||||
| ||||||||||||||||||
100,000 | Jefferson City, NJ GO | 4.250 | 08/01/2016 | 08/01/2016 | 102,446 | |||||||||||||
| ||||||||||||||||||
20,000 | Lindenwold, NJ GO | 4.050 | 12/01/2016 | 12/31/2015 | A | 20,060 | ||||||||||||
| ||||||||||||||||||
150,000 | Lyndhurst, NJ GO | 4.700 | 05/01/2017 | 12/31/2015 | A | 150,561 | ||||||||||||
| ||||||||||||||||||
15,000 | Lyndhurst, NJ GO | 4.700 | 05/01/2016 | 12/31/2015 | A | 15,056 | ||||||||||||
| ||||||||||||||||||
915,000 | Montville Township, NJ School District | 4.000 | 02/01/2022 | 02/01/2016 | A | 918,962 | ||||||||||||
| ||||||||||||||||||
700,000 | Neptune City, NJ School District | 4.200 | 07/15/2026 | 07/15/2016 | A | 710,234 | ||||||||||||
| ||||||||||||||||||
645,000 | Neptune City, NJ School District | 4.125 | 07/15/2024 | 07/15/2016 | A | 654,849 | ||||||||||||
| ||||||||||||||||||
315,000 | Newark, NJ GO | 5.000 | 07/15/2016 | 07/15/2016 | 321,584 | |||||||||||||
| ||||||||||||||||||
325,000 | Newark, NJ GO | 5.000 | 07/15/2017 | 07/15/2017 | 340,321 | |||||||||||||
| ||||||||||||||||||
500,000 | Newark, NJ GO | 5.000 | 07/15/2018 | 07/15/2018 | 534,075 | |||||||||||||
| ||||||||||||||||||
500,000 | Newark, NJ GO | 5.000 | 07/15/2019 | 07/15/2019 | 540,700 | |||||||||||||
| ||||||||||||||||||
500,000 | Newark, NJ GO | 5.000 | 07/15/2017 | 07/15/2017 | 523,570 | |||||||||||||
| ||||||||||||||||||
330,000 | Newark, NJ GO | 5.000 | 07/15/2018 | 07/15/2018 | 352,490 | |||||||||||||
| ||||||||||||||||||
335,000 | Newark, NJ GO | 5.000 | 07/15/2019 | 07/15/2019 | 362,269 | |||||||||||||
| ||||||||||||||||||
75,000 | NJ EDA | 5.000 | 06/15/2016 | 06/15/2016 | 76,441 | |||||||||||||
| ||||||||||||||||||
10,000 | NJ EDA (Motor Vehicle Surcharges) | 4.500 | 07/01/2024 | 01/01/2016 | A | 10,035 | ||||||||||||
| ||||||||||||||||||
15,000 | NJ EDA (Municipal Loan Pool) | 4.625 | 11/15/2020 | 12/31/2015 | A | 15,052 | ||||||||||||
| ||||||||||||||||||
5,000 | NJ EDA (Municipal Loan Pool) | 4.300 | 11/15/2016 | 12/31/2015 | A | 5,017 | ||||||||||||
| ||||||||||||||||||
250,000 | NJ EDA (School Facilities Construction) | 2.035 | 1 | 02/01/2018 | 01/01/2016 | A | 256,197 | |||||||||||
| ||||||||||||||||||
6,000,000 | NJ EDA (School Facilities Construction) | 5.500 | 09/01/2024 | 09/01/2024 | 6,738,780 | |||||||||||||
| ||||||||||||||||||
2,000,000 | NJ EDA (School Facilities Construction) | 5.000 | 03/01/2023 | 03/01/2023 | 2,177,980 | |||||||||||||
| ||||||||||||||||||
200,000 | NJ Educational Facilities Authority (Higher Education) | 5.000 | 09/01/2016 | 12/31/2015 | A | 200,800 | ||||||||||||
| ||||||||||||||||||
95,000 | NJ Educational Facilities Authority (Higher Education) | 5.000 | 09/01/2019 | 12/31/2015 | A | 95,373 | ||||||||||||
| ||||||||||||||||||
1,000,000 | NJ Educational Facilities Authority (Higher Education) | 5.000 | 06/15/2026 | 06/15/2024 | A | 1,071,610 | ||||||||||||
| ||||||||||||||||||
85,000 | NJ Educational Facilities Authority (University of Medicine and Dentistry of New Jersey) | 6.000 | 12/01/2017 | 06/28/2017 | B | 91,523 | ||||||||||||
| ||||||||||||||||||
10,000 | NJ Health Care Facilities Financing Authority (RWJHCCH / RWJUHH Obligated Group) | 4.125 | 07/01/2020 | 01/01/2016 | A | 10,017 | ||||||||||||
| ||||||||||||||||||
15,000 | NJ Hsg. & Mtg. Finance Agency | 4.375 | 11/01/2019 | 12/31/2015 | A | 15,036 | ||||||||||||
| ||||||||||||||||||
95,000 | NJ Hsg. & Mtg. Finance Agency, Series AA | 5.250 | 04/01/2016 | 04/01/2016 | 95,971 | |||||||||||||
| ||||||||||||||||||
50,000 | NJ Sports & Expositions Authority | 4.000 | 09/01/2016 | 12/31/2015 | A | 50,157 | ||||||||||||
| ||||||||||||||||||
15,000 | NJ Sports & Expositions Authority | 4.125 | 09/01/2018 | 12/31/2015 | A | 15,048 | ||||||||||||
| ||||||||||||||||||
20,000 | NJ Tobacco Settlement Financing Corp. | 4.625 | 06/01/2026 | 09/21/2025 | B | 19,779 | ||||||||||||
| ||||||||||||||||||
105,000 | NJ Tobacco Settlement Financing Corp. | 4.500 | 06/01/2023 | 01/14/2017 | A | 106,596 | ||||||||||||
| ||||||||||||||||||
1,370,000 | NJ Transportation Trust Fund Authority | 5.250 | 12/15/2023 | 12/15/2023 | 1,568,362 | |||||||||||||
| ||||||||||||||||||
200,000 | NJ Transportation Trust Fund Authority | 5.500 | 12/15/2017 | 12/15/2017 | 215,442 | |||||||||||||
| ||||||||||||||||||
405,000 | NJ Transportation Trust Fund Authority | 5.500 | 12/15/2016 | 12/15/2016 | 423,675 |
31 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
New Jersey (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 15,000 | North Bergen Township, NJ Board of Education COP | 4.000 % | 12/15/2020 | 12/31/2015 | A | $ | 15,018 | |||||||||||
| ||||||||||||||||||
30,000 | Passaic Valley, NJ Sewage Commissioners | 5.000 | 12/01/2020 | 12/31/2015 | A | 30,113 | ||||||||||||
| ||||||||||||||||||
260,000 | South Jersey, NJ Port Corp. | 3.000 | 01/01/2017 | 01/01/2017 | 263,986 | |||||||||||||
|
| |||||||||||||||||
| 28,547,399
|
| ||||||||||||||||
| ||||||||||||||||||
New Mexico—0.0% | ||||||||||||||||||
200,000 | Farmington, NM Hospital (San Juan Regional Medical Center)
|
| 5.000
|
|
| 06/01/2023
|
|
| 12/31/2015
| A
|
| 200,626
|
| |||||
| ||||||||||||||||||
New York—5.0% | ||||||||||||||||||
595,000 | Albany, NY IDA (Sage Colleges) | 5.250 | 04/01/2019 | 10/24/2017 | B | 590,514 | ||||||||||||
| ||||||||||||||||||
2,375,000 | Buffalo & Erie County, NY Industrial Land Devel. (Medaille College) | 5.000 | 04/01/2022 | 11/23/2019 | B | 2,478,265 | ||||||||||||
| ||||||||||||||||||
750,000 | Dutchess County, NY IDA (Bard College) | 5.000 | 08/01/2022 | 08/01/2017 | A | 757,365 | ||||||||||||
| ||||||||||||||||||
500,000 | Jefferson County, NY IDA Solid Waste Disposal (Reenergy Black River LLC) | 4.750 | 01/01/2020 | 10/15/2018 | B | 492,785 | ||||||||||||
| ||||||||||||||||||
2,250,000 | L.I., NY Power Authority, Series A | 5.000 | 12/01/2026 | 06/01/2016 | A | 2,298,510 | ||||||||||||
| ||||||||||||||||||
40,000 | Miller Place, NY Union Free School District | 4.125 | 06/15/2016 | 12/31/2015 | A | 40,120 | ||||||||||||
| ||||||||||||||||||
3,000,000 | Nassau County, NY Tobacco Settlement Corp. | 5.250 | 4 | 06/01/2026 | 06/01/2016 | A | 3,010,680 | |||||||||||
| ||||||||||||||||||
1,500,000 | NY MTA, Series O | 5.500 | 07/01/2017 | 12/19/2016 | B | 1,579,260 | ||||||||||||
| ||||||||||||||||||
2,715,000 | NY Triborough Bridge & Tunnel Authority | 5.500 | 01/01/2017 | 03/29/2016 | B | 2,754,992 | ||||||||||||
| ||||||||||||||||||
9,070,000 | NYC GO | 5.000 | 10/01/2022 | 10/01/2022 | 10,964,542 | |||||||||||||
| ||||||||||||||||||
70,000 | NYC GO5 | 2.922 | 08/01/2017 | 02/01/2016 | A | 70,401 | ||||||||||||
| ||||||||||||||||||
6,455,000 | NYC GO | 5.000 | 08/01/2022 | 08/01/2021 | A | 7,685,839 | ||||||||||||
| ||||||||||||||||||
1,500,000 | NYS DA (ALIA-PSCH) | 4.800 | 12/01/2023 | 08/14/2020 | B | 1,513,665 | ||||||||||||
| ||||||||||||||||||
20,000 | NYS DA (Brookdale Family Care Centers/Urban Strategies-Brookdale Family Care Center Obligated Group) | 4.000 | 11/15/2017 | 12/31/2015 | A | 20,061 | ||||||||||||
| ||||||||||||||||||
