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 811-3614
Rochester Fund Municipals
(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.
Two World Financial Center, 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: December 31
Date of reporting period: 6/30/2013
Item 1. Reports to Stockholders.
SEMIANNUAL REPORT
Oppenheimer Rochester Fund Municipals
Table of Contents
Class A Shares
AVERAGE ANNUAL TOTAL RETURNS AT 6/28/13*
| | | | | | | | | | | | |
| | | Class A Shares of the Fund | | | Barclays
Municipal Bond
Index | |
| | | Without Sales Charge | | | With Sales Charge | | |
| 6-Month | | | –2.72 | % | | | –7.34 | % | | | –2.69 | % |
| 1-Year | | | 1.64 | | | | –3.18 | | | | 0.24 | |
| 5-Year | | | 5.65 | | | | 4.63 | | | | 5.33 | |
| 10-Year | | | 5.24 | | | | 4.73 | | | | 4.42 | |
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 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative, not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).
The Fund’s name was changed to Oppenheimer Rochester Fund Municipals, from Rochester Fund Municipals, on March 28, 2013.
OppenheimerFunds/Rochester is using social media to provide timely information related to muni market developments at www.twitter.com/RochesterFunds.
*June 28, 2013, was the last business day of the Fund’s reporting period. Index returns are calculated through June 30, 2013.
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| 2 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
Fund Performance Discussion
At the end of June—a month in which the U.S. bond market reacted strongly to Federal Reserve testimony about the potential for future adjustments to its $85 billion-a-month bond purchasing initiative—Oppenheimer Rochester Fund Municipals generated a tax-free distribution yield of 6.16% (without sales charge). The Fund’s monthly dividend held steady throughout the reporting period, which ended June 28, 2013, and payouts totaled 48 cents per share. However, in the aftermath of the Fed’s announcement, net asset values in the industry and in this Fund dropped sharply, and total returns followed suit. This Fund’s cumulative total return (without sales charge) for the reporting period remained in line with the Fund’s benchmark through June 30, 2013.
MARKET OVERVIEW
By the time Fed Chairman Ben S. Bernanke and other Fed officials tried to correct the market’s interpretation of what had been communicated in June, a sell-off had occurred in the equity and bond markets. Prices of municipal bonds fell, and municipal bond fund outflows mounted late in this reporting period. As a result, yields rose, effectively turning the investors’ fears about future interest rates into a current reality.
All of this occurred because investors and some analysts believed that they heard the
Fed signal an imminent change in approach. In fact, the Fed said that it was “prepared to increase or reduce the pace of its purchases” and that the short-term Fed Funds target rate, which it controls, would remain at the “exceptionally low range” of zero to 0.25%.
Heading into this reporting period, the Fed’s expectation was that the rate would likely remain very low until mid-2015. At his news conference in June, Chairman Bernanke emphasized the Fed’s intention to be responsive to economic developments, saying
YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
| | | | |
| Dividend Yield w/o sales charge | | | 6.16 | % |
| Dividend Yield with sales charge | | | 5.87 | |
| Standardized Yield | | | 5.31 | |
| Taxable Equivalent Yield | | | 10.29 | |
| Last distribution (6/25/13) | | | $0.08 | |
| Total distributions (1/01/13 to 6/30/13) | | | $0.48 | |
Endnotes for this discussion begin on page 12 of this report
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| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 3 | |
The Rochester portfolio management team
“If you draw the conclusion that I’ve just said that our policies, our purchases, will end in the middle of next year, you’ve drawn the wrong conclusion.”
Given the current Fed Funds rate, the only plausible change would be an increase. 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. Additionally, the Fund’s investment team believes that its focus on finding value in the marketplace and producing competitive levels of tax-free income is well suited for the market conditions that existed at the end of this reporting period.
AAA-rated municipal securities remained “cheap to Treasuries” for virtually all of this reporting period, a condition that exists
when nominal, pre-tax muni yields exceed available Treasury yields. This condition allows investors to earn higher nominal yields on their muni holdings than on Treasuries and to benefit further from the federal, state and, where applicable, local tax exemptions on municipal investment income.
As of June 28, 2013, the average yield on 30-year, AAA-rated muni bonds was 3.95%, up 106 basis points from December 31, 2012. On June 28, 2013, the average yield on 10-year, AAA-rated muni bonds was 2.72%, up 93 basis points from the December 2012 date, and the average yield on 1-year, AAA-rated muni bonds was 0.28%, up 8 basis points from the December 2012 date.
Hurricane Sandy relief, which was a prominent talking point among New York’s
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| 4 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
The Rochester credit research team
elected officials following the storm’s pummeling of the New York City metropolitan area on October 29, 2012, remained a significant factor during this reporting period for the state. In his January 2013 State of the State Address, for example, Gov. Andrew M. Cuomo proposed a $1 billion program to build or preserve 14,000 housing units over the next 5 years. New York City Mayor Michael Bloomberg, in his final State of the City Address in February 2013, also focused on rebuilding efforts, calling it “the single most important piece of unfinished business that lies ahead of us in 2013.”
For the third consecutive year, New York State lawmakers passed a budget ahead of schedule. The $141 billion spending plan calls for a 4% increase in spending,
including the added spending based on the federal aid received for post-Sandy rebuilding. The state budget process, according to news reports, was “one of the smoothest state budget negotiations” in years. A high-tax bracket, first approved as a temporary measure at the end of 2011, was extended by 3 years to 2017.
In April 2013, the governor proposed a capital program to increase debt issuance by 12% in fiscal year 2014. In the six months ended June 30, 2013, according to The Bond Buyer, the Empire State issued $15.3 billion in debt securities, 40% less than had been issued in the corresponding period of 2012. Despite this decline, New York was the third largest issuer in the first half of 2013, trailing only California and Texas.
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| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 5 | |
In other bond-related state news, the New York Metropolitan Transportation Authority set into place plans to generate $600 million in cost savings or new revenues by reducing office space and maximizing the value of its real estate holdings. It has been reported that this project will involve demolishing its three current buildings and redeveloping this location, which is a full block from 44th to 45th Streets in Midtown Manhattan.
Late in the reporting period, the New York State legislature agreed to create the Financial Restructuring Board for Local Governments. The 10-member board will provide local governments across the state with plans and strategies to overcome financial challenges. Municipalities and counties that join this initiative will be contractually committed to follow the plans set out by the board. One goal of this project is to reduce pressure on taxpayers for payment of public services and debt.
Also in June, Mayor Bloomberg and New York City Council Speaker Christine Quinn enacted a $70 billion budget for fiscal year 2014. The spending plan includes $250 million for storm resiliency and $58 million for the Housing Authority to offset cuts experienced due to federal sequestration.
At the end of this reporting period, New York State’s general obligation (G.O.) debt was rated Aa2 by Moody’s Investors Service and AA by Standard & Poor’s and Fitch Ratings.
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 of municipal bond fund investing, many investors reinvest their dividends and allow the income generated from their investments to compound over time.
The average distribution yield for Lipper’s New York Municipal Debt Funds category was 3.44% at the end of this reporting period. At 6.16%, the distribution yield for the Fund’s Class A shares was 272 basis points higher than the category average.
FUND PERFORMANCE
Oppenheimer Rochester Fund Municipals held nearly 900 securities as of June 28, 2013. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.
The Class A distribution yield of 6.16% at net asset value as of June 28, 2013, was 272 basis points higher than the average in Lipper’s New York Municipal Debt Funds category, which was 3.44%. Additionally, for a taxable investment to provide a greater benefit than an investment in this Fund, it would have to yield more than 10.29%, based on the Fund’s standardized yield as of June 30, 2013, and current federal and New York State income tax rates.
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| 6 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
Refundings were a common occurrence during this reporting period and led to increased dividend pressure throughout the muni bond fund industry. In refundings, municipal issuers seek to reduce their debt service obligations by exercising the call feature on their higher coupon bonds and then borrowing at lower interest rates. During this reporting period, these transactions made it difficult for this Fund to replace the called bonds with bonds that had equally attractive yields.
Refundings tend to become less popular in higher-rate environments, as the savings on debt service payments may not be sufficient to justify the process’s costs. However, when interest rates are low, as they were for most of this reporting period, refundings generally put dividends of longer-term funds under pressure.
Despite the market conditions, the Fund maintained a steady dividend of 8 cents per Class A share throughout this reporting period.
Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 28.9% of the Fund’s net assets at the end of this reporting period. The Fund’s holdings, some of which are insured, include G.O. debt and securities from many different sectors. 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.
During this reporting period, Gov. Alejandro Garcia Padilla agreed to privatize the island’s main airport and pushed through sweeping pension reform. He won approval for a $9.8 billion budget that calls for $1.4 billion in additional taxes in fiscal 2014.
All three national credit ratings agencies— S&P, Moody’s and Fitch—maintained investment-grade ratings for the Commonwealth’s G.O. debt this reporting period. In March 2013, however, S&P downgraded the revenue-backed bonds issued by the Puerto Rico Aqueduct and Sewer Authority (PRASA), a decision that we believe is at odds with the authority’s current and projected financial health. This decision was particularly surprising, we note, in light of PRASA’s move to raise rates substantially. During this reporting period, we continued to identify what we believe to be attractive values in Puerto Rico.
Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers, represented 19.8% of the Fund’s total assets at the end of this reporting period.
We like that “tobacco bonds” can provide tax-exempt income for investors as well as benefits to the issuing states and territories. We believe the securities we hold in this sector are fundamentally sound credits. Our long-term view of the sector remains bullish and, given attractive valuations, we believe that it is likely we will continue to hold a
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| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 7 | |
greater percentage of tobacco bonds in our portfolios than our peers. As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full. Investors should note that we believe the sector is well positioned to provide high levels of tax-free income to the long-term benefit of our yield-seeking investors.
The Fund’s holdings in municipal bonds issued by utilities represented 13.5% of total assets at the end of this reporting period. As of June 28, 2013, this set of holdings included electric utilities, with 6.6% of the Fund’s total assets, sewer utilities with 4.0%, and water utilities with 2.9%. Our holdings in this sector consist of securities in the mid-range of the credit spectrum.
As of June 28, 2013, the sales tax revenue sector represented 8.2% of the Fund’s total assets. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenues. An investment in this sector requires Fund managers to consider the economic conditions that a municipality has experienced (and will likely experience) as well as the aggregate face value of the sales tax revenue bonds being issued relative to the municipality’s historic and likely sales tax balances. The Fund’s investments in this sector included bonds issued in Guam, New York, Puerto Rico and the U.S. Virgin Islands.
The Fund’s airline holdings represented 7.8% of total assets as of June 28, 2013. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance, and we believe that these bonds offer investors valuable collateral.
G.O. debt backed by the full faith and taxing authority of state and local governments represented 7.2% of total assets at the end of this reporting period. The Fund’s G.O. holdings include bonds issued in Guam, Puerto Rico and many municipalities in New York.
Our approach to municipal bond investing is flexible and responsive to market conditions.
The Fund was also invested in securities used to finance marine and aviation facilities this reporting period. Like our holdings in the airline sector, many of the securities in this sector are backed by the valuable collateral of the projects whose construction they finance. At the end of the reporting period, 5.4% of the Fund’s total assets were invested in securities in the marine/aviation facilities sector, including many highly rated bonds.
During this reporting period, the Fund remained invested in municipal inverse-floating rate securities, which are tax-exempt
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| 8 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
securities with interest payments that move inversely to changes in short-term interest rates. “Inverse floaters” generally offer higher tax-free yields than fixed-rate bonds of comparable maturity and credit quality, but they face greater price volatility, too. During this reporting period, “inverse floaters” provided attractive levels of tax-free income.
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 objectives or cause it to pay any capital gain distributions. In closing, we believe that our time-tested strategies and the Fund’s structure and sector composition 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.
The Fund invests primarily in investment-grade municipal securities and may invest up to 25% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured
at the time of purchase and the credit quality of the securities is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings.
Our team continually searches for undervalued bonds that we believe will 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
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| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 9 | |
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 research analyst Elizabeth S. Mossow.
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| 10 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
Top Holdings and Allocations
| | | | |
| TOP TEN CATEGORIES | | | |
| Tobacco-Master Settlement Agreement | | | 19.8 | % |
| Sales Tax Revenue | | | 8.2 | |
| Airlines | | | 7.8 | |
| General Obligation | | | 7.2 | |
| Electric Utilities | | | 6.6 | |
| Marine/Aviation Facilities | | | 5.4 | |
| Highways/Commuter Facilities | | | 5.3 | |
| Hospital/Healthcare | | | 4.1 | |
| Sewer Utilities | | | 4.0 | |
| Municipal Leases | | | 3.7 | |
Portfolio holdings are subject to change. Percentages are as of June 28, 2013, and are based on total assets. June 28, 2013, was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| CREDIT ALLOCATION | | | | |
| | | NRSRO-
Rated | | | Manager-
Rated | | | Total | |
| AAA | | | 2.0 | % | | | 0.0 | % | | | 2.0 | % |
| AA | | | 27.6 | | | | 0.6 | | | | 28.2 | |
| A | | | 12.4 | | | | 0.3 | | | | 12.7 | |
| BBB | | | 22.7 | | | | 11.6 | | | | 34.3 | |
| BB or lower | | | 16.9 | | | | 5.9 | | | | 22.8 | |
| Total | | | 81.6 | % | | | 18.4 | % | | | 100.0 | % |
The percentages above are based on the market value of the securities as of June 28, 2013, 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, 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, OppenheimerFunds, Inc. 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 OppenheimerFunds, Inc.’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.
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| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 11 | |
Performance
| | | | | | | | |
| DISTRIBUTION YIELDS | |
| As of 6/28/13 | | | | | | |
| | | Without Sales
Charge | | | With Sales
Charge | |
| Class A | | | 6.16 | % | | | 5.87 | % |
| Class B | | | 5.24 | | | | N/A | |
| Class C | | | 5.31 | | | | N/A | |
| Class Y | | | 6.29 | | | | N/A | |
| | | | | | | | | | | | |
| STANDARDIZED YIELDS | | | | | TAXABLE EQUIVALENT YIELDS | |
For the 30 Days
Ended 6/30/13 | | | | | As of 6/30/13 | | | | |
| Class A | | | 5.31 | % | | | | Class A | | | 10.29 | % |
| Class B | | | 4.61 | | | | | Class B | | | 8.93 | |
| Class C | | | 4.68 | | | | | Class C | | | 9.07 | |
| Class Y | | | 5.74 | | | | | Class Y | | | 11.12 | |
AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 6/28/13
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Inception Date | | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | | | Since
Inception | |
| CLASS A | | (RMUNX) | | | 5/15/86 | | | | –2.72 | % | | | 1.64 | % | | | 5.65 | % | | | 5.24 | % | | | 6.56 | % |
| CLASS B | | (RMUBX) | | | 3/17/97 | | | | –3.11 | | | | 0.77 | | | | 4.68 | | | | 4.69 | | | | 5.04 | |
| CLASS C | | (RMUCX) | | | 3/17/97 | | | | –3.14 | | | | 0.77 | | | | 4.75 | | | | 4.33 | | | | 4.46 | |
| CLASS Y | | (RMUYX) | | | 4/28/00 | | | | –2.66 | | | | 1.77 | | | | 5.79 | | | | 5.38 | | | | 5.81 | |
|
| AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 6/28/13 | |
| | | | | Inception Date | | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | | | Since
Inception | |
| CLASS A | | (RMUNX) | | | 5/15/86 | | | | –7.34 | % | | | –3.18 | % | | | 4.63 | % | | | 4.73 | % | | | 6.37 | % |
| CLASS B | | (RMUBX) | | | 3/17/97 | | | | –7.83 | | | | –4.03 | | | | 4.36 | | | | 4.69 | | | | 5.04 | |
| CLASS C | | (RMUCX) | | | 3/17/97 | | | | –4.09 | | | | –0.19 | | | | 4.75 | | | | 4.33 | | | | 4.46 | |
| CLASS Y | | (RMUYX) | | | 4/28/00 | | | | –2.66 | | | | 1.77 | | | | 5.79 | | | | 5.38 | | | | 5.81 | |
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 do not consider capital gains or income taxes on an individual’s investments. Returns for periods of less than one year are cumulative, not
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| 12 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
annualized. 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 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.
June 28, 2013, was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through June 30, 2013.
The Fund’s performance is compared to the performance of the Barclays Municipal Bond Index, an unmanaged index of a broad range of investment-grade municipal bonds that is a measure of the general municipal bond market. Indices are unmanaged and cannot be purchased by investors. 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 $0.080 for the 28-day accrual period ended June 25, 2013. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on June 25, 2013; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C, and Y are annualized based on dividends of $0.0679, $0.0689 and $0.0817, respectively, for the 28-day accrual period ended June 25, 2013, 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 June 30, 2013, 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 this Fund’s Lipper 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 average yield at NAV in Lipper’s New York Municipal Debt Funds category is based on 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 2013 combined federal and New York tax rate of 48.4%. 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
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| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 13 | |
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 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. The benchmark that was used in shareholder reports before December 31, 2012, was based on par coupon yields and included a broader set of participants; the 5% benchmark is now considered the industry standard.
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 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.
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| 14 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
Fund Expenses
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, 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 June 28, 2013.
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 Period” 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 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), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). 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.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 15 | |
Fund Expenses Continued
| | | | | | | | | | | | |
| Actual | | Beginning
Account Value
January 1, 2013 | | | Ending
Account
Value
June 28, 2013 | | | Expenses
Paid During
6 Months Ended
June 28, 2013 | |
| Class A | | $ | 1,000.00 | | | $ | 972.80 | | | $ | 4.17 | |
| Class B | | | 1,000.00 | | | | 968.90 | | | | 8.73 | |
| Class C | | | 1,000.00 | | | | 968.60 | | | | 8.39 | |
| Class Y | | | 1,000.00 | | | | 973.40 | | | | 3.54 | |
| | | |
Hypothetical
(5% return before expenses) | | | | | | | | | |
| Class A | | | 1,000.00 | | | | 1,020.30 | | | | 4.27 | |
| Class B | | | 1,000.00 | | | | 1,015.84 | | | | 8.94 | |
| Class C | | | 1,000.00 | | | | 1,016.09 | | | | 8.59 | |
| Class Y | | | 1,000.00 | | | | 1,020.94 | | | | 3.62 | |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 28, 2013 are as follows:
| | | | |
| Class | | Expense Ratios | |
| Class A | | | 0.86 | % |
| Class B | | | 1.77 | |
| Class C | | | 1.72 | |
| Class Y | | | 0.73 | |
The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.
