SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
(Address of principal executive offices) (Zip code)
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
Top Ten Categories | ||||
General Obligation | 16.8 | % | ||
Hospital/Health Care | 15.0 | |||
Municipal Leases | 13.1 | |||
Higher Education | 8.6 | |||
Sales Tax Revenue | 7.4 | |||
Education | 6.7 | |||
Government Appropriation | 6.3 | |||
Highways/Commuter Facilities | 5.6 | |||
Water Utilities | 4.8 | |||
Marine/Aviation Facilities | 4.5 |
Credit Rating Breakdown | NRSRO Only Total | |||
AAA | 2.4 | % | ||
AA | 31.7 | |||
A | 48.9 | |||
BBB | 14.8 | |||
BB and Lower | 0.0 | |||
Unrated | 2.2 | |||
Total | 100.0 | % |
12 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
13 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
14 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Ending | Expenses | |||||||||||
Beginning | Account | Paid During | ||||||||||
Account | Value | the Period Ended | ||||||||||
Actual | Value | March 31, 2011 | March 31, 20111,2 | |||||||||
Class A | $ | 1,000.00 | $ | 993.10 | $ | 3.01 | ||||||
Class C | 1,000.00 | 989.40 | 5.48 | |||||||||
Class Y | 1,000.00 | 993.60 | 2.32 |
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,020.19 | 4.80 | |||||||||
Class C | 1,000.00 | 1,016.31 | 8.73 | |||||||||
Class Y | 1,000.00 | 1,021.29 | 3.69 |
1. | Actual expenses paid are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 116/365 to reflect the period from December 6, 2010 (commencement of operations) to March 31, 2011. | |
2. | Hypothetical expenses paid are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
Class | Expense Ratios | |||
Class A | 0.95 | % | ||
Class C | 1.73 | |||
Class Y | 0.73 |
15 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Principal | Effective | |||||||||||||||||||
Amount | Coupon | Maturity | Maturity* | Value | ||||||||||||||||
Municipal Bonds and Notes—96.0% | ||||||||||||||||||||
Arizona—2.0% | ||||||||||||||||||||
$ | 25,000 | AZ Capital Facilities Finance Corp. (Arizona State University) | 6.000 | % | 09/01/2015 | 09/01/2011 | A | $ | 25,103 | |||||||||||
50,000 | AZ Health Facilities Authority (Banner Health System) | 5.000 | 01/01/2022 | 01/01/2017 | A | 50,644 | ||||||||||||||
35,000 | Mesa, AZ IDA (Banner Health System) | 5.000 | 01/01/2019 | 04/30/2011 | A | 35,096 | ||||||||||||||
25,000 | Mohave County, AZ IDA (Mohave Prison) | 7.500 | 05/01/2019 | 11/27/2017 | B | 26,956 | ||||||||||||||
137,799 | ||||||||||||||||||||
California—25.3% | ||||||||||||||||||||
25,000 | Bay Area, CA Toll Authority (San Francisco Bay Area) | 5.000 | 04/01/2022 | 04/01/2016 | A | 26,760 | ||||||||||||||
30,000 | CA County Tobacco Securitization Agency (TASC) | 6.000 | 06/01/2029 | 11/14/2015 | B | 27,961 | ||||||||||||||
50,000 | CA Dept. of Transportation COP | 5.250 | 03/01/2016 | 04/30/2011 | A | 50,177 | ||||||||||||||
75,000 | CA GO | 5.000 | 09/01/2019 | 09/01/2016 | A | 79,585 | ||||||||||||||
5,000 | CA GO | 5.500 | 03/01/2012 | 09/01/2011 | A | 5,095 | ||||||||||||||
15,000 | CA GO | 5.500 | 03/01/2012 | 04/30/2011 | A | 15,058 | ||||||||||||||
5,000 | CA GO | 6.000 | 08/01/2012 | 08/01/2011 | A | 5,083 | ||||||||||||||
200,000 | CA Golden State Tobacco Securitization Corp. (TASC) | 5.000 | 06/01/2021 | 06/01/2021 | 194,704 | |||||||||||||||
100,000 | CA Health Facilities Financing Authority (CHW/CMF Obligated Group) | 5.125 | 07/01/2022 | 11/23/2013 | A | 102,367 | ||||||||||||||
125,000 | CA Public Works (CA Community Colleges) | 5.500 | 06/01/2022 | 06/01/2014 | A | 126,998 | ||||||||||||||
75,000 | CA Public Works (California State University) | 5.400 | 12/01/2016 | 04/30/2011 | A | 75,106 | ||||||||||||||
