May 31, 2012 Oppenheimer Management Institutional Money Commentary and Market Fund Annual Report M A N A G E M E N T C O M M E N TA R Y An Interview with your Funds Portfolio Managers A N N U A L R E P O RT Listing of Top Holdings Financial Statements |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
Actual | December 1, 2011 | May 31, 2012 | May 31, 2012 | |||||||||
Class E |
$ | 1,000.00 | $ | 1,001.10 | $ | 0.55 | ||||||
Class L |
1,000.00 | 1,000.80 | 0.85 | |||||||||
Class P |
1,000.00 | 1,000.60 | 1.05 | |||||||||
Hypothetical (5% return before expenses) |
||||||||||||
Class E |
1,000.00 | 1,024.45 | 0.56 | |||||||||
Class L |
1,000.00 | 1,024.15 | 0.86 | |||||||||
Class P |
1,000.00 | 1,023.95 | 1.06 |
Class | Expense Ratios | |||
Class E |
0.11 | % | ||
Class L |
0.17 | |||
Class P |
0.21 |
Maturity | Final Legal | Principal | ||||||||||||||
Date* | Maturity Date** | Amount | Value | |||||||||||||
Certificates of Deposit19.0% |
||||||||||||||||
Yankee Certificates of Deposit19.0% |
||||||||||||||||
Bank of Montreal, Chicago, 0.16% |
6/20/12 | 6/20/12 | $ | 50,000,000 | $ | 50,000,000 | ||||||||||
Bank of Nova Scotia, Houston TX: |
||||||||||||||||
0.14% |
6/1/12 | 6/1/12 | 52,000,000 | 52,000,000 | ||||||||||||
0.35% |
8/8/12 | 8/8/12 | 21,100,000 | 21,100,000 | ||||||||||||
0.48% |
6/19/12 | 6/19/12 | 100,000,000 | 100,000,000 | ||||||||||||
Bank of Tokyo-Mitsubishi UFJ NY, 0.22% |
6/4/12 | 6/4/12 | 50,000,000 | 50,000,083 | ||||||||||||
DnB Bank ASA NY: |
||||||||||||||||
0.16% |
6/6/12 | 6/6/12 | 47,000,000 | 47,000,000 | ||||||||||||
0.16% |
6/7/12 | 6/7/12 | 91,000,000 | 91,000,000 | ||||||||||||
Mitsubishi UFJ TR & BK NY, 0.18% |
7/2/12 | 7/2/12 | 70,000,000 | 70,000,000 | ||||||||||||
Nordea Bank Finland plc, New York: |
||||||||||||||||
0.22% |
7/30/12 | 7/30/12 | 50,000,000 | 50,000,000 | ||||||||||||
0.22% |
8/1/12 | 8/1/12 | 50,000,000 | 50,000,000 | ||||||||||||
Rabobank Nederland NV, New York: |
||||||||||||||||
0.39%1 |
6/13/12 | 9/13/12 | 50,000,000 | 50,000,000 | ||||||||||||
0.42% |
7/3/12 | 7/3/12 | 38,800,000 | 38,801,032 | ||||||||||||
Royal Bank of Canada, New York: |
||||||||||||||||
0.48%1 |
7/9/12 | 7/9/12 | 30,000,000 | 30,000,579 | ||||||||||||
0.48%1 |
6/7/12 | 6/7/12 | 75,000,000 | 75,000,000 | ||||||||||||
0.54%1 |
6/14/12 | 12/11/12 | 65,000,000 | 65,000,000 | ||||||||||||
0.56%1 |
6/1/12 | 9/10/12 | 40,000,000 | 40,000,000 | ||||||||||||
0.77% |
11/28/12 | 11/28/12 | 50,000,000 | 50,000,000 | ||||||||||||
Sumitomo Mutsui Bank NY: |
||||||||||||||||
0.15% |
6/6/12 | 6/6/12 | 100,000,000 | 100,000,000 | ||||||||||||
0.15% |
6/7/12 | 6/7/12 | 100,000,000 | 100,000,000 | ||||||||||||
Total Certificates of Deposit (Cost $1,129,901,694) |
1,129,901,694 | |||||||||||||||
Direct Bank Obligations16.5% |
||||||||||||||||
Commonwealth Bank of Australia: |
||||||||||||||||
0.19%2 |
6/5/12 | 6/5/12 | 50,000,000 | 49,998,944 | ||||||||||||
0.19%2 |
6/15/12 | 6/15/12 | 25,000,000 | 24,998,153 | ||||||||||||
0.22%2 |
8/21/12 | 8/21/12 | 132,750,000 | 132,684,289 | ||||||||||||
0.23%2 |
8/31/12 | 8/31/12 | 20,000,000 | 19,988,625 | ||||||||||||
National Australia Funding (Delaware), Inc.: |
||||||||||||||||
0.20%2 |
8/7/12 | 8/7/12 | 96,355,000 | 96,319,135 | ||||||||||||
0.22%2 |
8/8/12 | 8/8/12 | 126,539,000 | 126,490,194 | ||||||||||||
0.31%2 |
10/19/12 | 10/19/12 | 50,000,000 | 49,939,722 | ||||||||||||
Northern Trust Co., Grand Cayman, 0.07% |
6/1/12 | 6/1/12 | 259,000,000 | 259,000,000 | ||||||||||||
Rabobank USA Financial Corp.: |
||||||||||||||||
0.35% |
6/22/12 | 6/22/12 | 33,581,000 | 33,574,144 | ||||||||||||
0.35% |
6/25/12 | 6/25/12 | 7,600,000 | 7,598,227 | ||||||||||||
0.39% |
7/16/12 | 7/16/12 | 20,000,000 | 19,990,250 |
Maturity | Final Legal | Principal | ||||||||||||||
Date* | Maturity Date** | Amount | Value | |||||||||||||
Direct Bank Obligations Continued |
||||||||||||||||
Svenska Handelsbanken, Inc.: |
||||||||||||||||
0.27%2 |
6/19/12 | 6/19/12 | $ | 12,500,000 | $ | 12,498,313 | ||||||||||
0.27%2 |
6/21/12 | 6/21/12 | 150,000,000 | 149,976,667 | ||||||||||||
Total Direct Bank Obligations (Cost $983,056,663) |
983,056,663 | |||||||||||||||
Short-Term Notes/Commercial Paper62.4% |
||||||||||||||||
Banks5.3% |
||||||||||||||||
HSBC USA, Inc.: |
||||||||||||||||
0.26% |
6/18/12 | 6/18/12 | 26,800,000 | 26,796,710 | ||||||||||||
0.27% |
6/26/12 | 6/26/12 | 38,000,000 | 37,992,875 | ||||||||||||
0.27% |
7/25/12 | 7/25/12 | 55,000,000 | 54,977,725 | ||||||||||||
0.31% |
7/20/12 | 7/20/12 | 55,700,000 | 55,676,498 | ||||||||||||
0.31% |
8/14/12 | 8/14/12 | 86,000,000 | 85,945,199 | ||||||||||||
PNC Bank NA, 0.21% |
7/23/12 | 7/23/12 | 50,000,000 | 49,984,833 | ||||||||||||
311,373,840 | ||||||||||||||||
Diversified Financial Services4.7% |