50,000 | NYS DA (Brookdale Hospital Medical Center) | 5.200 | 02/15/2016 | 12/31/2015 | A | 50,213 | ||||||||||||
| ||||||||||||||||||
745,000 | NYS DA (City University) | 5.625 | 07/01/2016 | 07/01/2016 | 764,854 | |||||||||||||
| ||||||||||||||||||
5,000 | NYS DA (Special Act School Districts) | 6.000 | 07/01/2019 | 01/01/2016 | A | 5,023 | ||||||||||||
| ||||||||||||||||||
100,000 | Poughkeepsie City, NY GO | 4.000 | 03/15/2019 | 12/31/2015 | A | 100,193 | ||||||||||||
| ||||||||||||||||||
30,000 | Suffolk County, NY IDA (Dowling College)6 | 6.700 | 12/01/2020 | 08/09/2018 | B | 21,000 | ||||||||||||
| ||||||||||||||||||
20,000 | West Islip, NY Union Free School District | 4.000 | 10/01/2019 | 12/31/2015 | A | 20,057 | ||||||||||||
| ||||||||||||||||||
110,000 | Westchester County, NY Tobacco Asset Securitization Corp. | 4.500 | 06/01/2021 | 12/31/2015 | A | 110,023 | ||||||||||||
|
| |||||||||||||||||
| 35,328,362
|
| ||||||||||||||||
| ||||||||||||||||||
North Carolina—0.0% | ||||||||||||||||||
250,000 | NC Medical Care Commission (Catholic Health East) | 5.250 | 11/15/2022 | 05/15/2017 | A | 264,248 |
32 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
North Dakota—0.3% |
| |||||||||||||||||
$ 1,690,000 | Underwood, ND Loan Anticipation | 1.000 % | 09/01/2016 | 12/31/2015 | A | $
| 1,690,017
|
| ||||||||||
| ||||||||||||||||||
Ohio—2.5% |
| |||||||||||||||||
400,000 | Adams County-Ohio Valley, OH Local School District | 7.000 | 12/01/2015 | 12/01/2015 | 400,068 | |||||||||||||
| ||||||||||||||||||
150,000 | Akron, OH Sewer System | 5.000 | 12/01/2017 | 12/01/2017 | 160,806 | |||||||||||||
| ||||||||||||||||||
750,000 | Akron, OH Sewer System | 5.000 | 12/01/2015 | 12/01/2015 | 750,097 | |||||||||||||
| ||||||||||||||||||
55,000 | Beavercreek, OH Local School District | 6.600 | 12/01/2015 | 12/01/2015 | 55,009 | |||||||||||||
| ||||||||||||||||||
7,875,000 | Cleveland, OH Waterworks (Dept. of Public Utilities Division) | 5.500 | 01/01/2021 | 08/28/2018 | B | 8,723,137 | ||||||||||||
| ||||||||||||||||||
70,000 | East Liverpool, OH Hospital (East Liverpool City Hospital) | 5.000 | 10/01/2021 | 12/31/2015 | A | 70,218 | ||||||||||||
| ||||||||||||||||||
2,000,000 | Lancaster, OH Port Authority | 0.429 1 | 08/01/2016 | 01/01/2016 | A | 1,999,360 | ||||||||||||
| ||||||||||||||||||
3,080,000 | Lancaster, OH Port Authority | 0.329 1 | 02/01/2016 | 01/01/2016 | A | 3,079,138 | ||||||||||||
| ||||||||||||||||||
2,410,000 | OH Higher Education Facility Commission (Hiram College) | 6.000 | 10/01/2021 | 08/21/2018 | A | 2,473,431 | ||||||||||||
| ||||||||||||||||||
110,000 | Solon, OH School District2 | 5.500 | 12/01/2016 | 06/08/2016 | B | 111,359 | ||||||||||||
|
| |||||||||||||||||
| 17,822,623
|
| ||||||||||||||||
| ||||||||||||||||||
Oklahoma—0.4% |
| |||||||||||||||||
50,000 | McAlester, OK Public Works Authority | 4.900 | 02/01/2020 | 02/01/2016 | A | 50,398 | ||||||||||||
| ||||||||||||||||||
2,490,000 | OK Devel. Finance Authority (Haverland Carter Lifestyle Group/La Vida Llena/Sommerset Neighborhood Obligated Group) | 5.000 | 07/01/2025 | 09/22/2022 | B | 2,744,976 | ||||||||||||
| ||||||||||||||||||
225,000 | Tulsa, OK Industrial Authority (University of Tulsa) | 6.000 | 10/01/2016 | 10/01/2016 | 230,155 | |||||||||||||
|
| |||||||||||||||||
| 3,025,529
|
| ||||||||||||||||
| ||||||||||||||||||
Oregon—0.2% |
| |||||||||||||||||
5,000 | Mount Hood, OR Community College District | 4.900 | �� | 07/15/2016 | 12/31/2015 | A | 5,020 | |||||||||||
| ||||||||||||||||||
1,500,000 | Tri-County, OR Metopolitan Transportation District | 3.000 | 11/01/2016 | 12/31/2015 | A | 1,503,375 | ||||||||||||
| ||||||||||||||||||
15,000 | Umatilla County, OR Hospital Finance Authority (Catholic Health Initiatives) | 5.000 | 05/01/2022 | 12/31/2015 | A | 15,058 | ||||||||||||
| ||||||||||||||||||
15,000 | Umatilla County, OR Hospital Finance Authority (Catholic Health Initiatives) | 5.500 | 03/01/2022 | 12/31/2015 | A | 15,064 | ||||||||||||
| ||||||||||||||||||
100,000 | Umatilla County, OR School District No. 61 (Stanfield) | 3.950 | 06/15/2018 | 12/31/2015 | A | 100,235 | ||||||||||||
|
| |||||||||||||||||
| 1,638,752
|
| ||||||||||||||||
| ||||||||||||||||||
Other Territory—0.1% |
| |||||||||||||||||
842,775 | Public Hsg. Capital Fund Multi-State Revenue Trust III | 5.000 | 07/01/2022 | 07/01/2022 |
| 875,356
|
| |||||||||||
| ||||||||||||||||||
Pennsylvania—7.9% |
| |||||||||||||||||
250,000 | Allegheny County, PA HEBA (Carlow University) | 4.500 | 11/01/2016 | 11/01/2016 | 253,268 | |||||||||||||
| ||||||||||||||||||
170,000 | Dauphin County, PA General Authority (PHH/PHS/PHMS Obligated Group) | 5.250 | 06/01/2017 | 12/05/2016 | B | 176,815 | ||||||||||||
| ||||||||||||||||||
3,100,000 | Erie County, PA Hospital Authority (St. Vincent’s Health) | 7.000 | 07/01/2027 | 07/01/2020 | A | 3,289,906 |
33 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Pennsylvania (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 1,000,000 | Harrisburg, PA Water System | 5.000 % | 07/15/2020 | 12/31/2015 | A | $ | 1,003,200 | |||||||||||
| ||||||||||||||||||
2,205,000 | Harrisburg, PA Water System | 5.000 | 07/15/2018 | 12/31/2015 | A | 2,212,453 | ||||||||||||
| ||||||||||||||||||
365,000 | Hazleton, PA GO | 4.100 | 12/01/2019 | 12/31/2015 | A | 365,993 | ||||||||||||
| ||||||||||||||||||
355,000 | Hazleton, PA GO | 4.050 | 12/01/2018 | 12/31/2015 | A | 355,951 | ||||||||||||
| ||||||||||||||||||
345,000 | Hazleton, PA GO | 4.000 | 12/01/2017 | 12/31/2015 | A | 345,963 | ||||||||||||
| ||||||||||||||||||
200,000 | Lancaster County, PA Hospital Authority (St. Anne’s Retirement Community) | 3.750 | 04/01/2017 | 04/01/2017 | 202,930 | |||||||||||||
| ||||||||||||||||||
145,000 | Lehigh County, PA GPA (Cedar Crest College) | 5.000 | 04/01/2026 | 04/01/2016 | A | 147,179 | ||||||||||||
| ||||||||||||||||||
315,000 | Lehigh County, PA GPA (Cedar Crest College) | 5.000 | 04/01/2026 | 04/01/2016 | A | 319,734 | ||||||||||||
| ||||||||||||||||||
2,075,000 | Luzerne County, PA GO | 5.000 | 05/15/2022 | 05/15/2022 | 2,382,391 | |||||||||||||
| ||||||||||||||||||
2,260,000 | Luzerne County, PA GO | 5.000 | 05/15/2023 | 05/15/2023 | 2,618,481 | |||||||||||||
| ||||||||||||||||||
1,585,000 | Luzerne County, PA GO | 7.000 | 11/01/2018 | 11/29/2017 | B | 1,745,481 | ||||||||||||
| ||||||||||||||||||
2,795,000 | Luzerne County, PA GO | 5.000 | 11/15/2023 | 11/15/2023 | 3,241,501 | |||||||||||||
| ||||||||||||||||||
2,925,000 | Mechanicsburg, PA Area School District | 3.450 | 08/15/2022 | 12/31/2015 | A | 2,928,159 | ||||||||||||
| ||||||||||||||||||
150,000 | Montgomery County, PA IDA (Haverford School) | 4.000 | 03/15/2023 | 12/31/2015 | A | 150,434 | ||||||||||||
| ||||||||||||||||||
2,750,000 | PA EDFA (US Airways Group) | 8.000 | 05/01/2029 | 05/01/2020 | A | 3,241,425 | ||||||||||||
| ||||||||||||||||||
2,930,000 | PA HEFA (Elizabethtown College) | 5.000 | 12/15/2027 | 06/15/2016 | A | 2,987,838 | ||||||||||||
| ||||||||||||||||||