50,000 | CA Public Works (California State University) | 5.500 | 09/01/2015 | 04/30/2011 | A | 50,100 | ||||||||||||||
125,000 | CA Public Works (Dept. of Mental Health) | 5.500 | 06/01/2020 | 06/01/2014 | A | 126,636 | ||||||||||||||
45,000 | CA Public Works (Various Community Colleges) | 5.625 | 03/01/2016 | 04/30/2011 | A | 45,075 | ||||||||||||||
50,000 | CA Public Works (Various Community Colleges) | 5.625 | 03/01/2019 | 04/30/2011 | A | 50,124 | ||||||||||||||
50,000 | CA Public Works (Various State Universities) | 5.250 | 12/01/2013 | 04/30/2011 | A | 50,159 | ||||||||||||||
25,000 | Carson, CA Redevel. Agency Tax Allocation | 5.250 | 10/01/2022 | 10/01/2022 | 23,180 | |||||||||||||||
25,000 | Central CA Unified School District COP | 5.000 | 08/01/2022 | 08/01/2017 | A | 25,912 | ||||||||||||||
50,000 | Eastern CA Municipal Water District COP | 5.375 | 07/01/2017 | 07/01/2011 | A | 50,528 | ||||||||||||||
25,000 | Los Angeles, CA State Building Authority | 5.500 | 10/01/2016 | 04/30/2011 | A | 25,184 | ||||||||||||||
50,000 | Riverside County, CA Asset Leasing Corp. (Riverside County Hospital) | 5.700 | 06/01/2016 | 06/01/2012 | A | 50,981 | ||||||||||||||
70,000 | Riverside County, CA Public Financing Authority (Jurupa Valley Desert & Interstate 215 Corridor Redevel.) | 5.000 | 10/01/2021 | 10/01/2021 | 63,663 | |||||||||||||||
200,000 | San Diego, CA Public Facilities Financing Authority (Ballpark) | 5.250 | 02/15/2021 | 02/15/2017 | A | 203,574 | ||||||||||||||
25,000 | San Juan, CA Unified School District | 5.000 | 08/01/2020 | 08/01/2015 | A | 25,748 | ||||||||||||||
200,000 | San Juan, CA Unified School District | 5.000 | 08/01/2021 | 08/01/2015 | A | 206,052 | ||||||||||||||
1,705,810 |
16 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Principal | Effective | |||||||||||||||||||
Amount | Coupon | Maturity | Maturity* | Value | ||||||||||||||||
Colorado—0.2% | ||||||||||||||||||||
$ | 10,000 | CO Health Facilities Authority (Evangelical | ||||||||||||||||||
Lutheran Good Samaritan Society) | 6.800 | % | 12/01/2020 | 04/30/2011 | A | $ | 10,215 | |||||||||||||
District of Columbia—1.5% | ||||||||||||||||||||
100,000 | District of Columbia Ballpark | 5.000 | 02/01/2022 | 02/01/2016 | A | 100,125 | ||||||||||||||
Florida—8.8% | ||||||||||||||||||||
100,000 | Dade County, FL GO (Seaport) | 5.125 | 10/01/2021 | 04/30/2011 | A | 100,283 | ||||||||||||||
75,000 | FL Municipal Loan Council | 5.250 | 12/01/2019 | 12/01/2013 | A | 75,454 | ||||||||||||||
50,000 | FL State Board of Education | 5.250 | 01/01/2020 | 01/01/2013 | A | 53,157 | ||||||||||||||
100,000 | Hillsborough County, FL Community Investment Tax | 5.000 | 11/01/2025 | 11/01/2014 | A | 101,139 | ||||||||||||||
60,000 | Lakeland, FL Hospital System (Lakeland Regional Medical Center) | 5.250 | 11/15/2016 | 04/30/2011 | A | 60,084 | ||||||||||||||
10,000 | Palm Beach County, FL Health Facilities Authority (Jupiter Medical Center) | 5.250 | 08/01/2013 | 04/30/2011 | A | 10,029 | ||||||||||||||
65,000 | Pinellas County, FL Educational Facilities Authority (Barry University) | 6.250 | 10/01/2015 | 04/30/2011 | A | 65,778 | ||||||||||||||
25,000 | St. Johns County, FL IDA (World Golf Foundation) | 5.500 | 03/01/2017 | 04/30/2011 | A | 25,028 | ||||||||||||||
100,000 | University of Central Florida (UCF Convocation Corp.) | 5.000 | 10/01/2022 | 10/01/2022 | 99,801 | |||||||||||||||
590,753 | ||||||||||||||||||||
Illinois—10.7% | ||||||||||||||||||||
200,000 | Chicago, IL Public Building Commission (Chicago School Reform) | 5.250 | 12/01/2016 | 12/01/2016 | 213,702 | |||||||||||||||
20,000 | Cook County, IL GO | 5.250 | 11/15/2020 | 11/15/2012 | A | 20,233 | ||||||||||||||