||||||||||||||||
General Electric Capital Corp.: |
||||||||||||||||
0.32% |
8/3/12 | 8/3/12 | 50,000,000 | 49,972,000 | ||||||||||||
0.34% |
6/19/12 | 6/19/12 | 128,850,000 | 128,828,096 | ||||||||||||
0.34% |
8/22/12 | 8/22/12 | 100,000,000 | 99,922,556 | ||||||||||||
278,722,652 | ||||||||||||||||
Leasing & Factoring9.2% |
||||||||||||||||
American Honda Finance Corp.: |
||||||||||||||||
0.57%1 |
6/29/12 | 6/29/12 | 70,500,000 | 70,500,000 | ||||||||||||
0.72%1 |
7/17/12 | 1/17/13 | 16,000,000 | 16,000,000 | ||||||||||||
0.72%1,3 |
8/20/12 | 11/20/12 | 60,000,000 | 60,000,000 | ||||||||||||
0.72%1,3 |
6/26/12 | 9/26/12 | 63,500,000 | 63,500,000 | ||||||||||||
0.72%1 |
6/19/12 | 12/19/12 | 50,000,000 | 50,000,000 | ||||||||||||
Toyota Motor Credit Corp.: |
||||||||||||||||
0.67%1 |
7/18/12 | 10/18/12 | 104,500,000 | 104,500,000 | ||||||||||||
0.67%1 |
7/13/12 | 1/14/13 | 90,000,000 | 90,000,000 | ||||||||||||
0.67%1 |
6/21/12 | 12/17/12 | 94,400,000 | 94,400,000 | ||||||||||||
548,900,000 | ||||||||||||||||
Municipal6.5% |
||||||||||||||||
AARP Nts., Series 2001, 0.29%1 |
6/7/12 | 6/7/12 | 50,000,000 | 50,000,000 | ||||||||||||
Baltimore, MD General Obligation Bonds,
Series 2003C, 0.18%1 |
6/7/12 | 6/7/12 | 11,720,000 | 11,720,000 | ||||||||||||
Calhoun Port Authority, TX Revenue Bonds,
Formosa Plastics Corp. America,
Series 2012, 0.19%1,4 |
6/7/12 | 6/7/12 | 50,000,000 | 50,000,000 |
Maturity | Final Legal | Principal | ||||||||||||||
Date* | Maturity Date** | Amount | Value | |||||||||||||
Municipal Continued |
||||||||||||||||
Capital Market Access Co. LC Bonds,
Carteret Investment Assn. LLC,
Series 2008, 0.21%1 |
6/7/12 | 6/7/12 | $ | 7,070,000 | $ | 7,070,000 | ||||||||||
Cobb Cnty., GA Hospital Authority
Revenue Anticipation Certificates,
Equipment Pool Project, Series 2004, 0.18%1 |
6/7/12 | 6/7/12 | 25,000,000 | 25,000,000 | ||||||||||||
District of Columbia Revenue Bonds, American
Immigration Lawyers, Series 07, 0.23%1 |
6/7/12 | 6/7/12 | 12,100,000 | 12,100,000 | ||||||||||||
Goshen, IN Economic Development,
Goshen College Project, Series 2007, 0.19%1 |
6/7/12 | 6/7/12 | 20,230,000 | 20,230,000 | ||||||||||||
IN Development Finance Authority Education
Facilities Bonds, Indianapolis Museum of Art,
Series 2004, 0.19%1 |
6/7/12 | 6/7/12 | 43,500,000 | 43,500,000 | ||||||||||||
Johnson, TN Health & Education Facilities,
Mountain States Health, Series 2007B-1, 0.22%1 |
6/7/12 | 6/7/12 | 3,750,000 | 3,750,000 | ||||||||||||
Johnson, TN Health & Education
Facilities, Mountain States Health,
Series 2007B-2, 0.21%1 |
6/7/12 | 6/7/12 | 17,865,000 | 17,865,000 | ||||||||||||
Lewisburg, TN Industrial Development Board,
Waste Management of Tennessee Project,
Series 2003, 0.21%1 |
6/7/12 | 6/7/12 | 25,000,000 | 25,000,000 | ||||||||||||
Macon-Bibb Cnty. Industrial Development
Authority Revenue Bonds, Bass Pro
Outdoor World, Series 2005, 0.33%1 |
6/7/12 | 6/7/12 | 20,100,000 | 20,100,000 | ||||||||||||
OH Higher Education Facilities Commission,
Xavier University 2008 Project, Series B, 0.18%1 |
6/7/12 | 6/7/12 | 20,480,000 | 20,480,000 | ||||||||||||
Private Colleges & Universities Authority
Revenue Bonds, Mercer University
Project, Series 2006B, 0.19%1 |
6/1/12 | 6/1/12 | 5,775,000 | 5,775,000 | ||||||||||||
SC Jobs Economic Development Authority
Revenue Bonds, Republic Services, Inc.,
Series 04, 0.18%1 |
6/7/12 | 6/7/12 | 11,800,000 | 11,800,000 | ||||||||||||
SC Jobs-Economic Development
Authority Bonds, South Atlantic Canners,
Inc., Series 2001, 0.33%1 |
6/7/12 | 6/7/12 | 5,000,000 | 5,000,000 | ||||||||||||
SE Public Service Authority of VA Sr. Revenue
Bonds, Regional Solid Waste System Project,
Series 2007A, 0.23%1 |
6/7/12 | 6/7/12 | 12,825,000 | 12,825,000 | ||||||||||||
St. Paul, MN Bonds, Rivercentre Arena
Project, Series 2009A, 0.21%1 |
6/7/12 | 6/7/12 | 17,200,000 | 17,200,000 | ||||||||||||
Tift Cnty. Development Authority
Industrial Development Revenue Bonds,
Heatcraft Refrigeration Products,
Series 2008B, 0.21%1 |
6/7/12 | 6/7/12 | 11,700,000 | 11,700,000 |
Maturity | Final Legal | Principal | ||||||||||||||
Date* | Maturity Date** | Amount | Value | |||||||||||||
Municipal Continued |
||||||||||||||||
Trinitas Hospital Bonds, Series 2006, 0.21%1 |
6/7/12 | 6/7/12 | $ | 13,805,000 | $ | 13,805,000 | ||||||||||
384,920,000 | ||||||||||||||||
Oil, Gas & Consumable Fuels0.8% |
||||||||||||||||
Total Capital Canada, 0.23%2 |
7/10/12 | 7/10/12 | 48,500,000 | 48,487,915 | ||||||||||||
Personal Products4.0% |
||||||||||||||||
Reckitt Benckiser Treasury Services plc: |
||||||||||||||||
0.39%2 |
11/21/12 | 11/21/12 | 25,000,000 | 24,953,146 | ||||||||||||
0.46%2 |
12/11/12 | 12/11/12 | 10,750,000 | 10,723,489 | ||||||||||||
0.55%2 |
10/11/12 | 10/11/12 | 14,000,000 | 13,971,767 | ||||||||||||