| | |
| 16 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
STATEMENT OF INVESTMENTS June 28, 2013* / (Unaudited)
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | Municipal Bonds and Notes—109.2% | | | | | |
| | New York—78.9% | | | | | |
| | $ 1,035,000 | | | Albany County, NY IDA (Albany College of Pharmacy)1 | | | 5.375 | % | | | 12/01/2024 | | | $ | 1,054,054 | |
| | 1,700,000 | | | Albany County, NY IDA (Albany College of Pharmacy)1 | | | 5.625 | | | | 12/01/2034 | | | | 1,715,827 | |
| | 605,000 | | | Albany County, NY IDA (Wildwood Programs) | | | 4.900 | | | | 07/01/2021 | | | | 576,275 | |
| | 1,525,000 | | | Albany, NY Capital Resource Corp. (College Saint Rose)1 | | | 5.375 | | | | 07/01/2026 | | | | 1,623,378 | |
| | 1,315,000 | | | Albany, NY Capital Resource Corp. (College Saint Rose)1 | | | 5.625 | | | | 07/01/2031 | | | | 1,390,008 | |
| | 8,165,000 | | | Albany, NY Capital Resource Corp. (College Saint Rose)1 | | | 5.875 | | | | 07/01/2041 | | | | 8,609,666 | |
| | 1,420,000 | | | Albany, NY Hsg. Authority (Lark Drive) | | | 5.500 | | | | 12/01/2028 | | | | 1,421,463 | |
| | 645,000 | | | Albany, NY IDA (Albany Rehabilitation) | | | 8.375 | | | | 06/01/2023 | | | | 645,000 | |
| | 3,125,000 | | | Albany, NY IDA (Brighter Choice Charter School)1 | | | 5.000 | | | | 04/01/2027 | | | | 3,004,469 | |
| | 1,350,000 | | | Albany, NY IDA (Brighter Choice Charter School)1 | | | 5.000 | | | | 04/01/2032 | | | | 1,244,781 | |
| | 900,000 | | | Albany, NY IDA (Brighter Choice Charter School)1 | | | 5.000 | | | | 04/01/2037 | | | | 804,501 | |
| | 900,000 | | | Albany, NY IDA (New Covenant Charter School)2 | | | 7.000 | | | | 05/01/2025 | | | | 134,775 | |
| | 850,000 | | | Albany, NY IDA (Sage Colleges)1 | | | 5.250 | | | | 04/01/2019 | | | | 838,738 | |
| | 1,760,000 | | | Albany, NY IDA (Sage Colleges)1 | | | 5.300 | | | | 04/01/2029 | | | | 1,571,011 | |
| | 70,000 | | | Albany, NY IDA (St. Peter’s Hospital)1 | | | 5.250 | | | | 11/15/2032 | | | | 72,527 | |
| | 1,770,000 | | | Albany, NY Parking Authority | | | 7.052 | 3 | | | 11/01/2017 | | | | 1,444,249 | |
| | 345,000 | | | Amherst, NY IDA (Asbury Pointe) | | | 5.800 | | | | 02/01/2015 | | | | 345,473 | |
| | 45,000 | | | Amherst, NY IDA (Asbury Pointe) | | | 6.000 | | | | 02/01/2023 | | | | 45,015 | |
| | 3,000,000 | | | Amherst, NY IDA (Asbury Pointe) | | | 6.000 | | | | 02/01/2029 | | | | 2,999,820 | |
| | 5,200,000 | | | Amherst, NY IDA (Beechwood Health Care Center) | | | 5.200 | | | | 01/01/2040 | | | | 4,574,544 | |
| | 660,000 | | | Blauvelt, NY Volunteer Fire Company | | | 6.250 | | | | 10/15/2017 | | | | 659,967 | |
| | 2,735,000 | | | Brookhaven, NY IDA (Enecon Corp.) | | | 6.300 | | | | 11/01/2033 | | | | 2,555,283 | |
| | 1,805,000 | | | Brookhaven, NY IDA (Stony Brook Foundation) | | | 6.500 | | | | 11/01/2020 | | | | 1,814,693 | |
| | 95,000 | | | Broome County, NY IDA (University Plaza) | | | 5.000 | | | | 08/01/2025 | | | | 90,356 | |
| | 3,030,000 | | | Broome County, NY IDA (University Plaza) | | | 5.000 | | | | 08/01/2036 | | | | 2,653,795 | |
| | 1,000,000 | | | Broome County, NY IDA (University Plaza) | | | 5.100 | | | | 08/01/2030 | | | | 918,580 | |
| | 1,250,000 | | | Broome County, NY IDA (University Plaza) | | | 5.100 | | | | 08/01/2036 | | | | 1,110,313 | |
| | 3,000,000 | | | Broome County, NY IDA (University Plaza) | | | 5.200 | | | | 08/01/2030 | | | | 2,787,840 | |
| | 4,450,000 | | | Broome County, NY IDA (University Plaza) | | | 5.200 | | | | 08/01/2036 | | | | 4,007,937 | |
| | 1,770,000 | | | Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1 | | | 5.375 | | | | 10/01/2041 | | | | 1,893,068 | |
| | 870,000 | | | Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1 | | | 6.000 | | | | 10/01/2031 | | | | 984,396 | |
| | 860,000 | | | Build NYC Resource Corp. (YMCA of Greater New York)1 | | | 5.000 | | | | 08/01/2032 | | | | 880,150 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 17 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 3,000,000 | | | Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.) | | | 5.750 | % | | | 11/01/2030 | | | $ | 2,855,970 | |
| | 1,000,000 | | | Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1 | | | 5.000 | | | | 05/01/2040 | | | | 1,038,050 | |
| | 1,105,000 | | | Cattaraugus County, NY IDA
(St. Bonaventure University)1 | | | 5.450 | | | | 09/15/2019 | | | | 1,105,575 | |
| | 8,160,000 | | | Cayuga County, NY COP (Auburn Memorial Hospital) | | | 6.000 | | | | 01/01/2021 | | | | 8,170,771 | |
| | 95,000 | | | Chautauqua, NY Utility District1 | | | 5.000 | | | | 06/01/2023 | | | | 98,987 | |
| | 105,000 | | | Chautauqua, NY Utility District1 | | | 5.000 | | | | 06/01/2025 | | | | 108,530 | |
| | 870,000 | | | Chemung County, NY IDA (Hathorn Redevel. Company)1 | | | 4.850 | | | | 07/01/2023 | | | | 895,830 | |
| | 1,515,000 | | | Chemung County, NY IDA (Hathorn Redevel. Company)1 | | | 5.000 | | | | 07/01/2033 | | | | 1,534,559 | |
| | 1,705,000 | | | Clifton Springs, NY Hospital & Clinic | | | 8.000 | | | | 01/01/2020 | | | | 1,658,488 | |
| | 25,000 | | | Cohoes, NY GO | | | 6.250 | | | | 03/15/2014 | | | | 25,095 | |
| | 25,000 | | | Cohoes, NY GO | | | 6.250 | | | | 03/15/2015 | | | | 25,096 | |
| | 25,000 | | | Cohoes, NY GO1 | | | 6.250 | | | | 03/15/2016 | | | | 25,089 | |
| | 490,000 | | | Columbia County, NY IDA (Berkshire Farms) | | | 7.500 | | | | 12/30/2014 | | | | 485,546 | |
| | 3,300,000 | | | Corinth, NY IDA (International Paper Company)1 | | | 5.750 | | | | 02/01/2022 | | | | 3,303,036 | |
| | 7,000,000 | | | Dutchess County, NY IDA (Bard College)1 | | | 5.000 | | | | 08/01/2046 | | | | 6,940,430 | |
| | 2,200,000 | | | Dutchess County, NY IDA (Elant Fishkill) | | | 5.250 | | | | 01/01/2037 | | | | 1,910,150 | |
| | 800,000 | | | Dutchess County, NY IDA (St. Francis Hospital) | | | 7.500 | | | | 03/01/2029 | | | | 813,152 | |
| | 650,000 | | | Dutchess County, NY Local Devel. Corp. (Health Quest System)1 | | | 5.750 | | | | 07/01/2040 | | | | 703,443 | |
| | 1,000,000 | | | Dutchess County, NY Water & Wastewater Authority | | | 5.400 | 3 | | | 06/01/2027 | | | | 581,620 | |
| | 2,135,000 | | | East Rochester, NY Hsg. Authority (Jefferson Park Apartments) | | | 6.750 | | | | 03/01/2030 | | | | 2,135,320 | |
| | 2,460,000 | | | East Rochester, NY Hsg. Authority (Woodland Village) | | | 5.500 | | | | 08/01/2033 | | | | 2,311,883 | |
| | 2,875,000 | | | Elmira, NY Hsg. Authority (Eastgate Apartments) | | | 6.250 | | | | 06/01/2044 | | | | 2,496,909 | |
| | 1,735,000 | | | Erie County, NY IDA (Buffalo City School District)1 | | | 5.250 | | | | 05/01/2030 | | | | 1,879,647 | |
| | 1,465,000 | | | Erie County, NY IDA (Buffalo City School District)1 | | | 5.250 | | | | 05/01/2031 | | | | 1,582,024 | |
| | 865,000 | | | Erie County, NY IDA (Buffalo City School District)1 | | | 5.250 | | | | 05/01/2032 | | | | 929,884 | |
| | 7,050,000 | | | Erie County, NY IDA (Charter School Applied Tech)1 | | | 6.875 | | | | 06/01/2035 | | | | 7,353,714 | |
| | 2,950,000 | | | Erie County, NY IDA (Global Concepts Charter School)1 | | | 6.250 | | | | 10/01/2037 | | | | 3,013,868 | |
| | 715,000 | | | Erie County, NY IDA (The Episcopal Church Home) | | | 6.000 | | | | 02/01/2028 | | | | 715,608 | |
| | 25,330,000 | | | Erie County, NY Tobacco Asset Securitization Corp.1 | | | 5.000 | | | | 06/01/2038 | | | | 20,656,868 | |
| | |
| 18 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 72,595,000 | | | Erie County, NY Tobacco Asset Securitization Corp.1 | | | 5.000 | % | | | 06/01/2045 | | | $ | 57,166,385 | |
| | 93,000,000 | | | Erie County, NY Tobacco Asset Securitization Corp. | | | 6.140 | 3 | | | 06/01/2047 | | | | 3,126,660 | |
| | 135,450,000 | | | Erie County, NY Tobacco Asset Securitization Corp. | | | 6.488 | 3 | | | 06/01/2050 | | | | 3,078,779 | |
| | 194,300,000 | | | Erie County, NY Tobacco Asset Securitization Corp. | | | 7.196 | 3 | | | 06/01/2055 | | | | 1,737,042 | |
| | 1,024,000,000 | | | Erie County, NY Tobacco Asset Securitization Corp. | | | 7.650 | 3 | | | 06/01/2060 | | | | 4,249,600 | |
| | 1,410,000 | | | Essex County, NY IDA (International Paper Company)1 | | | 4.600 | | | | 03/01/2027 | | | | 1,372,226 | |
| | 2,300,000 | | | Essex County, NY IDA (International Paper Company)1 | | | 6.450 | | | | 11/15/2023 | | | | 2,303,335 | |
| | 1,500,000 | | | Essex County, NY IDA (International Paper Company)1 | | | 6.625 | | | | 09/01/2032 | | | | 1,640,520 | |
| | 975,000 | | | Essex County, NY IDA (North Country Community College Foundation)1 | | | 5.000 | | | | 06/01/2020 | | | | 1,005,245 | |
| | 320,000 | | | Essex County, NY IDA (North Country Community College Foundation)1 | | | 5.000 | | | | 06/01/2020 | | | | 330,170 | |
| | 1,235,000 | | | Essex County, NY IDA (North Country Community College Foundation)1 | | | 5.200 | | | | 06/01/2025 | | | | 1,255,649 | |
| | 410,000 | | | Essex County, NY IDA (North Country Community College Foundation)1 | | | 5.200 | | | | 06/01/2025 | | | | 417,081 | |
| | 1,100,000 | | | Essex County, NY IDA (North Country Community College Foundation)1 | | | 5.300 | | | | 06/01/2035 | | | | 1,102,563 | |
| | 220,000 | | | Essex County, NY IDA Solid Waste Disposal (International Paper Company)1 | | | 5.200 | | | | 03/01/2028 | | | | 221,859 | |
| | 1,850,000 | | | Essex County, NY IDA Solid Waste Disposal (International Paper Company)1 | | | 5.500 | | | | 08/15/2022 | | | | 1,850,703 | |
| | 1,625,000 | | | Essex County, NY IDA Solid Waste Disposal (International Paper Company)1 | | | 5.500 | | | | 10/01/2026 | | | | 1,626,024 | |
| | 185,000 | | | Fishkill, NY GO1 | | | 5.000 | | | | 04/15/2029 | | | | 187,044 | |
| | 900,000 | | | Franklin County, NY IDA (North Country Community College Foundation)1 | | | 5.200 | | | | 06/01/2025 | | | | 915,543 | |
| | 100,000 | | | Glens Falls, NY GO1 | | | 6.000 | | | | 02/01/2040 | | | | 108,746 | |
| | 960,000 | | | Green Island, NY Power Authority1 | | | 5.125 | | | | 12/15/2024 | | | | 911,654 | |
| | 1,865,000 | | | Green Island, NY Power Authority1 | | | 6.000 | | | | 12/15/2020 | | | | 1,888,406 | |
| | 1,695,000 | | | Green Island, NY Power Authority1 | | | 6.000 | | | | 12/15/2025 | | | | 1,708,340 | |
| | 1,945,000 | | | Hempstead, NY IDA (Adelphi University)1 | | | 5.000 | | | | 10/01/2030 | | | | 2,049,077 | |
| | 3,665,000 | | | Hempstead, NY IDA (Peninsula Counseling Center) | | | 6.500 | | | | 11/01/2038 | | | | 3,363,774 | |
| | 5,150,000 | | | Hempstead, NY IDA (South Shore Y JCC) | | | 6.750 | | | | 11/01/2024 | | | | 5,150,000 | |
| | 815,000 | | | Herkimer County, NY IDA (Folts Adult Home) | | | 5.500 | | | | 03/20/2040 | | | | 905,180 | |
| | 1,000,000 | | | Herkimer County, NY IDA (Herkimer County College Foundation)1 | | | 6.250 | | | | 08/01/2034 | | | | 1,000,640 | |
| | 4,840,000 | | | Hudson Yards, NY Infrastructure Corp.1 | | | 5.000 | | | | 02/15/2047 | | | | 4,893,676 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 19 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 34,450,000 | | | Hudson Yards, NY Infrastructure Corp.1 | | | 5.750 | % | | | 02/15/2047 | | | $ | 37,849,526 | |
| | 90,000 | | | Huntington, NY Hsg. Authority (GJSR) | | | 5.875 | | | | 05/01/2019 | | | | 90,094 | |
| | 840,000 | | | Huntington, NY Hsg. Authority (GJSR) | | | 6.000 | | | | 05/01/2029 | | | | 840,244 | |
| | 8,500,000 | | | Huntington, NY Hsg. Authority (GJSR) | | | 6.000 | | | | 05/01/2039 | | | | 8,500,085 | |
| | 9,695,000 | | | Islip, NY IDA (United Cerebral Palsy Assoc.) | | | 6.250 | | | | 12/01/2031 | | | | 8,948,873 | |
| | 1,125,000 | | | Islip, NY IDA (United Cerebral Palsy Assoc.) | | | 6.250 | | | | 12/01/2031 | | | | 1,054,316 | |
| | 3,400,000 | | | L.I., NY Power Authority, Series A1 | | | 5.000 | | | | 05/01/2036 | | | | 3,527,024 | |
| | 32,235,000 | | | L.I., NY Power Authority, Series A1 | | | 5.000 | | | | 09/01/2037 | | | | 33,189,156 | |
| | 26,395,000 | | | L.I., NY Power Authority, Series A1 | | | 5.000 | | | | 05/01/2038 | | | | 27,152,009 | |
| | 23,515,000 | | | L.I., NY Power Authority, Series A1 | | | 5.000 | | | | 09/01/2042 | | | | 24,051,847 | |
| | 9,800,000 | | | L.I., NY Power Authority, Series A1 | | | 5.750 | | | | 04/01/2039 | | | | 10,965,318 | |
| | 7,000,000 | | | L.I., NY Power Authority, Series B1 | | | 5.000 | | | | 09/01/2029 | | | | 7,416,850 | |
| | 65,000 | | | L.I., NY Power Authority, Series B1 | | | 5.000 | | | | 12/01/2035 | | | | 66,736 | |
| | 1,900,000 | | | L.I., NY Power Authority, Series B1 | | | 5.750 | | | | 04/01/2033 | | | | 2,147,779 | |
| | 300,000 | | | L.I., NY Power Authority, Series C1 | | | 5.000 | | | | 09/01/2033 | | | | 301,659 | |
| | 100,000 | | | Madison County, NY IDA (Commons II Student Hsg.)1 | | | 5.000 | | | | 06/01/2033 | | | | 99,632 | |
| | 5,300,000 | | | Madison County, NY IDA (Commons II Student Hsg.)1 | | | 5.000 | | | | 06/01/2040 | | | | 5,121,019 | |
| | 850,000 | | | Madison County, NY IDA (Morrisville State College Foundation)1 | | | 5.000 | | | | 06/01/2028 | | | | 840,718 | |
| | 1,100,000 | | | Madison County, NY IDA (Morrisville State College Foundation)1 | | | 5.000 | | | | 06/01/2032 | | | | 1,056,385 | |
| | 1,320,000 | | | Madison County, NY IDA (Oneida Healthcare Center)1 | | | 5.300 | | | | 02/01/2021 | | | | 1,320,739 | |
| | 5,500,000 | | | Madison County, NY IDA (Oneida Healthcare Center)1 | | | 5.350 | | | | 02/01/2031 | | | | 5,501,265 | |
| | 570,000 | | | Middletown, NY IDA (Flanagan Design & Display)2 | | | 7.500 | | | | 11/01/2018 | | | | 421,834 | |
| | 50,000 | | | Monroe County, NY IDA (Cloverwood Senior Living) | | | 6.750 | | | | 05/01/2023 | | | | 50,024 | |
| | 860,000 | | | Monroe County, NY IDA (Cloverwood Senior Living) | | | 6.875 | | | | 05/01/2033 | | | | 860,034 | |
| | 2,420,000 | | | Monroe County, NY IDA (Parma Senior Hsg. Assoc.) | | | 6.500 | | | | 12/01/2042 | | | | 2,327,992 | |
| | 2,345,000 | | | Monroe County, NY IDA (Summit at Brighton) | | | 5.375 | | | | 07/01/2032 | | | | 1,796,200 | |
| | 3,660,000 | | | Monroe County, NY IDA (Summit at Brighton) | | | 5.500 | | | | 07/01/2027 | | | | 3,054,197 | |
| | 530,000 | | | Monroe County, NY IDA (Volunteers of America) | | | 5.700 | | | | 08/01/2018 | | | | 515,287 | |
| | 2,765,000 | | | Monroe County, NY IDA (Volunteers of America) | | | 5.750 | | | | 08/01/2028 | | | | 2,551,044 | |
| | 850,000 | | | Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1 | | | 5.000 | | | | 10/01/2026 | | | | 886,737 | |
| | |
| 20 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 50,000 | | | Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1 | | | 5.000 | % | | | 10/01/2031 | | | $ | 50,104 | |
| | 500,000 | | | Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1 | | | 5.250 | | | | 10/01/2031 | | | | 509,010 | |
| | 1,840,000 | | | Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1 | | | 5.500 | | | | 10/01/2041 | | | | 1,903,038 | |
| | 850,000 | | | Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1 | | | 5.625 | | | | 06/01/2026 | | | | 918,408 | |
| | 1,495,000 | | | Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1 | | | 6.000 | | | | 06/01/2034 | | | | 1,590,516 | |
| | 15,100,000 | | | Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1 | | | 5.750 | | | | 08/15/2035 | | | | 16,759,339 | |
| | 650,000,000 | | | Monroe County, NY Tobacco Asset Securitization Corp. (TASC) | | | 7.701 | 3 | | | 06/01/2061 | | | | 2,671,500 | |
| | 580,000 | | | Monroe, NY Newpower Corp1 | | | 5.625 | | | | 01/01/2026 | | | | 582,946 | |
| | 2,265,000 | | | Monroe, NY Newpower Corp.1 | | | 5.500 | | | | 01/01/2034 | | | | 2,249,032 | |
| | 600,000 | | | Mount Vernon, NY IDA (Kings Court)1 | | | 5.200 | | | | 12/01/2033 | | | | 608,094 | |
| | 1,655,000 | | | Mount Vernon, NY IDA (Meadowview) | | | 6.150 | | | | 06/01/2019 | | | | 1,656,423 | |
| | 2,600,000 | | | Mount Vernon, NY IDA (Meadowview) | | | 6.200 | | | | 06/01/2029 | | | | 2,600,468 | |
| | 802,824 | | | Municipal Assistance Corp. for Troy, NY | | | 5.733 | 3 | | | 07/15/2021 | | | | 629,013 | |
| | 1,218,573 | | | Municipal Assistance Corp. for Troy, NY | | | 5.741 | 3 | | | 01/15/2022 | | | | 927,115 | |
| | 560,000 | | | Nassau County, NY IDA (ACDS) | | | 5.950 | | | | 11/01/2022 | | | | 532,230 | |
| | 195,000 | | | Nassau County, NY IDA (ALIA-ACDS) | | | 7.500 | | | | 06/01/2015 | | | | 195,419 | |
| | 2,405,000 | | | Nassau County, NY IDA (ALIA-ACLD) | | | 6.250 | | | | 09/01/2022 | | | | 2,336,361 | |
| | 400,000 | | | Nassau County, NY IDA (ALIA-HH) | | | 7.125 | | | | 06/01/2017 | | | | 402,216 | |
| | 310,000 | | | Nassau County, NY IDA (ALIA-HHS) | | | 7.125 | | | | 06/01/2017 | | | | 311,717 | |
| | 25,000 | | | Nassau County, NY IDA (ALIA-LVH) | | | 7.500 | | | | 06/01/2015 | | | | 25,054 | |
| | 7,765,000 | | | Nassau County, NY IDA (Amsterdam at Harborside) | | | 6.700 | | | | 01/01/2043 | | | | 4,385,439 | |
| | 145,000 | | | Nassau County, NY IDA (CNGCS) | | | 7.500 | | | | 06/01/2015 | | | | 145,312 | |
| | 2,245,000 | | | Nassau County, NY IDA (CNGCS) | | | 8.150 | | | | 06/01/2030 | | | | 2,247,110 | |
| | 4,180,000 | | | Nassau County, NY IDA (CSMR) | | | 5.950 | | | | 11/01/2022 | | | | 3,972,714 | |
| | 525,000 | | | Nassau County, NY IDA (Epilepsy Foundation of L.I.) | | | 5.950 | | | | 11/01/2022 | | | | 498,965 | |
| | 1,660,000 | | | Nassau County, NY IDA (Hispanic Counseling Center) | | | 6.500 | | | | 11/01/2037 | | | | 1,525,723 | |
| | 3,150,000 | | | Nassau County, NY IDA (Keyspan-Glenwood Energy Center)1 | | | 5.250 | | | | 06/01/2027 | | | | 3,158,631 | |
| | 575,000 | | | Nassau County, NY IDA (Life’s WORCA) | | | 5.950 | | | | 11/01/2022 | | | | 546,486 | |
| | 3,385,000 | | | Nassau County, NY IDA (Little Village School) | | | 7.500 | | | | 12/01/2031 | | | | 3,393,767 | |
| | 3,535,000 | | | Nassau County, NY IDA (New York Water Service Corp.)1 | | | 5.000 | | | | 12/01/2035 | | | | 3,594,317 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 21 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 1,810,000 | | | Nassau County, NY IDA (North Shore CFGA) | | | 6.750 | % | | | 05/01/2024 | | | $ | 1,807,448 | |
| | 985,000 | | | Nassau County, NY IDA (PLUS Group Home) | | | 6.150 | | | | 11/01/2022 | | | | 949,639 | |
| | 680,000 | | | Nassau County, NY IDA (United Cerebral Palsy) | | | 6.250 | | | | 11/01/2014 | | | | 673,560 | |
| | 645,000 | | | Nassau County, NY IDA (United Veteran’s Beacon House) | | | 6.500 | | | | 11/01/2037 | | | | 592,826 | |
| | 460,000 | | | Nassau County, NY IDA, Series A-A | | | 6.000 | | | | 07/02/2021 | | | | 442,870 | |
| | 5,300,000 | | | Nassau County, NY IDA, Series A-B | | | 6.000 | | | | 07/01/2021 | | | | 5,102,628 | |
| | 515,000 | | | Nassau County, NY IDA, Series A-C | | | 6.000 | | | | 07/01/2021 | | | | 495,821 | |
| | 575,000 | | | Nassau County, NY IDA, Series A-D | | | 6.000 | | | | 07/01/2021 | | | | 553,587 | |
| | 2,400,000 | | | Nassau County, NY Local Economic Assistance Corp. (Winthrop University Hospital)4 | | | 5.000 | | | | 07/01/2032 | | | | 2,398,536 | |
| | 4,490,000 | | | Nassau County, NY Local Economic Assistance Corp. (Winthrop University Hospital)1 | | | 5.000 | | | | 07/01/2037 | | | | 4,431,271 | |
| | 122,875,000 | | | Nassau County, NY Tobacco Settlement Corp.1 | | | 5.125 | | | | 06/01/2046 | | | | 98,411,816 | |
| | 9,000,000 | | | Nassau County, NY Tobacco Settlement Corp.1 | | | 5.250 | | | | 06/01/2026 | | | | 8,487,360 | |
| | 20,000,000 | | | Nassau County, NY Tobacco Settlement Corp. | | | 5.820 | 3 | | | 06/01/2046 | | | | 685,000 | |
| | 105,975,000 | | | Nassau County, NY Tobacco Settlement Corp. | | | 6.221 | 3 | | | 06/01/2046 | | | | 3,366,826 | |
| | 1,055,215,000 | | | Nassau County, NY Tobacco Settlement Corp. | | | 6.537 | 3 | | | 06/01/2060 | | | | 5,307,731 | |
| | 40,000,000 | | | Nassau County, NY Tobacco Settlement Corp. | | | 7.351 | 3 | | | 06/01/2060 | | | | 166,000 | |
| | 22,780,000 | | | Nassau County, NY Tobacco Settlement Corp. (TASC)1 | | | 5.000 | | | | 06/01/2035 | | | | 18,711,720 | |
| | 3,670,000 | | | New Rochelle, NY IDA (Soundview Apartments)1 | | | 5.375 | | | | 04/01/2036 | | | | 3,751,437 | |
| | 1,800,000 | | | Niagara County, NY IDA (Niagara Falls Memorial Medical Center) | | | 5.750 | | | | 06/01/2018 | | | | 1,814,256 | |