25,000 | IL Devel. Finance Authority Pollution Control (Amerencips) | 5.500 | 03/01/2014 | 02/28/2014 | C | 24,854 | ||||||||||||||
150,000 | IL Finance Authority (ABHS/ABMC/AVM/ AVT/ABSJ Obligated Group) | 5.250 | 01/01/2022 | 04/14/2018 | A | 152,955 | ||||||||||||||
15,000 | IL Finance Authority (CF/TCFH/CaHC/CaRC Obligated Group) | 5.250 | 02/15/2019 | 02/15/2014 | A | 15,323 | ||||||||||||||
200,000 | IL GO | 5.000 | 06/01/2020 | 06/01/2020 | 198,580 | |||||||||||||||
25,000 | IL Health Facilities Authority (Sarah Bush Lincoln Health Center) | 6.000 | 02/15/2017 | 04/18/2011 | A | 25,067 | ||||||||||||||
35,000 | IL Sales Tax | 5.375 | 06/15/2015 | 06/15/2011 | A | 35,198 | ||||||||||||||
35,000 | Northern IL Municipal Power Agency (Prarie Street) | 5.000 | 01/01/2019 | 01/01/2018 | A | 36,482 | ||||||||||||||
722,394 | ||||||||||||||||||||
Indiana—1.3% | ||||||||||||||||||||
90,000 | Delaware County, IN Redevel. District | 6.875 | 02/01/2018 | 04/30/2011 | A | 90,100 | ||||||||||||||
Louisiana—0.8% | ||||||||||||||||||||
55,000 | New Orleans, LA Exhibit Hall Special Tax (Ernest N. Morial) | 5.500 | 07/15/2018 | 04/30/2011 | A | 55,020 |
17 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Principal | Effective | |||||||||||||||||||
Amount | Coupon | Maturity | Maturity* | Value | ||||||||||||||||
Massachusetts—0.2% | ||||||||||||||||||||
$ | 15,000 | MA H&EFA (University of Massachusetts) | 5.125% | 10/01/2021 | 10/01/2011A | $ | 15,072 | |||||||||||||
Michigan—1.3% | ||||||||||||||||||||
50,000 | Detroit, MI Wayne County Stadium Authority | 5.500 | 02/01/2017 | 04/30/2011 | A | 50,069 | ||||||||||||||
40,000 | MI Municipal Bond Authority | 6.000 | 11/01/2020 | 04/30/2011 | A | 40,035 | ||||||||||||||
90,104 | ||||||||||||||||||||
Missouri—0.2% | ||||||||||||||||||||
10,000 | MO Environmental Improvement & Energy Resources Authority | 5.900 | 01/01/2019 | 04/30/2011 | A | 10,042 | ||||||||||||||
New Hampshire—3.0% | ||||||||||||||||||||
100,000 | NH HE&HFA (Cheshire Medical Center) | 5.125 | 07/01/2018 | 04/30/2011 | A | 100,069 | ||||||||||||||
100,000 | NH HE&HFA (Concord Hospital) | 5.875 | 10/01/2016 | 04/18/2011 | A | 100,260 | ||||||||||||||
200,329 | ||||||||||||||||||||
New York—7.4% | ||||||||||||||||||||
100,000 | L.I., NY Power Authority | 5.000 | 04/01/2023 | 04/01/2019 | A | 104,133 | ||||||||||||||
30,000 | NY Tobacco Settlement Financing Corp. (TASC) | 5.500 | 06/01/2016 | 07/01/2011 | A | 30,305 | ||||||||||||||
150,000 | NYC GO | 5.250 | 09/01/2022 | 09/01/2018 | A | 162,276 | ||||||||||||||
200,000 | Port Authority NY/NJ (JFK International Air Terminal) | 6.500 | 12/01/2028 | 12/01/2015 | A | 204,404 | ||||||||||||||
501,118 | ||||||||||||||||||||
Ohio—5.1% | ||||||||||||||||||||
75,000 | Akron, OH Waterworks | 5.250 | 12/01/2017 | 12/01/2012 | A | 77,456 | ||||||||||||||
10,000 | Cuyahoga County, OH Hospital (Metro Health System) | 5.125 | 02/15/2013 | 04/30/2011 | A | 10,026 | ||||||||||||||
200,000 | Hamilton County, OH Sales Tax | 5.000 | 12/01/2020 | 12/01/2016 | A | 204,950 | ||||||||||||||
50,000 | Lorain County, OH Health Care Facilities (Kendal at Oberlin) | 5.375 | 02/01/2012 | 04/30/2011 | A | 50,103 | ||||||||||||||
342,535 | ||||||||||||||||||||
Oklahoma—1.4% | ||||||||||||||||||||
95,000 | McAlester, OK Public Works Authority | 5.750 | 02/01/2020 | 02/01/2012 | A | 97,279 | ||||||||||||||
Pennsylvania—0.2% | ||||||||||||||||||||
15,000 | Beaver County, PA Hospital Authority (Heritage Valley Health System) | 5.000 | 05/15/2018 | 04/30/2011 | A | 15,018 | ||||||||||||||
Rhode Island—1.3% | ||||||||||||||||||||
35,000 | RI Clean Water Protection Finance Agency | 5.125 | 10/01/2019 | 10/01/2011 | A | 35,702 | ||||||||||||||