0.55%2 |
10/18/12 | 10/18/12 | 39,000,000 | 38,917,179 | ||||||||||||
0.57%2 |
6/8/12 | 6/8/12 | 38,000,000 | 37,995,788 | ||||||||||||
0.60%2 |
6/11/12 | 6/11/12 | 50,000,000 | 49,991,667 | ||||||||||||
0.62%2 |
6/6/12 | 6/6/12 | 26,000,000 | 25,997,761 | ||||||||||||
0.65%2 |
6/14/12 | 6/14/12 | 35,000,000 | 34,991,785 | ||||||||||||
237,542,582 | ||||||||||||||||
Receivables Finance20.4% |
||||||||||||||||
Alpine Securitization Corp.: |
||||||||||||||||
0.18% |
6/8/12 | 6/8/12 | 45,500,000 | 45,498,408 | ||||||||||||
0.20% |
6/13/12 | 6/13/12 | 50,000,000 | 49,996,667 | ||||||||||||
0.20% |
7/11/12 | 7/11/12 | 50,000,000 | 49,988,889 | ||||||||||||
0.20% |
7/12/12 | 7/12/12 | 64,700,000 | 64,685,263 | ||||||||||||
0.20% |
7/17/12 | 7/17/12 | 48,000,000 | 47,987,733 | ||||||||||||
Chariot Funding, LLC, 0.16%2 |
6/1/12 | 6/1/12 | 51,471,000 | 51,471,000 | ||||||||||||
Gemini Securitization Corp., 0.16%2 |
6/1/12 | 6/1/12 | 103,997,000 | 103,997,000 | ||||||||||||
Gotham Funding Corp.: |
||||||||||||||||
0.20%2 |
6/8/12 | 6/8/12 | 64,000,000 | 63,997,511 | ||||||||||||
0.20%2 |
6/12/12 | 6/12/12 | 65,000,000 | 64,996,028 | ||||||||||||
0.22%2 |
7/3/12 | 7/3/12 | 38,000,000 | 37,992,569 | ||||||||||||
Jupiter Securitization Co. LLC: |
||||||||||||||||
0.16%2 |
6/1/12 | 6/1/12 | 15,960,000 | 15,960,000 | ||||||||||||
0.16%2 |
6/26/12 | 6/26/12 | 50,000,000 | 49,994,444 | ||||||||||||
Market Street Funding LLC: |
||||||||||||||||
0.20%2 |
6/1/12 | 6/1/12 | 32,000,000 | 32,000,000 | ||||||||||||
0.23%2 |
8/8/12 | 8/8/12 | 22,500,000 | 22,490,225 | ||||||||||||
0.23%2 |
8/9/12 | 8/9/12 | 73,589,000 | 73,556,560 | ||||||||||||
Mont Blanc Capital Corp., 0.19%2 |
6/4/12 | 6/4/12 | 83,000,000 | 82,998,686 | ||||||||||||
Old Line Funding Corp., 0.24%2 |
6/20/12 | 6/20/12 | 61,039,000 | 61,031,268 | ||||||||||||
Sheffield Receivables Corp.: |
||||||||||||||||
0.20%2 |
6/1/12 | 6/1/12 | 27,465,000 | 27,465,000 | ||||||||||||
0.20%2 |
6/18/12 | 6/18/12 | 57,300,000 | 57,294,588 | ||||||||||||
0.20%2 |
6/28/12 | 6/28/12 | 119,000,000 | 118,982,150 |
Maturity | Final Legal | Principal | ||||||||||||||
Date* | Maturity Date** | Amount | Value | |||||||||||||
Receivables Finance Continued |
||||||||||||||||
Thunder Bay Funding LLC: |
||||||||||||||||
0.23%2,3 |
9/24/12 | 9/24/12 | $ | 16,972,000 | $ | 16,959,530 | ||||||||||
0.24%2 |
7/9/12 | 7/9/12 | 50,000,000 | 49,987,333 | ||||||||||||
Variable Funding Capital Corp., 0.21%2 |
6/1/12 | 6/1/12 | 24,001,000 | 24,001,000 | ||||||||||||
1,213,331,852 | ||||||||||||||||
Special Purpose Financial11.5% |
||||||||||||||||
Concord Minutemen Cap. Corp. LLC: |
||||||||||||||||
0.45% |
6/6/12 | 6/6/12 | 16,000,000 | 15,999,000 | ||||||||||||
0.45% |
6/18/12 | 6/18/12 | 29,700,000 | 29,693,689 | ||||||||||||
0.45% |
7/2/12 | 7/2/12 | 152,000,000 | 151,941,100 | ||||||||||||
0.45% |
7/6/12 | 7/6/12 | 9,400,000 | 9,395,888 | ||||||||||||
0.45% |
7/10/12 | 7/10/12 | 17,500,000 | 17,491,469 | ||||||||||||
0.55% |
7/5/12 | 7/5/12 | 70,000,000 | 69,970,250 | ||||||||||||
Crown Point Capital Co., 0.18% |
6/1/12 | 6/1/12 | 160,000,000 | 160,000,000 | ||||||||||||
FCAR Owner Trust II, 0.20% |
6/8/12 | 6/8/12 | 32,800,000 | 32,798,724 | ||||||||||||
Lexington Parker Capital Co. LLC: |
||||||||||||||||
0.45%2 |
6/4/12 | 6/4/12 | 50,000,000 | 49,998,125 | ||||||||||||
0.45%2 |
6/5/12 | 6/5/12 | 42,500,000 | 42,497,875 | ||||||||||||
0.45%2 |
6/7/12 | 6/7/12 | 11,700,000 | 11,699,123 | ||||||||||||
0.45%2 |
7/5/12 | 7/5/12 | 42,500,000 | 42,481,938 | ||||||||||||
0.45%2 |
7/9/12 | 7/9/12 | 50,000,000 | 49,976,245 | ||||||||||||
683,943,426 | ||||||||||||||||
Total Short-Term Notes/Commercial
Paper (Cost $3,707,222,267) |
3,707,222,267 | |||||||||||||||
Investment Company2.5% |
||||||||||||||||
Prime Money Market Fund RBC Institutional,
Cl. 1, 0.11%5 (Cost $151,026,611) |
6/1/12 | 6/1/12 | 151,026,611 | 151,026,611 | ||||||||||||
Total Investments, at Value (Cost $5,971,207,235) |
100.4 | % | 5,971,207,235 | |||||||||||||
Liabilities in Excess of Other Assets |
(0.4 | ) | (24,514,465 | ) | ||||||||||||
Net Assets |
100.0 | % | $ | 5,946,692,770 | ||||||||||||
* | The Maturity Date represents the date used to calculate the Funds weighted average maturity as determined under Rule 2a-7. | |
** | If different from the Maturity Date, the Final Legal Maturity Date includes any maturity date extensions which may be affected at the option of the issuer or unconditional payments of principal by the issuer which may be affected at the option of the Fund, and represents the date used to calculate the Funds weighted average life as determined under Rule 2a-7. | |
1. | Represents the current interest rate for a variable or increasing rate security. | |
2. | Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $2,100,752,737 or 35.33% of the Funds net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. | |
3. | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $140,459,530 or 2.36% of the Funds net assets as of May 31, 2012. | |
4. | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after May 31, 2012. See Note 1 of the accompanying Notes. | |
5. | Rate shown is the 7-day yield as of May 31, 2012. |
Assets |
||||
Investments, at value (cost $5,971,207,235)see accompanying statement of investments |
$ | 5,971,207,235 | ||
Cash |
346,730 | |||
Receivables and other assets: |
||||
Interest and dividends |
1,408,192 | |||
Shares of beneficial interest sold |
38 | |||
Other |
274,066 | |||
Total assets |
5,973,236,261 | |||
Liabilities |
||||
Payables and other liabilities: |
||||
Investments purchased on a when-issued or delayed delivery basis |
25,000,649 | |||
Dividends |
846,209 | |||
Trustees compensation |
582,329 | |||
Transfer and shareholder servicing agent fees |
25,767 | |||
Shareholder communications |
19,678 | |||
Service plan fees |
284 | |||
Other |
68,575 | |||
Total liabilities |
26,543,491 | |||
Net Assets |
$ | 5,946,692,770 | ||
Composition of Net Assets |
||||
Par value of shares of beneficial interest |
$ | 5,947,051 | ||
Additional paid-in capital |
5,941,104,148 | |||
Accumulated net investment loss |
(467,886 | ) | ||
Accumulated net realized gain on investments |
109,457 | |||
Net Assets |
$ | 5,946,692,770 | ||
Net Asset Value Per Share |
||||
Class E: |
||||
Net asset value and redemption price per share (based on net assets
of $5,358,990,594 and 5,359,253,050 shares of beneficial interest outstanding) |
$ | 1.00 | ||
Class L Shares: |
||||
Net asset value and redemption price per share (based on net assets
of $577,821,951 and 577,933,147 shares of beneficial interest outstanding) |
$ | 1.00 | ||
Class P Shares: |
||||
Net asset value and redemption price per share (based on net assets
of $9,880,225 and 9,865,002 shares of beneficial interest outstanding) |
$ | 1.00 |
Investment Income |
||||
Interest |
$ | 19,959,133 | ||
Dividends |
208,506 | |||
Total investment income |
20,167,639 | |||
Expenses |
||||
Management fees |
7,002,331 | |||
Service plan feesClass P |
20,411 | |||
Transfer and shareholder servicing agent fees: |
||||
Class L |
446,771 | |||
Class P |
4,082 | |||
Shareholder communications: |
||||
Class E |
33,716 | |||
Class L |
91,655 | |||
Trustees compensation |
145,562 | |||
Custodian fees and expenses |
23,075 | |||
Administration service fees |
1,500 | |||
Other |
168,429 | |||
Total expenses |
7,937,532 | |||
Less waivers and reimbursements of expenses |
(17,296 | ) | ||
Net expenses |
7,920,236 | |||
Net Investment Income |
12,247,403 | |||
Net Realized Gain on Investments |
109,457 | |||
Net Increase in Net Assets Resulting from Operations |
$ | 12,356,860 | ||
Year Ended May 31, | 2012 | 2011 | ||||||
Operations |
||||||||
Net investment income |
$ | 12,247,403 | $ | 14,864,788 | ||||
Net realized gain |
109,457 | 58,501 | ||||||
Net increase in net assets resulting from operations |
12,356,860 | 14,923,289 | ||||||
Dividends and/or Distributions to Shareholders |
||||||||
Dividends from net investment income: |
||||||||
Class E |
(11,320,507 | ) | (13,517,750 | ) | ||||
Class L |
(1,095,024 | ) | (1,686,524 | ) | ||||
Class P |
(7,201 | ) | (11,578 | ) | ||||
(12,422,732 | ) | (15,215,852 | ) | |||||
Distributions from net realized gain: |
||||||||
Class E |
| (23,827 | ) | |||||
Class L |
| (2,973 | ) | |||||
Class P |
| (20 | ) | |||||
| (26,820 | ) | ||||||
Beneficial Interest Transactions |
||||||||
Net increase (decrease) in net assets resulting from beneficial
interest transactions: |
||||||||
Class E |
(1,721,021,847 | ) | 1,795,209,103 | |||||
Class L |
(302,132,335 | ) | 116,191,381 | |||||
Class P |
(426,878 | ) | 2,055,645 | |||||
(2,023,581,060 | ) | 1,913,456,129 | ||||||
Net Assets |
||||||||
Total increase (decrease) |
(2,023,646,932 | ) | 1,913,136,746 | |||||
Beginning of period |
7,970,339,702 | 6,057,202,956 | ||||||
End of period (including accumulated net investment
loss of $467,886 and $351,058, respectively) |
$ | 5,946,692,770 | $ | 7,970,339,702 | ||||
Class E Year Ended May 31, | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income from investment operationsnet
investment income and net realized gain1 |
| 2 | | 2 | | 2 | .02 | .05 | ||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
| 2 | | 2 | | 2 | (.02 | ) | (.05 | ) | ||||||||||
Distributions from net realized gain |
| | 2 | | | 2 | | |||||||||||||
Total dividends and/or distributions
to shareholders |
| 2 | | 2 | | 2 | (.02 | ) | (.05 | ) | ||||||||||