15,525,000 | PA Public School Building Authority (School District of Philadelphia) | 5.000 | 06/01/2026 | 12/01/2016 | A | 16,136,685 | ||||||||||||
| ||||||||||||||||||
2,520,000 | PA State Public School Building Authority (Philadelphia School District) | 5.000 | 04/01/2018 | 04/01/2018 | 2,710,537 | |||||||||||||
| ||||||||||||||||||
6,200,000 | PA State Public School Building Authority (Philadelphia School District) | 5.000 | 06/01/2023 | 06/01/2023 | 7,170,734 | |||||||||||||
| ||||||||||||||||||
140,000 | Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School) | 4.000 | 04/01/2017 | 10/04/2016 | B | 139,167 | ||||||||||||
| ||||||||||||||||||
730,000 | Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School) | 6.250 | 06/15/2023 | 02/27/2021 | B | 806,497 | ||||||||||||
| ||||||||||||||||||
50,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority | 4.050 | 02/15/2018 | 12/31/2015 | A | 50,100 | ||||||||||||
| ||||||||||||||||||
25,000 | Sellersville, PA GO | 4.200 | 05/15/2016 | 12/31/2015 | A | 25,079 | ||||||||||||
| ||||||||||||||||||
500,000 | St. Mary Hospital Authority, PA Health System (Catholic Health East) | 5.000 | 11/15/2021 | 05/15/2020 | A | 578,770 | ||||||||||||
| ||||||||||||||||||
255,000 | Susquehanna, PA Area Regional Airport Authority | 3.000 | 01/01/2017 | 07/05/2016 | B | 258,965 | ||||||||||||
|
| |||||||||||||||||
| 55,845,636
|
| ||||||||||||||||
| ||||||||||||||||||
Rhode Island—0.7% |
| |||||||||||||||||
10,000 | RI Clean Water Finance Agency | 4.500 | 10/01/2022 | 12/31/2015 | A | 10,035 | ||||||||||||
| ||||||||||||||||||
100,000 | RI Clean Water Protection Finance Agency | 5.500 | 10/01/2018 | 12/31/2015 | A | 101,449 | ||||||||||||
| ||||||||||||||||||
5,000 | RI Clean Water Protection Finance Agency | 5.000 | 10/01/2018 | 12/31/2015 | A | 5,021 |
34 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Rhode Island (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 50,000 | RI Economic Devel. Corp. (University of Rhode Island Steam Generation Facility) | 5.000 % | 11/01/2019 | 12/31/2015 | A | $ | 50,204 | |||||||||||
| ||||||||||||||||||
1,400,000 | RI Health & Educational Building Corp. (RIH/TMH Obligated Group) | 5.000 | 05/15/2026 | 05/15/2016 | A | 1,421,252 | ||||||||||||
| ||||||||||||||||||
40,000 | RI Health & Educational Building Corp. (RIH/TMH Obligated Group) | 5.500 | 05/15/2016 | 12/31/2015 | A | 40,179 | ||||||||||||
| ||||||||||||||||||
3,130,000 | RI State & Providence Plantations | 5.000 | 08/01/2018 | 12/31/2015 | A | 3,142,770 | ||||||||||||
| ||||||||||||||||||
335,000 | Woonsocket, RI Hsg. Authority | 4.500 | 09/01/2017 | 12/31/2015 | A | 339,533 | ||||||||||||
|
| |||||||||||||||||
| 5,110,443
|
| ||||||||||||||||
| ||||||||||||||||||
South Carolina—0.0% |
| |||||||||||||||||
10,000 | Myrtle Beach, SC Public Facilities Corp. COP (Myrtle Beach Stadium)
|
| 5.000
|
|
| 07/01/2018
|
|
| 01/01/2016
| A
|
| 10,039
|
| |||||
| ||||||||||||||||||
South Dakota—0.0% |
| |||||||||||||||||
245,000
| Minnehaha County, SD
|
| 4.000
|
|
| 12/01/2017
|
|
| 12/31/2015
| A
|
| 245,693
|
| |||||
| ||||||||||||||||||
Tennessee—0.2% |
| |||||||||||||||||
675,000 | Clarksville, TN Natural Gas Acquisition Corp. | 5.000 | 12/15/2017 | 12/15/2017 | 725,011 | |||||||||||||
| ||||||||||||||||||
125,000 | Clarksville, TN Natural Gas Acquisition Corp. | 5.000 | 12/15/2016 | 12/15/2016 | 130,515 | |||||||||||||
| ||||||||||||||||||
10,000 | Tipton County, TN Elementary School | 4.300 | 04/01/2019 | 12/31/2015 | A | 10,033 | ||||||||||||
| ||||||||||||||||||
200,000 | TN Energy Acquisition Gas Corp. | 5.250 | 09/01/2018 | 09/01/2018 | 219,862 | |||||||||||||
| ||||||||||||||||||
175,000 | TN Energy Acquisition Gas Corp. | 5.000 | 02/01/2017 | 02/01/2017 | 182,299 | |||||||||||||
| ||||||||||||||||||
200,000 | TN Energy Acquisition Gas Corp. | 5.250 | 09/01/2019 | 09/01/2019 | 224,074 | |||||||||||||
|
| |||||||||||||||||
| 1,491,794
|
| ||||||||||||||||
| ||||||||||||||||||
Texas—4.6% |
| |||||||||||||||||
75,000 | Beford, TX GO | 5.000 | 02/01/2018 | 12/31/2015 | A | 75,306 | ||||||||||||
| ||||||||||||||||||
1,865,000 | Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital2 | 5.000 | 12/01/2024 | 12/01/2024 | 2,022,369 | |||||||||||||
| ||||||||||||||||||
1,200,000 | Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital2 | 5.000 | 12/01/2023 | 12/01/2023 | 1,307,136 | |||||||||||||
| ||||||||||||||||||
100,000 | Bowie County, TX (Pass-Through Toll) | 4.000 | 08/01/2017 | 08/01/2016 | A | 102,323 | ||||||||||||
| ||||||||||||||||||
10,000 | Brazoria County, TX Municipal Utility District No. 26 | 4.125 | 09/01/2018 | 12/31/2015 | A | �� | 10,016 | |||||||||||
| ||||||||||||||||||
145,000 | Clifton, TX Higher Education Finance Corp. (Tejano Center Community Concerns) | 7.750 | 02/15/2018 | 03/06/2017 | B | 151,374 | ||||||||||||
| ||||||||||||||||||
675,000 | El Paso County, TX Hospital District COP | 5.000 | 08/15/2025 | 08/15/2023 | A | 764,363 | ||||||||||||
| ||||||||||||||||||
4,000,000 | El Paso, TX Downtown Devel. Corp. (Downtown Ballpark Venue) | 7.000 | 08/15/2023 | 08/15/2017 | A | 4,362,800 | ||||||||||||
| ||||||||||||||||||
100,000 | Galveston County, TX Water Control & Improvement District No. 1 | 4.000 | 03/01/2016 | 12/31/2015 | A | 100,319 | ||||||||||||
| ||||||||||||||||||
500,000 | Harris County, TX Municipal Utility District No. 248 | 4.500 | 09/01/2026 | 12/31/2015 | A | 501,230 | ||||||||||||
| ||||||||||||||||||
20,000 | Lower Valley, TX Water District | 5.000 | 09/15/2018 | 12/31/2015 | A | 20,082 | ||||||||||||
| ||||||||||||||||||
275,000 | Maverick County, TX GO COP | 5.000 | 03/01/2020 | 12/31/2015 | A | 275,971 |
35 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Texas (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 175,000 | Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District) | 5.000 % | 09/15/2018 | 09/15/2018 | $ | 184,737 | ||||||||||||
| ||||||||||||||||||
25,000 | Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District) | 5.000 | 09/15/2017 | 09/15/2017 | 26,038 | |||||||||||||
| ||||||||||||||||||
185,000 | Newark, TX Cultural Education Facilities Finance Corp. | 7.250 | 08/15/2021 | 08/15/2016 | A | 197,661 | ||||||||||||
| ||||||||||||||||||
35,000 | North East TX Hospital Authority (Northeast Medical Center Hospital) | 5.625 | 05/15/2022 | 12/31/2015 | A | 35,134 | ||||||||||||
| ||||||||||||||||||
320,000 | Northwest Harris County, TX Municipal Utility District No. 22 | 5.700 | 04/01/2017 | 12/31/2015 | A | 321,491 | ||||||||||||
| ||||||||||||||||||
150,000 | Red River, TX Health Facilities Devel. Corp. (Witchita Falls Retirement Foundation)2 | 4.700 | 01/01/2022 | 03/11/2019 | B | 157,970 | ||||||||||||
| ||||||||||||||||||
3,200,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. Floaters | 0.210 | 1 | 11/15/2029 | 12/07/2015 | A | 3,200,000 | |||||||||||
| ||||||||||||||||||
5,000 | TX Lower Colorado River Authority | 5.375 | 05/15/2020 | 12/31/2015 | A | 5,021 | ||||||||||||
| ||||||||||||||||||