50,000 | RI Health & Educational Building Corp. (RIH/TMH Obligated Group) | 5.500 | 05/15/2016 | 04/30/2011 | A | 50,082 | ||||||||||||||
85,784 | ||||||||||||||||||||
South Carolina—2.5% | ||||||||||||||||||||
10,000 | Greenwood County, SC Hospital (Self Regional Healthcare) | 5.500 | 10/01/2021 | 10/01/2011 | A | 10,039 |
18 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Principal | Effective | |||||||||||||||||||
Amount | Coupon | Maturity | Maturity* | Value | ||||||||||||||||
South Carolina Continued | ||||||||||||||||||||
$ | 150,000 | Lexington, SC One School Facilities (Lexington County School District) | 5.000 | % | 12/01/2019 | 12/01/2016 | A | $ | 156,857 | |||||||||||
166,896 | ||||||||||||||||||||
South Dakota—0.7% | ||||||||||||||||||||
45,000 | SD H&EFA (AM/ASL/AQP Obligated Group) | 5.250 | 07/01/2022 | 07/01/2014 | A | 45,478 | ||||||||||||||
Texas—5.6% | ||||||||||||||||||||
200,000 | Corpus Christi, TX Business & Job Devel. Corp. (Seawall) | 5.375 | 03/01/2019 | 04/30/2011 | A | 200,570 | ||||||||||||||
20,000 | San Antonio, TX Independent School District | 5.375 | 08/15/2018 | 08/15/2011 | A | 20,330 | ||||||||||||||
5,000 | TX Lower Colorado River Authority | 5.875 | 05/15/2016 | 04/30/2011 | A | 5,020 | ||||||||||||||
150,000 | TX Public Finance Authority (Texas Southern University) | 5.500 | 05/01/2018 | 05/01/2018 | 152,099 | |||||||||||||||
378,019 | ||||||||||||||||||||
U.S. Possessions—12.6% | ||||||||||||||||||||
50,000 | Puerto Rico Commonwealth GO | 5.625 | 07/01/2019 | 04/30/2011 | A | 50,022 | ||||||||||||||
100,000 | Puerto Rico Commonwealth GO | 5.700 | 07/01/2020 | 04/30/2011 | A | 100,036 | ||||||||||||||
200,000 | Puerto Rico Highway & Transportation Authority | 5.250 | 07/01/2017 | 07/01/2017 | 206,484 | |||||||||||||||
45,000 | Puerto Rico Highway & Transportation Authority | 5.750 | 07/01/2019 | 07/01/2013 | A | 45,663 | ||||||||||||||
70,000 | Puerto Rico Municipal Finance Agency, Series A | 5.500 | 07/01/2017 | 04/30/2011 | A | 70,181 | ||||||||||||||
320,000 | Puerto Rico Public Buildings Authority | 5.250 | 07/01/2017 | 07/01/2017 | 327,760 | |||||||||||||||
50,000 | University of V.I., Series A | 5.750 | 12/01/2013 | 12/01/2011 | A | 50,272 | ||||||||||||||
850,418 | ||||||||||||||||||||
Utah—0.7% | ||||||||||||||||||||
50,000 | Emery County, UT Pollution Control (Pacificorp) | 5.650 | 11/01/2023 | 04/30/2011 | A | 50,089 | ||||||||||||||
Washington—3.2% | ||||||||||||||||||||
125,000 | Ocean Shores, WA GO | 5.500 | 12/01/2017 | 06/01/2012 | A | 130,225 | ||||||||||||||
45,000 | University Place, WA | 5.000 | 12/01/2021 | 12/01/2011 | A | 45,371 | ||||||||||||||
40,000 | WA Health Care Facilities Authority (Swedish Health System) | 5.125 | 11/15/2022 | 04/30/2011 | A | 40,003 | ||||||||||||||
215,599 | ||||||||||||||||||||
Total Investments, at Value (Cost $6,553,360)—96.0% | 6,475,996 | |||||||||||||||||||
Other Assets Net of Liabilities—4.0 | 272,238 | |||||||||||||||||||
Net Assets—100.0% | $ | 6,748,234 | ||||||||||||||||||
19 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
* | 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. | Date of mandatory put. |
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). |
Level 2— | ||||||||||||||||
Level 1— | Other | Level 3— | ||||||||||||||
Unadjusted | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Municipal Bonds and Notes | ||||||||||||||||
Arizona | $ | — | $ | 137,799 | $ | — | $ | 137,799 | ||||||||
California | — | 1,705,810 | — | 1,705,810 | ||||||||||||
Colorado | — | 10,215 | — | 10,215 | ||||||||||||
District of Columbia | — | 100,125 | — | 100,125 | ||||||||||||