| | 20,000 | | | Niagara County, NY Tobacco Asset Securitization Corp.1 | | | 5.750 | | | | 05/15/2022 | | | | 19,834 | |
| | 1,480,000 | | | Niagara County, NY Tobacco Asset Securitization Corp.1 | | | 6.250 | | | | 05/15/2034 | | | | 1,446,167 | |
| | 6,295,000 | | | Niagara County, NY Tobacco Asset Securitization Corp.1 | | | 6.250 | | | | 05/15/2040 | | | | 5,906,410 | |
| | 125,000 | | | Niagara Falls, NY Public Water Authority | | | 5.500 | | | | 07/15/2034 | | | | 127,256 | |
| | 500,000 | | | Niagara, NY Area Devel. Corp. (Niagara University)1 | | | 5.000 | | | | 05/01/2035 | | | | 491,485 | |
| | 850,000 | | | Niagara, NY Area Devel. Corp. (Niagara University)1 | | | 5.000 | | | | 05/01/2042 | | | | 846,082 | |
| | 385,000 | | | Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1 | | | 5.000 | | | | 04/01/2028 | | | | 358,131 | |
| | 2,025,000 | | | Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1 | | | 5.625 | | | | 04/01/2029 | | | | 2,047,478 | |
| | 2,470,000 | | | North Tonawanda, NY HDC (Bishop Gibbons Associates) | | | 7.375 | | | | 12/15/2021 | | | | 2,936,287 | |
| | 5,185,000 | | | NY Counties Tobacco Trust I1 | | | 6.250 | | | | 06/01/2028 | | | | 5,135,120 | |
| | 6,245,000 | | | NY Counties Tobacco Trust I1 | | | 6.500 | | | | 06/01/2035 | | | | 5,998,323 | |
| | |
| 22 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 19,230,000 | | | NY Counties Tobacco Trust I1 | | | 6.625 | % | | | 06/01/2042 | | | $ | 19,045,392 | |
| | 29,835,000 | | | NY Counties Tobacco Trust II (TASC)1 | | | 5.625 | | | | 06/01/2035 | | | | 28,760,343 | |
| | 53,880,000 | | | NY Counties Tobacco Trust II (TASC)1 | | | 5.750 | | | | 06/01/2043 | | | | 54,954,367 | |
| | 245,000 | | | NY Counties Tobacco Trust III1 | | | 6.000 | | | | 06/01/2043 | | | | 245,875 | |
| | 7,000,000 | | | NY Counties Tobacco Trust IV1 | | | 5.000 | | | | 06/01/2038 | | | | 5,820,990 | |
| | 131,335,000 | | | NY Counties Tobacco Trust IV | | | 5.920 | 3 | | | 06/01/2050 | | | | 2,995,751 | |
| | 304,690,000 | | | NY Counties Tobacco Trust IV | | | 6.395 | 3 | | | 06/01/2055 | | | | 4,101,127 | |
| | 608,700,000 | | | NY Counties Tobacco Trust IV | | | 6.816 | 3 | | | 06/01/2060 | | | | 2,526,105 | |
| | 52,535,000 | | | NY Counties Tobacco Trust IV (TASC)1 | | | 5.000 | | | | 06/01/2042 | | | | 42,575,940 | |
| | 38,275,000 | | | NY Counties Tobacco Trust IV (TASC)1 | | | 5.000 | | | | 06/01/2045 | | | | 30,651,003 | |
| | 82,500,000 | | | NY Counties Tobacco Trust IV (TASC)1 | | | 6.250 | | | | 06/01/2041 | | | | 76,321,575 | |
| | 236,140,000 | | | NY Counties Tobacco Trust V | | | 6.070 | 3 | | | 06/01/2038 | | | | 18,359,885 | |
| | 598,653,613 | | | NY Counties Tobacco Trust V | | | 6.210 | 3 | | | 06/01/2050 | | | | 14,858,583 | |
| | 643,195,000 | | | NY Counties Tobacco Trust V | | | 6.850 | 3 | | | 06/01/2055 | | | | 7,094,441 | |
| | 3,845,000,000 | | | NY Counties Tobacco Trust V | | | 7.846 | 3 | | | 06/01/2060 | | | | 15,956,750 | |
| | 15,000,000 | | | NY Liberty Devel. Corp. (Bank of America Tower)5 | | | 5.125 | | | | 01/15/2044 | | | | 15,760,500 | |
| | 62,345,000 | | | NY Liberty Devel. Corp. (Bank of America Tower)5 | | | 5.625 | | | | 01/15/2046 | | | | 67,382,880 | |
| | 6,105,000 | | | NY Liberty Devel. Corp. (Goldman Sachs Headquarters)1 | | | 5.250 | | | | 10/01/2035 | | | | 6,529,847 | |
| | 2,199,995 | | | NY Liberty Devel. Corp. (National Sports Museum)2 | | | 6.125 | | | | 02/15/2019 | | | | 22 | |
| | 6,510,000 | | | NY MTA, Series 2008C1 | | | 6.500 | | | | 11/15/2028 | | | | 7,693,518 | |
| | 500,000 | | | NY MTA, Series A1 | | | 5.000 | | | | 11/15/2026 | | | | 545,795 | |
| | 500,000 | | | NY MTA, Series A1 | | | 5.000 | | | | 11/15/2027 | | | | 540,565 | |
| | 3,400,000 | | | NY MTA, Series A1 | | | 5.000 | | | | 11/15/2029 | | | | 3,609,474 | |
| | 340,000 | | | NY MTA, Series A1 | | | 5.000 | | | | 11/15/2032 | | | | 344,342 | |
| | 23,800,000 | | | NY MTA, Series A1 | | | 5.000 | | | | 11/15/2038 | | | | 24,605,154 | |
| | 4,250,000 | | | NY MTA, Series A1 | | | 5.000 | | | | 11/15/2041 | | | | 4,363,943 | |
| | 3,865,000 | | | NY MTA, Series A1 | | | 5.000 | | | | 11/15/2043 | | | | 3,977,162 | |
| | 6,800,000 | | | NY MTA, Series A1 | | | 5.250 | | | | 11/15/2038 | | | | 7,118,580 | |
| | 10,000,000 | | | NY MTA, Series B1 | | | 5.000 | | | | 11/15/2043 | | | | 10,290,200 | |
| | 16,745,000 | | | NY MTA, Series B-21 | | | 5.000 | | | | 11/15/2033 | | | | 18,025,490 | |
| | 230,000 | | | NY MTA, Series C1 | | | 5.000 | | | | 11/15/2031 | | | | 242,673 | |
| | 4,000,000 | | | NY MTA, Series C1 | | | 5.000 | | | | 11/15/2038 | | | | 4,135,320 | |
| | 21,400,000 | | | NY MTA, Series D1 | | | 5.000 | | | | 11/15/2027 | | | | 23,223,066 | |
| | 27,675,000 | | | NY MTA, Series D1 | | | 5.000 | | | | 11/15/2030 | | | | 29,419,909 | |
| | 2,150,000 | | | NY MTA, Series D1 | | | 5.000 | | | | 11/15/2032 | | | | 2,251,545 | |
| | 15,395,000 | | | NY MTA, Series D1 | | | 5.000 | | | | 11/15/2036 | | | | 15,883,329 | |
| | 33,690,000 | | | NY MTA, Series D1 | | | 5.250 | | | | 11/15/2040 | | | | 35,260,291 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 23 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 8,000,000 | | | NY MTA, Series D-11 | | | 5.000 | % | | | 11/01/2027 | | | $ | 8,711,360 | |
| | 3,500,000 | | | NY MTA, Series D-11 | | | 5.000 | | | | 11/01/2028 | | | | 3,778,915 | |
| | 1,500,000 | | | NY MTA, Series E | | | 5.000 | | | | 11/15/2042 | | | | 1,542,915 | |
| | 9,220,000 | | | NY MTA, Series F1 | | | 5.000 | | | | 11/15/2026 | | | | 10,150,851 | |
| | 9,000,000 | | | NY MTA, Series F1 | | | 5.000 | | | | 11/15/2027 | | | | 9,802,530 | |
| | 56,970,000 | | | NY MTA, Series F1 | | | 5.000 | | | | 11/15/2030 | | | | 60,561,959 | |
| | 3,000,000 | | | NY MTA, Series H1 | | | 5.000 | | | | 11/15/2025 | | | | 3,336,480 | |
| | 2,100,000 | | | NY MTA, Series H1 | | | 5.000 | | | | 11/15/2033 | | | | 2,195,886 | |
| | 1,700,000 | | | NY Triborough Bridge & Tunnel Authority1 | | | 5.000 | | | | 11/15/2029 | | | | 1,857,879 | |
| | 2,100,000 | | | NY Triborough Bridge & Tunnel Authority1 | | | 5.000 | | | | 11/15/2030 | | | | 2,302,419 | |
| | 1,500,000 | | | NY Triborough Bridge & Tunnel Authority1 | | | 5.000 | | | | 11/15/2031 | | | | 1,635,915 | |
| | 150,000 | | | NY Triborough Bridge & Tunnel Authority1 | | | 5.000 | | | | 11/15/2032 | | | | 152,717 | |
| | 1,000,000 | | | NY Triborough Bridge & Tunnel Authority1 | | | 5.000 | | | | 11/15/2034 | | | | 1,075,100 | |
| | 6,470,000 | | | NY Triborough Bridge & Tunnel Authority1 | | | 5.000 | | | | 11/15/2037 | | | | 6,739,411 | |
| | 13,950,000 | | | NY TSASC, Inc. (TFABs)1 | | | 5.000 | | | | 06/01/2026 | | | | 13,058,735 | |
| | 250,510,000 | | | NY TSASC, Inc. (TFABs)1 | | | 5.000 | | | | 06/01/2034 | | | | 210,235,507 | |
| | 322,515,000 | | | NY TSASC, Inc. (TFABs)1 | | | 5.125 | | | | 06/01/2042 | | | | 261,262,951 | |
| | 5,000,000 | | | NYC Capital Resources Corp. (Albee Retail Devel.) | | | 7.250 | | | | 11/01/2042 | | | | 5,002,350 | |
| | 35,590,000 | | | NYC GO1 | | | 4.950 | 6 | | | 12/15/2033 | | | | 36,330,628 | |
| | 15,000 | | | NYC GO | | | 5.000 | | | | 06/01/2020 | | | | 16,283 | |
| | 25,000 | | | NYC GO1 | | | 5.000 | | | | 10/15/2027 | | | | 25,354 | |
| | 39,990,000 | | | NYC GO1 | | | 5.000 | | | | 08/01/2028 | | | | 44,256,533 | |
| | 3,000,000 | | | NYC GO1 | | | 5.000 | | | | 08/01/2029 | | | | 3,279,300 | |
| | 5,000,000 | | | NYC GO1 | | | 5.000 | | | | 08/01/2029 | | | | 5,443,800 | |
| | 24,700,000 | | | NYC GO1 | | | 5.000 | | | | 08/01/2029 | | | | 27,104,792 | |
| | 2,500,000 | | | NYC GO1 | | | 5.000 | | | | 10/01/2029 | | | | 2,736,250 | |
| | 10,920,000 | | | NYC GO5 | | | 5.000 | | | | 08/01/2030 | | | | 11,559,584 | |
| | 4,000,000 | | | NYC GO1 | | | 5.000 | | | | 08/01/2030 | | | | 4,343,520 | |
| | 2,250,000 | | | NYC GO1 | | | 5.000 | | | | 10/01/2030 | | | | 2,446,133 | |
| | 9,760,000 | | | NYC GO1 | | | 5.000 | | | | 08/01/2031 | | | | 10,611,853 | |
| | 8,000,000 | | | NYC GO1 | | | 5.000 | | | | 10/01/2031 | | | | 8,677,920 | |
| | 5,135,000 | | | NYC GO1 | | | 5.000 | | | | 10/01/2032 | | | | 5,545,235 | |
| | 4,250,000 | | | NYC GO1 | | | 5.000 | | | | 03/01/2033 | | | | 4,584,433 | |
| | 155,000 | | | NYC GO | | | 5.000 | | | | 10/15/2033 | | | | 157,193 | |
| | 9,265,000 | | | NYC GO5 | | | 5.000 | | | | 12/01/2033 | | | | 9,679,915 | |
| | 10,000,000 | | | NYC GO1 | | | 5.000 | | | | 10/01/2034 | | | | 10,653,400 | |
| | 8,915,000 | | | NYC GO5 | | | 5.000 | | | | 03/01/2035 | | | | 9,333,805 | |
| | 5,000 | | | NYC GO | | | 5.000 | | | | 04/01/2035 | | | | 5,398 | |
| | |
| 24 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 70,000 | | | NYC GO1 | | | 5.000 | % | | | 04/01/2035 | | | $ | 73,429 | |
| | 5,400,000 | | | NYC GO5 | | | 5.000 | | | | 08/01/2035 | | | | 5,705,694 | |
| | 3,800,000 | | | NYC GO1 | | | 5.000 | | | | 08/01/2035 | | | | 4,030,660 | |
| | 4,405,000 | | | NYC GO1 | | | 5.000 | | | | 05/15/2036 | | | | 4,731,234 | |
| | 20,000,000 | | | NYC GO5 | | | 5.250 | | | | 03/01/2021 | | | | 23,070,000 | |
| | 240,000 | | | NYC GO1 | | | 5.250 | | | | 06/01/2027 | | | | 240,730 | |
| | 5,000 | | | NYC GO1 | | | 5.250 | | | | 01/15/2033 | | | | 5,016 | |
| | 20,000 | | | NYC GO1 | | | 5.320 | | | | 01/15/2028 | | | | 20,062 | |
| | 5,000 | | | NYC GO1 | | | 5.375 | | | | 12/01/2026 | | | | 5,021 | |
| | 395,000 | | | NYC GO1 | | | 5.375 | | | | 06/01/2032 | | | | 396,280 | |
| | 40,000 | | | NYC GO1 | | | 5.500 | | | | 08/01/2022 | | | | 40,131 | |
| | 5,000 | | | NYC GO1 | | | 5.500 | | | | 12/01/2031 | | | | 5,017 | |
| | 15,000 | | | NYC GO1 | | | 5.500 | | | | 11/15/2037 | | | | 15,050 | |
| | 5,000 | | | NYC GO1 | | | 5.950 | | | | 08/01/2014 | | | | 5,022 | |
| | 2,000,000 | | | NYC GO1 | | | 6.250 | | | | 12/15/2031 | | | | 2,336,460 | |
| | 5,000 | | | NYC GO1 | | | 7.250 | | | | 08/15/2024 | | | | 5,023 | |
| | 5,000 | | | NYC GO1 | | | 7.750 | | | | 08/15/2028 | | | | 5,040 | |
| | 1,475,000 | | | NYC GO ROLs7 | | | 18.393 | 8 | | | 05/15/2031 | | | | 1,996,088 | |
| | 5,395,000 | | | NYC GO ROLs7 | | | 18.404 | 8 | | | 05/15/2036 | | | | 6,993,215 | |
| | 875,000 | | | NYC GO ROLs7 | | | 18.408 | 8 | | | 05/15/2033 | | | | 1,152,095 | |
| | 890,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 4.950 | | | | 11/01/2039 | | | | 917,234 | |
| | 780,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 5.000 | | | | 11/01/2030 | | | | 798,712 | |
| | 3,500,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.000 | | | | 11/01/2037 | | | | 3,544,240 | |
| | 4,685,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.050 | | | | 11/01/2039 | | | | 4,744,998 | |
| | 2,435,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.100 | | | | 11/01/2027 | | | | 2,540,240 | |
| | 3,000,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.125 | | | | 11/01/2032 | | | | 3,092,250 | |
| | 5,100,000 | | | NYC HDC (Multifamily Hsg.) | | | 5.150 | | | | 11/01/2037 | | | | 5,390,139 | |
| | 1,675,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 5.200 | | | | 11/01/2035 | | | | 1,713,475 | |
| | 8,035,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.200 | | | | 11/01/2040 | | | | 8,259,398 | |
| | 14,110,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.250 | | | | 11/01/2030 | | | | 14,252,024 | |
| | 7,205,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 5.250 | | | | 11/01/2045 | | | | 7,389,016 | |
| | 5,140,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 5.350 | | | | 11/01/2037 | | | | 5,328,381 | |
| | 1,215,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 5.350 | | | | 05/01/2041 | | | | 1,259,311 | |
| | 3,735,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 5.450 | | | | 11/01/2040 | | | | 3,880,740 | |
| | 2,670,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 5.450 | | | | 11/01/2046 | | | | 2,713,067 | |
| | 3,090,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.500 | | | | 11/01/2034 | | | | 3,281,828 | |
| | 2,840,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.550 | | | | 11/01/2039 | | | | 3,010,968 | |
| | 25,000 | | | NYC HDC (Multifamily Hsg.)1 | | | 5.550 | | | | 11/01/2039 | | | | 26,505 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 25 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 10,910,000 | | | NYC HDC (Multifamily Hsg.)5 | | | 5.700 | % | | | 11/01/2046 | | | $ | 11,592,937 | |
| | 70,000 | | | NYC HDC (Multifamily Hsg.), Series A1 | | | 5.500 | | | | 11/01/2034 | | | | 70,379 | |
| | 30,000,000 | | | NYC HDC (Multifamily Hsg.), Series B5 | | | 5.350 | | | | 05/01/2049 | | | | 30,879,112 | |
| | 11,250,000 | | | NYC HDC (Multifamily Hsg.), Series C5 | | | 5.050 | | | | 11/01/2036 | | | | 11,414,335 | |
| | 8,365,000 | | | NYC HDC (Multifamily Hsg.), Series C5 | | | 5.125 | | | | 05/01/2040 | | | | 8,497,046 | |
| | 13,180,000 | | | NYC HDC (Multifamily Hsg.), Series G-15 | | | 4.875 | | | | 11/01/2039 | | | | 13,372,528 | |
| | 1,345,000 | | | NYC HDC (Multifamily Hsg.), Series H-21 | | | 5.200 | | | | 11/01/2038 | | | | 1,358,880 | |
| | 3,400,000 | | | NYC HDC (Multifamily Hsg.), Series H-21 | | | 5.250 | | | | 05/01/2046 | | | | 3,431,382 | |
| | 15,510,000 | | | NYC HDC (Multifamily Hsg.), Series I-25 | | | 5.200 | | | | 11/01/2038 | | | | 15,736,563 | |
| | 30,000 | | | NYC HDC, Series B-21 | | | 5.300 | | | | 05/01/2036 | | | | 30,170 | |
| | 2,750,000 | | | NYC HDC, Series C5 | | | 5.000 | | | | 11/01/2026 | | | | 2,822,215 | |
| | 85,000 | | | NYC IDA (Allied Metal) | | | 6.375 | | | | 12/01/2014 | | | | 84,375 | |
| | 940,000 | | | NYC IDA (Allied Metal) | | | 7.125 | | | | 12/01/2027 | | | | 914,883 | |
| | 2,335,000 | | | NYC IDA (Amboy Properties) | | | 6.750 | | | | 06/01/2020 | | | | 2,169,449 | |
| | 2,905,000 | | | NYC IDA (American Airlines)2 | | | 5.400 | | | | 07/01/2019 | | | | 3,195,500 | |
| | 32,580,000 | | | NYC IDA (American Airlines)2 | | | 5.400 | | | | 07/01/2020 | | | | 35,838,000 | |
| | 30,810,000 | | | NYC IDA (American Airlines)2 | | | 6.900 | | | | 08/01/2024 | | | | 33,891,000 | |
| | 540,000 | | | NYC IDA (American Airlines) | | | 7.500 | | | | 08/01/2016 | | | | 568,264 | |
| | 18,200,000 | | | NYC IDA (American Airlines) | | | 7.625 | | | | 08/01/2025 | | | | 20,693,946 | |
| | 59,350,000 | | | NYC IDA (American Airlines) | | | 7.750 | | | | 08/01/2031 | | | | 67,548,609 | |
| | 39,860,000 | | | NYC IDA (American Airlines) | | | 8.000 | | | | 08/01/2028 | | | | 45,758,084 | |
| | 338,060,000 | | | NYC IDA (American Airlines) | | | 8.500 | | | | 08/01/2028 | | | | 371,764,582 | |
| | 3,530,000 | | | NYC IDA (American National Red Cross) | | | 5.000 | | | | 02/01/2036 | | | | 3,429,783 | |
| | 3,115,000 | | | NYC IDA (Atlantic Paste & Glue Company) | | | 6.625 | | | | 11/01/2019 | | | | 3,122,601 | |
| | 675,000 | | | NYC IDA (Atlantic Veal & Lamb) | | | 8.375 | | | | 12/01/2016 | | | | 671,848 | |
| | 1,015,000 | | | NYC IDA (Bark Frameworks) | | | 6.750 | | | | 11/01/2019 | | | | 983,190 | |
| | 5,500,000 | | | NYC IDA (Beth Abraham Health Services) | | | 6.500 | | | | 02/15/2022 | | | | 5,685,405 | |
| | 1,035,000 | | | NYC IDA (Beth Abraham Health Services) | | | 6.500 | | | | 11/15/2027 | | | | 1,070,190 | |
| | 4,220,000 | | | NYC IDA (Beth Abraham Health Services) | | | 6.500 | | | | 11/15/2034 | | | | 4,342,042 | |
| | 97,130,000 | | | NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1 | | | 5.650 | | | | 10/01/2028 | | | | 76,807,490 | |
| | 153,620,000 | | | NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1 | | | 5.750 | | | | 10/01/2036 | | | | 115,122,828 | |
| | 22,255,000 | | | NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1 | | | 6.200 | | | | 10/01/2022 | | �� | | 19,836,104 | |
| | 16,205,000 | | | NYC IDA (Calhoun School) | | | 6.625 | | | | 12/01/2034 | | | | 16,724,694 | |
| | 4,145,000 | | | NYC IDA (Calhoun School) | | | 6.625 | | | | 12/01/2034 | | | | 4,327,795 | |
| | 2,895,000 | | | NYC IDA (Center for Elimination of Family Violence) | | | 7.375 | | | | 11/01/2036 | | | | 2,936,746 | |
| | |
| 26 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 14,400,000 | | | NYC IDA (Center for Nursing/Rehabilitation) | | | 5.375 | % | | | 08/01/2027 | | | $ | 12,808,944 | |
| | 3,400,000 | | | NYC IDA (Center for Nursing/Rehabilitation) | | | 5.375 | | | | 08/01/2027 | | | | 3,024,334 | |
| | 18,000,000 | | | NYC IDA (Chapin School) | | | 5.000 | | | | 11/01/2038 | | | | 17,080,380 | |
| | 1,490,000 | | | NYC IDA (Comprehensive Care Management) | | | 6.000 | | | | 05/01/2026 | | | | 1,534,462 | |
| | 3,145,000 | | | NYC IDA (Comprehensive Care Management) | | | 6.125 | | | | 11/01/2035 | | | | 3,145,409 | |
| | 3,520,000 | | | NYC IDA (Comprehensive Care Management) | | | 6.375 | | | | 11/01/2028 | | | | 3,529,363 | |
| | 1,395,000 | | | NYC IDA (Comprehensive Care Management) | | | 6.375 | | | | 11/01/2028 | | | | 1,398,474 | |
| | 875,000 | | | NYC IDA (Comprehensive Care Management) | | | 7.875 | | | | 12/01/2016 | | | | 875,796 | |
| | 1,150,000 | | | NYC IDA (Cool Wind Ventilation) | | | 5.450 | | | | 11/01/2017 | | | | 1,122,170 | |
| | 1,035,000 | | | NYC IDA (Cool Wind Ventilation) | | | 5.450 | | | | 11/01/2017 | | | | 1,009,953 | |
| | 5,685,000 | | | NYC IDA (Cool Wind Ventilation) | | | 6.075 | | | | 11/01/2027 | | | | 5,212,406 | |
| | 5,500,000 | | | NYC IDA (Family Support Systems)2 | | | 7.500 | | | | 11/01/2034 | | | | 2,749,725 | |
| | 490,000 | | | NYC IDA (Good Shepherd Services)1 | | | 5.875 | | | | 06/01/2014 | | | | 491,034 | |
| | 2,670,000 | | | NYC IDA (Gourmet Boutique) | | | 5.750 | | | | 05/01/2021 | | | | 1,990,779 | |
| | 7,290,000 | | | NYC IDA (Guttmacher Institute) | | | 5.750 | | | | 12/01/2036 | | | | 6,539,859 | |
| | 1,745,000 | | | NYC IDA (Herbert G. Birch Childhood Project) | | | 8.375 | | | | 02/01/2022 | | | | 1,748,891 | |
| | 700,000 | | | NYC IDA (Independent Living Assoc.) | | | 6.200 | | | | 07/01/2020 | | | | 700,266 | |
| | 1,240,000 | | | NYC IDA (Liberty-IAC/Interactive Corp.)1 | | | 5.000 | | | | 09/01/2035 | | | | 1,240,546 | |
| | 1,920,000 | | | NYC IDA (Little Red Schoolhouse) | | | 6.750 | | | | 11/01/2018 | | | | 1,924,877 | |
| | 3,745,000 | | | NYC IDA (Manhattan Community Access Corp.) | | | 6.000 | | | | 12/01/2036 | | | | 3,652,686 | |
| | 1,895,000 | | | NYC IDA (Margaret Tietz Nursing & Rehabilitation Center) | | | 6.375 | | | | 11/01/2038 | | | | 1,900,192 | |
| | 9,175,000 | | | NYC IDA (Margaret Tietz Nursing & Rehabilitation Center) | | | 6.375 | | | | 11/01/2038 | | | | 9,200,140 | |
| | 15,560,000 | | | NYC IDA (MediSys Health Network) | | | 6.250 | | | | 03/15/2024 | | | | 13,746,482 | |
| | 8,405,000 | | | NYC IDA (Metro Biofuels)2 | | | 6.000 | | | | 11/01/2028 | | | | 4,053,143 | |
| | 2,095,000 | | | NYC IDA (Metropolitan College of New York) | | | 5.750 | | | | 03/01/2020 | | | | 2,146,537 | |
| | 40,000,000 | | | NYC IDA (NYU)5 | | | 5.250 | | | | 07/01/2048 | | | | 42,354,056 | |
| | 2,935,000 | | | NYC IDA (Petrocelli Electric) | | | 8.000 | | | | 11/01/2017 | | | | 2,785,403 | |
| | 805,000 | | | NYC IDA (Petrocelli Electric) | | | 8.000 | | | | 11/01/2018 | | | | 759,703 | |
| | 1,750,000 | | | NYC IDA (PSCH) | | | 6.375 | | | | 07/01/2033 | | | | 1,723,383 | |
| | 6,800,000 | | | NYC IDA (Reece School) | | | 7.500 | | | | 12/01/2037 | | | | 7,169,988 | |
| | 1,000,000 | | | NYC IDA (Roundabout Theatre) | | | 5.000 | | | | 10/01/2023 | | | | 931,380 | |
| | 3,125,000 | | | NYC IDA (Sahadi Fine Foods) | | | 6.750 | | | | 11/01/2019 | | | | 3,049,281 | |
| | 200,000 | | | NYC IDA (Samaritan Aids Services)1 | | | 5.000 | | | | 11/01/2024 | | | | 200,312 | |
| | 875,000 | | | NYC IDA (SFTU/YAI/CRV Obligated Group) | | | 5.000 | | | | 07/01/2026 | | | | 757,120 | |
| | 4,380,000 | | | NYC IDA (Showman Fabricators) | | | 7.500 | | | | 11/01/2028 | | | | 3,525,988 | |
| | 1,625,000 | | | NYC IDA (Special Needs Facilities Pooled Program) | | | 4.750 | | | | 07/01/2020 | | | | 1,515,524 | |
| | 995,000 | | | NYC IDA (Special Needs Facilities Pooled Program) | | | 5.250 | | | | 07/01/2022 | | | | 901,281 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 27 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 600,000 | | | NYC IDA (Special Needs Facilities Pooled Program) | | | 6.650 | % | | | 07/01/2023 | | | $ | 600,978 | |