Net asset value, end of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return3 |
0.19 | % | 0.23 | % | 0.28 | % | 1.96 | % | 4.69 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 5,358,991 | $ | 7,080,092 | $ | 5,285,125 | $ | 6,608,401 | $ | 5,697,092 | ||||||||||
Average net assets (in thousands) |
$ | 6,085,688 | $ | 5,984,276 | $ | 5,755,335 | $ | 5,649,134 | $ | 5,462,546 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
0.18 | % | 0.22 | % | 0.28 | % | 1.89 | % | 4.55 | % | ||||||||||
Total expenses |
0.11 | % | 0.11 | % | 0.12 | % | 0.13 | % | 0.11 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
0.11 | % | 0.11 | % | 0.12 | % | 0.13 | % | 0.11 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Less than $0.005 per share. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. |
Class L Year Ended May 31, | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income from investment operationsnet
investment income and net realized gain1 |
| 2 | | 2 | | 2 | .02 | .05 | ||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
| 2 | | 2 | | 2 | (.02 | ) | (.05 | ) | ||||||||||
Distributions from net realized gain |
| | 2 | | | 2 | | |||||||||||||
Total dividends and/or distributions
to shareholders |
| 2 | | 2 | | 2 | (.02 | ) | (.05 | ) | ||||||||||
Net asset value, end of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return3 |
0.12 | % | 0.17 | % | 0.23 | % | 1.95 | % | 4.69 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 577,822 | $ | 879,941 | $ | 763,826 | $ | 1,457,981 | $ | 753,342 | ||||||||||
Average net assets (in thousands) |
$ | 891,161 | $ | 948,365 | $ | 1,766,105 | $ | 1,219,384 | $ | 443,323 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
0.12 | % | 0.17 | % | 0.23 | % | 1.97 | % | 3.93 | % | ||||||||||
Total expenses |
0.17 | % | 0.17 | % | 0.17 | % | 0.15 | % | 0.12 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
0.17 | % | 0.17 | % | 0.17 | % | 0.14 | % | 0.12 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Less than $0.005 per share. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. |
Class P Year Ended May 31, | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income from investment operationsnet
investment income and net realized gain1 |
| 2 | | 2 | | 2 | .02 | .05 | ||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
| 2 | | 2 | | 2 | (.02 | ) | (.05 | ) | ||||||||||
Distributions from net realized gain |
| | 2 | | | 2 | | |||||||||||||
Total dividends and/or distributions
to shareholders |
| 2 | | 2 | | 2 | (.02 | ) | (.05 | ) | ||||||||||
Net asset value, end of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Return3 |
0.09 | % | 0.13 | % | 0.18 | % | 1.88 | % | 4.68 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 9,880 | $ | 10,307 | $ | 8,252 | $ | 17,823 | $ | 939 | ||||||||||
Average net assets (in thousands) |
$ | 8,150 | $ | 8,974 | $ | 12,254 | $ | 139,489 | $ | 517 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
0.09 | % | 0.12 | % | 0.19 | % | 2.26 | % | 3.78 | % | ||||||||||
Total expenses |
0.40 | % | 0.41 | % | 0.53 | % | 0.39 | % | 2.14 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
0.20 | % | 0.21 | % | 0.22 | % | 0.18 | % | 0.20 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Less than $0.005 per share. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. |
When-Issued or | ||||
Delayed Delivery | ||||
Basis Transactions | ||||
Purchased securities |
$ | 25,000,649 |
Undistributed | Undistributed | Accumulated | ||||||
Net Investment | Long-Term | Loss | ||||||
Income | Gains | Carryforward | ||||||
$204,528 |
$ | | $ | |
Reduction | Reduction | |||
to Accumulated | to Accumulated | |||
Net Investment | Net Realized Gain | |||
Loss | on Investments | |||
$58,501 |
$ | 58,501 |
Year Ended | Year Ended | |||||||
May 31, 2012 | May 31, 2011 | |||||||
Distributions paid from: |
||||||||
Ordinary income |
$ | 12,422,732 | $ | 15,242,672 |
Projected Benefit Obligations Increased |
$ | 29,907 | ||
Payments Made to Retired Trustees |
45,006 | |||
Accumulated Liability as of May 31, 2012 |
319,218 |
1) | Level 1unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2inputs 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 3significant unobservable inputs (including the Managers own judgments about assumptions that market participants would use in pricing the asset or liability). |
Level 3 | ||||||||||||||||
Level 1 | Level 2 | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Certificates of Deposit |
$ | | $ | 1,129,901,694 | $ | | $ | 1,129,901,694 | ||||||||
Direct Bank Obligations |
| 983,056,663 | | 983,056,663 | ||||||||||||
Short-Term Notes/
Commercial Paper |
| 3,707,222,267 | | 3,707,222,267 | ||||||||||||
Investment Company |
151,026,611 | | | 151,026,611 | ||||||||||||
Total Assets |