Florida | — | 590,753 | — | 590,753 | ||||||||||||
Illinois | — | 722,394 | — | 722,394 | ||||||||||||
Indiana | — | 90,100 | — | 90,100 | ||||||||||||
Louisiana | — | 55,020 | — | 55,020 | ||||||||||||
Massachusetts | — | 15,072 | — | 15,072 | ||||||||||||
Michigan | — | 90,104 | — | 90,104 | ||||||||||||
Missouri | — | 10,042 | — | 10,042 | ||||||||||||
New Hampshire | — | 200,329 | — | 200,329 | ||||||||||||
New York | — | 501,118 | — | 501,118 | ||||||||||||
Ohio | — | 342,535 | — | 342,535 | ||||||||||||
Oklahoma | — | 97,279 | — | 97,279 | ||||||||||||
Pennsylvania | — | 15,018 | — | 15,018 | ||||||||||||
Rhode Island | — | 85,784 | — | 85,784 | ||||||||||||
South Carolina | — | 166,896 | — | 166,896 | ||||||||||||
South Dakota | — | 45,478 | — | 45,478 | ||||||||||||
Texas | — | 378,019 | — | 378,019 | ||||||||||||
U.S. Possessions | — | 850,418 | — | 850,418 | ||||||||||||
Utah | — | 50,089 | — | 50,089 | ||||||||||||
Washington | — | 215,599 | — | 215,599 | ||||||||||||
Total Assets | $ | — | $ | 6,475,996 | $ | — | $ | 6,475,996 | ||||||||
20 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
ABHS | Alexian Brothers Health System | |
ABMC | Alexian Brothers Medical Center | |
ABSJ | Alexian Brothers of San Jose | |
AM | Avera McKennan | |
AQP | Avera Queen of Peace | |
ASL | Avera St. Lukes | |
AVM | Alexian Village of Milwaukee | |
AVT | Alexian Village of Tennessee | |
CaHC | Carle Health Care | |
CaRC | Carle Retirement Centers | |
CF | Carle Foundation | |
CHW | Catholic Healthcare West | |
CMF | CHW Medical Foundation | |
COP | Certificates of Participation | |
GO | General Obligation | |
H&EFA | Health and Educational Facilities Authority | |
HE&HFA | Higher Education and Health | |
Facilities Authority | ||
IDA | Industrial Devel. Agency | |
JFK | John Fitzgerald Kennedy | |
L.I. | Long Island | |
NY/NJ | New York/New Jersey | |
NYC | New York City | |
RIH | Rhode Island Hospital | |
TASC | Tobacco Settlement Asset-Backed Bonds | |
TCFH | The Carle Foundation Hospital | |
TMH | The Miriam Hospital | |
V.I. | United States Virgin Islands |
21 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Assets | ||||
Investments, at value (cost $6,553,360)—see accompanying statement of investments | $ | 6,475,996 | ||
Cash | 40,218 | |||
Receivables and other assets: | ||||
Shares of beneficial interest sold | 142,540 | |||
Interest | 95,574 | |||
Investments sold | 35,000 | |||
Other | 714 | |||
Total assets | 6,790,042 | |||
Liabilities | ||||
Payables and other liabilities: | ||||
Shares of beneficial interest redeemed | 22,369 | |||
Legal, auditing and other professional fees | 11,117 | |||
Distribution and service plan fees | 3,753 | |||
Dividends | 3,477 | |||
Shareholder communications | 887 | |||
Transfer and shareholder servicing agent fees | 65 | |||
Trustees’ compensation | 24 | |||
Other | 116 | |||
Total liabilities | 41,808 | |||
Net Assets | $ | 6,748,234 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 562 | ||
Additional paid-in capital | 6,815,216 | |||
Accumulated net investment income | 17,661 | |||
Accumulated net realized loss on investments | (7,841 | ) | ||
Net unrealized depreciation on investments | (77,364 | ) | ||
Net Assets | $ | 6,748,234 | ||
22 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $6,431,446 and 535,702 shares of beneficial interest outstanding) | $ | 12.01 | ||
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) | $ | 12.45 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $295,348 and 24,626 shares of beneficial interest outstanding) | $ | 11.99 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $21,440 and 1,785 shares of beneficial interest outstanding) | $ | 12.01 |