| | 405,000 | | | NYC IDA (Special Needs Facilities Pooled Program) | | | 7.875 | | | | 08/01/2025 | | | | 405,093 | |
| | 475,000 | | | NYC IDA (St. Francis College)1 | | | 5.000 | | | | 10/01/2034 | | | | 478,392 | |
| | 5,760,000 | | | NYC IDA (Stallion) | | | 5.500 | | | | 11/01/2036 | | | | 4,883,904 | |
| | 955,000 | | | NYC IDA (Stallion) | | | 6.000 | | | | 11/01/2027 | | | | 893,250 | |
| | 225,000 | | | NYC IDA (Streamline Plastics) | | | 7.750 | | | | 12/01/2015 | | | | 225,020 | |
| | 1,275,000 | | | NYC IDA (Streamline Plastics) | | | 8.125 | | | | 12/01/2025 | | | | 1,270,193 | |
| | 6,808,500 | | | NYC IDA (Studio School)2 | | | 7.000 | | | | 11/01/2038 | | | | 4,224,266 | |
| | 605,000 | | | NYC IDA (Surprise Plastics)2 | | | 7.500 | | | | 11/01/2013 | | | | 555,596 | |
| | 2,480,000 | | | NYC IDA (Surprise Plastics)2 | | | 8.500 | | | | 11/01/2023 | | | | 2,046,223 | |
| | 1,500,000 | | | NYC IDA (Terminal One Group Assoc.)1 | | | 5.500 | | | | 01/01/2021 | | | | 1,619,010 | |
| | 380,000 | | | NYC IDA (The Bank Street College) | | | 5.250 | | | | 12/01/2021 | | | | 382,584 | |
| | 1,000,000 | | | NYC IDA (The Bank Street College) | | | 5.250 | | | | 12/01/2030 | | | | 1,001,520 | |
| | 8,800,000 | | | NYC IDA (The Child School) | | | 7.550 | | | | 06/01/2033 | | | | 8,870,488 | |
| | 3,655,000 | | | NYC IDA (Therapy & Learning Center) | | | 8.250 | | | | 09/01/2031 | | | | 3,661,506 | |
| | 8,610,000 | | | NYC IDA (Tides Two Rivers Foundation) | | | 5.650 | | | | 12/01/2039 | | | | 6,463,269 | |
| | 9,580,000 | | | NYC IDA (TIP/AeFM/AeH/AeHC/AeJFK/AeKC/AeL Obligated Group)1 | | | 5.000 | | | | 07/01/2028 | | | | 9,539,956 | |
| | 32,040,000 | | | NYC IDA (Unicef) | | | 5.300 | | | | 11/01/2038 | | | | 30,784,352 | |
| | 10,000,000 | | | NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)1 | | | 5.000 | | | | 07/01/2034 | | | | 10,678,000 | |
| | 3,640,000 | | | NYC IDA (Urban Resource Institute) | | | 7.375 | | | | 11/01/2033 | | | | 3,493,672 | |
| | 6,700,000 | | | NYC IDA (Visy Paper) | | | 7.800 | | | | 01/01/2016 | | | | 6,707,437 | |
| | 70,500,000 | | | NYC IDA (Visy Paper) | | | 7.950 | | | | 01/01/2028 | | | | 70,518,330 | |
| | 1,930,000 | | | NYC IDA (Vocational Instruction)2 | | | 7.750 | | | | 02/01/2033 | | | | 1,061,404 | |
| | 1,335,000 | | | NYC IDA (W & W Jewelers) | | | 8.250 | | | | 02/01/2021 | | | | 1,338,605 | |
| | 5,930,000 | | | NYC IDA (Weizmann Institute) | | | 5.900 | | | | 11/01/2034 | | | | 5,741,545 | |
| | 2,900,000 | | | NYC IDA (Weizmann Institute) | | | 5.900 | | | | 11/01/2034 | | | | 2,807,838 | |
| | 1,125,000 | | | NYC IDA (World Casing Corp.) | | | 6.700 | | | | 11/01/2019 | | | | 1,087,054 | |
| | 100,000 | | | NYC IDA (Yankee Stadium)1 | | | 5.000 | | | | 03/01/2031 | | | | 100,957 | |
| | 70,000 | | | NYC IDA (Yankee Stadium)1 | | | 5.000 | | | | 03/01/2036 | | | | 70,362 | |
| | 36,110,000 | | | NYC IDA (Yankee Stadium)1 | | | 5.000 | | | | 03/01/2046 | | | | 36,253,718 | |
| | 16,500,000 | | | NYC IDA (Yankee Stadium)1 | | | 7.000 | | | | 03/01/2049 | | | | 19,550,520 | |
| | 24,270,000 | | | NYC IDA (Yeled Yalda Early Childhood) | | | 5.725 | | | | 11/01/2037 | | | | 22,251,950 | |
| | 1,220,000 | | | NYC IDA (YMCA of Greater New York)1 | | | 5.000 | | | | 08/01/2036 | | | | 1,239,837 | |
| | 25,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2024 | | | | 26,445 | |
| | 7,500,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2031 | | | | 7,858,275 | |
| | 8,950,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2031 | | | | 9,550,814 | |
| | 10,000,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2032 | | | | 10,753,800 | |
| | |
| 28 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 20,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | % | | | 06/15/2035 | | | $ | 20,917 | |
| | 280,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2035 | | | | 287,812 | |
| | 3,000,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2035 | | | | 3,234,270 | |
| | 20,995,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2036 | | | | 21,761,318 | |
| | 1,575,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2037 | | | | 1,643,229 | |
| | 4,495,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2039 | | | | 4,574,921 | |
| | 19,740,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2039 | | | | 20,267,650 | |
| | 2,715,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2039 | | | | 2,825,202 | |
| | 10,000,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2043 | | | | 10,536,600 | |
| | 7,500,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2044 | | | | 7,892,100 | |
| | 41,950,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2047 | | | | 44,239,212 | |
| | 10,000,000 | | | NYC Municipal Water Finance Authority1 | | | 5.000 | | | | 06/15/2047 | | | | 10,545,700 | |
| | 7,350,000 | | | NYC Municipal Water Finance Authority1 | | | 5.250 | | | | 06/15/2040 | | | | 7,809,081 | |
| | 21,570,000 | | | NYC Municipal Water Finance Authority1 | | | 5.375 | | | | 06/15/2043 | | | | 23,322,563 | |
| | 31,750,000 | | | NYC Municipal Water Finance Authority5 | | | 5.500 | | | | 06/15/2043 | | | | 34,710,688 | |
| | 2,650,000 | | | NYC Municipal Water Finance Authority1 | | | 5.750 | | | | 06/15/2040 | | | | 2,990,499 | |
| | 3,000,000 | | | NYC Sales Tax Asset Receivables Corp., Series A1 | | | 5.000 | | | | 10/15/2032 | | | | 3,130,980 | |
| | 15,475,000 | | | NYC Transitional Finance Authority1 | | | 5.000 | | | | 11/01/2039 | | | | 16,359,551 | |
| | 700,000 | | | NYC Transitional Finance Authority1 | | | 5.125 | | | | 01/15/2034 | | | | 740,243 | |
| | 7,685,000 | | | NYC Transitional Finance Authority (Building Aid)1 | | | 5.000 | | | | 07/15/2033 | | | | 8,127,887 | |
| | 15,000,000 | | | NYC Transitional Finance Authority (Building Aid)1 | | | 5.000 | | | | 07/15/2037 | | | | 15,906,750 | |
| | 7,910,000 | | | NYC Transitional Finance Authority (Building Aid)1 | | | 5.000 | | | | 07/15/2040 | | | | 8,255,746 | |
| | 15,000,000 | | | NYC Transitional Finance Authority (Building Aid)1 | | | 5.250 | | | | 07/15/2037 | | | | 16,118,700 | |
| | 1,700,000 | | | NYC Transitional Finance Authority (Building Aid)1 | | | 5.500 | | | | 01/15/2039 | | | | 1,879,435 | |
| | 15,000,000 | | | NYC Transitional Finance Authority (Future Tax)1 | | | 5.000 | | | | 05/01/2034 | | | | 16,153,350 | |
| | 20,000,000 | | | NYC Transitional Finance Authority (Future Tax)1 | | | 5.250 | | | | 11/01/2027 | | | | 22,841,000 | |
| | 6,000,000 | | | NYC Trust for Cultural Resources (Wildlife Conservation Society)1 | | | 5.000 | | | | 08/01/2033 | | | | 6,519,960 | |
| | 1,845,000 | | | NYS Convention Center Devel. Corp. (Hotel Unit)1 | | | 5.000 | | | | 11/15/2035 | | | | 1,906,549 | |
| | 850,000 | | | NYS DA (Brooklyn Law School)1 | | | 5.000 | | | | 07/01/2027 | | | | 899,912 | |
| | 850,000 | | | NYS DA (Brooklyn Law School)1 | | | 5.000 | | | | 07/01/2028 | | | | 892,755 | |
| | 430,000 | | | NYS DA (Brooklyn Law School)1 | | | 5.000 | | | | 07/01/2029 | | | | 446,744 | |
| | 430,000 | | | NYS DA (Brooklyn Law School)1 | | | 5.000 | | | | 07/01/2030 | | | | 443,205 | |
| | 4,000,000 | | | NYS DA (Buena Vida Nursing Home)1 | | | 5.250 | | | | 07/01/2028 | | | | 4,055,920 | |
| | 500,000 | | | NYS DA (Catholic Health System)1 | | | 5.000 | | | | 07/01/2032 | | | | 499,695 | |
| | 260,000 | | | NYS DA (Catholic Health System)1 | | | 5.000 | | | | 07/01/2032 | | | | 259,841 | |
| | 3,335,000 | | | NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)1 | | | 5.000 | | | | 07/01/2027 | | | | 3,374,386 | |
| | 300,000 | | | NYS DA (Culinary Institute of America)1 | | | 5.000 | | | | 07/01/2034 | | | | 293,886 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 29 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 285,000 | | | NYS DA (Fordham University)1 | | | 5.000 | % | | | 07/01/2038 | | | $ | 299,615 | |
| | 5,300,000 | | | NYS DA (Interagency Council Pooled Loan Program) | | | 7.000 | | | | 07/01/2031 | | | | 5,453,382 | |
| | 5,700,000 | | | NYS DA (Interagency Council) | | | 7.000 | | | | 07/01/2035 | | | | 5,633,823 | |
| | 3,000,000 | | | NYS DA (Iona College)1 | | | 5.000 | | | | 07/01/2032 | | | | 2,981,790 | |
| | 1,000,000 | | | NYS DA (Jewish Board of Family and Children’s Services)1 | | | 5.000 | | | | 07/01/2033 | | | | 1,000,010 | |
| | 3,490,000 | | | NYS DA (Manhattan College) | | | 5.300 | | | | 07/01/2037 | | | | 3,509,335 | |
| | 18,230,000 | | | NYS DA (Memorial Sloan-Kettering)5 | | | 5.000 | | | | 07/01/2035 | | | | 18,989,865 | |
| | 12,070,000 | | | NYS DA (Mental Health Services Facilities)1 | | | 5.000 | | | | 02/15/2035 | | | | 12,576,457 | |
| | 150,000 | | | NYS DA (Mental Health Services Facilities)1 | | | 5.000 | | | | 02/15/2037 | | | | 153,944 | |
| | 860,000 | | | NYS DA (Miriam Osborn Memorial Home Assoc.)1 | | | 5.000 | | | | 07/01/2029 | | | | 887,666 | |
| | 135,000 | | | NYS DA (New School University)1 | | | 5.000 | | | | 07/01/2033 | | | | 135,351 | |
| | 5,000,000 | | | NYS DA (New School University)1 | | | 5.000 | | | | 07/01/2041 | | | | 5,001,100 | |
| | 1,000,000 | | | NYS DA (New School University)1 | | | 5.750 | | | | 07/01/2050 | | | | 1,095,160 | |
| | 150,000 | | | NYS DA (New York Methodist Hospital)1 | | | 5.250 | | | | 07/01/2033 | | | | 151,370 | |
| | 6,000,000 | | | NYS DA (North Shore L.I. Jewish Obligated Group)1 | | | 5.000 | | | | 05/01/2039 | | | | 6,187,800 | |
| | 3,685,000 | | | NYS DA (North Shore L.I. Jewish Obligated Group)1 | | | 5.000 | | | | 05/01/2039 | | | | 3,786,817 | |
| | 5,830,000 | | | NYS DA (North Shore L.I. Jewish Obligated Group)1 | | | 5.000 | | | | 05/01/2039 | | | | 5,991,083 | |
| | 10,310,000 | | | NYS DA (North Shore L.I. Jewish Obligated Group)1 | | | 5.000 | | | | 05/01/2041 | | | | 10,506,921 | |
| | 11,500,000 | | | NYS DA (North Shore L.I. Jewish Obligated Group)1 | | | 5.250 | | | | 05/01/2034 | | | | 12,013,705 | |
| | 23,075,000 | | | NYS DA (NYU Hospitals Center)1 | | | 5.000 | | | | 07/01/2036 | | | | 23,770,942 | |
| | 2,000,000 | | | NYS DA (NYU Hospitals Center)1 | | | 5.625 | | | | 07/01/2037 | | | | 2,068,720 | |
| | 6,035,000 | | | NYS DA (Providence Rest) | | | 5.000 | | | | 07/01/2035 | | | | 5,487,867 | |
| | 2,700,000 | | | NYS DA (Providence Rest) | | | 5.125 | | | | 07/01/2030 | | | | 2,577,582 | |
| | 3,100,000 | | | NYS DA (Providence Rest) | | | 5.250 | | | | 07/01/2025 | | | | 3,070,085 | |
| | 1,750,000 | | | NYS DA (School District Bond Financing Program), Series C1 | | | 7.250 | | | | 10/01/2028 | | | | 2,122,960 | |
| | 2,645,000 | | | NYS DA (School District Bond Financing Program), Series C1 | | | 7.375 | | | | 10/01/2033 | | | | 3,183,892 | |
| | 1,525,000 | | | NYS DA (School District Bond Financing Program), Series C1 | | | 7.500 | | | | 04/01/2039 | | | | 1,844,869 | |
| | 15,000 | | | NYS DA (School District Financing)1 | | | 5.750 | | | | 10/01/2018 | | | | 15,062 | |
| | 1,895,000 | | | NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1 | | | 5.100 | | | | 07/01/2034 | | | | 1,911,013 | |
| | 5,770,000 | | | NYS DA (Smithtown Special Library District)1 | | | 6.000 | | | | 07/01/2028 | | | | 6,615,651 | |
| | 50,000 | | | NYS DA (St. Barnabas Hospital) | | | 5.125 | | | | 02/01/2022 | | | | 50,161 | |
| | 35,000 | | | NYS DA (St. Barnabas Hospital) | | | 5.450 | | | | 08/01/2035 | | | | 35,037 | |
| | 1,235,000 | | | NYS DA (St. John’s University)1 | | | 5.000 | | | | 07/01/2027 | | | | 1,357,043 | |
| | 270,000 | | | NYS DA (St. John’s University)1 | | | 5.000 | | | | 07/01/2028 | | | | 293,660 | |
| | |
| 30 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 10,750,000 | | | NYS DA (St. John’s University)1 | | | 5.000 | % | | | 07/01/2030 | | | $ | 11,531,203 | |
| | 3,500,000 | | | NYS DA (St. Joseph’s College)1 | | | 5.250 | | | | 07/01/2035 | | | | 3,524,430 | |
| | 49,200,000 | | | NYS DA (St. Mary’s Hospital for Children) | | | 7.875 | | | | 11/15/2041 | | | | 51,397,272 | |
| | 1,575,000 | | | NYS DA (St. Thomas Aquinas College) | | | 5.250 | | | | 07/01/2028 | | | | 1,575,536 | |
| | 5,620,000 | | | NYS DA (State Personal Income Tax Authority)1 | | | 5.000 | | | | 02/15/2034 | | | | 6,013,793 | |
| | 15,915,000 | | | NYS DA (State Personal Income Tax Authority)1 | | | 5.000 | | | | 03/15/2034 | | | | 16,928,786 | |
| | 3,000,000 | | | NYS DA (State Personal Income Tax Authority)1 | | | 5.000 | | | | 03/15/2034 | | | | 3,211,860 | |
| | 3,000,000 | | | NYS DA (State University of New York)1 | | | 5.000 | | | | 07/01/2035 | | | | 3,153,450 | |
| | 3,000,000 | | | NYS DA (State University of New York)1 | | | 5.000 | | | | 07/01/2040 | | | | 3,114,870 | |
| | 2,500,000 | | | NYS DA (Teachers College)1 | | | 5.000 | | | | 07/01/2034 | | | | 2,644,875 | |
| | 5,240,000 | | | NYS DA (The Bronx-Lebanon Hospital Center)1 | | | 6.250 | | | | 02/15/2035 | | | | 5,805,186 | |
| | 4,395,000 | | | NYS DA (The New School)1 | | | 5.000 | | | | 07/01/2031 | | | | 4,632,022 | |
| | 1,000,000 | | | NYS DA (University of Rochester)1 | | | 0.000 | 9 | | | 07/01/2039 | | | | 1,015,450 | |
| | 60,000 | | | NYS DA (University of Rochester)1 | | | 5.000 | | | | 07/01/2034 | | | | 61,794 | |
| | 11,695,000 | | | NYS DA (Vassar College)5 | | | 5.000 | | | | 07/01/2046 | | | | 12,103,248 | |
| | 3,105,000 | | | NYS DA (Yeshiva University)1 | | | 5.000 | | | | 11/01/2031 | | | | 3,305,086 | |
| | 2,185,000 | | | NYS DA (Yeshiva University)1 | | | 5.000 | | | | 09/01/2038 | | | | 2,293,638 | |
| | 1,405,000 | | | NYS EFC (Clean Water & Drinking Revolving Funds)1 | | | 5.000 | | | | 06/15/2037 | | | | 1,490,129 | |
| | 5,000,000 | | | NYS EFC (Clean Water & Drinking Revolving Funds)1 | | | 5.125 | | | | 06/15/2038 | | | | 5,458,300 | |
| | 430,000 | | | NYS EFC (NYC Municipal Water Finance Authority)1 | | | 5.000 | | | | 06/15/2034 | | | | 443,713 | |
| | 250,000 | | | NYS EFC (United Waterworks) | | | 5.150 | | | | 03/01/2034 | | | | 250,675 | |
| | 25,000 | | | NYS ERDA (Brooklyn Union Gas Company)1 | | | 4.700 | | | | 02/01/2024 | | | | 25,511 | |
| | 15,000 | | | NYS ERDA (Brooklyn Union Gas Company)1 | | | 5.500 | | | | 01/01/2021 | | | | 15,056 | |
| | 7,000,000 | | | NYS ERDA (Brooklyn Union Gas Company) RIBS | | | 12.371 | 8 | | | 04/01/2020 | | | | 7,022,540 | |
| | 16,300,000 | | | NYS ERDA (Brooklyn Union Gas Company) RIBS | | | 13.457 | 8 | | | 07/01/2026 | | | | 16,448,656 | |
| | 350,000 | | | NYS ERDA (LILCO)1 | | | 5.300 | | | | 10/01/2024 | | | | 352,401 | |
| | 150,000 | | | NYS ERDA (LILCO)1 | | | 5.300 | | | | 08/01/2025 | | | | 150,477 | |
| | 95,000 | | | NYS ERDA (LILCO)1 | | | 5.300 | | | | 08/01/2025 | | | | 95,302 | |
| | 1,350,000 | | | NYS ERDA (Rochester Gas & Electric)1 | | | 0.240 | 6 | | | 08/01/2032 | | | | 1,163,859 | |
| | 2,000,000 | | | NYS HFA (Affordable Hsg.)1 | | | 5.000 | | | | 11/01/2042 | | | | 2,072,500 | |
| | 2,365,000 | | | NYS HFA (Affordable Hsg.)1 | | | 5.250 | | | | 11/01/2038 | | | | 2,428,311 | |
| | 10,220,000 | | | NYS HFA (Affordable Hsg.)5 | | | 5.450 | | | | 11/01/2045 | | | | 10,549,099 | |
| | 1,080,000 | | | NYS HFA (Affordable Hsg.)1 | | | 6.450 | | | | 11/01/2029 | | | | 1,202,548 | |
| | 150,000 | | | NYS HFA (Affordable Hsg.) | | | 6.750 | | | | 11/01/2038 | | | | 174,525 | |
| | 1,485,000 | | | NYS HFA (Children’s Rescue) | | | 7.625 | | | | 05/01/2018 | | | | 1,484,748 | |
| | 935,000 | | | NYS HFA (Friendship)1 | | | 5.100 | | | | 08/15/2041 | | | | 946,697 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 31 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 1,215,000 | | | NYS HFA (Golden Age Apartments)1 | | | 5.000 | % | | | 02/15/2037 | | | $ | 1,232,520 | |
| | 150,000 | | | NYS HFA (Highland Avenue Senior Apartments)1 | | | 5.000 | | | | 02/15/2039 | | | | 152,429 | |
| | 120,000 | | | NYS HFA (Horizons at Wawayanda)1 | | | 5.150 | | | | 11/01/2040 | | | | 124,475 | |
| | 3,660,000 | | | NYS HFA (Multifamily Hsg.)1 | | | 4.850 | | | | 02/15/2038 | | | | 3,708,532 | |
| | 2,080,000 | | | NYS HFA (Multifamily Hsg.)1 | | | 5.375 | | | | 02/15/2035 | | | | 2,081,498 | |
| | 2,075,000 | | | NYS HFA (Multifamily Hsg.)1 | | | 5.500 | | | | 08/15/2030 | | | | 2,076,992 | |
| | 1,710,000 | | | NYS HFA (Multifamily Hsg.)1 | | | 5.650 | | | | 02/15/2034 | | | | 1,711,659 | |
| | 2,120,000 | | | NYS HFA (Multifamily Hsg.)1 | | | 5.700 | | | | 08/15/2033 | | | | 2,122,205 | |
| | 1,255,000 | | | NYS HFA (Multifamily Hsg.)1 | | | 6.400 | | | | 11/15/2027 | | | | 1,257,410 | |
| | 385,000 | | | NYS HFA (Nonprofit Hsg.) | | | 8.400 | | | | 11/01/2013 | | | | 387,191 | |
| | 470,000 | | | NYS HFA (Nonprofit Hsg.) | | | 8.400 | | | | 11/01/2014 | | | | 470,000 | |
| | 495,000 | | | NYS HFA (Nonprofit Hsg.) | | | 8.400 | | | | 11/01/2015 | | | | 497,589 | |
| | 535,000 | | | NYS HFA (Nonprofit Hsg.)1 | | | 8.400 | | | | 11/01/2016 | | | | 537,573 | |
| | 590,000 | | | NYS HFA (Nonprofit Hsg.) | | | 8.400 | | | | 11/01/2017 | | | | 592,714 | �� |
| | 630,000 | | | NYS HFA (Nonprofit Hsg.)1 | | | 8.400 | | | | 11/01/2018 | | | | 632,734 | |
| | 1,250,000 | | | NYS HFA (State Personal Income Tax Authority)1 | | | 5.000 | | | | 03/15/2036 | | | | 1,282,700 | |
| | 510,000 | | | NYS LGSC (SCSB) | | | 7.375 | | | | 12/15/2016 | | | | 513,177 | |
| | 910,000 | | | NYS LGSC (SCSB) | | | 7.750 | | | | 12/15/2021 | | | | 924,069 | |
| | 5,000,000 | | | NYS Liberty Devel. Corp. (4 World Trade Center)1 | | | 5.000 | | | | 11/15/2031 | | | | 5,272,650 | |
| | 3,000,000 | | | NYS Liberty Devel. Corp. (4 World Trade Center)1 | | | 5.000 | | | | 11/15/2044 | | | | 3,051,210 | |
| | 20,000,000 | | | NYS Liberty Devel. Corp. (4 World Trade Center) | | | 5.750 | | | | 11/15/2051 | | | | 22,170,000 | |
| | 10,000,000 | | | NYS Liberty Devel. Corp. (7 World Trade Center)1 | | | 5.000 | | | | 09/15/2040 | | | | 10,466,600 | |
| | 110,000 | | | NYS Medcare (Hospital & Nursing Home)1 | | | 7.400 | | | | 11/01/2016 | | | | 110,580 | |
| | 40,000 | | | NYS Medcare (Hospital & Nursing Home)1 | | | 9.375 | | | | 11/01/2016 | | | | 40,298 | |
| | 5,000,000 | | | NYS Power Authority1 | | | 5.000 | | | | 11/15/2038 | | | | 5,341,800 | |
| | 5,540,000 | | | NYS Thruway Authority1 | | | 5.000 | | | | 04/01/2031 | | | | 5,967,356 | |
| | 7,650,000 | | | NYS Thruway Authority1 | | | 5.000 | | | | 01/01/2032 | | | | 8,157,272 | |
| | 50,000 | | | Oneida County, NY IDA (Civic Facilities-Mohawk Valley) | | | 4.625 | | | | 09/15/2030 | | | | 47,105 | |
| | 830,000 | | | Oneida County, NY IDA (Civic Facilities-Mohawk Valley) | | | 5.000 | | | | 09/15/2035 | | | | 790,882 | |
| | 350,000 | | | Oneida County, NY IDA (Mohawk Valley Handicapped Services) | | | 5.300 | | | | 03/15/2019 | | | | 342,689 | |
| | 1,060,000 | | | Oneida County, NY IDA (Mohawk Valley Handicapped Services) | | | 5.350 | | | | 03/15/2029 | | | | 973,737 | |
| | 1,185,000 | | | Onondaga County, NY IDA (Free Library)1 | | | 5.125 | | | | 03/01/2030 | | | | 1,223,904 | |
| | 1,115,000 | | | Onondaga County, NY IDA (Free Library)1 | | | 5.125 | | | | 03/01/2037 | | | | 1,136,486 | |
| | 545,000 | | | Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)1 | | | 6.250 | | | | 12/01/2034 | | | | 545,850 | |
| | 42,834,598 | | | Onondaga County, NY Res Rec | | | 0.000 | 9 | | | 05/01/2022 | | | | 37,803,246 | |
| | |
| 32 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 13,570,000 | | | Onondaga County, NY Res Rec | | | 5.000 | % | | | 05/01/2015 | | | $ | 13,265,489 | |
| | 1,540,000 | | | Onondaga, NY Civic Devel Corp. (Le Moyne College)1 | | | 5.000 | | | | 07/01/2042 | | | | 1,509,939 | |
| | 3,465,000 | | | Onondaga, NY Civic Devel Corp. (Upstate Properties)1 | | | 5.250 | | | | 12/01/2041 | | | | 3,598,645 | |
| | 2,000,000 | | | Onondaga, NY Civic Devel. Corp. (Le Moyne College)1 | | | 5.375 | | | | 07/01/2040 | | | | 2,061,740 | |
| | 1,435,000 | | | Orange County, NY Funding Corp. (Mount St. Mary College)1 | | | 5.000 | | | | 07/01/2042 | | | | 1,472,683 | |
| | 2,315,000 | | | Orange County, NY IDA (Arden Hill Life Care Center) | | | 7.000 | | | | 08/01/2021 | | | | 2,315,671 | |