5,000 | TX Lower Colorado River Authority | 5.250 | 05/15/2021 | 12/31/2015 | A | 5,020 | ||||||||||||
| ||||||||||||||||||
7,985,000 | TX Municipal Gas Acquisition & Supply Corp.2 | 5.625 | 12/15/2017 | 12/30/2016 | B | 8,421,380 | ||||||||||||
| ||||||||||||||||||
105,000 | TX Public Finance Authority Charter School Finance Corp. (Uplift Education)2 | 5.350 | 12/01/2017 | 12/14/2016 | B | 110,516 | ||||||||||||
| ||||||||||||||||||
10,000,000 | TX Transportation Commission | 0.230 | 1 | 04/01/2026 | 12/07/2015 | A | 10,000,000 | |||||||||||
|
| |||||||||||||||||
| 32,358,257
|
| ||||||||||||||||
| ||||||||||||||||||
Vermont—0.2% |
| |||||||||||||||||
390,000 | Burlington, VT GO | 5.000 | 11/01/2018 | 11/01/2018 | 421,126 | |||||||||||||
| ||||||||||||||||||
200,000 | Burlington, VT GO | 5.000 | 11/01/2021 | 11/01/2021 | 224,614 | |||||||||||||
| ||||||||||||||||||
350,000 | Burlington, VT GO | 5.000 | 11/01/2016 | 11/01/2016 | 361,574 | |||||||||||||
| ||||||||||||||||||
370,000 | Burlington, VT GO | 5.000 | 11/01/2017 | 11/01/2017 | 390,813 | |||||||||||||
|
| |||||||||||||||||
| 1,398,127
|
| ||||||||||||||||
| ||||||||||||||||||
Virginia—0.1% |
| |||||||||||||||||
50,000 | Bedford, VA Electric System | 3.900 | 06/01/2018 | 12/31/2015 | A | 50,113 | ||||||||||||
| ||||||||||||||||||
400,000 | Chesterfield County, VA EDA (Brandermill Woods) | 5.000 | 01/01/2019 | 01/01/2019 | 424,252 | |||||||||||||
| ||||||||||||||||||
50,000 | New Kent County, VA Economic Devel. Authority | 5.000 | 02/01/2024 | 02/01/2017 | A | 52,569 | ||||||||||||
| ||||||||||||||||||
20,000 | Virginia Beach, VA Devel. Authority (Virginia Beach General Hospital) | 5.125 | 02/15/2018 | 02/27/2017 | B | 20,819 | ||||||||||||
|
| |||||||||||||||||
| 547,753
|
| ||||||||||||||||
| ||||||||||||||||||
Washington—1.1% |
| |||||||||||||||||
295,000 | Cowlitz County, WA Sewer (Seattle- Northwest Securities Corp.) | 5.500 | 11/01/2016 | 11/01/2016 | 304,464 | |||||||||||||
| ||||||||||||||||||
10,000 | Grant County, WA Public Hospital District No. 1 (Samaritan Hospital) | 5.250 | 09/01/2019 | 12/31/2015 | A | 10,028 | ||||||||||||
| ||||||||||||||||||
25,000 | Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments) | 5.600 | 03/01/2028 | 12/31/2015 | A | 25,004 | ||||||||||||
| ||||||||||||||||||
3,205,000 | WA GO | 5.000 | 07/01/2023 | 07/01/2023 | 3,910,228 |
36 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
Washington (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 3,550,000 | WA Health Care Facilities Authority (Group Health Cooperative) | 4.500 % | 12/01/2026 | 12/01/2016 | A | $ | 3,655,825 | |||||||||||
|
| |||||||||||||||||
7,905,549 | ||||||||||||||||||
| ||||||||||||||||||
Wisconsin—0.2% | ||||||||||||||||||
70,000 | Appleton, WI Storm Water System | 4.250 | 04/01/2018 | 04/01/2016 | A | 70,857 | ||||||||||||
| ||||||||||||||||||
30,000 | Appleton, WI Storm Water System | 4.250 | 04/01/2018 | 04/01/2016 | A | 30,404 | ||||||||||||
| ||||||||||||||||||
250,000 | Kronenwetter, WI GO | 4.000 | 03/01/2017 | 03/01/2016 | A | 252,073 | ||||||||||||
| ||||||||||||||||||
20,000 | Weston, WI Community Devel. Authority | 4.650 | 10/01/2016 | 12/31/2015 | A | 20,060 | ||||||||||||
| ||||||||||||||||||
20,000 | Weston, WI Community Devel. Authority | 4.400 | 10/01/2018 | 12/31/2015 | A | 20,054 | ||||||||||||
| ||||||||||||||||||
325,000 | WI Public Finance Authority Charter School (Voyager Foundation) | 4.125 | 10/01/2024 | 09/25/2020 | A | 331,000 | ||||||||||||
| ||||||||||||||||||
500,000 | WI Public Finance Authority Senior Living (Rose Villa) | 3.750 | 11/15/2019 | 12/31/2015 | A | 501,575 | ||||||||||||
|
| |||||||||||||||||
1,226,023 | ||||||||||||||||||
| ||||||||||||||||||
U.S. Possessions—5.6% | ||||||||||||||||||
820,000 | Guam Government Department of Education COP (John F. Kennedy High School) | 5.500 | 12/01/2015 | 12/01/2015 | 820,090 | |||||||||||||
| ||||||||||||||||||
250,000 | Guam Power Authority, Series A | 5.000 | 10/01/2022 | 10/01/2022 | 298,485 | |||||||||||||
| ||||||||||||||||||
8,450,000 | Puerto Rico Commonwealth GO5 | 2.953 | 07/01/2019 | 07/01/2019 | 8,151,461 | |||||||||||||
| ||||||||||||||||||
3,150,000 | Puerto Rico Commonwealth GO5 | 0.780 | 07/01/2018 | 07/01/2018 | 3,065,076 | |||||||||||||
| ||||||||||||||||||
800,000 | Puerto Rico Commonwealth GO | 5.000 | 07/01/2023 | 07/01/2017 | A | 802,080 | ||||||||||||
| ||||||||||||||||||
6,550,000 | Puerto Rico Commonwealth GO5 | 2.973 | 07/01/2020 | 07/01/2020 | 6,202,653 | |||||||||||||
| ||||||||||||||||||
190,000 | Puerto Rico Commonwealth GO | 5.500 | 07/01/2016 | 07/01/2016 | 192,717 | |||||||||||||
| ||||||||||||||||||
255,000 | Puerto Rico Commonwealth GO | 4.157 3 | 07/01/2016 | 07/01/2016 | 249,183 | |||||||||||||
| ||||||||||||||||||
380,000 | Puerto Rico Commonwealth GO | 6.000 | 07/01/2016 | 07/01/2016 | 386,528 | |||||||||||||
| ||||||||||||||||||
380,000 | Puerto Rico Commonwealth GO | 4.500 | 07/01/2023 | 11/02/2022 | B | 372,928 | ||||||||||||
| ||||||||||||||||||
220,000 | Puerto Rico Commonwealth GO | 5.500 | 07/01/2018 | 07/01/2018 | 228,050 | |||||||||||||
| ||||||||||||||||||
500,000 | Puerto Rico Convention Center Authority | 5.000 | 07/01/2019 | 07/01/2019 | 490,745 | |||||||||||||
| ||||||||||||||||||
10,000 | Puerto Rico Electric Power Authority | 3.740 3 | 07/01/2017 | 12/30/2016 | B | 9,522 | ||||||||||||
| ||||||||||||||||||
15,000 | Puerto Rico Electric Power Authority | 4.097 3 | 07/01/2017 | 12/31/2016 | B | 14,283 | ||||||||||||
| ||||||||||||||||||
60,000 | Puerto Rico Electric Power Authority, Series KK | 5.500 | 07/01/2016 | 07/01/2016 | 60,858 | |||||||||||||
| ||||||||||||||||||
20,000 | Puerto Rico Electric Power Authority, Series LL | 5.500 | 07/01/2016 | 07/01/2016 | 20,286 | |||||||||||||
| ||||||||||||||||||
1,855,000 | Puerto Rico Electric Power Authority, Series LL | 5.500 | 07/01/2017 | 07/01/2017 | 1,899,724 | |||||||||||||
| ||||||||||||||||||
1,500,000 | Puerto Rico Electric Power Authority, Series N | 4.393 3 | 07/01/2017 | 12/30/2016 | B | 1,428,285 | ||||||||||||
| ||||||||||||||||||
600,000 | Puerto Rico Electric Power Authority, Series N | 4.000 3 | 07/01/2017 | 12/30/2016 | B | 571,314 | ||||||||||||
| ||||||||||||||||||
90,000 | Puerto Rico Electric Power Authority, Series O | 4.849 3 | 07/01/2017 | 12/31/2016 | B | 85,697 | ||||||||||||
| ||||||||||||||||||
3,380,000 | Puerto Rico Electric Power Authority, Series O | 3.437 3 | 07/01/2017 | 12/31/2016 | B | 3,218,402 | ||||||||||||
| ||||||||||||||||||
270,000 | Puerto Rico Electric Power Authority, Series PP | 5.000 | 07/01/2023 | 07/01/2023 | 263,912 |
37 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
U.S. Possessions (Continued) |
| |||||||||||||||||
| ||||||||||||||||||
$ 235,000 | Puerto Rico Electric Power Authority, Series SS | 5.000 % | 07/01/2022 | 07/01/2022 | $ | 231,560 | ||||||||||||
| ||||||||||||||||||
455,000 | Puerto Rico Electric Power Authority, Series SS | 5.000 | 07/01/2023 | 07/01/2023 | 444,740 | |||||||||||||
| ||||||||||||||||||