$ | 151,026,611 | $ | 5,820,180,624 | $ | | $ | 5,971,207,235 | ||||||||
Year Ended May 31, 2012 | Year Ended May 31, 2011 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class E |
||||||||||||||||
Sold |
38,320,419,740 | $ | 38,320,419,740 | 42,807,694,143 | $ | 42,807,694,143 | ||||||||||
Dividends and/or
distributions reinvested |
1,443,202 | 1,443,202 | 1,461,348 | 1,461,348 | ||||||||||||
Redeemed |
(40,042,884,789 | ) | (40,042,884,789 | ) | (41,013,946,388 | ) | (41,013,946,388 | ) | ||||||||
Net increase (decrease) |
(1,721,021,847 | ) | $ | (1,721,021,847 | ) | 1,795,209,103 | $ | 1,795,209,103 | ||||||||
Class L |
||||||||||||||||
Sold |
32,553,940,726 | $ | 32,553,940,726 | 28,003,367,655 | $ | 28,003,367,655 | ||||||||||
Dividends and/or
distributions reinvested |
666,065 | 666,065 | 1,053,369 | 1,053,369 | ||||||||||||
Redeemed |
(32,856,739,126 | ) | (32,856,739,126 | ) | (27,888,229,643 | ) | (27,888,229,643 | ) | ||||||||
Net increase (decrease) |
(302,132,335 | ) | $ | (302,132,335 | ) | 116,191,381 | $ | 116,191,381 | ||||||||
Class P |
||||||||||||||||
Sold |
3,273,200 | $ | 3,273,200 | 8,500,000 | $ | 8,500,000 | ||||||||||
Dividends and/or
distributions reinvested |
3,922 | 3,922 | 3,402 | 3,402 | ||||||||||||
Redeemed |
(3,704,000 | ) | (3,704,000 | ) | (6,447,757 | ) | (6,447,757 | ) | ||||||||
Net increase (decrease) |
(426,878 | ) | $ | (426,878 | ) | 2,055,645 | $ | 2,055,645 | ||||||||
Name, Position(s) Held with the
Fund, Length of Service, Age
|
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
INDEPENDENT TRUSTEES |
The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. | |
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2006) Age: 69 |
Chairman Emeritus and Non-Voting Trustee of The Jackson Laboratory (non-profit) (since August 2011); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Managers parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Chairman (August 2007-July 2011) and Trustee (August 1991-July 2011) of the Board of Trustees of The Jackson Laboratory (non-profit); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
David K. Downes, Trustee (since 2007) Age: 72 |
Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995- 2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Name, Position(s) Held with the
Fund, Length of Service, Age
|
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Matthew P. Fink, Trustee (since 2006) Age: 71 |
Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insiders View published by Oxford University Press (second edition 2010). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Phillip A.
Griffiths, Trustee (since 2006) Age: 73 |
Fellow of the Carnegie Corporation (since 2007); Member of the National Academy of Sciences (since 1979); Council on Foreign Relations (since 2002); Foreign Associate of Third World Academy of Sciences (since 2002); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Director of GSI Lumonics Inc. (precision technology products company) (2001-2010); Senior Advisor of The Andrew W. Mellon Foundation (2001-2010); Distinguished Presidential Fellow for International Affairs of the National Academy of Science (2002-2010); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Mary F. Miller, Trustee (since 2006) Age: 69 |
Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 58 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Joel W. Motley, Trustee (since 2006) Age: 60 |
Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998- December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. |
Name, Position(s) Held with the
Fund, Length of Service, Age
|
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Mary Ann Tynan, Trustee (since 2008) Age: 66 |
Director and Secretary of the Appalachian Mountain Club (non-profit outdoor organization) (since January 2012); Director of Opera House Arts (non-profit arts organization) (since October 2011); Independent Director of the ICI Board of Governors (since October 2011); Vice Chair of Board of Trustees of Brigham and Womens/Faulkner Hospitals (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 58 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Joseph M. Wikler, Trustee (since 2006) Age: 71 |
Director of C-TASC (bio-statistics services) (2007-2012); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996-2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Peter I. Wold, Trustee (since 2006) Age: 64 |
Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
INTERESTED TRUSTEE AND OFFICER |
The address of Mr. Glavin is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Glavin serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin is an Interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates. | |
William
F. Glavin, Jr., Trustee, President and Principal Executive Office (since 2009) Age: 53 |
Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (OAC) (the Managers parent holding company) (since June 2009); Executive Vice President (March 2006- February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OACs parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer |
Name, Position(s) Held with the
Fund, Length of Service, Age
|
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
William F. Glavin, Jr.,
Continued |
(May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 63 portfolios as a Trustee/Director and 95 portfolios as an officer in the OppenheimerFunds complex. | |
OTHER OFFICERS OF THE FUND |
The addresses of the Officers in the chart below are as follows: for Mr. Gabinet and Ms. Nasta, Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008, for Messrs. Proctor, Vandehey, Wixted and Ms. Wolf, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal. | |
Carol E. Wolf, Vice President (since 2006) Age: 60 |
Senior Vice President of the Manager (since June 2000) and of HarbourView Asset Management Corporation (since June 2003); Vice President of the Manager (June 1990-June 2000). A portfolio manager and officer of 6 portfolios in the OppenheimerFunds complex. | |
Christopher Proctor, Vice President (since 2010) Age: 44 |
Vice President of the Manager (since August 2008) and a Senior Analyst in the Money Market Fund Group responsible for leading the money market research team. A CFA and CTP with 20 years of credit research, trading and portfolio management experience in the money fund industry. Prior to joining the Manager, a Vice President at Calamos Asset Management (January 2007-March 2008) and Scudder-Kemper Investments (1999-2002), where he managed over $15 billion in institutional and retail money market products. A Managing Director and Co-Founder of Elmhurst Capital Management (June 2004-January 2007) and a Senior Manager of Research for Etrade Global Asset Management (2002-2004). A portfolio manager and officer of 5 portfolios in the OppenheimerFunds complex. | |
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Age: 54 |
Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General |
Name, Position(s) Held with the
Fund, Length of Service, Age
|
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Arthur S. Gabinet,
Continued |
Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 95 portfolios in the OppenheimerFunds complex. | |
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 39 |
Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 95 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2006) Age: 61 |
Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 95 portfolios in the OppenheimerFunds complex. | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2006) Age: 52 |
Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of OAC (March 1999-June 2008). An officer of 95 portfolios in the OppenheimerFunds complex. |
Manager
|
OppenheimerFunds, Inc. | |
Distributor
|
OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder
Servicing Agent
|
OppenheimerFunds Services | |
Independent Registered Public Accounting Firm |
KPMG llp | |
Legal Counsel
|
Kramer Levin Naftalis & Frankel LLP |
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(a) | Audit Fees |
(b) | Audit-Related Fees |
(c) | Tax Fees |
(d) | All Other Fees |
(e) | (1) During its regularly scheduled periodic meetings, the registrants audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. | |
The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. | ||
Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. | ||
(2) 100% | ||
(f) | Not applicable as less than 50%. | |
(g) | The principal accountant for the audit of the registrants annual financial statements billed $596,932 in fiscal 2012 and $230,125 in fiscal 2011 to the registrant and the registrants investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. |
(h) | The registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence. No such services were rendered. |
1. | The Funds Governance Committee (the Committee) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current |
Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds investment manager and its affiliates in making the selection. |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individuals background, skills, and experience; whether the individual is an interested person as defined in the Investment Company Act of 1940; and whether the individual would be deemed an audit committee financial expert within the meaning of applicable SEC rules. The Committee also considers whether the individuals background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
| the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
| a statement concerning whether the person is an interested person as defined in the Investment Company Act of 1940; | ||
| any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
| the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. | ||
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds investment adviser) would be deemed an interested person under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds outside legal counsel may cause a person to be deemed an interested person. |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a) | (1) Exhibit attached hereto. |
(b) | Exhibit attached hereto. |
Oppenheimer Institutional Money Market Fund | ||||
By:
|
/s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date:
|
7/10/2012 |
By:
|
/s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date:
|
7/10/2012 | |||
By:
|
/s/ Brian W. Wixted | |||
Principal Financial Officer | ||||
Date:
|
7/10/2012 |
| honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; | ||
| full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (SEC) and in other public communications made by the Fund; | ||
| compliance with applicable governmental laws, rules and regulations; | ||
| the prompt internal reporting of violations of this Code to the Code Administrator identified below; and | ||
| accountability for adherence to this Code. |
1 | The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. |
(i) | employ any device, scheme or artifice to defraud a Fund or its shareholders; | ||
(ii) | intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; | ||
(iii) | engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; | ||
(iv) | engage in any manipulative practice with respect to any Fund; | ||
(v) | use his or her personal influence or personal relationships to influence any |
business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; | |||
(vi) | intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; | ||
(vii) | intentionally mislead or omit to provide material information to the Funds independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; | ||
(viii) | fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; | ||
(ix) | retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or | ||
(x) | fails to acknowledge or certify compliance with this Code if requested to do so. |
(i) | is prohibited by this Code; | ||
(ii) | is consistent with honest and ethical conduct; and | ||
(iii) | will result in a conflict of interest between the Covered Officers personal and professional obligations to a Fund. |
(i) | Continuous maintenance of a current list of the names of all Covered Officers; | ||
(ii) | Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;(iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; | ||
(v) | Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. |
2 | An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI. |
(a) | A copy of any Code which has been in effect during the period; | ||
(b) | A record of any violation of any such Code and of any action taken as a result of such violation, during the period; | ||
(c) | A copy of each annual report pursuant to the Code made by a Covered Officer during the period; | ||
(d) | A copy of each report made by the Code Administrator pursuant to this Code during the period; | ||
(e) | A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; | ||
(f) | A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and | ||
(g) | A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. |
* | There are no other positions with the Funds or OFI who perform similar functions to those listed above. |
1. | I have reviewed this report on Form N-CSR of Oppenheimer Institutional Money Market Fund; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this |
report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of Trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ William F. Glavin, Jr. |
||
Principal Executive Officer |
1. | I have reviewed this report on Form N-CSR of Oppenheimer Institutional Money Market Fund; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of Trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ Brian W. Wixted |
||
Principal Financial Officer |
1. | The Registrants periodic report on Form N-CSR for the period ended 5/31/2012 (the Form N-CSR) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and | |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |
Principal Executive Officer
|
Principal Financial Officer | |||
Oppenheimer Institutional Money Market Fund |
Oppenheimer Institutional Money Market Fund |
|||
/s/ William F. Glavin, Jr.
|
/s/ Brian W. Wixted | |||
Date: 7/10/2012
|
Date: 7/10/2012 |
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