| | 2,325,000 | | | Orange County, NY IDA (Arden Hill Life Care Center) | | | 7.000 | | | | 08/01/2031 | | | | 2,324,907 | |
| | 2,090,000 | | | Orange County, NY IDA (Arden Hill Life Care Center) | | | 7.000 | | | | 08/01/2031 | | | | 2,089,916 | |
| | 1,715,000 | | | Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group) | | | 5.375 | | | | 12/01/2021 | | | | 1,716,578 | |
| | 6,330,000 | | | Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group) | | | 5.375 | | | | 12/01/2026 | | | | 6,330,950 | |
| | 2,235,000 | | | Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group) | | | 5.375 | | | | 12/01/2026 | | | | 2,235,335 | |
| | 10,910,000 | | | Peekskill, NY IDA (Drum Hill) | | | 6.375 | | | | 10/01/2028 | | | | 10,909,236 | |
| | 27,735,000 | | | Port Authority NY/NJ (Continental Airlines) | | | 9.125 | | | | 12/01/2015 | | | | 28,422,828 | |
| | 16,435,000 | | | Port Authority NY/NJ (JFK International Air Terminal)1 | | | 5.750 | | | | 12/01/2022 | | | | 16,822,702 | |
| | 31,910,000 | | | Port Authority NY/NJ (JFK International Air Terminal)1 | | | 5.750 | | | | 12/01/2025 | | | | 32,544,371 | |
| | 45,300,000 | | | Port Authority NY/NJ (KIAC) | | | 6.750 | | | | 10/01/2019 | | | | 44,063,763 | |
| | 250,000 | | | Port Authority NY/NJ, 131st Series1 | | | 4.750 | | | | 06/15/2033 | | | | 251,603 | |
| | 95,000 | | | Port Authority NY/NJ, 132nd Series1 | | | 5.000 | | | | 09/01/2038 | | | | 96,473 | |
| | 250,000 | | | Port Authority NY/NJ, 135th Series1 | | | 5.000 | | | | 03/15/2039 | | | | 254,393 | |
| | 33,025,000 | | | Port Authority NY/NJ, 136th Series5 | | | 5.125 | | | | 05/01/2034 | | | | 34,198,758 | |
| | 5,050,000 | | | Port Authority NY/NJ, 136th Series1 | | | 5.125 | | | | 05/01/2034 | | | | 5,229,376 | |
| | 19,175,000 | | | Port Authority NY/NJ, 136th Series5 | | | 5.375 | | | | 11/01/2028 | | | | 19,890,651 | |
| | 22,855,000 | | | Port Authority NY/NJ, 136th Series5 | | | 5.500 | | | | 11/01/2029 | | | | 23,734,196 | |
| | 26,000,000 | | | Port Authority NY/NJ, 138th Series5 | | | 4.750 | | | | 12/01/2034 | | | | 26,269,100 | |
| | 27,255,000 | | | Port Authority NY/NJ, 141st Series5 | | | 4.500 | | | | 09/01/2029 | | | | 27,526,337 | |
| | 47,910,000 | | | Port Authority NY/NJ, 143rd Series5 | | | 5.000 | | | | 10/01/2030 | | | | 50,762,561 | |
| | 35,000 | | | Port Authority NY/NJ, 143rd Series1 | | | 5.000 | | | | 04/01/2036 | | | | 35,766 | |
| | 17,500,000 | | | Port Authority NY/NJ, 144th Series1 | | | 5.000 | | | | 10/01/2035 | | | | 18,975,950 | |
| | 12,840,000 | | | Port Authority NY/NJ, 146th Series5 | | | 4.500 | | | | 12/01/2034 | | | | 12,867,566 | |
| | 10,000 | | | Port Authority NY/NJ, 146th Series1 | | | 4.500 | | | | 12/01/2034 | | | | 10,022 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 33 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 26,100,000 | | | Port Authority NY/NJ, 146th Series5 | | | 4.750 | % | | | 12/01/2027 | | | $ | 26,776,199 | |
| | 10,000 | | | Port Authority NY/NJ, 146th Series1 | | | 4.750 | | | | 12/01/2027 | | | | 10,262 | |
| | 13,005,000 | | | Port Authority NY/NJ, 147th Series5 | | | 4.750 | | | | 10/15/2028 | | | | 13,201,757 | |
| | 17,790,000 | | | Port Authority NY/NJ, 147th Series5 | | | 5.000 | | | | 10/15/2027 | | | | 18,796,363 | |
| | 20,000,000 | | | Port Authority NY/NJ, 147th Series5 | | | 5.000 | | | | 10/15/2032 | | | | 20,879,560 | |
| | 82,000,000 | | | Port Authority NY/NJ, 151st Series5 | | | 5.750 | | | | 03/15/2035 | | | | 90,671,155 | |
| | 15,000,000 | | | Port Authority NY/NJ, 151st Series5 | | | 6.000 | | | | 09/15/2028 | | | | 16,752,450 | |
| | 101,940,000 | | | Port Authority NY/NJ, 152nd Series5 | | | 5.250 | | | | 11/01/2035 | | | | 106,944,235 | |
| | 13,715,000 | | | Port Authority NY/NJ, 152nd Series5 | | | 5.250 | | | | 05/01/2038 | | | | 14,314,538 | |
| | 22,500,000 | | | Port Authority NY/NJ, 152nd Series5 | | | 5.750 | | | | 11/01/2030 | | | | 24,816,375 | |
| | 15,300,000 | | | Port Authority NY/NJ, 161st Series5 | | | 5.000 | | | | 10/15/2031 | | | | 17,108,460 | |
| | 20,250,000 | | | Port Authority NY/NJ, 163rd Series5 | | | 5.000 | | | | 07/15/2039 | | | | 21,444,143 | |
| | 21,515,000 | | | Port Authority NY/NJ, 166th Series5 | | | 5.000 | | | | 01/15/2041 | | | | 22,646,426 | |
| | 15,000,000 | | | Port Authority NY/NJ, 166th Series5 | | | 5.250 | | | | 07/15/2036 | | | | 16,508,250 | |
| | 400,000 | | | Port Authority NY/NJ, 172nd Series1 | | | 5.000 | | | | 10/01/2034 | | | | 420,824 | |
| | 50,660,000 | | | Port Authority NY/NJ, 37th Series5 | | | 5.250 | | | | 07/15/2034 | | | | 52,832,301 | |
| | 2,755,000 | | | Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1 | | | 6.000 | | | | 08/01/2032 | | | | 2,757,480 | |
| | 2,525,000 | | | Ramapo, NY Local Devel. Corp.1 | | | 5.000 | | | | 03/15/2033 | | | | 2,601,230 | |
| | 1,500,000 | | | Rensselaer County, NY IDA (Franciscan Heights)1 | | | 5.375 | | | | 12/01/2036 | | | | 1,511,580 | |
| | 6,385,000 | | | Rensselaer County, NY Tobacco Asset Securitization Corp.1 | | | 5.625 | | | | 06/01/2035 | | | | 6,368,718 | |
| | 7,300,000 | | | Rensselaer County, NY Tobacco Asset Securitization Corp.1 | | | 5.750 | | | | 06/01/2043 | | | | 7,372,635 | |
| | 4,820,000 | | | Rensselaer, NY City School District COP | | | 5.000 | | | | 06/01/2036 | | | | 4,825,013 | |
| | 1,120,000 | | | Riverhead, NY IDA (Michael Reilly Design) | | | 8.875 | | | | 08/01/2021 | | | | 1,128,915 | |
| | 1,195,000 | | | Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group) | | | 4.900 | | | | 07/01/2021 | | | | 1,087,868 | |
| | 9,225,000 | | | Rockland County, NY Tobacco Asset Securitization Corp.1 | | | 5.625 | | | | 08/15/2035 | | | | 9,202,307 | |
| | 13,095,000 | | | Rockland County, NY Tobacco Asset Securitization Corp.1 | | | 5.750 | | | | 08/15/2043 | | | | 13,090,286 | |
| | 30,000,000 | | | Rockland County, NY Tobacco Asset Securitization Corp. | | | 5.875 | 3 | | | 08/15/2045 | | | | 1,107,900 | |
| | 486,000,000 | | | Rockland County, NY Tobacco Asset Securitization Corp. | | | 7.668 | 3 | | | 08/15/2060 | | | | 2,016,900 | |
| | 20,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2015 | | | | 21,135 | |
| | 20,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2016 | | | | 21,564 | |
| | 25,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2017 | | | | 26,789 | |
| | 25,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2018 | | | | 26,559 | |
| | 25,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2019 | | | | 26,420 | |
| | |
| 34 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 25,000 | | | Sanford Town, NY GO | | | 5.250 | % | | | 04/15/2020 | | | $ | 26,312 | |
| | 30,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2021 | | | | 31,376 | |
| | 30,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2022 | | | | 31,247 | |
| | 30,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2023 | | | | 31,121 | |
| | 30,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2024 | | | | 30,989 | |
| | 35,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2025 | | | | 36,002 | |
| | 35,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2026 | | | | 35,900 | |
| | 40,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2027 | | | | 40,957 | |
| | 40,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2028 | | | | 40,872 | |
| | 40,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2029 | | | | 40,830 | |
| | 45,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2030 | | | | 45,875 | |
| | 45,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2031 | | | | 45,827 | |
| | 50,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2032 | | | | 50,867 | |
| | 50,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2033 | | | | 50,828 | |
| | 55,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2034 | | | | 55,867 | |
| | 60,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2035 | | | | 60,883 | |
| | 60,000 | | | Sanford Town, NY GO | | | 5.250 | | | | 04/15/2036 | | | | 60,836 | |
| | 2,650,000 | | | Seneca County, NY IDA (New York Chiropractic College)1 | | | 5.000 | | | | 10/01/2027 | | | | 2,703,742 | |
| | 22,850,000 | | | SONYMA, Series 1065 | | | 5.250 | | | | 04/01/2034 | | | | 22,861,666 | |
| | 28,260,000 | | | SONYMA, Series 1095 | | | 4.950 | | | | 10/01/2034 | | | | 28,302,909 | |
| | 27,320,000 | | | SONYMA, Series 1161 | | | 4.800 | | | | 10/01/2034 | | | | 28,239,864 | |
| | 9,510,000 | | | SONYMA, Series 1335 | | | 5.050 | | | | 10/01/2026 | | | | 9,686,117 | |
| | 22,640,000 | | | SONYMA, Series 1375 | | | 4.700 | | | | 10/01/2031 | | | | 22,876,797 | |
| | 13,430,000 | | | SONYMA, Series 1405 | | | 4.750 | | | | 10/01/2037 | | | | 13,460,981 | |
| | 8,455,000 | | | SONYMA, Series 1435 | | | 4.900 | | | | 10/01/2037 | | | | 8,565,410 | |
| | 3,965,000 | | | SONYMA, Series 1455 | | | 5.125 | | | | 10/01/2037 | | | | 4,045,744 | |
| | 975,000 | | | SONYMA, Series 1451 | | | 5.125 | | | | 10/01/2037 | | | | 994,861 | |
| | 1,955,000 | | | SONYMA, Series 1485 | | | 5.150 | | | | 10/01/2027 | | | | 2,012,379 | |
| | 1,855,000 | | | SONYMA, Series 1485 | | | 5.200 | | | | 10/01/2032 | | | | 1,889,336 | |
| | 410,000 | | | SONYMA, Series 691 | | | 5.500 | | | | 10/01/2028 | | | | 410,418 | |
| | 1,050,000 | | | SONYMA, Series 715 | | | 5.400 | | | | 04/01/2029 | | | | 1,051,224 | |
| | 35,000 | | | SONYMA, Series 711 | | | 5.400 | | | | 04/01/2029 | | | | 35,037 | |
| | 5,000 | | | SONYMA, Series 711 | | | 5.400 | | | | 04/01/2029 | | | | 5,004 | |
| | 430,000 | | | SONYMA, Series 771 | | | 5.150 | | | | 04/01/2029 | | | | 430,348 | |
| | 220,000 | | | SONYMA, Series 795 | | | 5.300 | | | | 04/01/2029 | | | | 220,230 | |
| | 1,510,000 | | | St. Lawrence County, NY IDA (Clarkson University)1 | | | 5.000 | | | | 09/01/2041 | | | | 1,575,761 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 35 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 4,775,000 | | | St. Lawrence County, NY IDA (Clarkson University)1 | | | 5.375 | % | | | 09/01/2041 | | | $ | 5,101,610 | |
| | 520,000 | | | St. Lawrence County, NY IDA (Clarkson University)1 | | | 6.000 | | | | 09/01/2034 | | | | 585,312 | |
| | 4,360,000 | | | St. Lawrence County, NY IDA (Curran Renewable Energy) | | | 7.250 | | | | 12/01/2029 | | | | 3,609,426 | |
| | 1,980,000 | | | St. Lawrence County, NY IDA (Edwards John Noble Hospital) | | | 5.250 | | | | 10/01/2020 | | | | 2,117,887 | |
| | 5,440,000 | | | St. Lawrence County, NY IDA (Edwards John Noble Hospital) | | | 6.250 | | | | 10/01/2040 | | | | 5,620,118 | |
| | 1,280,000 | | | St. Lawrence County, NY IDA (St. Lawrence University)1 | | | 5.000 | | | | 07/01/2030 | | | | 1,380,403 | |
| | 1,355,000 | | | St. Lawrence County, NY IDA (St. Lawrence University)1 | | | 5.000 | | | | 07/01/2031 | | | | 1,455,744 | |
| | 11,850,000 | | | Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)1 | | | 5.000 | | | | 07/01/2028 | | | | 12,575,931 | |
| | 1,075,000 | | | Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises) | | | 6.000 | | | | 12/01/2019 | | | | 1,050,039 | |
| | 1,005,000 | | | Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises) | | | 6.750 | | | | 06/01/2027 | | | | 979,754 | |
| | 4,250,000 | | | Suffolk County, NY Economic Devel. Corp., Series A | | | 7.375 | | | | 12/01/2040 | | | | 4,350,938 | |
| | 635,000 | | | Suffolk County, NY IDA (ACLD) | | | 6.000 | | | | 12/01/2019 | | | | 620,255 | |
| | 1,660,000 | | | Suffolk County, NY IDA (ALIA-ACLD) | | | 5.950 | | | | 10/01/2021 | | | | 1,590,695 | |
| | 80,000 | | | Suffolk County, NY IDA (ALIA-ADD) | | | 6.950 | | | | 12/01/2014 | | | | 80,146 | |
| | 215,000 | | | Suffolk County, NY IDA (ALIA-ADD) | | | 7.125 | | | | 06/01/2017 | | | | 216,191 | |
| | 105,000 | | | Suffolk County, NY IDA (ALIA-ADD) | | | 7.500 | | | | 09/01/2015 | | | | 105,495 | |
| | 845,000 | | | Suffolk County, NY IDA (ALIA-Adelante) | | | 6.500 | | | | 11/01/2037 | | | | 776,648 | |
| | 2,300,000 | | | Suffolk County, NY IDA (ALIA-DDI) | | | 5.950 | | | | 10/01/2021 | | | | 2,251,677 | |
| | 645,000 | | | Suffolk County, NY IDA (ALIA-FREE) | | | 5.950 | | | | 10/01/2021 | | | | 618,071 | |
| | 460,000 | | | Suffolk County, NY IDA (ALIA-IGHL) | | | 5.950 | | | | 10/01/2021 | | | | 440,795 | |
| | 665,000 | | | Suffolk County, NY IDA (ALIA-IGHL) | | | 5.950 | | | | 11/01/2022 | | | | 632,023 | |
| | 355,000 | | | Suffolk County, NY IDA (ALIA-IGHL) | | | 6.000 | | | | 10/01/2031 | | | | 318,669 | |
| | 615,000 | | | Suffolk County, NY IDA (ALIA-NYS ARC) | | | 5.950 | | | | 11/01/2022 | | | | 584,502 | |
| | 275,000 | | | Suffolk County, NY IDA (ALIA-NYS ARC) | | | 7.500 | | | | 09/01/2015 | | | | 276,295 | |
| | 120,000 | | | Suffolk County, NY IDA (ALIA-Pederson-Krag Center) | | | 8.375 | | | | 06/01/2016 | | | | 121,111 | |
| | 215,000 | | | Suffolk County, NY IDA (ALIA-SMCFS) | | | 7.500 | | | | 09/01/2015 | | | | 216,013 | |
| | 190,000 | | | Suffolk County, NY IDA (ALIA-Suffolk Hostels) | | | 7.500 | | | | 09/01/2015 | | | | 190,771 | |
| | 1,545,000 | | | Suffolk County, NY IDA (ALIA-UCPAGS) | | | 5.950 | | | | 10/01/2021 | | | | 1,480,496 | |
| | 35,000 | | | Suffolk County, NY IDA (ALIA-UCPAGS) | | | 6.375 | | | | 06/01/2014 | | | | 35,046 | |
| | 290,000 | | | Suffolk County, NY IDA (ALIA-UCPAGS) | | | 6.950 | | | | 12/01/2014 | | | | 290,206 | |
| | 295,000 | | | Suffolk County, NY IDA (ALIA-UCPAGS) | | | 7.000 | | | | 06/01/2016 | | | | 295,988 | |
| | 140,000 | | | Suffolk County, NY IDA (ALIA-UCPAGS) | | | 7.500 | | | | 09/01/2015 | | | | 140,659 | |
| | |
| 36 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 3,530,000 | | | Suffolk County, NY IDA (ALIA-UVBH) | | | 6.500 | % | | | 11/01/2037 | | | $ | 3,244,458 | |
| | 600,000 | | | Suffolk County, NY IDA (ALIA-WORCA) | | | 5.950 | | | | 11/01/2022 | | | | 570,246 | |
| | 440,000 | | | Suffolk County, NY IDA (Catholic Charities) | | | 6.000 | | | | 10/01/2020 | | | | 427,328 | |
| | 115,000 | | | Suffolk County, NY IDA (DDI) | | | 6.000 | | | | 12/01/2019 | | | | 112,330 | |
| | 375,000 | | | Suffolk County, NY IDA (DDI) | | | 6.000 | | | | 10/01/2020 | | | | 364,200 | |
| | 390,000 | | | Suffolk County, NY IDA (DDI) | | | 6.000 | | | | 10/01/2020 | | | | 378,768 | |
| | 560,000 | | | Suffolk County, NY IDA (Dowling College) | | | 5.000 | | | | 06/01/2036 | | | | 497,073 | |
| | 2,600,000 | | | Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) | | | 5.375 | | | | 01/01/2027 | | | | 2,482,246 | |
| | 2,040,000 | | | Suffolk County, NY IDA (Federation of Organizations) | | | 8.125 | | | | 04/01/2030 | | | | 2,042,264 | |
| | 2,450,000 | | | Suffolk County, NY IDA (Gurwin Jewish-Phase II) | | | 6.700 | | | | 05/01/2039 | | | | 2,504,905 | |
| | 2,420,000 | | | Suffolk County, NY IDA (Huntington First Aid Squad) | | | 6.650 | | | | 11/01/2017 | | | | 2,422,444 | |
| | 170,000 | | | Suffolk County, NY IDA (Independent Group Home Living) | | | 6.000 | | | | 12/01/2019 | | | | 166,053 | |
| | 815,000 | | | Suffolk County, NY IDA (Independent Group Home Living) | | | 6.000 | | | | 10/01/2020 | | | | 791,528 | |
| | 5,600,000 | | | Suffolk County, NY IDA (Jefferson’s Ferry)1 | | | 5.000 | | | | 11/01/2028 | | | | 5,731,880 | |
| | 4,065,000 | | | Suffolk County, NY IDA (L.I. Network Community Services) | | | 7.550 | | | | 02/01/2034 | | | | 4,254,673 | |
| | 7,680,000 | | | Suffolk County, NY IDA (Medford Hamlet Assisted Living) | | | 6.375 | | | | 01/01/2039 | | | | 7,061,683 | |
| | 1,865,000 | | | Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) | | | 6.750 | | | | 11/01/2036 | | | | 1,869,252 | |
| | 635,000 | | | Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) | | | 6.750 | | | | 11/01/2036 | | | | 635,076 | |
| | 2,000,000 | | | Suffolk County, NY IDA (New York Institute of Technology)1 | | | 5.000 | | | | 03/01/2026 | | | | 2,020,620 | |
| | 26,425,000 | | | Suffolk County, NY IDA (Nissequogue Cogeneration Partners) | | | 5.500 | | | | 01/01/2023 | | | | 25,459,431 | |
| | 4,800,000 | | | Suffolk County, NY IDA (Pederson-Krager Center) | | | 7.200 | | | �� | 02/01/2035 | | | | 4,434,384 | |
| | 2,365,000 | | | Suffolk County, NY IDA (Pederson-Krager Center) | | | 8.125 | | | | 04/01/2030 | | | | 2,365,922 | |
| | 930,000 | | | Suffolk County, NY IDA (Special Needs Facilities Pooled Program) | | | 5.250 | | | | 07/01/2022 | | | | 842,403 | |
| | 2,290,000 | | | Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center) | | | 8.000 | | | | 04/01/2030 | | | | 2,293,550 | |
| | 370,000 | | | Suffolk County, NY IDA (Suffolk Hotels) | | | 6.000 | | | | 10/01/2020 | | | | 359,344 | |
| | 1,240,000 | | | Suffolk County, NY IDA (United Cerebral Palsy Assoc.) | | | 6.000 | | | | 12/01/2019 | | | | 1,211,207 | |
| | 3,200,000 | | | Suffolk County, NY IDA (United Cerebral Palsy Assoc.) | | | 7.875 | | | | 09/01/2041 | | | | 3,287,648 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 37 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 645,000 | | | Suffolk County, NY IDA (WORCA) | | | 6.000 | % | | | 10/01/2020 | | | $ | 626,424 | |
| | 10,080,000 | | | Suffolk, NY Tobacco Asset Securitization Corp.1 | | | 5.375 | | | | 06/01/2028 | | | | 9,426,312 | |
| | 29,915,000 | | | Suffolk, NY Tobacco Asset Securitization Corp.1 | | | 6.000 | | | | 06/01/2048 | | | | 25,785,533 | |
| | 119,295,000 | | | Suffolk, NY Tobacco Asset Securitization Corp.1 | | | 6.625 | | | | 06/01/2044 | | | | 113,082,116 | |
| | 287,265,000 | | | Suffolk, NY Tobacco Asset Securitization Corp. | | | 8.000 | 3 | | | 06/01/2048 | | | | 7,908,405 | |
| | 3,005,000 | | | Sullivan County, NY Community College COP2 | | | 5.750 | | | | 08/15/2025 | | | | 2,567,682 | |
| | 6,442,500 | | | Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.) | | | 8.500 | | | | 11/01/2031 | | | | 6,533,017 | |
| | 2,345,000 | | | Syracuse, NY Hsg. Authority (Pavilion on James) | | | 7.500 | | | | 11/01/2042 | | | | 2,134,630 | |
| | 203,935,000 | | | Syracuse, NY IDA (Carousel Center)1 | | | 5.000 | | | | 01/01/2036 | | | | 198,824,389 | |
| | 1,000,000 | | | Syracuse, NY IDA (Crouse Irving Health Hospital) | | | 5.375 | | | | 01/01/2023 | | | | 1,000,170 | |
| | 5,585,000 | | | Syracuse, NY IDA (James Square) | | | 7.197 | 3 | | | 08/01/2025 | | | | 2,561,337 | |
| | 615,000 | | | Syracuse, NY IDA (Jewish Home of Central New York) | | | 7.375 | | | | 03/01/2021 | | | | 598,469 | |
| | 2,050,000 | | | Syracuse, NY IDA (Jewish Home of Central New York) | | | 7.375 | | | | 03/01/2031 | | | | 1,915,807 | |
| | 1,700,000 | | | Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)1 | | | 5.000 | | | | 07/01/2038 | | | | 1,666,697 | |
| | 35,000 | | | Tompkins, NY Health Care Corp. (Reconstruction Home)1 | | | 10.800 | | | | 02/01/2028 | | | | 35,984 | |
| | 2,000,000 | | | Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1 | | | 5.000 | | | | 09/01/2030 | | | | 2,118,440 | |
| | 185,000 | | | Ulster County, NY Res Rec1 | | | 5.000 | | | | 03/01/2020 | | | | 193,257 | |
| | 3,180,000 | | | Ulster County, NY Tobacco Asset Securitization Corp.1 | | | 6.000 | | | | 06/01/2040 | | | | 2,941,023 | |
| | 1,925,000 | | | Ulster County, NY Tobacco Asset Securitization Corp.1 | | | 6.250 | | | | 06/01/2025 | | | | 1,924,885 | |
| | 3,005,000 | | | Ulster County, NY Tobacco Asset Securitization Corp.1 | | | 6.450 | | | | 06/01/2040 | | | | 2,805,708 | |
| | 3,550,000 | | | Utica, NY IDA (Utica College Civic Facility) | �� | | 6.850 | | | | 12/01/2031 | | | | 3,567,644 | |
| | 1,280,000 | | | Warren & Washington Counties, NY IDA (GFH/GFHF Obligated Group)1 | | | 5.000 | | | | 12/01/2035 | | | | 1,281,370 | |
| | 1,385,000 | | | Wayne County, NY IDA (ARC) | | | 8.375 | | | | 03/01/2018 | | | | 1,386,011 | |
| | 20,000 | | | Westchester County, NY GO1 | | | 5.375 | | | | 12/15/2014 | | | | 20,460 | |
| | 10,645,000 | | | Westchester County, NY Healthcare Corp., Series A1 | | | 5.000 | | | | 11/01/2030 | | | | 11,097,625 | |
| | 1,700,000 | | | Westchester County, NY Healthcare Corp., Series B1 | | | 5.125 | | | | 11/01/2041 | | | | 1,748,688 | |
| | 1,215,000 | | | Westchester County, NY IDA (Clearview School) | | | 7.250 | | | | 01/01/2035 | | | | 1,219,848 | |
| | 1,300,000 | | | Westchester County, NY IDA (Guiding Eyes for the Blind)1 | | | 5.375 | | | | 08/01/2024 | | | | 1,341,912 | |