100,000 | Puerto Rico Electric Power Authority, Series SS | 5.000 | 07/01/2016 | 01/01/2016 | A | 100,162 | ||||||||||||
| ||||||||||||||||||
200,000 | Puerto Rico Electric Power Authority, Series SS | 5.000 | 07/01/2019 | 12/31/2015 | A | 199,986 | ||||||||||||
| ||||||||||||||||||
40,000 | Puerto Rico Highway & Transportation Authority | 5.500 | 07/01/2020 | 07/01/2020 | 41,698 | |||||||||||||
| ||||||||||||||||||
35,000 | Puerto Rico Highway & Transportation Authority | 5.000 | 07/01/2018 | 01/01/2016 | A | 35,011 | ||||||||||||
| ||||||||||||||||||
50,000 | Puerto Rico Highway & Transportation Authority | 5.750 | 07/01/2019 | 07/01/2019 | 42,589 | |||||||||||||
| ||||||||||||||||||
330,000 | Puerto Rico Highway & Transportation Authority | 5.000 | 07/01/2022 | 01/22/2021 | B | 329,528 | ||||||||||||
| ||||||||||||||||||
245,000 | Puerto Rico Highway & Transportation Authority | 5.000 | 07/01/2016 | 01/01/2016 | A | 245,399 | ||||||||||||
| ||||||||||||||||||
250,000 | Puerto Rico Highway & Transportation Authority, Series E | 5.500 | 07/01/2016 | 07/01/2016 | 254,735 | |||||||||||||
| ||||||||||||||||||
5,000 | Puerto Rico Highway & Transportation Authority, Series G | 5.250 | 07/01/2019 | 07/01/2019 | 2,996 | |||||||||||||
| ||||||||||||||||||
670,000 | Puerto Rico Industrial Devel. Company, Series B | 5.375 | 07/01/2016 | 01/01/2016 | A | 672,687 | ||||||||||||
| ||||||||||||||||||
155,000 | Puerto Rico Infrastructure Financing Authority | 5.500 | 07/01/2016 | 07/01/2016 | 156,180 | |||||||||||||
| ||||||||||||||||||
1,750,000 | Puerto Rico Infrastructure Financing Authority, Series C | 5.500 | 07/01/2017 | 07/01/2017 | 1,780,048 | |||||||||||||
| ||||||||||||||||||
155,000 | Puerto Rico ITEMECF (International American University of Puerto Rico) | 5.000 | 10/01/2016 | 10/01/2016 | 154,870 | |||||||||||||
| ||||||||||||||||||
170,000 | Puerto Rico Municipal Finance Agency, Series A | 4.750 | 08/01/2022 | 08/01/2022 | 169,748 | |||||||||||||
| ||||||||||||||||||
60,000 | Puerto Rico Municipal Finance Agency, Series A | 5.250 | 08/01/2021 | 12/31/2015 | A | 60,215 | ||||||||||||
| ||||||||||||||||||
120,000 | Puerto Rico Municipal Finance Agency, Series A | 5.250 | 08/01/2020 | 12/31/2015 | A | 120,431 | ||||||||||||
| ||||||||||||||||||
45,000 | Puerto Rico Municipal Finance Agency, Series A | 5.500 | 07/01/2017 | 01/01/2016 | A | 45,171 | ||||||||||||
| ||||||||||||||||||
455,000 | Puerto Rico Municipal Finance Agency, Series A | 5.000 | 08/01/2020 | 12/31/2015 | A | 456,542 | ||||||||||||
| ||||||||||||||||||
395,000 | Puerto Rico Municipal Finance Agency, Series A | 5.000 | 08/01/2019 | 12/31/2015 | A | 396,339 | ||||||||||||
| ||||||||||||||||||
360,000 | Puerto Rico Municipal Finance Agency, Series A | 5.250 | 08/01/2017 | 12/31/2015 | A | 361,292 | ||||||||||||
| ||||||||||||||||||
500,000 | Puerto Rico Municipal Finance Agency, Series A | 5.250 | 08/01/2016 | 12/31/2015 | A | 501,795 | ||||||||||||
| ||||||||||||||||||
745,000 | Puerto Rico Municipal Finance Agency, Series A | 5.250 | 08/01/2019 | 12/31/2015 | A | 747,675 | ||||||||||||
| ||||||||||||||||||
600,000 | Puerto Rico Municipal Finance Agency, Series A | 5.250 | 08/01/2018 | 12/31/2015 | A | 602,154 |
38 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
| ||||||||||||||||||
U.S. Possessions (Continued) | ||||||||||||||||||
| ||||||||||||||||||
$ 25,000 | Puerto Rico Municipal Finance Agency, Series B | 5.250 % | 07/01/2018 | 07/01/2018 | $ | 25,800 | ||||||||||||
| ||||||||||||||||||
1,000,000 | Puerto Rico Public Buildings Authority | 5.250 | 07/01/2017 | 07/01/2017 | 981,610 | |||||||||||||
| ||||||||||||||||||
1,000,000 | Puerto Rico Public Buildings Authority | 6.000 | 07/01/2024 | 07/01/2018 | A | 1,016,660 | ||||||||||||
|
| |||||||||||||||||
39,009,900 | ||||||||||||||||||
| ||||||||||||||||||
Total Investments, at Value (Cost $678,016,463)—96.9% |
| 682,027,481 | ||||||||||||||||
| ||||||||||||||||||
Net Other Assets (Liabilities)—3.1 | 21,592,081 | |||||||||||||||||
|
| |||||||||||||||||
Net Assets—100.0% | $ | 703,619,562 | ||||||||||||||||
|
|
Footnotes to Statement of Investments
* Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.
A. Optional call date; corresponds to the most conservative yield calculation.
B. Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.
C. Average life due to mandatory, or expected, sinking fund principle payments prior to the applicable optional call date.
1. Represents the current interest rate for a variable or increasing rate security.
2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.
3. Zero coupon bond reflects effective yield on the date of purchase.
4. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
5. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.
6. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.
To simplify the listings of securities, abbreviations are used per the table below: | ||
75SS | Seventy-Five State Street | |
ALIA | Alliance of Long Island Agencies | |
CDA | Communities Devel. Authority | |
COP | Certificates of Participation | |
DA | Dormitory Authority | |
DRMCH | Downey Regional Medical Center Hospital | |
EDA | Economic Devel. Authority | |
EDC | Economic Devel. Corp. | |
EDFA | Economic Devel. Finance Authority | |
FMemH | Franklin Memorial Hospital | |
GO | General Obligation | |
GPA | General Purpose Authority | |
H&EFA | Health and Educational Facilities Authority | |
H&HEFA | Hospitals and Higher Education Facilities Authority | |
HCBS | Home and Community Based Services | |
HDGH | Henrietta D Goodall Hospital | |
HEBA | Higher Education Building Authority | |
HEFA | Higher Education Facilities Authority | |
HFA | Housing Finance Agency | |
IC | Interhealth Corporation | |
IDA | Industrial Devel. Agency | |
IMC | IHC Management Corporation |
39 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Abbreviations (Continued)
ITEMECF | Industrial, Tourist, Educational, Medical and Environmental Community Facilities | |
L.I. | Long Island | |
MCOTA | Maine College of the Arts | |
MDIH | Mount Desert Island Hospital | |
MSA | Math & Science Academy | |
MTA | Metropolitan Transportation Authority | |
NYC | New York City | |
NYS | New York State | |
PBMC | Penobscot Bay Medical Center | |
PFA | Public Financing Authority | |
PHH | Pinnacle Health Hospitals | |
PHMS | Pinnacle Health Medical Services | |
PHS | Pinnacle Health System | |
PIH | Presbyterian Intercommunity Hospital | |
PSCH | Professional Service Centers for the Handicapped, Inc. | |
PUTTERS | Puttable Tax-Exempt Receipts | |
RIBS | Residual Interest Bonds | |
RIH | Rhode Island Hospital | |
RWJHCCH | RWJ Health Care Corp. at Hamilton | |
RWJUHH | Robert Wood Johnson University Hospital at Hamilton | |
SAVRS | Select Auction Variable Rate Securities | |
SPEARS | Short Puttable Exempt Adjustable Receipts | |
TASC | Tobacco Settlement Asset-Backed Bonds | |
TMH | The Miriam Hospital | |
TUFF | The University Financing Foundation | |
UMass | University of Massachusetts | |
Y/S | Yucaipa/Sweetwater |
See accompanying Notes to Financial Statements.
40 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES November 30, 2015 Unaudited
| ||||
Assets | ||||
Investments, at value (cost $678,016,463)—see accompanying statement of investments | $ | 682,027,481 | ||
| ||||
Cash | 436,167 | |||
| ||||
Receivables and other assets: | ||||
Investments sold on a when-issued or delayed delivery basis | 31,259,336 | |||
Interest | 9,362,082 | |||
Shares of beneficial interest sold | 2,532,095 | |||
Other | 77,951 | |||
|
| |||
Total assets | 725,695,112 | |||
| ||||
Liabilities | ||||
Payables and other liabilities: | ||||
Investments purchased (including $3,308,487 purchased on a when-issued or delayed delivery basis) | 20,606,991 | |||
Shares of beneficial interest redeemed | 1,166,232 | |||
Dividends | 184,243 | |||
Distribution and service plan fees | 83,505 | |||
Trustees’ compensation | 8,519 | |||
Shareholder communications | 955 | |||
Other | 25,105 | |||
|
| |||
Total liabilities | 22,075,550 | |||
| ||||
Net Assets | $ | 703,619,562 | ||
|
| |||
| ||||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 188,029 | ||
| ||||
Additional paid-in capital | 703,602,336 | |||
| ||||
Accumulated net investment income | 1,041,391 | |||
| ||||
Accumulated net realized loss on investments | (5,223,212) | |||
| ||||
Net unrealized appreciation on investments | 4,011,018 | |||
|
| |||
Net Assets | $ | 703,619,562 | ||
|
| |||
| ||||
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $335,711,264 and 89,720,279 shares of beneficial interest outstanding) | $3.74 | |||
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price) | $3.83 | |||
| ||||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $78,963,923 and 21,104,143 shares of beneficial interest outstanding) | $3.74 | |||
| ||||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $288,944,375 and 77,204,213 shares of beneficial interest outstanding) | $3.74 |
See accompanying Notes to Financial Statements.
41 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
OPERATIONS For the Six Months Ended November 30, 2015 Unaudited
| ||||
Investment Income | ||||
Interest | $ | 8,949,854 | ||
| ||||
Expenses | ||||
Management fees | 1,437,886 | |||
| ||||
Distribution and service plan fees: | ||||
Class A | 381,534 | |||
Class C | 363,998 | |||
| ||||
Transfer and shareholder servicing agent fees: | ||||
Class A | 153,621 | |||
Class C | 36,410 | |||
Class Y | 139,753 | |||
| ||||
Shareholder communications: | ||||
Class A | 5,569 | |||
Class C | 2,337 | |||
Class Y | 2,968 | |||
| ||||
Borrowing fees | 117,008 | |||
| ||||
Trustees’ compensation | 5,362 | |||
| ||||
Custodian fees and expenses | 4,642 | |||
| ||||
Interest expense on borrowings | 1,700 | |||
| ||||
Other | 39,293 | |||
|
| |||
Total expenses | 2,692,081 | |||
| ||||
Net Investment Income | 6,257,773 | |||
| ||||
Realized and Unrealized Gain (Loss) | ||||
Net realized loss | (2,660,867) | |||
| ||||
Net change in unrealized appreciation/depreciation on investments | 3,140,738 | |||
| ||||
Net Increase in Net Assets Resulting from Operations | $ | 6,737,644 | ||
|
|
See accompanying Notes to Financial Statements.
42 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 29, 20151 | |||||||
| ||||||||
Operations | ||||||||
Net investment income | $ | 6,257,773 | $ | 9,086,734 | ||||
| ||||||||
Net realized loss | (2,660,867) | (1,386,179) | ||||||
| ||||||||
Net change in unrealized appreciation/depreciation | 3,140,738 | (1,173,875) | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 6,737,644 | 6,526,680 | ||||||
| ||||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (2,948,223) | (5,102,035) | ||||||
Class C | (425,923) | (697,031) | ||||||
Class Y | (3,029,877) | (3,074,534) | ||||||
|
| |||||||
(6,404,023) | (8,873,600) | |||||||
| ||||||||
Beneficial Interest Transactions | ||||||||
Net increase in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 57,986,458 | 37,916,661 | ||||||
Class C | 13,500,429 | 10,175,150 | ||||||
Class Y | 6,996,810 | 198,952,179 | ||||||
|
|
|
| |||||
78,483,697 | 247,043,990 | |||||||
| ||||||||
Net Assets | ||||||||
Total increase | 78,817,318 | 244,697,070 | ||||||
| ||||||||
Beginning of period | 624,802,244 | 380,105,174 | ||||||
|
|
|
| |||||
End of period (including accumulated net investment income of $1,041,391 and $1,187,641, respectively) | $ | 703,619,562 | $ | 624,802,244 | ||||
|
|
|
|
1. May 29, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.
See accompanying Notes to Financial Statements.
43 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Class A | Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 29, 20151 | Year Ended May 30, 20141 | Year Ended May 31, 2013 | Year Ended May 31, 2012 | Period Ended May 31, 20112 | ||||||||||||||||||
| ||||||||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 3.74 | $ | 3.76 | $ | 3.75 | $ | 3.73 | $ | 3.67 | $ | 3.63 | ||||||||||||
| ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | 0.04 | 0.07 | 0.08 | 0.07 | 0.08 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.00 | (0.02) | 0.00 | 0.02 | 0.06 | 0.02 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total from investment operations | 0.04 | 0.05 | 0.08 | 0.09 | 0.14 | 0.06 | ||||||||||||||||||
| ||||||||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (0.04) | (0.07) | (0.07) | (0.07) | (0.08) | (0.02) | ||||||||||||||||||
Distributions from net realized gain | 0.00 | 0.00 | 0.00 | 0.004 | 0.00 | 0.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and/or distributions to shareholders | (0.04) | (0.07) | (0.07) | (0.07) | (0.08) | (0.02) | ||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, end of period | $ | 3.74 | $ | 3.74 | $ | 3.76 | $ | 3.75 | $ | 3.73 | $ | 3.67 | ||||||||||||
|
| |||||||||||||||||||||||
| ||||||||||||||||||||||||
Total Return, at Net Asset Value5 | 0.97% | 1.39% | 2.18% | 2.35% | 3.89% | 1.76% | ||||||||||||||||||
| ||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 335,711 | $ | 277,507 | $ | 240,676 | $ | 207,739 | $ | 83,843 | $ | 24,945 | ||||||||||||
| ||||||||||||||||||||||||
Average net assets (in thousands) | $ | 307,730 | $ | 266,606 | $ | 260,158 | $ | 146,597 | $ | 45,683 | $ | 15,185 | ||||||||||||
| ||||||||||||||||||||||||
Ratios to average net assets:6 | ||||||||||||||||||||||||
Net investment income | 1.88% | 1.97% | 2.05% | 1.87% | 2.18% | 2.42% | ||||||||||||||||||
Expenses excluding interest and fees from borrowings | 0.80% | 0.81% | 0.82% | 0.80% | 0.84% | 1.38% | ||||||||||||||||||
Interest and fees from borrowings | 0.04% | 0.05% | 0.03% | 0.02% | 0.03% | 0.02% | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total expenses | 0.84% | 0.86% | 0.85% | 0.82% | 0.87% | 1.40% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.84% | 0.86% | 0.85% | 0.82% | 0.87% | 0.85% | ||||||||||||||||||
| ||||||||||||||||||||||||
Portfolio turnover rate | 27 % | 58 % | 72 % | 16 % | 20 % | 5 % |
1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
2. For the period from December 6, 2010 (commencement of operations) to May 31, 2011.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Less than $0.005 per share.
5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
6. Annualized for periods less than one full year.
See accompanying Notes to Financial Statements.
44 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Class C | Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 29, 20151 | Year Ended May 30, 20141 | Year Ended May 31, 2013 | Year Ended May 31, 2012 | Period Ended May 31, 20112 | ||||||||||||||||||
| ||||||||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 3.74 | $ | 3.76 | $ | 3.75 | $ | 3.73 | $ | 3.67 | $ | 3.63 | ||||||||||||
| ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | 0.02 | 0.05 | 0.05 | 0.04 | 0.05 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.00 | (0.03) | 0.00 | 0.02 | 0.06 | 0.02 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total from investment operations | 0.02 | 0.02 | 0.05 | 0.06 | 0.11 | 0.05 | ||||||||||||||||||
| ||||||||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (0.02) | (0.04) | (0.04) | (0.04) | (0.05) | (0.01) | ||||||||||||||||||
Distributions from net realized gain | 0.00 | 0.00 | 0.00 | 0.004 | 0.00 | 0.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and/or distributions to shareholders | (0.02) | (0.04) | (0.04) | (0.04) | (0.05) | (0.01) | ||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, end of period | $ | 3.74 | $ | 3.74 | $ | 3.76 | $ | 3.75 | $ | 3.73 | $ | 3.67 | ||||||||||||
|
| |||||||||||||||||||||||
| ||||||||||||||||||||||||
Total Return, at Net Asset Value5 | 0.59% | 0.63% | 1.39% | 1.53% | 3.07% | 1.45% | ||||||||||||||||||
| ||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 78,964 | $ | 65,412 | $ | 55,509 | $ | 36,381 | $ | 13,654 | $ | 1,794 | ||||||||||||
| ||||||||||||||||||||||||
Average net assets (in thousands) | $ | 72,951 | $ | 59,997 | $ | 55,118 | $ | 23,354 | $ | 7,145 | $ | 1,401 | ||||||||||||
| ||||||||||||||||||||||||
Ratios to average net assets:6 | ||||||||||||||||||||||||
Net investment income | 1.13% | 1.21% | 1.27% | 1.07% | 1.41% | 1.72% | ||||||||||||||||||
Expenses excluding interest and fees from borrowings | 1.55% | 1.57% | 1.60% | 1.62% | 1.78% | 2.42% | ||||||||||||||||||
Interest and fees from borrowings | 0.04% | 0.05% | 0.03% | 0.02% | 0.03% | 0.02% | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total expenses | 1.59% | 1.62% | 1.63% | 1.64% | 1.81% | 2.44% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.59% | 1.62% | 1.63% | 1.62% | 1.62% | 1.60% | ||||||||||||||||||
| ||||||||||||||||||||||||
Portfolio turnover rate | 27 % | 58 % | 72 % | 16 % | 20 % | 5 % |
1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
2. For the period from December 6, 2010 (commencement of operations) to May 31, 2011.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Less than $0.005 per share.
5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
6. Annualized for periods less than one full year.
See accompanying Notes to Financial Statements.
45 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
Class Y | Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 29, 20151 | Year Ended May 30, 20141 | Year Ended May 31, 2013 | Year Ended May 31, 2012 | Period Ended May 31, 20112 | ||||||||||||||||||
| ||||||||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 3.74 | $ | 3.76 | $ | 3.75 | $ | 3.73 | $ | 3.67 | $ | 3.63 | ||||||||||||
| ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | 0.04 | 0.08 | 0.09 | 0.08 | 0.09 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.00 | (0.02) | 0.00 | 0.02 | 0.06 | 0.01 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total from investment operations | 0.04 | 0.06 | 0.09 | 0.10 | 0.15 | 0.06 | ||||||||||||||||||
| ||||||||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (0.04) | (0.08) | (0.08) | (0.08) | (0.09) | (0.02) | ||||||||||||||||||
Distributions from net realized gain | 0.00 | 0.00 | 0.00 | 0.004 | 0.00 | 0.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and/or distributions to shareholders | (0.04) | (0.08) | (0.08) | (0.08) | (0.09) | (0.02) | ||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, end of period | $ | 3.74 | $ | 3.74 | $ | 3.76 | $ | 3.75 | $ | 3.73 | $ | 3.67 | ||||||||||||
|
| |||||||||||||||||||||||
| ||||||||||||||||||||||||
Total Return, at Net Asset Value5 | 1.09% | 1.64% | 2.42% | 2.62% | 4.12% | 1.83% | ||||||||||||||||||
| ||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 288,945 | $ | 281,883 | $ | 83,920 | $ | 89,172 | $ | 20,853 | $ | 1,155 | ||||||||||||
| ||||||||||||||||||||||||
Average net assets (in thousands) | $ | 279,586 | $ | 143,236 | $ | 81,902 | $ | 53,415 | $ | 8,280 | $ | 210 | ||||||||||||
| ||||||||||||||||||||||||
Ratios to average net assets:6 | ||||||||||||||||||||||||
Net investment income | 2.12% | 2.16% | 2.29% | 2.10% | 2.35% | 2.66% | ||||||||||||||||||
Expenses excluding interest and fees from borrowings | 0.55% | 0.56% | 0.57% | 0.53% | 0.67% | 2.13% | ||||||||||||||||||
Interest and fees from borrowings | 0.04% | 0.05% | 0.03% | 0.02% | 0.03% | 0.02% | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total expenses | 0.59% | 0.61% | 0.60% | 0.55% | 0.70% | 2.15% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.59% | 0.61% | 0.60% | 0.55% | 0.63% | 0.60% | ||||||||||||||||||
| ||||||||||||||||||||||||
Portfolio turnover rate | 27 % | 58 % | 72 % | 16 % | 20 % | 5 % |
1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
2. For the period from December 6, 2010 (commencement of operations) to May 31, 2011.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Less than $0.005 per share.
5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
6. Annualized for periods less than one full year.
See accompanying Notes to Financial Statements.
46 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS November 30, 2015 Unaudited
1. Organization
Oppenheimer Rochester Short Term Municipal Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.
The Fund offers Class A, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees.
The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
2. Significant Accounting Policies
Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.
47 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
2. Significant Accounting Policies (Continued)
The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.
Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.
Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends.
During the fiscal year ended May 29, 2015, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended May 29, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.
Expiring | ||||
| ||||
No expiration | $ | 2,562,345 |
48 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
2. Significant Accounting Policies (Continued)
At period end, it is estimated that the capital loss carryforwards would be $5,223,212, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any of capital loss carryforward to offset realized capital gains.
Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities | $ | 678,024,795 | ||
|
| |||
Gross unrealized appreciation | $ | 5,365,611 | ||
Gross unrealized depreciation | (1,362,925) | |||
|
| |||
Net unrealized appreciation | $ | 4,002,686 | ||
|
|
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
3. Securities Valuation
The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.
The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily
49 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
3. Securities Valuation (Continued)
available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.
Valuation Methods and Inputs
Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.
The following methodologies are used to determine the market value or the fair value of the types of securities described below:
Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.
Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.
Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.
Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.
50 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
3. Securities Valuation (Continued)
A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.
Security Type | Standard inputs generally considered by third-party pricing vendors | |
| ||
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities | Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors. | |
| ||
Loans | Information obtained from market participants regarding reported trade data and broker-dealer price quotations. | |
| ||
Event-linked bonds | Information obtained from market participants regarding reported trade data and broker-dealer price quotations. |
If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.
To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.
51 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
3. Securities Valuation (Continued)
Classifications
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:
1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).
The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:
Level 1— Quoted Prices | Level 2— Observable Inputs | Level 3— Unobservable | Value | |||||||||||||
| ||||||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Municipal Bonds and Notes | ||||||||||||||||
Alabama | $ | — | $ | 21,753,117 | $ | — | $ | 21,753,117 | ||||||||
Arizona | — | 33,349,865 | — | 33,349,865 | ||||||||||||
Arkansas | — | 35,105 | — | 35,105 | ||||||||||||
California | — | 114,772,701 | — | 114,772,701 | ||||||||||||
Colorado | — | 8,179,100 | — | 8,179,100 | ||||||||||||
Connecticut | — | 25,078 | — | 25,078 | ||||||||||||
District of Columbia | — | 834,137 | — | 834,137 | ||||||||||||
Florida | — | 7,586,512 | — | 7,586,512 | ||||||||||||
Georgia | — | 4,261,690 | — | 4,261,690 | ||||||||||||
Idaho | — | 499,515 | — | 499,515 | ||||||||||||
Illinois | — | 158,168,883 | — | 158,168,883 | ||||||||||||
Indiana | — | 9,343,627 | — | 9,343,627 | ||||||||||||
Iowa | — | 246,523 | — | 246,523 | ||||||||||||
Kansas | — | 35,107 | — | 35,107 | ||||||||||||
Kentucky | — | 5,314,320 | — | 5,314,320 | ||||||||||||
Louisiana | — | 4,063,790 | — | 4,063,790 | ||||||||||||
Maine | — | 76,949 | — | 76,949 | ||||||||||||
Maryland | — | 507,190 | — | 507,190 | ||||||||||||
Massachusetts | — | 8,657,122 | — | 8,657,122 | ||||||||||||
Michigan | — | 42,240,752 | — | 42,240,752 | ||||||||||||
Minnesota | — | 3,887,779 | — | 3,887,779 | ||||||||||||
Mississippi | — | 3,147,132 | — | 3,147,132 | ||||||||||||
Missouri | — | 14,777,550 | — | 14,777,550 | ||||||||||||
Nebraska | — | 50,204 | — | 50,204 |
52 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
3. Securities Valuation (Continued)
Level 1— Quoted Prices | Level 2— Observable Inputs | Level 3— Unobservable | Value | |||||||||||||
| ||||||||||||||||
Municipal Bonds and Notes (Continued) | ||||||||||||||||
Nevada | $ | — | $ | 5,671,607 | $ | — | $ | 5,671,607 | ||||||||
New Jersey | — | 28,547,399 | — | 28,547,399 | ||||||||||||
New Mexico | — | 200,626 | — | 200,626 | ||||||||||||
New York | — | 35,328,362 | — | 35,328,362 | ||||||||||||
North Carolina | — | 264,248 | — | 264,248 | ||||||||||||
North Dakota | — | 1,690,017 | — | 1,690,017 | ||||||||||||
Ohio | — | 17,822,623 | — | 17,822,623 | ||||||||||||
Oklahoma | — | 3,025,529 | — | 3,025,529 | ||||||||||||
Oregon | — | 1,638,752 | — | 1,638,752 | ||||||||||||
Other Territory | — | 875,356 | — | 875,356 | ||||||||||||
Pennsylvania | — | 55,845,636 | — | 55,845,636 | ||||||||||||
Rhode Island | — | 5,110,443 | — | 5,110,443 | ||||||||||||
South Carolina | — | 10,039 | — | 10,039 | ||||||||||||
South Dakota | — | 245,693 | — | 245,693 | ||||||||||||
Tennessee | — | 1,491,794 | — | 1,491,794 | ||||||||||||
Texas | — | 32,358,257 | — | 32,358,257 | ||||||||||||
Vermont | — | 1,398,127 | — | 1,398,127 | ||||||||||||
Virginia | — | 547,753 | — | 547,753 | ||||||||||||
Washington | — | 7,905,549 | — | 7,905,549 | ||||||||||||
Wisconsin | — | 1,226,023 | — | 1,226,023 | ||||||||||||
U.S. Possessions | — | 39,009,900 | — | 39,009,900 | ||||||||||||
|
| |||||||||||||||
Total Assets | $ | — | $ | 682,027,481 | $ | — | $ | 682,027,481 | ||||||||
|
|
Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
4. Investments and Risks
Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a
53 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
4. Investments and Risks (Continued)
price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.