23 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Investment Income | ||||
Interest | $ | 73,775 | ||
Expenses | ||||
Management fees | 11,148 | |||
Distribution and service plan fees: | ||||
Class A | 3,641 | |||
Class C | 463 | |||
Shareholder communications—Class A | 1,870 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 116 | |||
Class C | 53 | |||
Class Y | 17 | |||
Legal, auditing and other professional fees | 16,213 | |||
Administration service fees | 500 | |||
Borrowing fees | 59 | |||
Trustees’ compensation | 30 | |||
Custodian fees and expenses | 4 | |||
Other | 168 | |||
Total expenses | 34,282 | |||
Less waivers and reimbursements of expenses | (16,007 | ) | ||
Net expenses | 18,275 | |||
Net Investment Income | 55,500 | |||
Realized and Unrealized Loss | ||||
Net realized loss on investments | (7,841 | ) | ||
Net change in unrealized appreciation/depreciation on investments | (77,364 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (29,705 | ) |
1. | For the period from December 6, 2010 (commencement of operations) to March 31, 2011. |
24 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Period | ||||
Ended | ||||
March 31, 20111 | ||||
(Unaudited) | ||||
Operations | ||||
Net investment income | $ | 55,500 | ||
Net realized loss | (7,841 | ) | ||
Net change in unrealized appreciation/depreciation | (77,364 | ) | ||
Net decrease in net assets resulting from operations | (29,705 | ) | ||
Dividends and/or Distributions to Shareholders | ||||
Dividends from net investment income: | ||||
Class A | (36,919 | ) | ||
Class C | (783 | ) | ||
Class Y | (137 | ) | ||
(37,839 | ) | |||
Beneficial Interest Transactions | ||||
Net increase in net assets resulting from beneficial interest transactions: | ||||
Class A | 6,397,895 | |||
Class C | 295,320 | |||
Class Y | 20,563 | |||
6,713,778 | ||||
Net Assets | ||||
Total increase | 6,646,234 | |||
Beginning of period | 102,0002 | |||
End of period (including accumulated net investment income of $17,661 for the period ended March 31, 2011) | $ | 6,748,234 |
1. | For the period from December 6, 2010 (commencement of operations) to March 31, 2011. | |
2. | Reflects the value of the Manager’s initial seed money invested on November on 17, 2010. |
25 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Period | ||||
Ended | ||||
March 31, 20111 | ||||
Class A | (Unaudited) | |||
Per Share Operating Data | ||||
Net asset value, beginning of period | $ | 12.17 | ||
Income (loss) from investment operations: | ||||
Net investment income2 | .11 | |||
Net realized and unrealized loss | (.20 | ) | ||
Total from investment operations | (.09 | ) | ||
Dividends and/or distributions to shareholders: | ||||
Dividends from net investment income | (.07 | ) | ||
Net asset value, end of period | $ | 12.01 | ||
Total Return, at Net Asset Value3 | (0.69 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (in thousands) | $ | 6,432 | ||
Average net assets (in thousands) | $ | 5,738 | ||
Ratios to average net assets:4 | ||||
Net investment income | 2.97 | % | ||
Expenses excluding interest and fees from borrowings | 1.81 | % | ||
Interest and fees from borrowings | — | 5 | ||
Total expenses | 1.81 | % | ||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.95 | % | ||
Portfolio turnover rate | 5 | % |
1. | For the period from December 6, 2010 (commencement of operations) to March 31, 2011. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | 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. 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. | |
4. | Annualized for periods less than one full year. | |
5. | Less than 0.005%. |
26 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Period | ||||
Ended | ||||