| | 755,000 | | | Westchester County, NY IDA (JDAM)1 | | | 6.750 | | | | 04/01/2016 | | | | 757,937 | |
| | |
| 38 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | New York Continued | | | | | |
| | $ 3,400,000 | | | Westchester County, NY IDA (Lawrence Hospital)1 | | | 5.000 | % | | | 01/01/2028 | | | $ | 3,374,024 | |
| | 460,000 | | | Westchester County, NY IDA (Lawrence Hospital) | | | 5.125 | | | | 01/01/2018 | | | | 460,773 | |
| | 600,000 | | | Westchester County, NY IDA (Schnurmacher Center) | | | 6.500 | | | | 11/01/2013 | | | | 607,512 | |
| | 1,710,000 | | | Westchester County, NY IDA (Schnurmacher Center) | | | 6.500 | | | | 11/01/2033 | | | | 1,778,913 | |
| | 4,500,000 | | | Westchester County, NY Tobacco Asset Securitization Corp.1 | | | 5.000 | | | | 06/01/2026 | | | | 4,472,325 | |
| | 59,400,000 | | | Westchester County, NY Tobacco Asset Securitization Corp.1 | | | 5.125 | | | | 06/01/2038 | | | | 56,588,004 | |
| | 52,815,000 | | | Westchester County, NY Tobacco Asset Securitization Corp.1 | | | 5.125 | | | | 06/01/2045 | | | | 43,301,434 | |
| | 3,155,000 | | | Yonkers, NY IDA (Hudson Scenic Studio) | | | 6.625 | | | | 11/01/2019 | | | | 3,061,612 | |
| | 3,770,000 | | | Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)1 | | | 5.650 | | | | 02/01/2039 | | | | 3,773,921 | |
| | 1,455,000 | | | Yonkers, NY IDA (Philipsburgh Hall Associates) | | | 7.500 | | | | 11/01/2030 | | | | 1,143,819 | |
| | 1,050,000 | | | Yonkers, NY IDA (Sarah Lawrence College)1 | | | 6.000 | | | | 06/01/2041 | | | | 1,125,999 | |
| | 1,200,000 | | | Yonkers, NY IDA (St. Joseph’s Hospital) | | | 6.150 | | | | 03/01/2015 | | | | 1,200,852 | |
| | 460,000 | | | Yonkers, NY IDA (St. Joseph’s Hospital) | | | 8.500 | | | | 12/30/2013 | | | | 462,953 | |
| | 1,900,000 | | | Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-A | | | 6.150 | | | | 03/01/2015 | | | | 1,901,349 | |
| | 500,000 | | | Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B | | | 6.150 | | | | 03/01/2015 | | | | 500,355 | |
| | 685,000 | | | Yonkers, NY Parking Authority | | | 6.000 | | | | 06/15/2018 | | | | 685,062 | |
| | 1,215,000 | | | Yonkers, NY Parking Authority | | | 6.000 | | | | 06/15/2024 | | | | 1,132,696 | |
| | | | | | | | | | | | | | | | 6,099,251,534 | |
| | U.S. Possessions—30.3% | | | | | |
| | 825,000 | | | Guam Education Financing Foundation COP1 | | | 5.000 | | | | 10/01/2023 | | | | 829,513 | |
| | 6,000,000 | | | Guam GO1 | | | 6.750 | | | | 11/15/2029 | | | | 6,405,180 | |
| | 10,000,000 | | | Guam GO1 | | | 7.000 | | | | 11/15/2039 | | | | 10,752,700 | |
| | 2,400,000 | | | Guam Government Business Privilege1 | | | 5.000 | | | | 01/01/2031 | | | | 2,503,008 | |
| | 5,400,000 | | | Guam Government Business Privilege1 | | | 5.250 | | | | 01/01/2036 | | | | 5,671,944 | |
| | 345,000 | | | Guam Hsg. Corp. (Single Family Mtg.) | | | 5.750 | | | | 09/01/2031 | | | | 367,190 | |
| | 1,230,000 | | | Guam Power Authority, Series A1 | | | 5.000 | | | | 10/01/2023 | | | | 1,365,521 | |
| | 1,560,000 | | | Guam Power Authority, Series A1 | | | 5.000 | | | | 10/01/2024 | | | | 1,703,910 | |
| | 2,790,000 | | | Guam Power Authority, Series A1 | | | 5.000 | | | | 10/01/2030 | | | | 2,918,145 | |
| | 3,540,000 | | | Guam Power Authority, Series A1 | | | 5.000 | | | | 10/01/2034 | | | | 3,616,075 | |
| | 5,200,000 | | | Guam Power Authority, Series A1 | | | 5.500 | | | | 10/01/2030 | | | | 5,515,276 | |
| | 7,700,000 | | | Guam Power Authority, Series A1 | | | 5.500 | | | | 10/01/2040 | | | | 8,045,653 | |
| | 1,915,000 | | | Northern Mariana Islands Commonwealth, Series A | | | 5.000 | | | | 10/01/2022 | | | | 1,702,473 | |
| | 31,250,000 | | | Northern Mariana Islands Commonwealth, Series A | | | 5.000 | | | | 06/01/2030 | | | | 24,277,500 | |
| | 7,795,000 | | | Northern Mariana Islands Ports Authority, Series A1 | | | 6.250 | | | | 03/15/2028 | | | | 5,568,280 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 39 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | U.S. Possessions Continued | | | | | |
| | $ 15,130,000 | | | Northern Mariana Islands Ports Authority, Series A1 | | | 6.600 | % | | | 03/15/2028 | | | $ | 13,900,234 | |
| | 1,950,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 5.000 | | | | 07/01/2033 | | | | 1,675,811 | |
| | 19,000,000 | | | Puerto Rico Aqueduct & Sewer Authority5 | | | 5.125 | | | | 07/01/2047 | | | | 18,247,410 | |
| | 30,000,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 5.125 | | | | 07/01/2047 | | | | 28,811,700 | |
| | 10,000,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 5.250 | | | | 07/01/2024 | | | | 9,529,700 | |
| | 1,580,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 5.250 | | | | 07/01/2029 | | | | 1,454,564 | |
| | 3,360,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 5.250 | | | | 07/01/2042 | | | | 2,884,694 | |
| | 16,250,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 5.750 | | | | 07/01/2037 | | | | 15,113,313 | |
| | 80,800,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 6.000 | | | | 07/01/2038 | | | | 78,359,840 | |
| | 101,270,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 6.000 | | | | 07/01/2044 | | | | 97,685,042 | |
| | 5,000,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 6.000 | | | | 07/01/2044 | | | | 4,823,000 | |
| | 15,350,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 6.000 | | | | 07/01/2047 | | | | 14,584,342 | |
| | 55,825,000 | | | Puerto Rico Aqueduct & Sewer Authority1 | | | 6.125 | | | | 07/01/2024 | | | | 57,249,096 | |
| | 56,685,000 | | | Puerto Rico Children’s Trust Fund (TASC)1 | | | 5.625 | | | | 05/15/2043 | | | | 56,189,006 | |
| | 168,500,000 | | | Puerto Rico Children’s Trust Fund (TASC) | | | 6.627 | 3 | | | 05/15/2050 | | | | 12,330,830 | |
| | 745,000,000 | | | Puerto Rico Children’s Trust Fund (TASC) | | | 7.165 | 3 | | | 05/15/2055 | | | | 23,504,750 | |
| | 3,519,880,000 | | | Puerto Rico Children’s Trust Fund (TASC) | | | 7.625 | 3 | | | 05/15/2057 | | | | 50,651,073 | |
| | 3,179,200,000 | | | Puerto Rico Children’s Trust Fund (TASC) | | | 8.375 | 3 | | | 05/15/2057 | | | | 32,586,800 | |
| | 2,000,000 | | | Puerto Rico Commonwealth GO1 | | | 5.000 | | | | 07/01/2033 | | | | 1,762,440 | |
| | 29,890,000 | | | Puerto Rico Commonwealth GO1 | | | 5.125 | | | | 07/01/2031 | | | | 27,034,011 | |
| | 3,315,000 | | | Puerto Rico Commonwealth GO1 | | | 5.125 | | | | 07/01/2031 | | | | 2,998,252 | |
| | 2,200,000 | | | Puerto Rico Commonwealth GO1 | | | 5.250 | | | | 07/01/2026 | | | | 2,069,474 | |
| | 2,920,000 | | | Puerto Rico Commonwealth GO1 | | | 5.250 | | | | 07/01/2030 | | | | 2,700,241 | |
| | 14,500,000 | | | Puerto Rico Commonwealth GO1 | | | 5.250 | | | | 07/01/2031 | | | | 13,312,450 | |
| | 2,500,000 | | | Puerto Rico Commonwealth GO1 | | | 5.250 | | | | 07/01/2032 | | | | 2,281,150 | |
| | 10,230,000 | | | Puerto Rico Commonwealth GO1 | | | 5.250 | | | | 07/01/2034 | | | | 9,297,842 | |
| | 43,385,000 | | | Puerto Rico Commonwealth GO1 | | | 5.250 | | | | 07/01/2037 | | | | 38,817,861 | |
| | 5,000,000 | | | Puerto Rico Commonwealth GO1 | | | 5.375 | | | | 07/01/2033 | | | | 4,622,300 | |
| | 1,000,000 | | | Puerto Rico Commonwealth GO1 | | | 5.500 | | | | 07/01/2026 | | | | 963,140 | |
| | 7,850,000 | | | Puerto Rico Commonwealth GO1 | | | 5.500 | | | | 07/01/2029 | | | | 7,511,901 | |
| | 76,300,000 | | | Puerto Rico Commonwealth GO1 | | | 5.500 | | | | 07/01/2032 | | | | 71,760,913 | |
| | 38,095,000 | | | Puerto Rico Commonwealth GO1 | | | 5.500 | | | | 07/01/2039 | | | | 34,901,496 | |
| | 3,205,000 | | | Puerto Rico Commonwealth GO1 | | | 5.625 | | | | 07/01/2033 | | | | 3,055,294 | |
| | 5,000,000 | | | Puerto Rico Commonwealth GO1 | | | 5.750 | | | | 07/01/2028 | | | | 4,916,200 | |
| | 30,000,000 | | | Puerto Rico Commonwealth GO1 | | | 5.750 | | | | 07/01/2036 | | | | 28,817,700 | |
| | 10,455,000 | | | Puerto Rico Commonwealth GO1 | | | 5.750 | | | | 07/01/2041 | | | | 9,872,970 | |
| | 770,000 | | | Puerto Rico Commonwealth GO1 | | | 5.875 | | | | 07/01/2036 | | | | 751,505 | |
| | 1,270,000 | | | Puerto Rico Commonwealth GO1 | | | 6.000 | | | | 07/01/2028 | | | | 1,283,640 | |
| | |
| 40 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | U.S. Possessions Continued | | | | | |
| | $ 1,000,000 | | | Puerto Rico Commonwealth GO1 | | | 6.000 | % | | | 07/01/2028 | | | $ | 1,005,040 | |
| | 2,700,000 | | | Puerto Rico Commonwealth GO1 | | | 6.000 | | | | 07/01/2035 | | | | 2,701,674 | |
| | 390,000 | | | Puerto Rico Commonwealth GO1 | | | 6.000 | | | | 07/01/2039 | | | | 386,451 | |
| | 3,670,000 | | | Puerto Rico Commonwealth GO1 | | | 6.000 | | | | 07/01/2040 | | | | 3,636,053 | |
| | 6,000,000 | | | Puerto Rico Commonwealth GO1 | | | 6.500 | | | | 07/01/2037 | | | | 6,128,220 | |
| | 5,675,000 | | | Puerto Rico Commonwealth GO1 | | | 6.500 | | | | 07/01/2040 | | | | 5,827,941 | |
| | 10,105,000 | | | Puerto Rico Electric Power Authority, Series AAA1 | | | 5.250 | | | | 07/01/2029 | | | | 9,611,270 | |
| | 510,000 | | | Puerto Rico Electric Power Authority, Series RR | | | 5.000 | | | | 07/01/2024 | | | | 485,510 | |
| | 3,550,000 | | | Puerto Rico Electric Power Authority, Series TT1 | | | 5.000 | | | | 07/01/2037 | | | | 3,167,559 | |
| | 60,000,000 | | | Puerto Rico Electric Power Authority, Series UU1 | | | 0.710 | 6 | | | 07/01/2029 | | | | 43,866,000 | |
| | 170,000 | | | Puerto Rico Electric Power Authority, Series WW1 | | | 5.500 | | | | 07/01/2038 | | | | 162,233 | |
| | 9,515,000 | | | Puerto Rico Highway & Transportation Authority1 | | | 5.000 | | | | 07/01/2028 | | | | 8,652,275 | |
| | 4,845,000 | | | Puerto Rico Highway & Transportation Authority1 | | | 5.250 | | | | 07/01/2030 | | | | 4,398,485 | |
| | 4,945,000 | | | Puerto Rico Highway & Transportation Authority1 | | | 5.300 | | | | 07/01/2035 | | | | 4,441,698 | |
| | 4,000,000 | | | Puerto Rico Highway & Transportation Authority1 | | | 5.500 | | | | 07/01/2029 | | | | 3,772,480 | |
| | 270,000 | | | Puerto Rico Highway & Transportation Authority1 | | | 5.750 | | | | 07/01/2020 | | | | 270,743 | |
| | 8,980,000 | | | Puerto Rico Highway & Transportation Authority, Series G1 | | | 5.000 | | | | 07/01/2033 | | | | 7,913,356 | |
| | 1,840,000 | | | Puerto Rico Highway & Transportation Authority, Series G1 | | | 5.000 | | | | 07/01/2042 | | | | 1,550,936 | |
| | 1,120,000 | | | Puerto Rico Highway & Transportation Authority, Series H1 | | | 5.450 | | | | 07/01/2035 | | | | 1,038,834 | |
| | 6,500,000 | | | Puerto Rico Highway & Transportation Authority, Series K1 | | | 5.000 | | | | 07/01/2027 | | | | 5,935,930 | |
| | 1,145,000 | | | Puerto Rico Highway & Transportation Authority, Series K1 | | | 5.000 | | | | 07/01/2030 | | | | 1,028,485 | |
| | 2,600,000 | | | Puerto Rico Highway & Transportation Authority, Series L1 | | | 5.250 | | | | 07/01/2023 | | | | 2,491,606 | |
| | 915,000 | | | Puerto Rico Highway & Transportation Authority, Series L1 | | | 5.250 | | | | 07/01/2030 | | | | 830,674 | |
| | 10,000 | | | Puerto Rico Highway & Transportation Authority, Series M | | | 5.000 | | | | 07/01/2046 | | | | 11,523 | |
| | 78,610,000 | | | Puerto Rico Highway & Transportation Authority, Series M1 | | | 5.000 | | | | 07/01/2046 | | | | 64,902,774 | |
| | 3,190,000 | | | Puerto Rico Highway & Transportation Authority, Series N1 | | | 5.250 | | | | 07/01/2032 | | | | 2,986,031 | |
| | 57,615,000 | | | Puerto Rico Highway & Transportation Authority, Series N1 | | | 5.250 | | | | 07/01/2039 | | | | 51,132,160 | |
| | 25,255,000 | | | Puerto Rico Infrastructure1 | | | 5.000 | | | | 07/01/2031 | | | | 22,420,884 | |
| | 675,000 | | | Puerto Rico Infrastructure1 | | | 5.000 | | | | 07/01/2037 | | | | 575,255 | |
| | 17,490,000 | | | Puerto Rico Infrastructure1 | | | 5.000 | | | | 07/01/2037 | | | | 14,905,503 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 41 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | U.S. Possessions Continued | | | | | |
| | $ 142,985,000 | | | Puerto Rico Infrastructure1 | | | 5.000 | % | | | 07/01/2041 | | | $ | 120,480,591 | |
| | 41,740,000 | | | Puerto Rico Infrastructure1 | | | 5.000 | | | | 07/01/2046 | | | | 34,337,411 | |
| | 1,295,000 | | | Puerto Rico Infrastructure1 | | | 5.500 | | | | 07/01/2026 | | | | 1,247,266 | |
| | 15,000,000 | | | Puerto Rico Infrastructure1 | | | 5.500 | | | | 07/01/2027 | | | | 14,405,700 | |
| | 16,955,000 | | | Puerto Rico Infrastructure | | | 5.650 | 3 | | | 07/01/2029 | | | | 5,839,980 | |
| | 65,725,000 | | | Puerto Rico Infrastructure | | | 5.730 | 3 | | | 07/01/2045 | | | | 6,822,912 | |
| | 25,000,000 | | | Puerto Rico Infrastructure | | | 5.800 | 3 | | | 07/01/2032 | | | | 6,912,500 | |
| | 5,000,000 | | | Puerto Rico Infrastructure1 | | | 6.000 | | | | 12/15/2026 | | | | 5,032,800 | |
| | 1,680,000 | | | Puerto Rico Infrastructure (Mepsi Campus) | | | 6.500 | | | | 10/01/2037 | | | | 1,677,749 | |
| | 1,350,000 | | | Puerto Rico ITEMECF (Ana G. Mendez University)1 | | | 5.000 | | | | 04/01/2027 | | | | 1,272,888 | |
| | 6,285,000 | | | Puerto Rico ITEMECF (Ana G. Mendez University)1 | | | 5.000 | | | | 03/01/2036 | | | | 5,511,128 | |
| | 875,000 | | | Puerto Rico ITEMECF (Ana G. Mendez University)1 | | | 5.125 | | | | 04/01/2032 | | | | 795,830 | |
| | 1,355,000 | | | Puerto Rico ITEMECF (Ana G. Mendez University)1 | | | 5.375 | | | | 12/01/2021 | | | | 1,357,629 | |
| | 1,200,000 | | | Puerto Rico ITEMECF (Ana G. Mendez University)1 | | | 5.375 | | | | 04/01/2042 | | | | 1,087,092 | |
| | 6,315,000 | | | Puerto Rico ITEMECF (Ana G. Mendez University)1 | | | 5.500 | | | | 12/01/2031 | | | | 6,033,225 | |
| | 23,000,000 | | | Puerto Rico ITEMECF (Cogeneration Facilities)1 | | | 6.625 | | | | 06/01/2026 | | | | 21,761,220 | |
| | 5,000,000 | | | Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1 | | | 6.250 | | | | 07/01/2026 | | | | 5,463,450 | |
| | 650,000 | | | Puerto Rico ITEMECF (International American University)1 | | | 5.000 | | | | 10/01/2031 | | | | 641,524 | |
| | 550,000 | | | Puerto Rico ITEMECF (Ryder Memorial Hospital)1 | | | 6.600 | | | | 05/01/2014 | | | | 550,341 | |
| | 5,250,000 | | | Puerto Rico ITEMECF (Ryder Memorial Hospital)1 | | | 6.700 | | | | 05/01/2024 | | | | 5,154,450 | |
| | 7,000,000 | | | Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) | | | 5.750 | | | | 06/01/2029 | | | | 4,919,740 | |
| | 200,000 | | | Puerto Rico ITEMECF (University of the Sacred Heart)1 | | | 5.000 | | | | 10/01/2042 | | | | 179,512 | |
| | 5,490,000 | | | Puerto Rico ITEMECF (University Plaza)1 | | | 5.000 | | | | 07/01/2033 | | | | 4,645,967 | |
| | 4,990,000 | | | Puerto Rico Municipal Finance Agency, Series A1 | | | 5.250 | | | | 08/01/2025 | | | | 4,723,833 | |
| | 90,355,000 | | | Puerto Rico Public Buildings Authority1 | | | 5.000 | | | | 07/01/2036 | | | | 77,552,600 | |
| | 7,500,000 | | | Puerto Rico Public Buildings Authority1 | | | 5.000 | | | | 07/01/2037 | | | | 6,391,725 | |
| | 18,585,000 | | | Puerto Rico Public Buildings Authority1 | | | 5.250 | | | | 07/01/2029 | | | | 17,308,211 | |
| | 121,570,000 | | | Puerto Rico Public Buildings Authority1 | | | 5.250 | | | | 07/01/2033 | | | | 110,240,892 | |
| | 9,450,000 | | | Puerto Rico Public Buildings Authority1 | | | 5.375 | | | | 07/01/2033 | | | | 8,705,246 | |
| | 850,000 | | | Puerto Rico Public Buildings Authority1 | | | 5.500 | | | | 07/01/2037 | | | | 777,172 | |
| | 2,110,000 | | | Puerto Rico Public Buildings Authority1 | | | 5.625 | | | | 07/01/2039 | | | | 1,949,176 | |
| | 1,980,000 | | | Puerto Rico Public Buildings Authority1 | | | 5.875 | | | | 07/01/2039 | | | | 1,897,394 | |
| | 29,385,000 | | | Puerto Rico Public Buildings Authority1 | | | 6.000 | | | | 07/01/2041 | | | | 28,799,357 | |
| | 1,500,000 | | | Puerto Rico Public Buildings Authority1 | | | 6.250 | | | | 07/01/2021 | | | | 1,568,160 | |
| | 7,500,000 | | | Puerto Rico Public Buildings Authority1 | | | 6.250 | | | | 07/01/2031 | | | | 7,679,700 | |
| | 8,000,000 | | | Puerto Rico Public Buildings Authority1 | | | 6.500 | | | | 07/01/2030 | | | | 8,325,840 | |
| | |
| 42 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | |
Principal
Amount | | | | | Coupon | | | Maturity | | | Value | |
| | U.S. Possessions Continued | | | | | |
| | $ 7,500,000 | | | Puerto Rico Public Buildings Authority1 | | | 6.750 | % | | | 07/01/2036 | | | $ | 7,830,075 | |
| | 11,810,000 | | | Puerto Rico Public Finance Corp., Series B1 | | | 5.500 | | | | 08/01/2031 | | | | 10,875,475 | |
| | 296,445,000 | | | Puerto Rico Sales Tax Financing Corp., Series A5 | | | 5.250 | | | | 08/01/2057 | | | | 297,912,403 | |
| | 643,700,000 | | | Puerto Rico Sales Tax Financing Corp., Series A | | | 5.401 | 3 | | | 08/01/2054 | | | | 48,837,519 | |
| | 75,000 | | | Puerto Rico Sales Tax Financing Corp., Series A1 | | | 5.500 | | | | 08/01/2037 | | | | 75,780 | |
| | 221,800,000 | | | Puerto Rico Sales Tax Financing Corp., Series A | | | 5.939 | 3 | | | 08/01/2056 | | | | 14,352,678 | |
| | 30,000,000 | | | Puerto Rico Sales Tax Financing Corp., Series A | | | 6.500 | 3 | | | 08/01/2042 | | | | 5,258,100 | |
| | 5,775,000 | | | Puerto Rico Sales Tax Financing Corp., Series A1 | | | 6.500 | | | | 08/01/2044 | | | | 6,187,220 | |
| | 80,000,000 | | | Puerto Rico Sales Tax Financing Corp., Series A | | | 6.504 | 3 | | | 08/01/2043 | | | | 13,157,600 | |
| | 10,000,000 | | | Puerto Rico Sales Tax Financing Corp., Series A-11 | | | 5.250 | | | | 08/01/2043 | | | | 9,969,500 | |
| | 39,470,000 | | | Puerto Rico Sales Tax Financing Corp., Series C1 | | | 0.000 | 9 | | | 08/01/2032 | | | | 38,441,412 | |
| | 7,500,000 | | | Puerto Rico Sales Tax Financing Corp., Series C1 | | | 5.250 | | | | 08/01/2041 | | | | 7,499,625 | |
| | 4,000,000 | | | Puerto Rico Sales Tax Financing Corp., Series C1 | | | 5.375 | | | | 08/01/2036 | | | | 4,022,040 | |
| | 95,245,000 | | | Puerto Rico Sales Tax Financing Corp., Series C5 | | | 5.750 | | | | 08/01/2057 | | | | 98,482,887 | |
| | 1,450,000 | | | Puerto Rico Sales Tax Financing Corp., Series C1 | | | 6.000 | | | | 08/01/2039 | | | | 1,516,236 | |
| | 250,000 | | | Puerto Rico Sales Tax Financing Corp., Series C1 | | | 6.000 | | | | 08/01/2042 | | | | 260,050 | |
| | 4,525,000 | | | University of Puerto Rico1 | | | 5.000 | | | | 06/01/2026 | | | | 4,142,230 | |
| | 5,280,000 | | | University of Puerto Rico, Series P1 | | | 5.000 | | | | 06/01/2030 | | | | 4,561,656 | |
| | 24,375,000 | | | University of Puerto Rico, Series Q1 | | | 5.000 | | | | 06/01/2030 | | | | 21,058,781 | |
| | 67,190,000 | | | University of Puerto Rico, Series Q1 | | | 5.000 | | | | 06/01/2036 | | | | 56,238,661 | |
| | 7,390,000 | | | V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1 | | | 5.000 | | | | 10/01/2032 | | | | 7,661,065 | |
| | 590,000 | | | V.I. Public Finance Authority (Matching Fund Loan Note)1 | | | 6.000 | | | | 10/01/2039 | | | | 620,350 | |
| | 6,160,000 | | | V.I. Public Finance Authority (Matching Fund Loan Notes)1 | | | 5.000 | | | | 10/01/2032 | | | | 6,385,949 | |
| | 750,000 | | | V.I. Public Finance Authority, Series A1 | | | 5.250 | | | | 10/01/2024 | | | | 773,895 | |
| | 11,100,000 | | | V.I. Tobacco Settlement Financing Corp. | | | 7.300 | 3 | | | 05/15/2035 | | | | 1,419,135 | |
| | 1,015,000 | | | V.I. Water & Power Authority, Series A1 | | | 5.000 | | | | 07/01/2031 | | | | 984,520 | |
| | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | 2,346,366,989 | |
| | | | | | | | | | | | | | |
|
|
|
| | Total Municipal Bonds and Notes (Cost $9,134,893,273) | | | | 8,445,618,523 | |
| | | | |
| Shares | | | | | | | | | | | | |
| | Common Stocks—0.1% | | | | | |
| | 1,401 | | | CMS Liquidating Trust10 (Cost $4,483,200) | | | | | | | | | | | 4,483,200 | |
| | Total Investments, at Value (Cost $9,139,376,473)—109.3% | | | | | | | | | | | 8,450,101,723 | |
| | Liabilities in Excess of Other Assets—(9.3) | | | | | | | | | | | (721,616,059 | ) |
| | | | | | | | | | | | | | |
|
|
|
| | Net Assets—100.0% | | | | | | | | | | | $ 7,728,485,664 | |
| | | | | | | | | | | | | | |
|
|
|
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 43 | |
STATEMENT OF INVESTMENTS (Unaudited) / Continued
Footnotes to Statement of Investments
*June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of accompanying Notes.
1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 6 of the accompanying Notes.
2. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.
3. Zero coupon bond reflects effective yield on the date of purchase.
4. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 28, 2013. See Note 1 of the accompanying Notes.
5. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.
6. Represents the current interest rate for a variable or increasing rate security.
7. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement. See Note 1 of the accompanying Notes.
8. Represents the current interest rate for an inverse floating rate security. See Note 1 of the accompanying Notes.
9. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
10. Non-income producing security.
To simplify the listings of securities, abbreviations are used per the table below:
| | |
| ACDS | | Assoc. for Children with Down Syndrome |
| ACLD | | Adults and Children with Learning and Developmental Disabilities |
| ADD | | Aid to the Developmentally Disabled |
| ALIA | | Alliance of Long Island Agencies |
| ARC | | Assoc. of Retarded Citizens |
| AeFM | | Aero Ft. Myers |
| AeH | | Aero Harrisburg |
| AeHC | | Aero Houston Central |
| AeJFK | | Aero JFK |
| AeKC | | Aero Kansas City |
| AeL | | Aero Lauderdale |
| CFGA | | Child and Family Guidance Assoc. |
| CHSLI | | Catholic Health Services of Long Island |
| CNGCS | | Central Nassau Guidance and Counseling Services |
| COP | | Certificates of Participation |
| CRV | | Crystal Run Village |
| CSMR | | Community Services for the Mentally Retarded |
| DA | | Dormitory Authority |
| DDI | | Developmental Disabilities Institute |
| DRIVERS | | Derivative Income Tax Exempt Receipts |
| EFC | | Environmental Facilities Corp. |
| ERDA | | Energy Research and Devel. Authority |
| FREE | | Family Residences and Essential Enterprises |
| GFH | | Glens Falls Hospital |
| GFHF | | Glens Falls Hospital Foundation |
| GJSR | | Gurwin Jewish Senior Residences |
| GO | | General Obligation |
| | |
| GSHMC | | Good Samaritan Hospital Medical Center |
| HDC | | Housing Devel. Corp. |
| HFA | | Housing Finance Agency |
| HH | | Harmony Heights, Inc. |
| HHS | | Harmony Heights School |
| IDA | | Industrial Devel. Agency |
| IGHL | | Independent Group Home for Living |
| ITEMECF | | Industrial, Tourist, Educational, Medical and Environmental Community Facilities |
| JCC | | Jewish Community Center |
| JDAM | | Julia Dyckman Andrus Memorial |
| JFK | | John Fitzgerald Kennedy |
| L.I. | | Long Island |
| LGSC | | Local Government Services Corp. |
| LILCO | | Long Island Lighting Corp. |
| LVH | | Little Village House |
| MMC | | Mercy Medical Center |
| MTA | | Metropolitan Transportation Authority |
| NY/NJ | | New York/New Jersey |
| NYC | | New York City |
| NYS | | New York State |
| NYU | | New York University |
| PSCH | | Professional Service Centers for the Handicapped, Inc. |
| RIBS | | Residual Interest Bonds |
| ROLs | | Residual Option Longs |
| Res Rec | | Resource Recovery Facility |
| SCHRC | | St. Charles Hospital and Rehabilitation Center |
| SCSB | | Schuyler Community Services Board |
| SFH | | St. Francis Hospital |
| SFTU | | Services for the Underserved |
| | |
| 44 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
Footnotes to Statement of Investments Continued
| | |
| SMCFS | | St. Mary’s Children and Family Services |
| SONYMA | | State of New York Mortgage Agency |
| SUNY | | State University of New York |
| TASC | | Tobacco Settlement Asset-Backed Bonds |
| TFABs | | Tobacco Flexible Amortization Bonds |
| TIP | | Transportation Infrastructure Properties |
| | |
| UCPAGS | | United Cerebral Palsy Assoc. of Greater Suffolk |
| UVBH | | United Veteran’s Beacon House |
| V.I. | | United States Virgin Islands |
| WORCA | | Working Organization for Retarded Children and Adults |
| YAI | | Young Adult Institute |
| YMCA | | Young Men’s Christian Assoc. |
See accompanying Notes to Financial Statements.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 45 | |
STATEMENT OF ASSETS AND LIABILITIES June 28, 20131 / Unaudited
| | | | |
| Assets | | | |
| Investments, at value (cost $9,139,376,473)—see accompanying statement of investments | | $ | 8,450,101,723 | |
| Cash | | | 64,987,837 | |
| Receivables and other assets: | | | | |
| Interest | | | 133,120,155 | |
| Shares of beneficial interest sold | | | 116,863,705 | |
| Investments sold | | | 17,291,814 | |
| Other | |
| 1,272,950
|
|
| Total assets | | | 8,783,638,184 | |
| Liabilities | | | |
| Payables and other liabilities: | | | | |
| Payable for short-term floating rate notes issued (See Note 1) | | | 902,275,000 | |
| Payable on borrowings (See Note 6) | | | 86,100,000 | |
| Investments purchased (including $2,479,032 purchased on a when-issued or delayed delivery basis) | | | 31,280,711 | |
| Shares of beneficial interest redeemed | | | 25,139,306 | |
| Dividends | | | 6,483,102 | |
| Trustees’ compensation | | | 1,621,210 | |
| Distribution and service plan fees | | | 1,060,394 | |
| Transfer and shareholder servicing agent fees | | | 656,054 | |
| Shareholder communications | | | 329,100 | |
| Interest expense on borrowings | | | 8,298 | |
| Other | |
| 199,345
|
|
| Total liabilities | | | 1,055,152,520 | |
| Net Assets | | $
| 7,728,485,664
|
|
| Composition of Net Assets | | | |
| Paid-in capital | | $ | 9,259,156,722 | |
| Accumulated net investment income | | | 57,124,490 | |
| Accumulated net realized loss on investments | | | (898,520,798 | ) |
| Net unrealized depreciation on investments | |
| (689,274,750
| )
|
| Net Assets | | $
| 7,728,485,664
|
|
1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
| | |
| 46 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | |
| Net Asset Value Per Share | | | |
| Class A Shares: | | | | |
| Net asset value and redemption price per share (based on net assets of $6,332,005,923 and 393,676,595 shares of beneficial interest outstanding) | | $ | 16.08 | |
| Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) | | $ | 16.88 | |
| Class B Shares: | | | | |
| Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $67,823,620 and 4,221,739 shares of beneficial interest outstanding) | | $ | 16.07 | |
| Class C Shares: | | | | |
| Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,120,748,451 and 69,816,529 shares of beneficial interest outstanding) | | $ | 16.05 | |
| Class Y Shares: | | | | |
| Net asset value, redemption price and offering price per share (based on net assets of $207,907,670 and 12,925,696 shares of beneficial interest outstanding) | | $ | 16.08 | |
See accompanying Notes to Financial Statements.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 47 | |
STATEMENT OF OPERATIONS For the Six Months Ended June 28, 20131/Unaudited
| | | | |
| Investment Income | | | |
| Interest | | $ | 270,464,919 | |
| | | | | |
| Expenses | | | |
| Management fees | | | 19,075,281 | |
| Distribution and service plan fees: | | | | |
| Class A | | | 4,993,502 | |
| Class B | | | 409,155 | |
| Class C | | | 6,070,421 | |
| Transfer and shareholder servicing agent fees: | | | | |
| Class A | | | 2,141,137 | |
| Class B | | | 36,958 | |
| Class C | | | 429,970 | |
| Class Y | | | 79,293 | |
| Shareholder communications: | | | | |
| Class A | | | 429,603 | |
| Class B | | | 18,114 | |
| Class C | | | 121,696 | |
| Class Y | | | 19,844 | |
| Interest expense and fees on short-term floating rate notes issued (See Note 1) | | | 4,574,982 | |
| Borrowing fees | | | 1,468,742 | |
| Accounting service fees | | | 625,750 | |
| Trustees’ compensation | | | 96,045 | |
| Custodian fees and expenses | | | 35,581 | |
| Interest expense | | | 25,890 | |
| Other | |
| 376,742
|
|
| Total expenses | | | 41,028,706 | |
| Less waivers and reimbursements of expenses | |
| (13,860
| )
|
| Net expenses | | | 41,014,846 | |
| Net Investment Income | | | 229,450,073 | |
| Realized and Unrealized Gain (Loss) | | | |
| Net realized gain on investments | | | 5,025,130 | |
| Net change in unrealized appreciation/depreciation on investments | | | (450,983,092 | ) |
| Net Decrease in Net Assets Resulting from Operations | | $
| (216,507,889
| )
|
1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
| | |
| 48 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | |
| | | Six Months Ended June 28,
20131
(Unaudited) | | | Year Ended December 31,
2012 | |
| Operations | | | | | | |
| Net investment income | | $ | 229,450,073 | | | $ | 442,621,077 | |
| Net realized gain | | | 5,025,130 | | | | 15,064,654 | |
| Net change in unrealized appreciation/depreciation | |
| (450,983,092
| )
| |
| 489,927,983
|
|
| Net increase (decrease) in net assets resulting from operations | | | (216,507,889 | ) | | | 947,613,714 | |
| Dividends and/or Distributions to Shareholders | | | | | | |
| Dividends from net investment income: | | | | | | | | |
| Class A | | | (197,918,632 | ) | | | (384,065,493 | ) |
| Class B | | | (2,027,753 | ) | | | (5,745,070 | ) |
| Class C | | | (30,230,664 | ) | | | (58,473,713 | ) |
| Class Y | |
| (6,296,105
| )
| |
| (10,693,230
| )
|
| | | | (236,473,154 | ) | | | (458,977,506 | ) |
| Beneficial Interest Transactions | | | | | | |
| Net increase (decrease) in net assets resulting from beneficial interest transactions: | | | | | | | | |
| Class A | | | (23,153,032 | ) | | | 209,512,039 | |
| Class B | | | (22,834,730 | ) | | | (46,595,065 | ) |
| Class C | | | (35,167,829 | ) | | | 83,939,442 | |
| Class Y | |
| 20,493,034
|
| |
| 65,472,787
|
|
| | | | (60,662,557 | ) | | | 312,329,203 | |
| Net Assets | | | | | | |
| Total increase (decrease) | | | (513,643,600 | ) | | | 800,965,411 | |
| Beginning of period | |
| 8,242,129,264
|
| |
| 7,441,163,853
|
|
| End of period (including accumulated net investment income of $57,124,490 and $64,147,571, respectively) | | $
| 7,728,485,664
|
| | $
| 8,242,129,264
|
|
1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 49 | |
STATEMENT OF CASH FLOWS For the Six Months Ended June 28, 20131 / Unaudited
| | | | |
| Cash Flows from Operating Activities | | | |
| Net decrease in net assets from operations | | $ | (216,507,889 | ) |
| Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | | | | |
Purchase of investment securities | | | (565,577,689 | ) |
Proceeds from disposition of investment securities | | | 784,019,432 | |
Short-term investment securities, net | | | 49,130,764 | |
Premium amortization | | | 11,994,290 | |
Discount accretion | | | (37,151,184 | ) |
Net realized gain on investments | | | (5,025,130 | ) |
Net change in unrealized appreciation/depreciation on investments | | | 450,983,092 | |
| Change in assets: | | | | |
Decrease in interest receivable | | | 2,354,512 | |
Increase in other assets | | | (389,986 | ) |
Increase in receivable for securities sold | | | (11,557,919 | ) |
| Change in liabilities: | | | | |
Increase in other liabilities | | | 443,677 | |
Decrease in payable for securities purchased | |
| (65,543,106
| )
|
| Net cash provided by operating activities | | | 397,172,864 | |
| Cash Flows from Financing Activities | | | |
| Proceeds from bank borrowings | | | 631,300,000 | |
| Payments on bank borrowings | | | (569,800,000 | ) |
| Payments on short-term floating rate notes issued | | | (9,710,000 | ) |
| Proceeds from shares sold | | | 643,827,274 | |
| Payments on shares redeemed | | | (1,004,774,354 | ) |
| Cash distributions paid | |
| (40,382,635
| )
|
| Net cash used in financing activities | | | (349,539,715 | ) |
| Net increase in cash | | | 47,633,149 | |
| Cash, beginning balance | |
| 17,354,688
|
|
| Cash, ending balance | | $
| 64,987,837
|
|
| Supplemental disclosure of cash flow information: | | | | |
| Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $189,608,139. | | | | |
| Cash paid for interest on bank borrowings—$19,452. | | | | |
| Cash paid for interest on short-term floating rate notes issued—$4,574,982. | | | | |
1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
| | |
| 50 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | Six Months
Ended June
28, 20131
(Unaudited) | | | Year
Ended
December
31, 2012 | | | Year
Ended
December
30, 20111 | | | Year
Ended
December
31, 2010 | | | Year
Ended
December
31, 2009 | | | Year
Ended
December
31, 2008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Per Share Operating Data | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 17.02 | | | $ | 15.98 | | | $ | 15.33 | | | $ | 15.70 | | | $ | 11.54 | | | $ | 17.67 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income2 | | | .48 | | | | .95 | | | | 1.02 | | | | .98 | | | | .98 | | | | .94 | |
| Net realized and unrealized gain (loss) | |
| (.94
| )
| |
| 1.08
|
| |
| .66
|
| |
| (.38
| )
| |
| 4.09
|
| |
| (6.19
| )
|
| Total from investment operations | | | (.46 | ) | | | 2.03 | | | | 1.68 | | | | .60 | | | | 5.07 | | | | (5.25 | ) |
| Dividends and/or distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (.48 | ) | | | (.99 | ) | | | (1.03 | ) | | | (.97 | ) | | | (.91 | ) | | | (.88 | ) |
| Net asset value, end of period | | $
| 16.08
|
| | $
| 17.02
|
| | $
| 15.98
|
| | $
| 15.33
|
| | $
| 15.70
|
| | $
| 11.54
|
|
| Total Return, at Net Asset Value3 | | | (2.72 | )% | | | 12.94 | % | | | 11.50 | % | | | 3.63 | % | | | 45.07 | % | | | (30.84 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $6,332 | | | | $6,725 | | | | $6,115 | | | | $6,295 | | | | $6,913 | | | | $5,158 | |
| Average net assets (in millions) | | | $6,845 | | | | $6,537 | | | | $5,937 | | | | $7,013 | | | | $6,360 | | | | $7,688 | |
| Ratios to average net assets:4 | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 5.66 | % | | | 5.67 | % | | | 6.65 | % | | | 6.01 | % | | | 6.96 | % | | | 5.96 | % |
| Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings | | | 0.71 | % | | | 0.67 | % | | | 0.69 | % | | | 0.67 | % | | | 0.70 | % | | | 0.70 | % |
| Interest and fees from borrowings | | | 0.04 | % | | | 0.05 | % | | | 0.06 | % | | | 0.08 | % | | | 0.45 | % | | | 0.22 | % |
| Interest and fees on short-term floating rate notes issued5 | |
| 0.11
| %
| |
| 0.14
| %
| |
| 0.15
| %
| |
| 0.18
| %
| |
| 0.27
| %
| |
| 0.68
| %
|
| Total expenses | | | 0.86 | % | | | 0.86 | % | | | 0.90 | % | | | 0.93 | % | | | 1.42 | % | | | 1.60 | % |
| Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | | | 0.86 | % | | | 0.86 | % | | | 0.90 | % | | | 0.93 | % | | | 1.42 | % | | | 1.60 | % |
| Portfolio turnover rate | | | 6 | % | | | 10 | % | | | 11 | % | | | 7 | % | | | 8 | % | | | 23 | % |
1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.
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. 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.
4. Annualized for periods less than one full year.
5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.
See accompanying Notes to Financial Statements.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 51 | |
FINANCIAL HIGHLIGHTS Continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| Class B | | Six Months
Ended June
28, 20131
(Unaudited) | | | Year
Ended
December
31, 2012 | | | Year
Ended
December
30, 20111 | | | Year
Ended
December
31, 2010 | | | Year
Ended
December
31, 2009 | | | Year
Ended
December
31, 2008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Per Share Operating Data | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 17.00 | | | $ | 15.96 | | | $ | 15.31 | | | $ | 15.68 | | | $ | 11.53 | | | $ | 17.66 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income2 | | | .40 | | | | .80 | | | | .87 | | | | .82 | | | | .85 | | | | .80 | |
| Net realized and unrealized gain (loss) | |
| (.93
| )
| |
| 1.07
|
| |
| .67
|
| |
| (.37
| )
| |
| 4.07
|
| |
| (6.19
| )
|
| Total from investment operations | | | (.53 | ) | | | 1.87 | | | | 1.54 | | | | .45 | | | | 4.92 | | | | (5.39 | ) |
| Dividends and/or distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (.40 | ) | | | (.83 | ) | | | (.89 | ) | | | (.82 | ) | | | (.77 | ) | | | (.74 | ) |
| Net asset value, end of period | | $
| 16.07
|
| | $
| 17.00
|
| | $
| 15.96
|
| | $
| 15.31
|
| | $
| 15.68
|
| | $
| 11.53
|
|
| Total Return, at Net Asset Value3 | | | (3.11 | )% | | | 11.91 | % | | | 10.47 | % | | | 2.67 | % | | | 43.66 | % | | | (31.50 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $68 | | | | $94 | | | | $133 | | | | $181 | | | | $246 | | | | $237 | |
| Average net assets (in millions) | | | $82 | | | | $115 | | | | $146 | | | | $220 | | | | $248 | | | | $424 | |
| Ratios to average net assets:4 | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 4.74 | % | | | 4.76 | % | | | 5.72 | % | | | 5.07 | % | | | 6.05 | % | | | 4.99 | % |
| Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings | | | 1.62 | % | | | 1.61 | % | | | 1.65 | % | | | 1.62 | % | | | 1.67 | % | | | 1.58 | % |
| Interest and fees from borrowings | | | 0.04 | % | | | 0.05 | % | | | 0.06 | % | | | 0.08 | % | | | 0.45 | % | | | 0.22 | % |
| Interest and fees on short-term floating rate notes issued5 | |
| 0.11
| %
| |
| 0.14
| %
| |
| 0.15
| %
| |
| 0.18
| %
| |
| 0.27
| %
| |
| 0.68
| %
|
| Total expenses | | | 1.77 | % | | | 1.80 | % | | | 1.86 | % | | | 1.88 | % | | | 2.39 | % | | | 2.48 | % |
| Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | | | 1.77 | % | | | 1.80 | % | | | 1.86 | % | | | 1.88 | % | | | 2.39 | % | | | 2.48 | % |
| Portfolio turnover rate | | | 6 | % | | | 10 | % | | | 11 | % | | | 7 | % | | | 8 | % | | | 23 | % |
1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.
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. 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.
4. Annualized for periods less than one full year.
5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.
See accompanying Notes to Financial Statements.
| | |
| 52 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Class C | | Six Months
Ended June
28, 20131
(Unaudited) | | | Year
Ended
December
31, 2012 | | | Year
Ended
December
30, 20111 | | | Year
Ended
December
31, 2010 | | | Year
Ended
December
31, 2009 | | | Year
Ended
December
31, 2008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Per Share Operating Data | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 16.99 | | | $ | 15.95 | | | $ | 15.30 | | | $ | 15.67 | | | $ | 11.52 | | | $ | 17.65 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income2 | | | .41 | | | | .81 | | | | .88 | | | | .83 | | | | .86 | | | | .80 | |
| Net realized and unrealized gain (loss) | |
| (.94
| )
| |
| 1.07
|
| |
| .67
|
| |
| (.37
| )
| |
| 4.07
|
| |
| (6.19
| )
|
| Total from investment operations | | | (.53 | ) | | | 1.88 | | | | 1.55 | | | | .46 | | | | 4.93 | | | | (5.39 | ) |
| Dividends and/or distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (.41 | ) | | | (.84 | ) | | | (.90 | ) | | | (.83 | ) | | | (.78 | ) | | | (.74 | ) |
| Net asset value, end of period | | $
| 16.05
|
| | $
| 16.99
|
| | $
| 15.95
|
| | $
| 15.30
|
| | $
| 15.67
|
| | $
| 11.52
|
|
| Total Return, at Net Asset Value3 | | | (3.14 | )% | | | 12.00 | % | | | 10.56 | % | | | 2.75 | % | | | 43.82 | % | | | (31.49 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $1,120 | | | | $1,223 | | | | $1,069 | | | | $1,120 | | | | $1,250 | | | | $905 | |
| Average net assets (in millions) | | | $1,224 | | | | $1,167 | | | | $1,039 | | | | $1,271 | | | | $1,131 | | | | $1,350 | |
| Ratios to average net assets:4 | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 4.80 | % | | | 4.79 | % | | | 5.77 | % | | | 5.14 | % | | | 6.09 | % | | | 5.09 | % |
| Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings | | | 1.57 | % | | | 1.54 | % | | | 1.57 | % | | | 1.54 | % | | | 1.57 | % | | | 1.57 | % |
| Interest and fees from borrowings | | | 0.04 | % | | | 0.05 | % | | | 0.06 | % | | | 0.08 | % | | | 0.45 | % | | | 0.22 | % |
| Interest and fees on short-term floating rate notes issued5 | |
| 0.11
| %
| |
| 0.14
| %
| |
| 0.15
| %
| |
| 0.18
| %
| |
| 0.27
| %
| |
| 0.68
| %
|
| Total expenses | | | 1.72 | % | | | 1.73 | % | | | 1.78 | % | | | 1.80 | % | | | 2.29 | % | | | 2.47 | % |
| Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | | | 1.72 | % | | | 1.73 | % | | | 1.78 | % | | | 1.80 | % | | | 2.29 | % | | | 2.47 | % |
| Portfolio turnover rate | | | 6 | % | | | 10 | % | | | 11 | % | | | 7 | % | | | 8 | % | | | 23 | % |
1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.
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. 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.
4. Annualized for periods less than one full year.
5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.
See accompanying Notes to Financial Statements.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 53 | |
FINANCIAL HIGHLIGHTS Continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| Class Y | | Six Months
Ended June
28, 20131
(Unaudited) | | | Year
Ended
December
31, 2012 | | | Year
Ended
December
30, 20111 | | | Year
Ended
December
31, 2010 | | | Year
Ended
December
31, 2009 | | | Year
Ended
December
31, 2008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Per Share Operating Data | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 17.02 | | | $ | 15.98 | | | $ | 15.33 | | | $ | 15.69 | | | $ | 11.54 | | | $ | 17.67 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income2 | | | .49 | | | | .97 | | | | 1.04 | | | | .99 | | | | 1.00 | | | | .96 | |
| Net realized and unrealized gain (loss) | |
| (.94
| )
| |
| 1.08
|
| |
| .66
|
| |
| (.36
| )
| |
| 4.08
|
| |
| (6.19
| )
|
| Total from investment operations | | | (.45 | ) | | | 2.05 | | | | 1.70 | | | | .63 | | | | 5.08 | | | | (5.23 | ) |
| Dividends and/or distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (.49 | ) | | | (1.01 | ) | | | (1.05 | ) | | | (.99 | ) | | | (.93 | ) | | | (.90 | ) |
| Net asset value, end of period | | $
| 16.08
|
| | $
| 17.02
|
| | $
| 15.98
|
| | $
| 15.33
|
| | $
| 15.69
|
| | $
| 11.54
|
|
| Total Return, at Net Asset Value3 | | | (2.66 | )% | | | 13.10 | % | | | 11.64 | % | | | 3.84 | % | | | 45.18 | % | | | (30.74 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $208 | | | | $200 | | | | $124 | | | | $101 | | | | $65 | | | | $44 | |
| Average net assets (in millions) | | | $214 | | | | $179 | | | | $109 | | | | $100 | | | | $57 | | | | $61 | |
| Ratios to average net assets:4 | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 5.80 | % | | | 5.78 | % | | | 6.76 | % | | | 6.14 | % | | | 7.09 | % | | | 6.14 | % |
| Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings | | | 0.58 | % | | | 0.54 | % | | | 0.56 | % | | | 0.54 | % | | | 0.55 | % | | | 0.57 | % |
| Interest and fees from borrowings | | | 0.04 | % | | | 0.05 | % | | | 0.06 | % | | | 0.08 | % | | | 0.45 | % | | | 0.22 | % |
| Interest and fees on short-term floating rate notes issued5 | |
| 0.11
| %
| |
| 0.14
| %
| |
| 0.15
| %
| |
| 0.18
| %
| |
| 0.27
| %
| |
| 0.68
| %
|
| Total expenses | | | 0.73 | % | | | 0.73 | % | | | 0.77 | % | | | 0.80 | % | | | 1.27 | % | | | 1.47 | % |
| Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | | | 0.73 | % | | | 0.73 | % | | | 0.77 | % | | | 0.80 | % | | | 1.27 | % | | | 1.47 | % |
| Portfolio turnover rate | | | 6 | % | | | 10 | % | | | 11 | % | | | 7 | % | | | 8 | % | | | 23 | % |
1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.
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. 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.
4. Annualized for periods less than one full year.
5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.
See accompanying Notes to Financial Statements.
| | |
| 54 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies
Oppenheimer Rochester Fund Municipals (the “Fund”), formerly Rochester Fund Municipals is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund’s investment objective is to seek to provide as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management while seeking preservation of shareholders’ capital. 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, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. 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, and Class B shares were 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, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.
The following is a summary of significant accounting policies consistently followed by the Fund.
Semiannual and Annual Periods. The Fund’s financial statements are presented through the last day the New York Stock Exchange was open for trading during each reporting 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.
Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 55 | |
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.
Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related to the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.
Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to
| | |
| 56 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.
The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 57 | |
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.
Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Sub-Adviser monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of June 28, 2013, the Fund’s maximum exposure under such agreements is estimated at $478,425,000.
When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At June 28, 2013, municipal bond holdings with a value of $1,586,796,890 shown on the Fund’s Statement of
| | |
| 58 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
Investments are held by such Trusts and serve as the underlying municipal bonds for the related $902,275,000 in short-term floating rate securities issued and outstanding at that date.
At June 28, 2013, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:
| | | | | | | | | | | | | | | | |
Principal
Amount | | | Inverse Floater1 | | Coupon Rate2 | | | Maturity
Date | | | Value | |
| | $23,960,000 | | | NY Austin Trust Various States Inverse Certificates | | | 8.029 | % | | | 11/1/38 | | | $ | 24,543,426 | |
| | 16,400,000 | | | NY Austin Trust Various States Inverse Certificates | | | 11.990 | | | | 7/1/48 | | | | 18,754,056 | |
| | 31,175,000 | | | NY Liberty Devel. Corp. (One Bryant Park) ROLs3 | | | 10.745 | | | | 1/15/46 | | | | 36,212,880 | |
| | 7,500,000 | | | NY Liberty Devel. Corp. ROLs3 | | | 9.752 | | | | 1/15/44 | | | | 8,260,500 | |
| | 15,660,000 | | | NY/NJ Port Authority Austin Trust Inverse Certificates | | | 7.558 | | | | 12/1/27 | | | | 16,336,199 | |
| | 7,700,000 | | | NY/NJ Port Authority Austin Trust Inverse Certificates | | | 7.140 | | | | 12/1/34 | | | | 7,727,566 | |
| | 23,955,000 | | | NY/NJ Port Authority Austin Trust Inverse Certificates | | | 9.393 | | | | 10/1/30 | | | | 26,807,561 | |
| | 4,170,000 | | | NYC GO DRIVERS | | | 10.309 | | | | 12/1/33 | | | | 4,584,915 | |
| | 5,460,000 | | | NYC GO DRIVERS | | | 9.353 | | | | 8/1/30 | | | | 6,099,584 | |
| | 2,430,000 | | | NYC GO DRIVERS | | | 10.311 | | | | 8/1/35 | | | | 2,735,694 | |
| | 4,015,000 | | | NYC GO DRIVERS | | | 10.303 | | | | 3/1/35 | | | | 4,433,805 | |
| | 5,000,000 | | | NYC GO ROLs | | | 19.272 | | | | 3/1/21 | | | | 8,070,000 | |
| | 1,375,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS | | | 9.313 | | | | 11/1/26 | | | | 1,447,215 | |
| | 1,225,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS | | | 9.461 | | | | 11/1/27 | | | | 1,330,240 | |
| | 1,500,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS | | | 9.565 | | | | 11/1/32 | | | | 1,592,250 | |
| | 1,750,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS | | | 9.313 | | | | 11/1/37 | | | | 1,794,240 | |
| | 2,340,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS | | | 9.423 | | | | 11/1/39 | | | | 2,399,998 | |
| | 4,180,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS | | | 9.571 | | | | 5/1/40 | | | | 4,312,046 | |
| | 775,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS3 | | | 19.957 | | | | 11/1/34 | | | | 966,828 | |
| | 710,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS3 | | | 20.222 | | | | 11/1/39 | | | | 880,968 | |
| | 2,730,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS3 | | | 20.810 | | | | 11/1/46 | | | | 3,412,937 | |
| | 4,015,000 | | | NYC HDC (Multifamily Hsg.) DRIVERS | | | 9.723 | | | | 11/1/40 | | | | 4,239,398 | |
| | 3,955,000 | | | NYC HDC (Multifamily Hsg.) ROLs3 | | | 17.209 | | | | 11/1/30 | | | | 4,097,024 | |
| | 11,420,000 | | | NYC HDC (Multifamily Hsg.) ROLs3 | | | 13.052 | | | | 5/1/49 | | | | 12,299,112 | |
| | 15,875,000 | | | NYC Municipal Water Finance Authority ROLs3 | | | 10.553 | | | | 6/15/43 | | | | 18,835,688 | |
| | 8,205,000 | | | NYS DA (Memorial Sloan-Kettering) DRIVERS | | | 10.309 | | | | 7/1/35 | | | | 8,964,865 | |
| | 5,265,000 | | | NYS DA (Vassar College) DRIVERS | | | 10.307 | | | | 7/1/46 | | | | 5,673,248 | |
| | 3,410,000 | | | NYS HFA ROLs3 | | | 14.813 | | | | 11/1/45 | | | | 3,739,099 | |
| | 3,750,000 | | | Port Authority NY/NJ ROLs3 | | | 22.133 | | | | 9/15/28 | | | | 5,502,450 | |
| | 4,895,000 | | | Port Authority NY/NJ, 11588th Series ROLs | | | 16.912 | | | | 10/15/27 | | | | 5,901,363 | |
| | 3,580,000 | | | Port Authority NY/NJ, 11588th Series ROLs | | | 15.984 | | | | 10/15/28 | | | | 3,776,757 | |
| | 5,500,000 | | | Port Authority NY/NJ, 11588th Series ROLs | | | 16.922 | | | | 10/15/32 | | | | 6,379,560 | |
| | 9,090,000 | | | Port Authority NY/NJ, 11589th Series ROLs | | | 12.531 | | | | 9/1/29 | | | | 9,361,337 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 59 | |
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
| | | | | | | | | | | | | | | | |
Principal
Amount | | | Inverse Floater1 | | Coupon Rate2 | | | Maturity
Date | | | Value | |
| | $11,880,000 | | | Port Authority NY/NJ, 136th Series DRIVERS | | | 8.276 | % | | | 11/1/28 | | | $ | 12,595,651 | |
| | 11,430,000 | | | Port Authority NY/NJ, 136th Series DRIVERS | | | 10.322 | | | | 11/1/29 | | | | 12,309,196 | |
| | 11,015,000 | | | Port Authority NY/NJ, 136th Series DRIVERS | | | 13.971 | | | | 5/1/34 | | | | 12,188,758 | |
| | 13,000,000 | | | Port Authority NY/NJ, 138th Series DRIVERS | | | 8.807 | | | | 12/1/34 | | | | 13,269,100 | |
| | 24,005,000 | | | Port Authority NY/NJ, 151st Series DRIVERS | | | 15.857 | | | | 3/15/35 | | | | 31,618,426 | |
| | 4,570,000 | | | Port Authority NY/NJ, 152nd Series DRIVERS | | | 14.348 | | | | 5/1/38 | | | | 5,169,538 | |
| | 10,755,000 | | | Port Authority NY/NJ, 166th Series | | | 9.380 | | | | 1/15/41 | | | | 11,886,426 | |
| | 20,000,000 | | | Port Authority NY/NJ, 3090th Series DRIVERS | | | 9.828 | | | | 11/1/35 | | | | 21,963,600 | |
| | 7,500,000 | | | Port Authority NY/NJ, 3114th Series DRIVERS | | | 15.875 | | | | 11/1/30 | | | | 9,816,375 | |
| | 30,970,000 | | | Port Authority NY/NJ, 3114th Series DRIVERS | | | 9.828 | | | | 11/1/35 | | | | 34,010,635 | |
| | 3,335,000 | | | Port Authority NY/NJ, 3115th Series DRIVERS | | | 15.867 | | | | 3/15/35 | | | | 4,392,729 | |
| | 7,500,000 | | | Port Authority NY/NJ, 3249th Series ROLs3 | | | 9.986 | | | | 7/15/36 | | | | 9,008,250 | |
| | 7,650,000 | | | Port Authority NY/NJ, 3264th Series ROLs3 | | | 9.479 | | | | 10/15/31 | | | | 9,458,460 | |
| | 10,125,000 | | | Port Authority NY/NJ, 3266th Series3 | | | 9.509 | | | | 7/15/39 | | | | 11,319,143 | |
| | 25,330,000 | | | Port Authority NY/NJ, 37th Series DRIVERS | | | 9.818 | | | | 7/15/34 | | | | 27,502,301 | |
| | 4,750,000 | | | Puerto Rico Aqueduct & Sewer Authority ROLs3 | | | 18.165 | | | | 7/1/47 | | | | 3,997,410 | |
| | 98,815,000 | | | Puerto Rico Sales Tax Financing Corp. ROLs3 | | | 14.619 | | | | 8/1/57 | | | | 100,282,403 | |
| | 23,815,000 | | | Puerto Rico Sales Tax Financing Corp. ROLs3 | | | 21.206 | | | | 8/1/57 | | | | 27,052,887 | |
| | 16,960,000 | | | SONYMA ROLs3 | | | 7.806 | | | | 10/1/34 | | | | 17,002,909 | |
| | 230,000 | | | SONYMA ROLs3 | | | 13.763 | | | | 4/1/29 | | | | 230,731 | |
| | 90,000 | | | SONYMA ROLs3 | | | 11.941 | | | | 4/1/29 | | | | 90,230 | |
| | 155,000 | | | SONYMA ROLs3 | | | 13.123 | | | | 4/1/29 | | | | 155,493 | |
| | 7,625,000 | | | SONYMA ROLs3 | | | 14.304 | | | | 4/1/34 | | | | 7,636,666 | |
| | 3,175,000 | | | SONYMA ROLs3 | | | 13.690 | | | | 10/1/26 | | | | 3,351,117 | |
| | 4,240,000 | | | SONYMA ROLs3 | | | 9.082 | | | | 10/1/37 | | | | 4,350,410 | |
| | 11,330,000 | | | SONYMA ROLs3 | | | 8.694 | | | | 10/1/31 | | | | 11,566,797 | |
| | 6,735,000 | | | SONYMA ROLs3 | | | 8.778 | | | | 10/1/37 | | | | 6,765,981 | |
| | 1,980,000 | | | SONYMA, Series 145 DRIVERS | | | 9.576 | | | | 10/1/37 | | | | 2,060,744 | |
| | 980,000 | | | SONYMA, Series 148 DRIVERS | | | 9.593 | | | | 10/1/27 | | | | 1,037,379 | |
| | 925,000 | | | SONYMA, Series 148 DRIVERS | | | 9.741 | | | | 10/1/32 | | | | 959,336 | |
| | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | $ | 684,521,890 | |
| | | | | | | | | | | | | | |
|
|
|
1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.
2. Represents the current interest rate for the inverse floating rate security.
3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.
The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For
| | |
| 60 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.
The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $902,275,000 or 10.27% of its total assets as of June 28, 2013.
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 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.
As of June 28, 2013, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:
| | | | |
| | | When-Issued or
Delayed Delivery
Basis Transactions | |
| Purchased securities | | $ | 2,479,032 | |
Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 61 | |
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 28, 2013 is as follows:
| | | | |
| Cost | | $ | 92,965,470 | |
| Market Value | | $ | 90,739,170 | |
| Market Value as a % of Net Assets | | | 1.17 | % |
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.
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.
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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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 remain open for the three preceding fiscal reporting period ends.
During the fiscal year ended December 31, 2012, the Fund utilized $7,361,424 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2012 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 | | | |
| 2016 | | $ | 443,946,792 | |
| 2017 | | | 324,022,087 | |
| No expiration | | | 128,842,584 | |
| | |
|
|
|
| Total | | $ | 896,811,463 | |
| | |
|
|
|
As of June 28, 2013, it is estimated that the capital loss carryforwards would be $767,968,879 expiring by 2017 and $123,817,454 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 six months ended June 28, 2013, it is estimated that the Fund will utilize $5,025,130 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
| | |
| 62 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. 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 as of June 28, 2013 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 | | $ | 8,236,208,585 | 1 |
| | |
|
|
|
| Gross unrealized appreciation | | $ | 298,177,234 | |
| Gross unrealized depreciation | | | (997,735,804 | ) |
| | |
|
|
|
| Net unrealized depreciation | | $ | (699,558,570 | ) |
| | |
|
|
|
1. The Federal tax cost of securities does not include cost of $913,451,708, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.
Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended June 28, 2013, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:
| | | | |
| Projected Benefit Obligations Increased | | $ | 22,350 | |
| Payments Made to Retired Trustees | | | 155,894 | |
| Accumulated Liability as of June 28, 2013 | | | 1,146,072 | |
The Board of Trustees 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 Trustee 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 Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee 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.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 63 | |
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
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. 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 1 Month LIBOR Rate plus 2.00%. 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.
Other. 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.
2. 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.
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| 64 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
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 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 last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. 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) using 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
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 65 | |
NOTES TO FINANCIAL STATEMENTS Continued
2. Securities Valuation Continued
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.
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
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| 66 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.
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 as of June 28, 2013 based on valuation input level:
| | | | | | | | | | | | | | | | | | | | |
| | | Level 1—
Unadjusted
Quoted Prices | | Level 2—
Other Significant
Observable Inputs | | Level 3—
Significant
Unobservable
Inputs | | Value |
| Assets Table | | | | | | | | | | | | | | | | | | | | |
| Investments, at Value: | | | | | | | | | | | | | | | | | | | | |
| Municipal Bonds and Notes | | | | | | | | | | | | | | | | | | | | |
New York | | | $ | — | | | | $ | 6,099,116,737 | | | | $ | 134,797 | | | | $ | 6,099,251,534 | |
U.S. Possessions | | | | — | | | | | 2,346,366,989 | | | | | — | | | | | 2,346,366,989 | |
| Common Stocks | | | | — | | | | | 4,483,200 | | | | | — | | | | | 4,483,200 | |
| | | |
|
|
|
| Total Assets | | | $ | — | | | | $ | 8,449,966,926 | | | | $ | 134,797 | | | | $ | 8,450,101,723 | |
| | | |
|
|
|
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 67 | |
NOTES TO FINANCIAL STATEMENTS Continued
3. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
| | | | | | | | | | | | | | | | |
| | | Six Months Ended June 28, 2013 | | | Year Ended December 31, 2012 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
| Class A | | | | | | | | | | | | | | | | |
| Sold | | | 36,810,870 | | | $ | 620,703,559 | | | | 43,752,207 | | | $ | 736,429,794 | |
Dividends and/or
distributions reinvested | | | 9,305,099 | | | | 157,099,417 | | | | 18,605,792 | | | | 312,929,359 | |
| Redeemed | | | (47,458,862 | ) | | | (800,956,008 | ) | | | (49,921,605 | ) | | | (839,847,114 | ) |
| | |
|
|
|
| Net increase (decrease) | | | (1,342,893 | ) | | $ | (23,153,032 | ) | | | 12,436,394 | | | $ | 209,512,039 | |
| | |
|
|
|
| | | | | | | | | | | | | | | | | |
| Class B | | | | | | | | | | | | | | | | |
| Sold | | | 17,906 | | | $ | 306,758 | | | | 468,895 | | | $ | 7,802,437 | |
Dividends and/or
distributions reinvested | | | 99,057 | | | | 1,673,625 | | | | 289,236 | | | | 4,849,418 | |
| Redeemed | | | (1,455,687 | ) | | | (24,815,113 | ) | | | (3,538,715 | ) | | | (59,246,920 | ) |
| | |
|
|
|
| Net decrease | | | (1,338,724 | ) | | $ | (22,834,730 | ) | | | (2,780,584 | ) | | $ | (46,595,065 | ) |
| | |
|
|
|
| | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | |
| Sold | | | 4,404,824 | | | $ | 75,136,706 | | | | 10,698,099 | | | $ | 179,792,612 | |
Dividends and/or
distributions reinvested | | | 1,506,711 | | | | 25,385,414 | | | | 2,973,587 | | | | 49,918,988 | |
| Redeemed | | | (8,077,601 | ) | | | (135,689,949 | ) | | | (8,675,224 | ) | | | (145,772,158 | ) |
| | |
|
|
|
| Net increase (decrease) | | | (2,166,066 | ) | | $ | (35,167,829 | ) | | | 4,996,462 | | | $ | 83,939,442 | |
| | |
|
|
|
| | | | | | | | | | | | | | | | | |
| Class Y | | | | | | | | | | | | | | | | |
| Sold | | | 2,961,352 | | | $ | 50,540,835 | | | | 5,916,661 | | | $ | 98,693,710 | |
Dividends and/or
distributions reinvested | | | 322,938 | | | | 5,449,683 | | | | 555,844 | | | | 9,360,263 | |
| Redeemed | | | (2,099,242 | ) | | | (35,497,484 | ) | | | (2,521,904 | ) | | | (42,581,186 | ) |
| | |
|
|
|
| Net increase | | | 1,185,048 | | | $ | 20,493,034 | | | | 3,950,601 | | | $ | 65,472,787 | |
| | |
|
|
|
4. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended June 28, 2013, were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
| Investment securities | | $ | 565,577,689 | | | $ | 784,019,432 | |
| | |
| 68 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
5. 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:
| | | | |
| Fee Schedule | | | |
| Up to $100 million | | | 0.54 | % |
| Next $150 million | | | 0.52 | |
| Next $1.75 billion | | | 0.47 | |
| Next $3 billion | | | 0.46 | |
| Next $3 billion | | | 0.45 | |
| Next $6 billion | | | 0.44 | |
| Over $14 billion | | | 0.42 | |
Accounting Service Fees. Accounting service fees paid to the Manager were in accordance with the accounting services agreement with the Fund which provides for an annual fee of $12,000 for the first $30 million of average daily net assets and $9,000 for each additional $30 million of average daily net assets. The fee arrangement associated with
these services was terminated effective April 1, 2013.
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. Fees incurred by the Fund with respect to these services are detailed in the Statement of Operations.
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.
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 under Rule 12b-1 of the Investment Company Act of 1940. 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
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 69 | |
NOTES TO FINANCIAL STATEMENTS Continued
5. Fees and Other Transactions with Affiliates Continued
annual rate of up to 0.15% 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 Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2013 were as follows:
| | | | |
| Class B | | $ | 33,640,101 | |
| Class C | | | 37,619,683 | |
Sales Charges. Front-end sales charges and contingent deferred sales charges (“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
Distributor | | | Class A
Contingent
Deferred
Sales Charges
Retained by
Distributor | | | Class B Contingent
Deferred
Sales Charges
Retained by
Distributor | | | Class C
Contingent
Deferred
Sales Charges
Retained by
Distributor | |
| June 28, 2013 | | $ | 709,269 | | | $ | 141,554 | | | $ | 50,850 | | | $ | 46,952 | |
Waivers and Reimbursements of Expenses. The Transfer Agent has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class and for Class A shares to 0.30% of average annual net assets of the class.
The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the
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| 70 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
“Pending Litigation” note which appears later in this report. During the six months ended June 28, 2013, the Manager reimbursed the Fund $13,860 for legal costs and fees.
Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.
6. 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 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 can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.
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 $2.0 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 (0.1670% as of June 28, 2013). The Fund pays additional fees annually 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
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 71 | |
NOTES TO FINANCIAL STATEMENTS Continued
6. Borrowings Continued
interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended June 28, 2013 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.
As of June 28, 2013, the Fund had borrowings outstanding at an interest rate of 0.1670%. Details of the borrowings for the six months ended June 28, 2013 are as follows:
| | | | |
| Average Daily Loan Balance | | $ | 28,681,215 | |
| Average Daily Interest Rate | | | 0.179 | % |
| Fees Paid | | $ | 1,445,839 | |
| Interest Paid | | $ | 19,452 | |
7. 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 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 six months ended June 28, 2013 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
| | |
| 72 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
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 the first or fifteenth day of any calendar month 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 six months ended June 28, 2013.
Details of reverse repurchase agreement transactions for the six months ended June 28, 2013 are as follows:
8. Pending Litigation
Since 2009, a number of class action lawsuits have been pending in federal courts against OFI, OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds – including the Fund – advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits.
Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 73 | |
NOTES TO FINANCIAL STATEMENTS Continued
8. Pending Litigation Continued
from the court’s order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.
On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the court’s dismissal order. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.
OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, OFI believes that these suits should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.
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| 74 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
SPECIAL SHAREHOLDER MEETINGS (Unaudited)
On June 21, 2013, a first shareholder meeting of Oppenheimer Rochester Fund Municipals (the “Fund”) was held at which the twelve Trustees identified below were elected to the Fund (Proposal No. 1). The following is a report of the votes cast:
| | | | | | | | |
| Nominee/Proposal | | For | | | Withheld | |
| Trustees | | | | | | | | |
| Brian F. Wruble | | | 449,558,743 | | | | 11,745,912 | |
| David K. Downes | | | 449,062,442 | | | | 12,242,213 | |
| Matthew P. Fink | | | 449,068,805 | | | | 12,235,850 | |
| Edmund Giambastiani, Jr. | | | 450,140,248 | | | | 11,164,407 | |
| Phillip A. Griffiths | | | 448,744,668 | | | | 12,559,987 | |
| Mary F. Miller | | | 449,724,859 | | | | 11,579,796 | |
| Joel W. Motley | | | 450,054,891 | | | | 11,249,764 | |
| Joanne Pace | | | 450,357,169 | | | | 10,947,486 | |
| Mary Ann Tynan | | | 450,005,455 | | | | 11,299,200 | |
| Joseph M. Wikler | | | 449,186,455 | | | | 12,118,200 | |
| Peter I. Wold | | | 449,964,380 | | | | 11,340,275 | |
| William F. Glavin, Jr. | | | 450,045,540 | | | | 11,259,115 | |
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 75 | |
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
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 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.
| | |
| 76 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
OPPENHEIMER ROCHESTER® FUND MUNICIPALS
| | |
| 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 Phillip A. Griffiths, Trustee Mary F. Miller, Trustee Joel W. Motley, Trustee Joanne Pace, 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 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 Christina M. Nasta, Vice President and Chief Business Officer Mark S. Vandehey, Vice President and Chief Compliance 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. |
©2013 OppenheimerFunds, Inc. All rights reserved.
| | | | |
| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 77 | |
PRIVACY POLICY
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:
| l | | Applications or other forms |
| l | | When you create a user ID and password for online account access |
| l | | When you enroll in eDocs Direct, our electronic document delivery service |
| l | | Your transactions with us, our affiliates or others |
| l | | A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited |
| l | | 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
We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. 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.
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| 78 | | OPPENHEIMER ROCHESTER FUND MUNICIPALS |
PRIVACY POLICY
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.
| l | | 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. |
| l | | 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. |
| l | | 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., and each of its financial institution subsidiaries, the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. 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 November 2012. 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 these privacy policies, 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).
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| OPPENHEIMER ROCHESTER FUND MUNICIPALS | | | 79 | |
Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 1.800.CALL OPP (1.800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon-Fri 8am-8pm ET.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
RS0365.001.0613 August 20, 2013
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 6/28/2013, 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.
Rochester Fund Municipals
| | |
By: | | /s/ William F. Glavin, Jr. |
| | William F. Glavin, Jr. |
| | Principal Executive Officer |
| Date: | | 8/9/2013 |
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/ William F. Glavin, Jr. |
| | William F. Glavin, Jr. |
| | Principal Executive Officer |
| Date: | | 8/9/2013 |
| | |
| By: | | /s/ Brian W. Wixted |
| | Brian W. Wixted |
| | Principal Financial Officer |
| Date: | | 8/9/2013 |