At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
When-Issued or Delayed Delivery Basis Transactions | ||||
| ||||
Purchased securities | $3,308,487 | |||
Sold securities | 31,259,336 |
Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.
5. Market Risk Factors
The Fund’s investments in securities and/or financial derivatives may expose the fund to various market risk factors:
Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.
Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period.
54 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
5. Market Risk Factors (Continued)
Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
6. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Six Months Ended November 30, 2015 | Year Ended May 29, 20151 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Class A | ||||||||||||||||
Sold | 31,242,558 | $ | 116,646,140 | 50,228,779 | $ | 188,622,443 | ||||||||||
Dividends and/or distributions reinvested | 724,262 | 2,705,171 | 1,242,363 | 4,667,211 | ||||||||||||
Redeemed | (16,434,444 | ) | (61,364,853) | (41,348,796 | ) | (155,372,993) | ||||||||||
|
| |||||||||||||||
Net increase | 15,532,376 | $ | 57,986,458 | 10,122,346 | $ | 37,916,661 | ||||||||||
|
| |||||||||||||||
| ||||||||||||||||
Class C | ||||||||||||||||
Sold | 6,533,434 | $ | 24,392,939 | 8,084,349 | $ | 30,370,374 | ||||||||||
Dividends and/or distributions reinvested | 112,026 | 418,414 | 179,920 | 675,925 | ||||||||||||
Redeemed | (3,029,118 | ) | (11,310,924) | (5,553,447 | ) | (20,871,149) | ||||||||||
|
| |||||||||||||||
Net increase | 3,616,342 | $ | 13,500,429 | 2,710,822 | $ | 10,175,150 | ||||||||||
|
| |||||||||||||||
| ||||||||||||||||
Class Y | ||||||||||||||||
Sold | 20,460,316 | $ | 76,442,763 | 72,260,050 | $ | 271,241,254 | ||||||||||
Dividends and/or distributions reinvested | 803,866 | 3,003,767 | 796,847 | 2,993,828 | ||||||||||||
Redeemed | (19,410,649 | ) | (72,449,720) | (20,041,304 | ) | (75,282,903) | ||||||||||
|
| |||||||||||||||
Net increase | 1,853,533 | $ | 6,996,810 | 53,015,593 | $ | 198,952,179 | ||||||||||
|
|
1. May 29, 2015 represents the last business day of the Fund’s reporting period. See Note 2.
7. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the reporting period were as follows:
Purchases | Sales | |||||||
| ||||||||
Investment securities | $ | 234,038,113 | $ | 174,954,049 |
8. Fees and other Transactions with Affiliates
Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:
55 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
8. Fees and other Transactions with Affiliates (Continued)
Fee Schedule Through September 30, 2015 | Fee Schedule Effective October 1, 2015 | |||||||||
| ||||||||||
Up to $100 million | 0.500 | % | Up to $100 million | 0.500% | ||||||
Next $150 million | 0.450 | Next $150 million | 0.450 | |||||||
Next $250 million | 0.425 | Next $250 million | 0.425 | |||||||
Over $500 million | 0.400 | Next $500 million | 0.400 | |||||||
Over $1 billion | 0.370 |
The Fund’s effective management fee for the reporting period was 0.43% of average annual net assets before any applicable waivers.
Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.
Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.
Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.
Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.
56 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
8. Fees and other Transactions with Affiliates (Continued)
Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.
Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.
Distribution and Service Plan for Class C Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class C shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plan, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets. The Fund also pays a service fee under the Plan at an annual rate of 0.25% of daily net assets. The Plan continues in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.
Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
Six Months Ended | Class A Front-End Sales Charges Retained by | Class A Contingent Deferred Sales Charges Retained by Distributor | Class C Contingent Deferred Sales Charges Retained by Distributor | |||||||||
| ||||||||||||
November 30, 2015 | $2,376 | $6,724 | $13,540 |
9. Borrowings and Other Financing
Borrowings. The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio
57 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
9. Borrowings and Other Financing (Continued)
securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.
The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.
The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates. The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.03% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.
At period end, the Fund had no borrowings outstanding
Details of the borrowings for the reporting period are as follows:
Average Daily Loan Balance | $ | 1,643,169 | ||
Average Daily Interest Rate | 0.202 | % | ||
Fees Paid | $ | 27,828 | ||
Interest Paid | $ | 1,700 |
Reverse Repurchase Agreements. The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.
The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain
58 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
9. Borrowings and Other Financing (Continued)
other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.
The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.
The Fund executed no transactions under the Facility during the reporting period.
Details of reverse repurchase agreement transactions for the reporting period are as follows:
Fees Paid | $ 53,677 |
10. Pending Litigation
In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the
59 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
10. Pending Litigation (Continued)
defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order granting plaintiffs’ motion for class certification. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.
OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.
60 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND
SUB-ADVISORY AGREEMENTS Unaudited
The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.
The Adviser, Sub-Adviser and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.
Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.
Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.
The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that
61 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND
SUB-ADVISORY AGREEMENTS Unaudited / Continued
the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier, Troy Willis, Mark DeMitry, Michael Camarella, Charles Pulire and Elizabeth Mossow, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.
Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the muni national short category. The Board noted that the Fund’s one-year and three-year performance was better than its category median.
Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load muni national short funds with comparable asset levels and distribution features. After discussions with the Board, the Adviser has voluntarily agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; (iii) certain other expenses attributable to, and incurred as a result of, the Fund’s investments; and (iv) other extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund’s business) to annual rates of 0.85% for Class A shares, 1.60% for Class C shares, and 0.60% for Class Y shares as calculated on the daily net assets of the Fund. This fee waiver and/or expense reimbursement may be amended at any time without prior notice to shareholders. The Board noted that the Fund’s contractual management fees were equal to its peer group median and higher than its category median. The Board also noted that the Fund’s total expenses were higher than its peer group median and category median.
Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and
62 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.
Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.
Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.
Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2016. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.
63 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURE; UPDATES TO
STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Householding—Delivery of Shareholder Documents
This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.
Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.
64 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Trustees and Officers | Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |||
David K. Downes, Trustee | ||||
Matthew P. Fink, Trustee | ||||
Edmund P. Giambastiani, Jr., Trustee | ||||
Elizabeth Krentzman, Trustee | ||||
Mary F. Miller, Trustee | ||||
Joel W. Motley, Trustee | ||||
Joanne Pace, Trustee | ||||
Daniel Vandivort, Trustee | ||||
William F. Glavin, Jr., Trustee | ||||
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer | ||||
Daniel G. Loughran, Vice President | ||||
Scott S. Cottier, Vice President | ||||
Troy E. Willis, Vice President | ||||
Mark R. DeMitry, Vice President | ||||
Michael L. Camarella, Vice President | ||||
Charles S. Pulire, Vice President | ||||
Richard Stein, Vice President | ||||
Arthur S. Gabinet, Secretary and Chief Legal Officer | ||||
Jennifer Sexton, Vice President and Chief Business Officer | ||||
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer | ||||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||||
Manager | OFI Global Asset Management, Inc. | |||
Sub-Adviser | OppenheimerFunds, Inc. | |||
Distributor | OppenheimerFunds Distributor, Inc. | |||
Transfer and Shareholder Servicing Agent | OFI Global Asset Management, Inc. | |||
Sub-Transfer Agent | Shareholder Services, Inc. | |||
DBA OppenheimerFunds Services | ||||
Independent Registered Public Accounting Firm | KPMG LLP | |||
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |||
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
© 2016 OppenheimerFunds, Inc. All rights reserved.
65 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.
Information Sources
We obtain nonpublic personal information about our shareholders from the following sources:
● | Applications or other forms |
● | When you create a user ID and password for online account access |
● | When you enroll in eDocs Direct, our electronic document delivery service |
● | Your transactions with us, our affiliates or others |
● | A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited |
● | When you set up challenge questions to reset your password online |
If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.
We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.
If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.
We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.
Protection of Information
We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.
Disclosure of Information
Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.
Right of Refusal
We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.
66 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Internet Security and Encryption
In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.
We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.
● | All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format. |
● | Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. |
● | You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser. |
Other Security Measures
We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.
How You Can Help
You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.
Who We Are
This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated March 2015. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).
67 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
THIS PAGE INTENTIONALLY LEFT BLANK.
68 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
THIS PAGE INTENTIONALLY LEFT BLANK.
69 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
THIS PAGE INTENTIONALLY LEFT BLANK.
70 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
THIS PAGE INTENTIONALLY LEFT BLANK.
71 OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND
Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800 CALL OPP (800 225 5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am–8pm ET. | ||||
| ||||
Visit Us | ||||
oppenheimerfunds.com | ||||
Call Us | ||||
800 225 5677 | ||||
Follow Us | ||||
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2016 OppenheimerFunds Distributor, Inc. All rights reserved. | ||||
RS0621.001.1115 January 21, 2016 |
Item 2. Code of Ethics.
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
None
Item 11. Controls and Procedures.
Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 11/30/2015, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a) | (1) Not applicable to semiannual reports. |
(2) Exhibits attached hereto. |
(3) Not applicable. |
(b) | Exhibit attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Rochester Short Term Municipal Fund
By: | /s/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: | 1/15/2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: | 1/15/2016 | |
By: | /s/ Brian W. Wixted | |
Brian W. Wixted | ||
Principal Financial Officer | ||
Date: | 1/15/2016 |