March 31, 20111 | ||||
Class C | (Unaudited) | |||
Per Share Operating Data | ||||
Net asset value, beginning of period | $ | 12.17 | ||
Income (loss) from investment operations: | ||||
Net investment income2 | .09 | |||
Net realized and unrealized loss | (.22 | ) | ||
Total from investment operations | (.13 | ) | ||
Dividends and/or distributions to shareholders: | ||||
Dividends from net investment income | (.05 | ) | ||
Net asset value, end of period | $ | 11.99 | ||
Total Return, at Net Asset Value3 | (1.06 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (in thousands) | $ | 295 | ||
Average net assets (in thousands) | $ | 149 | ||
Ratios to average net assets:4 | ||||
Net investment income | 2.33 | % | ||
Expenses excluding interest and fees from borrowings | 2.57 | % | ||
Interest and fees from borrowings | — | 5 | ||
Total expenses | 2.57 | % | ||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.73 | % | ||
Portfolio turnover rate | 5 | % |
1. | For the period from December 6, 2010 (commencement of operations) to March 31, 2011. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | 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. 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. | |
4. | Annualized for periods less than one full year. | |
5. | Less than 0.005%. |
27 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Period | ||||
Ended | ||||
March 31, 20111 | ||||
Class Y | (Unaudited) | |||
Per Share Operating Data | ||||
Net asset value, beginning of period | $ | 12.17 | ||
Income (loss) from investment operations: | ||||
Net investment income2 | .12 | |||
Net realized and unrealized loss | (.21 | ) | ||
Total from investment operations | (.09 | ) | ||
Dividends and/or distributions to shareholders: | ||||
Dividends from net investment income | (.07 | ) | ||
Net asset value, end of period | $ | 12.01 | ||
Total Return, at Net Asset Value3 | (0.64 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (in thousands) | $ | 21 | ||
Average net assets (in thousands) | $ | 18 | ||
Ratios to average net assets:4 | ||||
Net investment income | 3.24 | % | ||
Expenses excluding interest and fees from borrowings | 1.79 | % | ||
Interest and fees from borrowings | — | 5 | ||
Total expenses | 1.79 | % | ||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.73 | % | ||
Portfolio turnover rate | 5 | % |
1. | For the period from December 6, 2010 (commencement of operations) to March 31, 2011. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | 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. 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. | |
4. | Annualized for periods less than one full year. | |
5. | Less than 0.005%. |
28 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
29 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
30 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Federal tax cost of securities | $ | 6,553,360 | ||
Gross unrealized appreciation | $ | 12,729 | ||
Gross unrealized depreciation | (90,093 | ) | ||
Net unrealized depreciation | $ | (77,364 | ) | |
31 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
32 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Period Ended March 31, 20111,2 | ||||||||
Shares | Amount | |||||||
Class A | ||||||||
Sold | 539,730 | $ | 6,545,943 | |||||
Dividends and/or distributions reinvested | 300 | 3,612 | ||||||
Redeemed | (12,545 | ) | (151,660 | ) | ||||
Net increase | 527,485 | $ | 6,397,895 | |||||
Class C | ||||||||
Sold | 26,403 | $ | 317,607 | |||||
Dividends and/or distributions reinvested | 14 | 169 | ||||||
Redeemed | (1,873 | ) | (22,456 | ) | ||||
Net increase | 24,544 | $ | 295,320 | |||||
Class Y | ||||||||
Sold | 1,698 | $ | 20,500 | |||||
Dividends and/or distributions reinvested | 5 | 63 | ||||||
Redeemed | — | — | ||||||
Net increase | 1,703 | $ | 20,563 | |||||
1. | For the period from December 6, 2010 (commencement of operations) to March 31, 2011. | |
2. | The Fund sold 8,217 shares of Class A at a value of $100,000 and 82 shares each of Class C and Class Y at a value of $1,000, respectively, to the Manager upon seeding of the Fund on November 17, 2010. |
Purchases | Sales | |||||||
Investment securities | $ | 4,402,200 | $ | 205,616 |
Fee Schedule | ||||
Up to $200 million | 0.60 | % | ||
Next $100 million | 0.55 | |||
Next $200 million | 0.50 | |||
Next $250 million | 0.45 | |||
Next $250 million | 0.40 | |||
Over $1 billion | 0.35 |
33 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Class C | $ | 417 |
34 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Class A | Class C | |||||||
Class A | Contingent | Contingent | ||||||
Front-End | Deferred | Deferred | ||||||
Sales Charges | Sales Charges | Sales Charges | ||||||
Retained by | Retained by | Retained by | ||||||
Period Ended | Distributor | Distributor | Distributor | |||||
March 31, 2011 | $ | 500 | $— | $— |
35 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
36 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
37 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
ADVISORY AGREEMENT Unaudited
38 | OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND
39 | OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND
ADVISORY AGREEMENT Unaudited / Continued
40 | OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
41 | OPPENHEIMER INTERMEDIATE 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 | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., Trustee, President and Principal Executive Officer | ||
Daniel G. Loughran, Vice President and Senior Portfolio Manager | ||
Scott S. Cottier, Vice President and Senior Portfolio Manager | ||
Troy E. Willis, Vice President and Senior Portfolio Manager | ||
Mark R. DeMitry, Vice President and Senior Portfolio Manager | ||
Michael L. Camarella, Vice President and Senior Portfolio Manager | ||
Richard Stein, Vice President | ||
Arthur S. Gabinet, Secretary | ||
Thomas W. Keffer, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Robert G. Zack, Vice President | ||
Manager | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | 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. | ||
©2011 OppenheimerFunds, Inc. All rights reserved. |
42 | OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND
• | 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 |
43 | OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND
• | All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-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. |
44 | OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND
1. | The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection. | |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
• | the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
• | a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940; | ||
• | any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
• | the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. |
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.” | |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a) | (1) Not applicable to semiannual reports. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b) | Exhibit attached hereto. |
By: | /s/ William F. Glavin , Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer |
By: | /s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer |
By: | /s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer |