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 811-22142
Oppenheimer Rochester Intermediate Term Municipal Fund
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette
OFI Global Asset Management, Inc.
225 Liberty Street, New York, New York 10281-1008
(Name and address of agent for service)
Registrants telephone number, including area code: (303) 768-3200
Date of fiscal year end: September 30
Date of reporting period: 9/30/2017
Item 1. Reports to Stockholders.
Class A Shares
AVERAGE ANNUAL TOTAL RETURNS AT 9/30/17
Class A Shares of the Fund | ||||||
Without Sales Charge | With Sales Charge | Bloomberg Barclays Municipal Bond 5-Year (4-6) Index | ||||
1-Year | 0.44% | -1.82% | 1.14% | |||
5-Year | 2.93 | 2.46 | 1.93 | |||
Since Inception (12/6/10) | 3.93 | 3.58 | 2.73 |
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 investors shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 2.25% maximum applicable sales charge except where without sales charge is indicated. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individuals investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677).
Our Twitter handle is @RochesterFunds.
2 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Oppenheimer Rochester Intermediate Term Municipal Fund continued to generate attractive levels of tax-free income during the most recent reporting period. As of September 30, 2017, the Class A shares provided a distribution yield at net asset value (NAV) of 2.16%. Falling bond prices at the outset and end of the reporting period caused the Funds NAVs to decline and the 12-month total return of the Funds Class A shares was 0.44% at NAV as of September 30, 2017. Tax-free income comprised 100% of the total return this reporting period.
MARKET OVERVIEW
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YIELDS & DISTRIBUTIONS FOR CLASS A SHARES | ||||
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Dividend Yield w/o sales charge |
2.16% | |||
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Dividend Yield with sales charge |
2.11 | |||
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Standardized Yield |
1.59 | |||
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Taxable Equivalent Yield |
2.81 | |||
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Last distribution (9/26/17) |
$ | 0.008 | ||
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Total distributions (10/1/16 to 9/30/17) |
$ | 0.087 | ||
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Endnotes for this discussion begin on page 12 of this report.
3 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
4 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
5 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
The Rochester Portfolio Managers
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Scott Cottier, CFA Team Leader and Senior Portfolio Manager |
Troy Willis, JD, CFA Team Leader and Senior Portfolio Manager |
Mark DeMitry, CFA Senior Portfolio Manager |
Michael Camarella, CFA Senior Portfolio Manager |
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Charlie Pulire, CFA Senior Portfolio Manager |
Elizabeth Mossow, CFA Senior Portfolio Manager |
6 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
The Rochester Credit Research Team
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Rich Stein, CFA Director of Credit Research
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Chris Weiler, CFA Senior Credit Analyst
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Bob Bertucci, CFA Senior Credit Analyst
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Angela Uttaro Senior Credit Analyst
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Matt Torpey, CFA Senior Credit Analyst
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René Vecka, CFA Senior Credit Analyst
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Jon Hagen, CFA Senior Credit Analyst
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Alen Kreso, CFA Senior Credit Analyst
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Chris Meteyer, CFA Senior Credit Analyst |
Clara Sanguinetti Credit Analyst |
Chad Osterhout Credit Analyst |
7 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
8 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
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Scott S. Cottier, CFA Senior Vice President, Senior Portfolio Manager and Team Leader |
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Troy E. Willis, CFA, J.D. Senior Vice President, Senior Portfolio Manager and Team Leader |
On behalf of the rest of the Rochester portfolio managers: Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.
9 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
10 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Performance
DISTRIBUTION YIELDS
As of 9/30/17
AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/17
Inception Date |
1-Year | 5-Year | Since Inception | |||||
Class A (ORRWX) | 12/6/10 | 0.44% | 2.93% | 3.93% | ||||
Class C (ORRCX) | 12/6/10 | -0.34 | 2.12 | 3.09 | ||||
Class Y (ORRYX) | 12/6/10 | 0.66 | 3.16 | 4.15 |
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/17
Inception Date |
1-Year | 5-Year | Since Inception | |||||
Class A (ORRWX) | 12/6/10 | -1.82% | 2.46% | 3.58% | ||||
Class C (ORRCX) | 12/6/10 | -1.33 | 2.12 | 3.09 | ||||
Class Y (ORRYX) | 12/6/10 | 0.66 | 3.16 | 4.15 |
11 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
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 investors 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 individuals investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 2.25%; for Class C, the contingent deferred sales charge of 1% for the 1-year period. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. There is no sales charge for Class Y shares.
The Funds performance is compared to the performance of the Bloomberg Barclays Municipal 5 Year (4-6) Index, which is the 4-to 6-year component of the Bloomberg Barclays Municipal Bond Index. The latter is an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The Funds performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Funds performance, it must be noted that the Funds investments are not limited to the investments comprising the indices. 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 Funds performance, and does not predict or depict performance of the Fund. The Funds performance reflects the effects of the Funds business and operating expenses.
Distribution yields for Class A shares are based on dividends of $0.008 for the 35-day accrual period ended September 26, 2017. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on September 26, 2017; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B and Y are annualized based on
12 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
dividends of $0.0047 and $0.0089, respectively, for the 35-day accrual period ended September 26, 2017 and on the corresponding net asset values on that date.
Standardized yield is based on an SEC-standardized formula designed to approximate the Funds annualized hypothetical current income from securities less expenses for the 30-day period ended September 30, 2017 and that dates maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended September 30, 2017. The calculation excludes any expense reimbursements and thus may result in a lower yield.
Taxable equivalent yield is based on the standardized yield and the 2017 top federal tax rate of 43.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Funds distributions may be subject to tax; distributions may also increase an investors exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Funds 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.
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 BofA Merrill Lynch AAA Municipal Securities index is the AAA subset of the BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of dollar-denominated, investment-grade, tax-exempt debt issued by U.S. states and territories and their political subdivisions; index constituents are weighted based on capitalization, and accrued interest is calculated assuming next-day settlement.
The Funds 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 funds investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800. CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.
13 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2017.
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled Expenses Paid During 6 Months Ended September 30, 2017 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 Funds 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 Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
14 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Actual | Beginning Account Value April 1, 2017 |
Ending Account Value September 30, 2017 |
Expenses Paid During 6 Months Ended September 30, 2017 | |||
Class A | $ 1,000.00 | $ 1,038.50 | $ 5.38 | |||
Class C | 1,000.00 | 1,032.10 | 9.36 | |||
Class Y | 1,000.00 | 1,037.20 | 4.25 | |||
Hypothetical (5% return before expenses) |
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Class A | 1,000.00 | 1,019.80 | 5.33 | |||
Class C | 1,000.00 | 1,015.89 | 9.29 | |||
Class Y | 1,000.00 | 1,020.91 | 4.21 |
Expenses are equal to the Funds annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2017 are as follows:
Class | Expense Ratios | |
Class A | 1.05% | |
Class C | 1.83 | |
Class Y | 0.83 |
The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Funds Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Funds prospectus. The Financial Highlights tables in the Funds financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.
15 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS September 30, 2017
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Municipal Bonds and Notes98.0% |
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Alabama1.6% |
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$230,000 | AL Health Care Authority for Baptist Health of Alabama1 | 5.000% | 11/15/2021 | 10/29/2017 | A | $ | 230,791 | |||||||||||||
2,700,000 | Homewood, AL GO Warrants1 | 5.000 | 09/01/2030 | 09/01/2026 | A | 3,231,198 | ||||||||||||||
10,000 | Lee County, AL Public Building Authority (DHR Building)1 | 4.375 | 09/01/2025 | 10/29/2017 | A | 10,027 | ||||||||||||||
3,472,016 | ||||||||||||||||||||
Alaska0.2% |
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335,000 | AK International Airports | 5.000 | 10/01/2022 | 10/29/2017 | A | 336,126 | ||||||||||||||
Arizona2.2% |
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20,000 | AZ Board of Regents COP (University of Arizona & Arizona State University BioMed) | 4.500 | 06/01/2031 | 10/29/2017 | A | 20,046 | ||||||||||||||
1,000,000 | Glendale, AZ Transportation Excise Tax1 | 5.000 | 07/01/2029 | 07/01/2025 | A | 1,183,350 | ||||||||||||||
250,000 | Greater AZ Devel. Authority (Santa Cruz County Jail)1 | 5.250 | 08/01/2031 | 08/01/2018 | A | 259,037 | ||||||||||||||
725,000 | Navajo Nation, AZ1 | 5.500 | 12/01/2030 | 12/01/2025 | A | 793,041 | ||||||||||||||
250,000 | Northern Arizona University1 | 5.000 | 06/01/2032 | 06/01/2025 | A | 291,480 | ||||||||||||||
75,000 | Pima County, AZ IDA (Excalibur Charter School) | 5.000 | 09/01/2026 | 01/06/2023 | B | 74,201 | ||||||||||||||
2,000,000 | Westpark, AZ Community Facilities District | 5.000 | 07/15/2032 | 07/15/2026 | A | 2,104,480 | ||||||||||||||
4,725,635 | ||||||||||||||||||||
California20.1% |
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10,000 | Adelanto, CA Public Utility Authority | 6.000 | 07/01/2023 | 07/01/2019 | A | 10,584 | ||||||||||||||
100,000 | Atwater, CA Wastewater1 | 5.000 | 05/01/2033 | 05/01/2027 | A | 116,829 | ||||||||||||||
1,000,000 | Baldwin Park, CA Unified School District1 | 5.000 | 08/01/2029 | 08/01/2026 | A | 1,201,970 | ||||||||||||||
1,550,000 | Beaumont, CA Financing Authority, Series B | 5.000 | 09/01/2028 | 09/01/2023 | A | 1,719,089 | ||||||||||||||
420,000 | CA Educational Facilities Authority (Chapman University)1 | 5.000 | 04/01/2025 | 04/01/2021 | A | 471,282 | ||||||||||||||
2,000,000 | CA GO1 | 5.000 | 08/01/2031 | 02/01/2025 | A | 2,359,720 | ||||||||||||||
5,000 | CA GO1 | 6.000 | 08/01/2020 | 02/01/2018 | A | 5,087 | ||||||||||||||
2,000,000 | CA GO1 | 6.000 | 11/01/2039 | 11/01/2019 | A | 2,200,560 | ||||||||||||||
410,000 | CA GO1 | 6.500 | 04/01/2033 | 04/01/2019 | A | 443,468 | ||||||||||||||
3,000,000 | CA Golden State Tobacco Securitization Corp. (TASC)1 | 5.000 | 06/01/2033 | 05/30/2030 | B | 2,996,700 | ||||||||||||||
500,000 | CA Health Facilities Financing Authority (Childrens Hospital)1 | 5.000 | 11/01/2024 | 11/01/2021 | A | 557,625 | ||||||||||||||
1,000,000 | CA Municipal Finance Authority (Harbor Regional Center)1 | 5.000 | 11/01/2032 | 11/01/2025 | A | 1,139,590 | ||||||||||||||
125,000 | CA Public Works (California Community Colleges) | 5.500 | 06/01/2022 | 10/29/2017 | A | 125,475 |
16 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
California (Continued) |
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$30,000 | CA Public Works (Various Community Colleges)1 | 5.625% | 03/01/2019 | 10/29/2017 | A | $ | 30,202 | |||||||||||||
340,000 | CA Statewide CDA (Bakersfield Reassessment District)1 | 5.000 | 09/02/2022 | 07/03/2020 | B | 366,336 | ||||||||||||||
1,250,000 | CA Statewide CDA (CHF-Irvine)1 | 5.000 | 05/15/2032 | 05/15/2026 | A | 1,453,200 | ||||||||||||||
10,000 | Central, CA Unified School District | 5.000 | 08/01/2022 | 11/01/2017 | A | 10,034 | ||||||||||||||
100,000 | Cerritos, CA Public Financing Authority1 | 5.000 | 11/01/2018 | 11/01/2017 | A | 102,351 | ||||||||||||||
1,500,000 | Chula Vista, CA Municipal Financing Authority1 | 5.000 | 09/01/2026 | 09/01/2025 | A | 1,807,005 | ||||||||||||||
100,000 | Compton, CA Community College District1 | 5.000 | 07/01/2018 | 07/01/2018 | 103,048 | |||||||||||||||
100,000 | Compton, CA Community College District1 | 5.000 | 07/01/2019 | 07/01/2019 | 106,960 | |||||||||||||||
100,000 | El Centro, CA Financing Authority (El Centro Redevel.)1 | 6.625 | 11/01/2025 | 05/01/2021 | A | 118,045 | ||||||||||||||
500,000 | El Dorado County, CA Special Tax Community Facilities District No. 92881 | 5.000 | 09/01/2024 | 09/01/2022 | A | 572,830 | ||||||||||||||
380,000 | El Monte, CA Union High School District1 | 5.000 | 06/01/2028 | 06/01/2026 | A | 467,172 | ||||||||||||||
995,000 | Indio, CA Community Facilities District Special Tax | 5.000 | 09/01/2035 | 09/01/2025 | A | 1,112,291 | ||||||||||||||
500,000 | Jurupa, CA Community Services District Special Tax Community | |||||||||||||||||||
Facilities District No. 43 | 5.000 | 09/01/2030 | 09/01/2026 | A | 578,465 | |||||||||||||||
500,000 | Lancaster, CA Redevel. Agency1 | 5.500 | 12/01/2028 | 12/01/2020 | A | 558,995 | ||||||||||||||
500,000 | Lodi, CA Public Financing Authority1 | 5.250 | 10/01/2026 | 04/01/2022 | A | 566,680 | ||||||||||||||
250,000 | Madera, CA Irrigation Financing Authority1 | 5.750 | 01/01/2026 | 01/01/2020 | A | 276,592 | ||||||||||||||
1,595,000 | Modesto, CA Irrigation District Financing Authority (Electric System)1 | 5.000 | 10/01/2028 | 10/01/2025 | A | 1,881,414 | ||||||||||||||
100,000 | Monrovia, CA Redevel. Agency Tax Allocation (Central Redevel. Project Area No. 1)1 | 6.500 | 05/01/2026 | 05/01/2021 | A | 118,990 | ||||||||||||||
500,000 | Palomar, CA Health1 | 5.000 | 11/01/2031 | 11/01/2026 | A | 569,635 | ||||||||||||||
495,000 | Redwood City, CA Special Tax | 5.000 | 09/01/2026 | 09/01/2022 | A | 551,806 | ||||||||||||||
1,880,000 | Richmond, CA Joint Powers Financing Authority1 | 5.500 | 11/01/2029 | 12/03/2024 | A | 2,161,380 | ||||||||||||||
500,000 | Riverside County, CA Community Facilities District (Lake Hills Crest) | 5.000 | 09/01/2028 | 09/01/2022 | A | 548,390 | ||||||||||||||
250,000 | Riverside County, CA Public Financing Authority1 | 5.000 | 05/01/2025 | 05/01/2022 | A | 282,458 | ||||||||||||||
250,000 | Riverside County, CA Public Financing Authority1 | 5.000 | 05/01/2026 | 05/01/2022 | A | 280,510 | ||||||||||||||
1,375,000 | Riverside County, CA Public Financing Authority1 | 5.000 | 10/01/2029 | 10/01/2025 | A | 1,638,670 |
17 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
California (Continued) |
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$100,000 | Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1 | 5.750% | 10/01/2020 | 10/01/2020 | $ | 113,424 | ||||||||||||||
400,000 | Riverside, CA Improvement Bond Act 1915 (Riverwalk Assessment District) | 5.250 | 09/02/2026 | 03/02/2018 | A | 416,212 | ||||||||||||||
1,000,000 | Sacramento, CA City Unified School District1 | 5.000 | 07/01/2030 | 07/01/2024 | A | 1,165,640 | ||||||||||||||
150,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2017 | 10/01/2017 | 150,039 | |||||||||||||||
45,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2018 | 10/01/2018 | 46,872 | |||||||||||||||
200,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2018 | 10/01/2018 | 208,318 | |||||||||||||||
245,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2019 | 10/01/2019 | 264,862 | |||||||||||||||
350,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2020 | 10/01/2020 | 389,886 | |||||||||||||||
520,000 | San Diego, CA Community Facilities District No. 3 Special Tax | 5.000 | 09/01/2024 | 09/01/2023 | A | 597,714 | ||||||||||||||
250,000 | San Diego, CA Public Facilities Financing Authority1 | 5.000 | 08/01/2028 | 08/01/2022 | A | 290,015 | ||||||||||||||
1,010,000 | San Gorgonio, CA Memorial Health Care District1 | 5.000 | 08/01/2025 | 08/01/2020 | A | 1,098,819 | ||||||||||||||
520,000 | Santa Clarita, CA Community Facilities District (Valencia Town Center) | 5.000 | 11/15/2022 | 11/15/2022 | 586,227 | |||||||||||||||
500,000 | South Gate, CA Utility Authority1 | 5.250 | 10/01/2026 | 10/01/2022 | A | 585,615 | ||||||||||||||
2,080,000 | South Tahoe, CA Joint Powers Financing Authority1 | 5.000 | 10/01/2028 | 10/01/2025 | A | 2,444,853 | ||||||||||||||
2,500,000 | University of California1 | 5.000 | 05/15/2031 | 05/15/2025 | A | 2,983,200 | ||||||||||||||
120,000 | Vernon, CA Electric System1 | 5.125 | 08/01/2021 | 05/03/2019 | A | 128,304 | ||||||||||||||
50,000 | Vernon, CA Electric System | 5.125 | 08/01/2021 | 05/22/2019 | C | 52,967 | ||||||||||||||
1,470,000 | West Kern, CA Community College District1 | 5.000 | 11/01/2026 | 11/01/2025 | A | 1,791,269 | ||||||||||||||
100,000 | Westlands, CA Water District1 | 5.000 | 09/01/2026 | 09/01/2022 | A | 115,585 | ||||||||||||||
20,000 | Westlands, CA Water District1 | 5.000 | 09/01/2027 | 09/01/2022 | A | 23,066 | ||||||||||||||
80,000 | Westlands, CA Water District1 | 5.000 | 09/01/2027 | 09/01/2022 | A | 93,859 | ||||||||||||||
1,045,000 | William S. Hart CA Union High School District | 5.000 | 09/01/2032 | 03/01/2025 | A | 1,174,235 | ||||||||||||||
44,332,419 | ||||||||||||||||||||
Colorado0.3% |
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500,000 | Plaza, CO Metropolitan District No. 1 | 5.000 | 12/01/2022 | 12/01/2022 | 545,305 | |||||||||||||||
Connecticut1.4% |
||||||||||||||||||||
245,000 | CT H&EFA (Yale University)1 | 5.000 | 07/01/2040 | 07/01/2018 | A | 252,269 |
18 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Connecticut (Continued) |
||||||||||||||||||||
$2,500,000 | University of Connecticut1 | 5.000% | 03/15/2029 | 03/15/2026 | A | $ | 2,931,475 | |||||||||||||
3,183,744 | ||||||||||||||||||||
District of Columbia0.1% |
||||||||||||||||||||
300,000 | District of Columbia Student Dorm (Provident Group-Howard Properties)1 | 5.000 | 10/01/2030 | 10/01/2022 | A | 310,185 | ||||||||||||||
Florida3.4% |
||||||||||||||||||||
175,000 | FL Board of Governors (State University System of Florida)1 | 6.250 | 07/01/2028 | 07/01/2018 | A | 183,605 | ||||||||||||||
865,000 | FL HEFFA (Bethune-Cookman University)1 | 5.375 | 07/01/2032 | 07/01/2020 | A | 896,832 | ||||||||||||||
250,000 | Halifax, FL Hospital Medical Center1 | 5.000 | 06/01/2035 | 06/01/2025 | A | 280,208 | ||||||||||||||
5,000 | Jea, FL St. Johns River Power Park System1 | 5.000 | 10/01/2021 | 10/29/2017 | A | 5,017 | ||||||||||||||
40,000 | Miami Beach, FL Water & Sewer1 | 5.000 | 09/01/2030 | 10/29/2017 | A | 41,001 | ||||||||||||||
75,000 | Miami Beach, FL Water & Sewer1 | 5.500 | 09/01/2027 | 10/29/2017 | A | 77,132 | ||||||||||||||
1,000,000 | Miami, FL Special Obligation1 | 5.000 | 03/01/2030 | 03/01/2023 | A | 1,108,450 | ||||||||||||||
1,000,000 | Miami-Dade County, FL Public Facilities (Jackson Health System)1 | 5.000 | 06/01/2033 | 06/01/2025 | A | 1,135,380 | ||||||||||||||
1,900,000 | Miami-Dade County, FL School Board1 | 5.000 | 05/01/2032 | 05/01/2025 | A | 2,212,170 | ||||||||||||||
295,000 | Mirabella, FL Community Devel. District | 6.000 | 11/01/2026 | 05/28/2022 | A | 322,544 | ||||||||||||||
500,000 | Orlando, FL Community Redevel. Agency (Conroy Road District)1 | 5.000 | 04/01/2023 | 04/01/2022 | A | 555,155 | ||||||||||||||
175,000 | Pinellas County, FL Sewer1 | 5.000 | 10/01/2032 | 10/29/2017 | A | 175,558 | ||||||||||||||
500,000 | Tampa, FL Health System (Baycare Health System)1 | 5.000 | 11/15/2026 | 05/15/2022 | A | 565,565 | ||||||||||||||
7,558,617 | ||||||||||||||||||||
Georgia1.5% |
||||||||||||||||||||
40,000 | Atlanta, GA HDC (Bedford Tower)1 | 6.350 | 01/01/2023 | 05/21/2018 | A | 41,479 | ||||||||||||||
1,000,000 | Augusta, GA Water & Sewer1 | 5.000 | 10/01/2021 | 10/29/2017 | A | 1,013,490 | ||||||||||||||
15,000 | College Park, GA (Atlanta International Airport)1 | 4.500 | 01/01/2031 | 10/29/2017 | A | 15,037 | ||||||||||||||
380,000 | GA Environmental Loan Acquisition Corp. (Local Water Authority)1 | 5.125 | 03/15/2031 | 03/15/2021 | A | 389,876 | ||||||||||||||
180,000 | GA HEFA (USG Real Estate Foundation) | 6.000 | 06/15/2034 | 06/15/2018 | A | 186,543 | ||||||||||||||
10,000 | GA Municipal Assoc. (Atlanta Detention Center)1 | 5.000 | 12/01/2018 | 10/29/2017 | A | 10,033 | ||||||||||||||
40,000 | GA Municipal Assoc. (Atlanta Detention Center) | 5.000 | 12/01/2023 | 10/29/2017 | A | 40,129 | ||||||||||||||
875,000 | GA Municipal Electric Authority1 | 5.000 | 01/01/2032 | 01/01/2025 | A | 1,013,005 |
19 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Georgia (Continued) |
||||||||||||||||||||
$500,000 | Randolph County, GA GO1 | 5.000% | 04/01/2030 | 04/01/2022 | A | $ | 541,850 | |||||||||||||
3,251,442 | ||||||||||||||||||||
Illinois7.8% |
||||||||||||||||||||
720,000 | Berwyn, IL GO1 | 5.000 | 12/01/2028 | 12/01/2018 | A | 742,810 | ||||||||||||||
100,000 | Chicago, IL Board of Education1 | 5.000 | 12/01/2021 | 10/29/2017 | A | 101,163 | ||||||||||||||
715,000 | Chicago, IL Board of Education1 | 5.000 | 12/01/2022 | 12/01/2017 | A | 719,133 | ||||||||||||||
1,000,000 | Chicago, IL Board of Education1 | 5.750 | 04/01/2035 | 04/01/2027 | A | 1,130,410 | ||||||||||||||
770,000 | Chicago, IL Board of Education1 | 6.000 | 01/01/2020 | 01/15/2019 | B | 798,290 | ||||||||||||||
200,000 | Chicago, IL GO1 | 5.000 | 01/01/2019 | 10/29/2017 | A | 200,788 | ||||||||||||||
35,000 | Chicago, IL GO1 | 5.000 | 01/01/2023 | 10/29/2017 | A | 35,248 | ||||||||||||||
40,000 | Chicago, IL GO1 | 5.000 | 01/01/2034 | 10/29/2017 | A | 40,153 | ||||||||||||||
100,000 | Chicago, IL GO1 | 5.000 | 01/01/2035 | 10/29/2017 | A | 100,383 | ||||||||||||||
3,000,000 | Chicago, IL OHare International Airport1 | 5.000 | 01/01/2031 | 01/01/2025 | A | 3,486,090 | ||||||||||||||
2,000,000 | Chicago, IL Sales Tax1 | 5.000 | 01/01/2026 | 10/29/2017 | A | 2,020,500 | ||||||||||||||
45,000 | Chicago, IL State University (Auxiliary Facilities System)1 | 5.000 | 12/01/2018 | 10/29/2017 | A | 45,146 | ||||||||||||||
500,000 | Cook County, IL Community College District No. 508 (City Colleges Chicago)1 | 5.250 | 12/01/2026 | 12/01/2023 | A | 555,935 | ||||||||||||||
350,000 | Cook County, IL GO1 | 5.250 | 11/15/2033 | 11/15/2020 | A | 375,497 | ||||||||||||||
175,000 | Franklin Park, IL GO1 | 6.250 | 07/01/2030 | 07/01/2021 | A | 196,240 | ||||||||||||||
1,000,000 | IL Educational Facilities Authority (Robert Morris College)1 | 5.800 | 06/01/2030 | 10/29/2017 | A | 1,010,730 | ||||||||||||||
150,000 | IL Finance Authority (ABHS/ ABMC/AVM/AVT/ABSJ/ABBHH/ ABHN/SP/StAMC Obligated Group)1 | 5.250 | 01/01/2022 | 04/14/2018 | A | 153,445 | ||||||||||||||
150,000 | IL Finance Authority (OSF Healthcare System)1 | 7.000 | 11/15/2029 | 05/15/2019 | A | 164,366 | ||||||||||||||
50,000 | IL Finance Authority (RUMC/ RNSMC/RCMC Obligated Group)1 | 5.250 | 11/01/2035 | 11/01/2018 | A | 52,284 | ||||||||||||||
2,000,000 | IL Metropolitan Pier & Exposition Authority1 | 5.500 | 06/15/2029 | 12/11/2026 | B | 2,367,420 | ||||||||||||||
35,000 | Markham, IL GO1 | 5.250 | 01/01/2023 | 10/29/2017 | A | 35,086 | ||||||||||||||
35,000 | Northern IL Municipal Power Agency (Prarie Street)1 | 5.000 | 01/01/2019 | 01/01/2018 | A | 35,371 | ||||||||||||||
300,000 | Railsplitter, IL Tobacco Settlement Authority1 | 6.250 | 06/01/2024 | 10/29/2017 | A | 306,117 | ||||||||||||||
2,085,000 | University of Illinois (Health Services Facilities System)1 | 6.000 | 10/01/2030 | 10/01/2023 | A | 2,449,250 | ||||||||||||||
17,121,855 | ||||||||||||||||||||
Indiana0.1% |
||||||||||||||||||||
200,000 | Michigan City, IN Multifamily Hsg. (Silver Birch Project) | 4.500 | 01/01/2026 | 08/17/2023 | B | 197,410 |
20 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Iowa0.1% |
||||||||||||||||||||
$250,000 | IA Tobacco Settlement Authority (TASC)1 | 5.600%2 | 06/01/2034 | 10/29/2017 | A | $ | 251,488 | |||||||||||||
Kentucky2.3% |
||||||||||||||||||||
1,000,000 | Fayette County, KY School District1 | 5.000 | 08/01/2031 | 08/01/2025 | A | 1,163,780 | ||||||||||||||
100,000 | KY EDFA (Ashland Hospital)1 | 6.000 | 02/01/2033 | 02/01/2018 | A | 100,867 | ||||||||||||||
1,345,000 | KY Municipal Power Agency1 | 5.000 | 09/01/2028 | 09/01/2025 | A | 1,553,542 | ||||||||||||||
2,000,000 | Louisville & Jefferson County, KY (Catholic Health Initiatives)1 | 5.000 | 12/01/2028 | 06/01/2022 | A | 2,148,320 | ||||||||||||||
4,966,509 | ||||||||||||||||||||
Louisiana1.8% |
||||||||||||||||||||
1,405,000 | LA Public Facilities Authority (Nineteenth Judicial District Court Building)1 |
5.000 | 06/01/2036 | 06/01/2025 | A | 1,559,634 | ||||||||||||||
250,000 | LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1 | 5.000 | 07/01/2028 | 07/01/2027 | A | 288,917 | ||||||||||||||
400,000 | LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1 | 5.000 | 07/01/2029 | 07/01/2027 | A | 458,828 | ||||||||||||||
500,000 | LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1 | 5.000 | 07/01/2030 | 07/01/2027 | A | 570,165 | ||||||||||||||
90,000 | LA Tobacco Settlement Financing Corp. (TASC)1 | 5.000 | 05/15/2026 | 05/15/2018 | B | 89,739 | ||||||||||||||
500,000 | New Orleans, LA Sewage Service1 | 5.000 | 06/01/2026 | 06/01/2024 | A | 579,645 | ||||||||||||||
470,000 | St. John the Baptist Parish, LA Revenue (Marathon Oil Corp.)1 | 5.125 | 06/01/2037 | 10/29/2017 | A | 471,166 | ||||||||||||||
4,018,094 | ||||||||||||||||||||
Maryland1.6% |
||||||||||||||||||||
325,000 | Baltimore, MD Convention Center | 5.000 | 09/01/2019 | 10/29/2017 | A | 326,053 | ||||||||||||||
2,500,000 | Baltimore, MD Water1 | 5.000 | 07/01/2033 | 01/01/2027 | A | 2,961,275 | ||||||||||||||
230,000 | MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1 | 5.125 | 09/01/2030 | 03/01/2021 | A | 244,789 | ||||||||||||||
3,532,117 | ||||||||||||||||||||
Massachusetts0.2% |
||||||||||||||||||||
250,000 | MA Devel. Finance Agency (Avon Association)1 | 5.000 | 04/01/2018 | 04/01/2018 | 253,838 | |||||||||||||||
250,000 | MA Devel. Finance Agency (Partners Healthcare System)1 | 5.000 | 07/01/2031 | 07/01/2021 | A | 278,052 | ||||||||||||||
531,890 | ||||||||||||||||||||
Michigan4.5% |
||||||||||||||||||||
75,000 | Charyl Stockwell Academy, MI Public School Academy3 | 4.875 | 10/01/2023 | 12/08/2020 | B | 77,002 |
21 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Michigan (Continued) |
||||||||||||||||||||
$500,000 | Detroit, MI Sewer Disposal System1 | 5.250% | 07/01/2023 | 10/29/2017 | A | $ | 501,710 | |||||||||||||
15,000 | Ecorse Creek, MI Public School District1 | 5.000 | 05/01/2027 | 10/29/2017 | A | 15,050 | ||||||||||||||
100,000 | Grand Rapids, MI Building Authority1 | 5.000 | 10/01/2028 | 10/29/2017 | A | 100,320 | ||||||||||||||
3,120,000 | Great Lakes, MI Water Authority Sewage Disposal System1 | 5.000 | 07/01/2030 | 07/01/2026 | A | 3,632,491 | ||||||||||||||
1,000,000 | MI Finance Authority (Detroit Water & Sewer)1 | 5.000 | 07/01/2026 | 07/01/2024 | A | 1,154,490 | ||||||||||||||
1,000,000 | MI Finance Authority (Detroit Water & Sewer)1 | 5.000 | 07/01/2027 | 07/01/2024 | A | 1,147,790 | ||||||||||||||
750,000 | MI Finance Authority (Detroit Water & Sewer)1 | 5.000 | 07/01/2029 | 07/01/2025 | A | 863,722 | ||||||||||||||
245,000 | MI Finance Authority (Sparrow Health)1 | 5.000 | 11/15/2032 | 05/15/2025 | A | 280,515 | ||||||||||||||
10,000 | MI Municipal Bond Authority1 | 6.000 | 11/01/2020 | 10/29/2017 | A | 10,041 | ||||||||||||||
1,805,000 | Romulus, MI Tax Increment Financing Authority1 | 5.000 | 11/01/2026 | 05/07/2026 | B | 2,190,765 | ||||||||||||||
9,973,896 | ||||||||||||||||||||
Minnesota0.2% |
||||||||||||||||||||
500,000 | Dakota County, MN Community Devel. Agency (Sanctuary at West St. Paul) | 5.750 | 08/01/2030 | 08/11/2023 | A | 505,725 | ||||||||||||||
Mississippi0.6% |
||||||||||||||||||||
560,000 | MS Business Finance Corp. (Mississippi Power Company)1 | 5.150 4 | 09/01/2028 | 10/29/2017 | A | 561,462 | ||||||||||||||
245,000 | MS Business Finance Corp. (System Energy Resources)1 | 5.875 | 04/01/2022 | 10/29/2017 | A | 247,259 | ||||||||||||||
545,000 | Ridgeland, MS Tax Increment (Colony Park)1 | 5.875 | 04/01/2026 | 04/01/2021 | A | 602,459 | ||||||||||||||
1,411,180 | ||||||||||||||||||||
Missouri2.1% |
||||||||||||||||||||
1,540,000 | Jackson County, MO Special Obligation (Truman Sports Complex)1 | 5.000 | 12/01/2031 | 12/01/2024 | A | 1,796,810 | ||||||||||||||
115,000 | Kansas City, MO IDA (Sales Tax) | 4.250 | 04/01/2026 | 12/25/2022 | B | 110,392 | ||||||||||||||
20,000 | MO Environmental Improvement & Energy Resources Authority | 5.000 | 01/01/2020 | 10/29/2017 | A | 20,068 | ||||||||||||||
65,000 | MO Environmental Improvement & Energy Resources Authority | 5.125 | 01/01/2020 | 10/29/2017 | A | 65,230 | ||||||||||||||
40,000 | MO Environmental Improvement & Energy Resources Authority1 | 5.500 | 07/01/2019 | 10/29/2017 | A | 41,192 | ||||||||||||||
5,000 | MO Monarch-Chesterfield Levee District1 | 5.750 | 03/01/2019 | 10/29/2017 | A | 5,019 |
22 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Missouri (Continued) |
||||||||||||||||||||
$1,515,000 | Saint Charles County, MO IDA (Suemandy/Mid-Rivers Community Improvement District)3 | 4.000% | 10/01/2028 | 10/01/2028 | $ | 1,463,475 | ||||||||||||||
1,000,000 | St. Louis, MO Municipal Finance Corp.1 | 5.000 | 07/15/2030 | 07/15/2024 | A | 1,162,970 | ||||||||||||||
4,665,156 | ||||||||||||||||||||
Montana0.0% |
||||||||||||||||||||
55,000 | Kalispell, MT Hsg. & Healthcare (Immanuel Lutheran Corp.) | 3.400 | 11/15/2022 | 11/15/2018 | A | 55,166 | ||||||||||||||
Nevada0.4% |
||||||||||||||||||||
70,000 | Las Vegas, NV Special Improvement District No. 607 | 5.000 | 06/01/2024 | 06/01/2024 | 75,837 | |||||||||||||||
200,000 | North Las Vegas, NV GO1 | 5.000 | 05/01/2024 | 10/29/2017 | A | 200,104 | ||||||||||||||
500,000 | North Las Vegas, NV Wastewater Reclamation System1 | 5.000 | 10/01/2023 | 10/29/2017 | A | 500,320 | ||||||||||||||
776,261 | ||||||||||||||||||||
New Jersey7.1% |
||||||||||||||||||||
250,000 | Atlantic City, NJ GO1 | 5.000 | 03/01/2032 | 03/01/2027 | A | 288,990 | ||||||||||||||
15,000 | Burlington County, NJ Bridge Commission1 | 4.500 | 10/15/2022 | 10/29/2017 | A | 15,043 | ||||||||||||||
1,000,000 | Casino Reinvestment Devel. Authority of NJ (Luxury Tax)1 | 5.000 | 11/01/2027 | 11/01/2024 | A | 1,126,710 | ||||||||||||||
1,000,000 | NJ EDA1 | 5.000 | 06/15/2022 | 06/15/2022 | 1,116,510 | |||||||||||||||
2,000,000 | NJ EDA1 | 5.000 | 06/15/2025 | 06/15/2025 | 2,261,180 | |||||||||||||||
250,000 | NJ EDA (Provident Group-Rowan Properties)1 | 5.000 | 01/01/2030 | 01/01/2025 | A | 274,335 | ||||||||||||||
305,000 | NJ EDA (School Facilities Construction)1 | 5.000 | 03/01/2026 | 03/01/2023 | A | 334,039 | ||||||||||||||
1,000,000 | NJ Educational Facilities Authority (Higher Education)1 | 5.000 | 06/15/2026 | 06/15/2024 | A | 1,107,610 | ||||||||||||||
50,000 | NJ Educational Facilities Authority (Richard Stockton College)1 | 5.125 | 07/01/2028 | 07/01/2018 | A | 51,551 | ||||||||||||||
1,000,000 | NJ Educational Facilities Authority (Stockton University)1 | 5.000 | 07/01/2027 | 07/01/2026 | A | 1,155,480 | ||||||||||||||
65,000 | NJ Higher Education Assistance Authority1 | 5.000 | 12/01/2025 | 12/01/2019 | A | 69,259 | ||||||||||||||
2,000,000 | NJ Tobacco Settlement Financing Corp.1 | 5.000 | 06/01/2029 | 10/29/2017 | A | 2,000,100 | ||||||||||||||
6,480,000 | NJ Tobacco Settlement Financing Corp. | 5.300 5 | 06/01/2041 | 10/29/2017 | A | 1,788,480 | ||||||||||||||
2,000,000 | NJ Transportation Trust Fund Authority1 | 5.000 | 06/15/2023 | 06/15/2023 | 2,239,240 | |||||||||||||||
250,000 | NJ Transportation Trust Fund Authority1 | 5.000 | 06/15/2027 | 06/15/2021 | A | 264,575 | ||||||||||||||
710,000 | NJ Transportation Trust Fund Authority1 | 5.250 | 06/15/2030 | 06/15/2023 | A | 778,856 |
23 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
New Jersey (Continued) |
||||||||||||||||||||
$250,000 | NJ Transportation Trust Fund Authority1 | 5.250% | 06/15/2032 | 12/15/2024 | A | $ | 277,655 | |||||||||||||
500,000 | South Jersey, NJ Transportation Authority1 | 5.000 | 11/01/2028 | 11/01/2024 | A | 566,200 | ||||||||||||||
15,715,813 | ||||||||||||||||||||
New Mexico0.3% |
||||||||||||||||||||
625,000 | Farmington, NM Hospital (San Juan Regional Medical Center)1 | 5.000 | 06/01/2023 | 10/29/2017 | A | 627,081 | ||||||||||||||
New York8.5% |
||||||||||||||||||||
100,000 | L.I., NY Power Authority1 | 5.000 | 04/01/2023 | 04/01/2019 | A | 104,912 | ||||||||||||||
500,000 | Nassau County, NY Tobacco Settlement Corp. (TASC)1 | 5.250 2 | 06/01/2026 | 12/01/2017 | A | 499,960 | ||||||||||||||
350,000 | New Rochelle, NY Corp. Devel. (Iona College)1 | 5.000 | 07/01/2035 | 07/01/2025 | A | 384,870 | ||||||||||||||
280,000 | NY Counties Tobacco Trust VI (TASC)1 | 5.000 | 06/01/2027 | 06/01/2026 | A | 326,721 | ||||||||||||||
270,000 | NY Counties Tobacco Trust VI (TASC)1 | 5.000 | 06/01/2030 | 06/01/2026 | A | 303,693 | ||||||||||||||
250,000 | NY Counties Tobacco Trust VI (TASC)1 | 5.000 | 06/01/2031 | 06/01/2026 | A | 278,225 | ||||||||||||||
1,875,000 | NY MTA, Series C-11 | 5.000 | 11/15/2031 | 11/15/2025 | A | 2,245,219 | ||||||||||||||
2,500,000 | NY MTA, Series C-11 | 5.250 | 11/15/2031 | 11/15/2025 | A | 3,054,175 | ||||||||||||||
1,000,000 | NYC GO1 | 5.000 | 08/01/2029 | 02/01/2025 | A | 1,188,400 | ||||||||||||||
150,000 | NYC GO1 | 5.250 | 09/01/2022 | 09/01/2018 | A | 155,935 | ||||||||||||||
300,000 | NYS DA (Orange Regional Medical Center)1 | 5.000 | 12/01/2024 | 12/01/2024 | 341,802 | |||||||||||||||
35,000 | NYS DA (Ozanam Hall of Queens Nursing Home)1 | 5.000 | 11/01/2026 | 10/29/2017 | A | 35,036 | ||||||||||||||
2,055,000 | NYS DA (State Personal Income Tax Authority)1 | 5.000 | 02/15/2032 | 02/15/2025 | A | 2,437,148 | ||||||||||||||
3,000,000 | NYS DA (State University of New York)1 | 5.000 | 07/01/2034 | 07/01/2025 | A | 3,488,910 | ||||||||||||||
500,000 | Otsego County, NY Capital Resource Corp. (Hartwick College)1 | 5.000 | 10/01/2030 | 10/01/2025 | A | 518,690 | ||||||||||||||
2,000,000 | Oyster Bay, NY GO | 4.000 | 06/01/2018 | 06/01/2018 | 2,017,680 | |||||||||||||||
1,230,000 | Port Authority NY/NJ (JFK International Air Terminal)1 | 6.500 | 12/01/2028 | 10/29/2017 | A | 1,279,200 | ||||||||||||||
18,660,576 | ||||||||||||||||||||
Ohio2.2% |
||||||||||||||||||||
2,000,000 | Buckeye, OH Tobacco Settlement Financing Authority (TASC)1 | 5.875 | 06/01/2030 | 06/01/2030 | 1,945,200 | |||||||||||||||
460,000 | OH Higher Educational Facility Commission (Hiram College)1,3 | 6.000 | 10/01/2021 | 09/15/2018 | A | 464,770 | ||||||||||||||
250,000 | Ross County, OH Hospital (Adena Health System)1 | 5.750 | 12/01/2028 | 12/01/2018 | A | 263,938 |
24 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Ohio (Continued) |
||||||||||||||||||||
$350,000 | Southeastern OH Port Authority Hospital Facility (Memorial Health System)1 | 5.500% | 12/01/2029 | 12/01/2024 | A | $ | 379,050 | |||||||||||||
1,500,000 | Toledo, OH Waterworks1 | 5.000 | 11/15/2031 | 05/15/2023 | A | 1,739,220 | ||||||||||||||
4,792,178 | ||||||||||||||||||||
Oregon0.4% |
||||||||||||||||||||
250,000 | Forest Grove, OR Revenue (Pacific University)1 | 5.000 | 05/01/2036 | 05/01/2025 | A | 275,495 | ||||||||||||||
295,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)1 |
5.000 | 12/01/2025 | 12/01/2025 | 346,374 | |||||||||||||||
250,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)1 |
5.000 | 12/01/2030 | 12/01/2026 | A | 285,175 | ||||||||||||||
5,000 | OR GO (Elderly & Disabled Hsg.)1 | 5.150 | 08/01/2030 | 10/29/2017 | A | 5,015 | ||||||||||||||
912,059 | ||||||||||||||||||||
Pennsylvania9.2% |
||||||||||||||||||||
1,000,000 | Chester County, PA H&EFA (SSS / SRC / SMSvcs / TCS / JP / SM / SHouse Obligated Group) | 5.000 | 12/01/2030 | 12/01/2025 | A | 1,029,850 | ||||||||||||||
1,440,000 | Crawford County, PA IDA (Allegheny College)1 | 5.000 | 05/01/2029 | 05/01/2026 | A | 1,650,758 | ||||||||||||||
1,465,000 | Crawford County, PA IDA (Allegheny College)1 | 5.000 | 05/01/2031 | 05/01/2026 | A | 1,659,274 | ||||||||||||||
500,000 | East Hempfield Township, PA IDA (Millersville University Student Services)1 | 5.000 | 07/01/2025 | 09/25/2022 | B | 566,495 | ||||||||||||||
845,000 | Erie County, PA Hospital Authority (St. Vincents Health)1 | 7.000 | 07/01/2027 | 07/01/2020 | A | 869,792 | ||||||||||||||
1,500,000 | Lancaster County, PA Hospital Authority (Masonic Villages of Grand Lodge of Pennyslvania)1 | 5.000 | 11/01/2029 | 05/01/2025 | A | 1,733,025 | ||||||||||||||
500,000 | Luzerne County, PA GO1 | 5.000 | 11/15/2029 | 11/15/2025 | A | 563,855 | ||||||||||||||
190,000 | Luzerne County, PA GO1,3 | 6.750 | 11/01/2023 | 11/01/2019 | A | 209,129 | ||||||||||||||
1,190,000 | Luzerne County, PA GO1 | 7.000 | 11/01/2026 | 11/01/2019 | A | 1,310,452 | ||||||||||||||
1,500,000 | PA GO1 | 5.000 | 03/15/2031 | 03/15/2025 | A | 1,731,705 | ||||||||||||||
285,000 | PA HEFA (University of the Arts)1 | 5.000 | 09/15/2033 | 10/29/2017 | A | 285,889 | ||||||||||||||
2,000,000 | PA Public School Building Authority (Philadelphia Community College)1 |
5.000 | 06/15/2026 | 06/15/2025 | A | 2,396,720 | ||||||||||||||
3,000,000 | PA State Public School Building Authority (Philadelphia School District)1 | 5.000 | 06/01/2030 | 12/01/2026 | A | 3,451,710 | ||||||||||||||
1,055,000 | PA Turnpike Commission1 | 5.000 | 12/01/2028 | 06/01/2025 | A | 1,249,036 | ||||||||||||||
250,000 | PA Turnpike Commission1 | 5.250 | 12/01/2034 | 12/01/2025 | A | 287,363 | ||||||||||||||
40,000 | Philadelphia, PA Hsg. Authority | 5.500 | 12/01/2019 | 10/29/2017 | A | 40,108 | ||||||||||||||
30,000 | Reading, PA School District1 | 5.000 | 03/01/2035 | 03/01/2027 | A | 34,785 |
25 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Pennsylvania (Continued) |
||||||||||||||||||||
$25,000 | Reading, PA School District1 | 5.000% | 03/01/2036 | 03/01/2027 | A | $ | 28,899 | |||||||||||||
500,000 | West Shore, PA Area Authority (ML/MFS/MLCSS/Mhome/CAHA Obligated Group)1 | 5.000 | 07/01/2030 | 07/01/2025 | A | 545,745 | ||||||||||||||
500,000 | Wilkes-Barre, PA Area School District1 | 5.000 | 08/01/2028 | 02/01/2027 | A | 582,635 | ||||||||||||||
20,227,225 | ||||||||||||||||||||
Rhode Island1.7% |
||||||||||||||||||||
500,000 | Providence, RI Public Building Authority, Series A1 | 5.875 | 06/15/2026 | 06/15/2021 | A | 556,855 | ||||||||||||||
35,000 | RI Clean Water Protection Finance Agency | 5.125 | 10/01/2019 | 10/29/2017 | A | 35,124 | ||||||||||||||
3,175,000 | RI Economic Devel. Corp. (Rhode Island Dept. of Transportation) | 5.000 | 06/15/2025 | 10/29/2017 | A | 3,185,287 | ||||||||||||||
3,777,266 | ||||||||||||||||||||
South Carolina1.3% |
||||||||||||||||||||
500,000 | Greenville, SC Hospital System1 | 5.000 | 05/01/2024 | 05/01/2022 | A | 577,245 | ||||||||||||||
2,000,000 | Piedmont, SC Municipal Power Agency1 | 5.000 | 01/01/2030 | 01/01/2025 | A | 2,281,380 | ||||||||||||||
2,858,625 | ||||||||||||||||||||
South Dakota0.3% |
||||||||||||||||||||
550,000 | SD Educational Enhancement Funding Corp. Tobacco Settlement1 | 5.000 | 06/01/2026 | 06/01/2023 | A | 615,873 | ||||||||||||||
Tennessee0.4% |
||||||||||||||||||||
500,000 | Knox County, TN HE&HFB (Covenant Health)1 | 5.000 | 01/01/2025 | 01/01/2023 | A | 570,975 | ||||||||||||||
300,000 | TN Energy Acquisition Gas Corp.1 | 5.250 | 09/01/2020 | 09/01/2020 | 331,407 | |||||||||||||||
902,382 | ||||||||||||||||||||
Texas9.5% |
||||||||||||||||||||
1,500,000 | Arlington, TX Higher Education Finance Corp. (Harmony Public Schools)1 | 5.000 | 02/15/2032 | 02/15/2025 | A | 1,740,225 | ||||||||||||||
70,000 | Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital (GRMC)1 | 5.500 | 08/15/2036 | 08/15/2018 | A | 72,752 | ||||||||||||||
1,000,000 | Dallas County, TX Flood Control District | 5.000 | 04/01/2028 | 04/01/2023 | A | 1,032,510 | ||||||||||||||
125,000 | Dallas-Fort Worth, TX International Airport1 | 5.000 | 11/01/2025 | 11/01/2020 | A | 138,769 | ||||||||||||||
125,000 | Dallas-Fort Worth, TX International Airport1 | 5.000 | 11/01/2026 | 11/01/2020 | A | 138,689 | ||||||||||||||
30,000 | Greenville, TX Electric Utility System1 | 4.650 | 02/15/2029 | 10/29/2017 | A | 30,092 |
26 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Texas (Continued) |
||||||||||||||||||||
$500,000 | Harris County-Houston, TX Sports Authority1 | 5.000% | 11/15/2027 | 11/15/2024 | A | $ | 591,250 | |||||||||||||
1,000,000 | Harris County-Houston, TX Sports Authority1 | 5.000 | 11/15/2030 | 11/15/2024 | A | 1,152,840 | ||||||||||||||
250,000 | Houston, TX Higher Education Finance Corp. (Kipp)1 | 5.000 | 08/15/2029 | 08/15/2025 | A | 294,757 | ||||||||||||||
20,000 | Huntsville, TX GO COP1 | 5.000 | 08/15/2023 | 10/29/2017 | A | 20,066 | ||||||||||||||
1,410,000 | Lancaster, TX Independent School District1 | 5.000 | 02/15/2032 | 02/15/2025 | A | 1,645,075 | ||||||||||||||
350,000 | New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project) | 5.000 | 11/15/2026 | 03/20/2025 | B | 352,082 | ||||||||||||||
335,000 | New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University-Collegiate Hsg. Corpus Christi II)1 | 5.000 | 04/01/2031 | 04/01/2026 | A | 372,470 | ||||||||||||||
500,000 | North TX Tollway Authority1 | 5.000 | 01/01/2031 | 01/01/2024 | A | 575,075 | ||||||||||||||
100,000 | St. George Place, TX Redevel. Authority1 | 5.350 | 09/01/2018 | 10/29/2017 | A | 100,347 | ||||||||||||||
225,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana) | 3.875 | 11/15/2022 | 05/15/2019 | A | 228,960 | ||||||||||||||
635,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (CHlth/CSHSC/CHGC/ CHST/CSRHCC/CHALT Obligated Group)1 | 6.250 | 07/01/2028 | 01/01/2019 | A | 670,719 | ||||||||||||||
500,000 | TX Municipal Gas Acquisition & Supply Corp.1 | 5.000 | 12/15/2026 | 12/15/2022 | A | 568,295 | ||||||||||||||
45,000 | TX Municipal Gas Acquisition & Supply Corp.1 | 5.625 | 12/15/2017 | 12/15/2017 | 45,367 | |||||||||||||||
3,800,000 | TX Municipal Gas Acquisition & Supply Corp.1 | 6.250 | 12/15/2026 | 08/04/2023 | B | 4,643,334 | ||||||||||||||
150,000 | TX Public Finance Authority (Texas Southern University)1 | 5.500 | 05/01/2018 | 05/01/2018 | 152,801 | |||||||||||||||
2,000,000 | TX SA Energy Acquisition Public Facility Corp. (Gas Supply)1 | 5.500 | 08/01/2025 | 08/01/2025 | 2,424,640 | |||||||||||||||
665,000 | Viridian, TX Municipal Management District1 | 6.000 | 12/01/2029 | 12/01/2024 | A | 834,555 | ||||||||||||||
1,005,000 | Viridian, TX Municipal Management District1 | 6.000 | 12/01/2029 | 12/01/2024 | A | 1,261,245 | ||||||||||||||
920,000 | Viridian, TX Municipal Management District1 | 6.000 | 12/01/2030 | 12/01/2024 | A | 1,156,606 | ||||||||||||||
500,000 | Viridian, TX Municipal Management District1 | 6.000 | 12/01/2030 | 12/01/2024 | A | 628,590 | ||||||||||||||
20,872,111 |
27 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||||
Vermont1.0% |
||||||||||||||||||||
$1,000,000 | Burlington, VT Airport, Series A1 | 5.000% | 07/01/2030 | 07/01/2024 | A | $ | 1,131,560 | |||||||||||||
250,000 | Burlington, VT GO1 | 5.000 | 11/01/2021 | 11/01/2021 | 284,142 | |||||||||||||||
250,000 | Burlington, VT GO1 | 5.000 | 11/01/2027 | 11/01/2022 | A | 279,008 | ||||||||||||||
500,000 | VT Educational & Health Buildings Financing Agency (Middlebury College)1 | 5.000 | 11/01/2028 | 11/01/2022 | A | 579,745 | ||||||||||||||
2,274,455 | ||||||||||||||||||||
Virginia0.1% |
||||||||||||||||||||
260,000 | Suffolk, VA Economic Devel. Authority (United Church Homes & Services/Lake Prince Center Obligated Group) | 5.000 | 09/01/2026 | 09/01/2024 | A | 287,817 | ||||||||||||||
Washington2.2% |
||||||||||||||||||||
25,000 | Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments) | 5.600 | 03/01/2028 | 10/29/2017 | A | 25,006 | ||||||||||||||
3,000,000 | WA GO1 | 5.000 | 08/01/2030 | 08/01/2026 | A | 3,631,770 | ||||||||||||||
500,000 | WA Health Care Facilities Authority (Central Washington Health Services Association)1 | 5.000 | 07/01/2030 | 07/01/2025 | A | 567,795 | ||||||||||||||
500,000 | WA Hsg. Finance Commission (Herons Key) | 6.000 | 07/01/2025 | 08/13/2023 | B | 500,865 | ||||||||||||||
4,725,436 | ||||||||||||||||||||
Wisconsin0.3% |
||||||||||||||||||||
500,000 | WI H&EFA (Marshfield Clinic)1 | 5.000 | 02/15/2028 | 02/15/2022 | A | 553,735 | ||||||||||||||
U.S. Possessions1.0% |
||||||||||||||||||||
420,000 | Puerto Rico Electric Power Authority, Series PP, NPFGC | 5.000 | 07/01/2024 | 10/29/2017 | A | 420,748 | ||||||||||||||
1,190,000 | Puerto Rico Highway & Transportation Authority, NPFGC1 | 5.000 | 07/01/2029 | 10/29/2017 | A | 1,191,666 | ||||||||||||||
640,000 | Puerto Rico Municipal Finance Agency, Series A, AGC1 | 5.000 | 08/01/2027 | 10/29/2017 | A | 650,470 | ||||||||||||||
2,262,884 | ||||||||||||||||||||
Total Investments, at Value (Cost $210,107,900)98.0% |
215,787,752 | |||||||||||||||||||
Net Other Assets (Liabilities)2.0 |
4,423,971 | |||||||||||||||||||
Net Assets100.0% |
$ | 220,211,723 | ||||||||||||||||||
Footnotes to Statement of Investments
*Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.
A. Optional call date; corresponds to the most conservative yield calculation.
B. Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.
C. Average life due to mandatory, or expected, sinking fund principal payments prior to applicable optional call date.
1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 9 of the accompanying Notes.
28 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Footnotes to Statement of Investments (Continued)
2. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
3. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.
4. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.
5. Zero coupon bond reflects effective yield on the original acquisition date.
To simplify the listings of securities, abbreviations are used per the table below:
ABBHH |
Alexian Brothers Behavioral Health Hospital | |
ABHN |
Alexian Brothers Hospital Network | |
ABHS |
Alexian Brothers Health System | |
ABMC |
Alexian Brothers Medical Center | |
ABSJ |
Alexian Brothers of San Jose | |
AGC |
Assured Guaranty Corp. | |
AVM |
Alexian Village of Milwaukee | |
AVT |
Alexian Village of Tennessee | |
CAHA |
Capital Area Health Associates | |
CDA |
Communities Devel. Authority | |
CHALT |
Christus Health Ark-La-Tex | |
CHF |
City Hospital Foundation | |
CHGC |
Christus Health Gulf Coast | |
CHlth |
Christus Health | |
CHST |
Christus Health Southeast Texas | |
COP |
Certificates of Participation | |
CSHSC |
Christus Spohn Health System Corporation | |
CSRHCC |
Christus Santa Rosa Health Care Corporation | |
DA |
Dormitory Authority | |
DHR |
Department of Human Resources | |
EDA |
Economic Devel. Authority | |
EDFA |
Economic Devel. Finance Authority | |
GO |
General Obligation | |
GRMC |
Guadalupe Regional Medical Center | |
H&EFA |
Health and Educational Facilities Authority | |
HDC |
Housing Devel. Corp. | |
HE&HFB |
Higher Educational and Housing Facility Board | |
HEFA |
Higher Education Facilities Authority | |
HEFFA |
Higher Educational Facilities Finance Authority | |
IDA |
Industrial Devel. Agency | |
JFK |
John Fitzgerald Kennedy | |
JP |
Jenners Pond | |
L.I. |
Long Island | |
MFS |
Messiah Family Services | |
Mhome |
Messiah Home | |
ML |
Messiah Lifeways | |
MLCSS |
Messiah Lifeways Community Support Services | |
MRC |
Methodist Retirement Communities | |
MTA |
Metropolitan Transportation Authority | |
NPFGC |
National Public Finance Guarantee Corp. |
29 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Continued
To simplify the listings of securities, abbreviations are used per the table below: (Continued)
NY/NJ |
New York/New Jersey | |
NYC |
New York City | |
NYS |
New York State | |
RCMC |
Rush-Copley Medical Center | |
RNSMC |
Rush North Shore Medical Center | |
RUMC |
Rush University Medical Center | |
SHouse |
Simpson House | |
SM |
Simpson Meadows | |
SMSvcs |
Simpson Management Services | |
SP |
Savelli Properties | |
SRC |
Simpson Retirement Communities | |
SSS |
Simpson Senior Services | |
StAMC |
St. Alexius Medical Center | |
TASC |
Tobacco Settlement Asset-Backed Bonds | |
TCS |
Third Century Services |
See accompanying Notes to Financial Statements.
30 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF ASSETS AND LIABILITIES September 30, 2017
|
||||
Assets | ||||
Investments, at value (cost $210,107,900)see accompanying statement of investments | $ | 215,787,752 | ||
|
||||
Cash | 393,810 | |||
|
||||
Receivables and other assets: | ||||
Interest | 2,920,918 | |||
Investments sold on a when-issued or delayed delivery basis | 955,332 | |||
Shares of beneficial interest sold | 760,780 | |||
Other | 50,098 | |||
|
|
| ||
Total assets | 220,868,690 | |||
|
||||
Liabilities | ||||
Payables and other liabilities: | ||||
Payable for borrowings (See Note 9) | 400,000 | |||
Shares of beneficial interest redeemed | 120,467 | |||
Dividends | 54,942 | |||
Distribution and service plan fees | 33,021 | |||
Shareholder communications | 6,047 | |||
Trustees compensation | 3,421 | |||
Interest expense on borrowings | 340 | |||
Other | 38,729 | |||
|
|
| ||
Total liabilities | 656,967 | |||
|
||||
Net Assets |
$ | 220,211,723 | ||
|
|
| ||
|
||||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 49,726 | ||
|
||||
Additional paid-in capital | 216,543,998 | |||
|
||||
Accumulated net investment income | 766,550 | |||
|
||||
Accumulated net realized loss on investments | (2,828,403) | |||
|
||||
Net unrealized appreciation on investments | 5,679,852 | |||
|
|
| ||
Net Assets |
$ | 220,211,723 | ||
|
|
| ||
|
||||
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $123,838,562 and 27,960,859 shares of beneficial interest outstanding) | $4.43 | |||
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price) | $4.53 | |||
|
||||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $37,126,355 and 8,394,748 shares of beneficial interest outstanding) | $4.42 | |||
|
||||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $59,246,806 and 13,370,603 shares of beneficial interest outstanding) | $4.43 |
See accompanying Notes to Financial Statements.
31 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
OPERATIONS For the Year Ended September 30, 2017
|
||||
Investment Income | ||||
Interest | $ | 7,739,116 | ||
|
||||
Expenses | ||||
Management fees | 1,347,991 | |||
|
||||
Distribution and service plan fees: |
||||
Class A |
337,025 | |||
Class C |
394,548 | |||
|
||||
Transfer and shareholder servicing agent fees: |
||||
Class A |
135,622 | |||
Class C |
39,472 | |||
Class Y |
51,813 | |||
|
||||
Shareholder communications: |
||||
Class A |
11,896 | |||
Class C |
8,250 | |||
Class Y |
8,620 | |||
|
||||
Borrowing fees |
183,700 | |||
|
||||
Interest expense on borrowings |
45,973 | |||
|
||||
Trustees compensation |
3,349 | |||
|
||||
Custodian fees and expenses |
1,793 | |||
|
||||
Other |
83,149 | |||
|
|
|||
Total expenses |
2,653,201 | |||
Less waivers and reimbursements of expenses |
(74,014) | |||
|
|
|||
Net expenses
|
|
2,579,187
|
| |
|
||||
Net Investment Income |
5,159,929 | |||
|
||||
Realized and Unrealized Loss |
||||
Net realized loss on investment transactions |
(1,601,976) | |||
|
||||
Net change in unrealized appreciation/depreciation on investment transactions |
(4,398,830) | |||
|
||||
Net Decrease in Net Assets Resulting from Operations |
$ | (840,877) | ||
|
|
See accompanying Notes to Financial Statements.
32 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended September 30, 2017 |
Year Ended September 30, 2016 |
|||||||
|
||||||||
Operations | ||||||||
Net investment income | $ | 5,159,929 | $ 3,948,060 | |||||
|
||||||||
Net realized gain (loss) | (1,601,976) | 723,147 | ||||||
|
||||||||
Net change in unrealized appreciation/depreciation | (4,398,830) | 7,828,547 | ||||||
|
|
|||||||
Net increase (decrease) in net assets resulting from operations |
|
(840,877)
|
|
|
12,499,754
|
| ||
|
||||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (2,712,234) | (2,777,835) | ||||||
Class C | (483,065) | (491,093) | ||||||
Class Y | (1,153,393) | (788,874) | ||||||
|
|
|||||||
(4,348,692) | (4,057,802) | |||||||
|
||||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | (39,765,813) | 67,399,548 | ||||||
Class C | (9,950,325) | 20,847,332 | ||||||
Class Y | 5,911,425 | 32,259,548 | ||||||
|
|
|||||||
(43,804,713) | 120,506,428 | |||||||
|
||||||||
Net Assets | ||||||||
Total increase (decrease) |
(48,994,282) | 128,948,380 | ||||||
|
||||||||
Beginning of period |
269,206,005 | 140,257,625 | ||||||
|
|
|||||||
End of period (including accumulated net investment income (loss) of $766,550 and $(44,687), respectively) |
$ | 220,211,723 | $ 269,206,005 | |||||
|
|
See accompanying Notes to Financial Statements.
33 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Class A | Year Ended September 30, 2017 |
Year Ended September 30, 2016 |
Year Ended September 30, 20151 |
Year Ended September 30, 20141 |
Year Ended September 30, 20131 |
|||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $4.50 | $4.29 | $4.28 | $4.08 | $4.33 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | 0.10 | 0.09 | 0.10 | 0.13 | 0.12 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.08) | 0.21 | 0.02 | 0.19 | (0.25) | |||||||||||||||
Total from investment operations | 0.02 | 0.30 | 0.12 | 0.32 | (0.13) | |||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (0.09) | (0.09) | (0.11) | (0.12) | (0.12) | |||||||||||||||
Net asset value, end of period | $4.43 | $4.50 | $4.29 | $4.28 | $4.08 | |||||||||||||||
Total Return, at Net Asset Value3 | 0.44% | 7.10% | 2.94% | 7.78% | (3.18)% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $123,839 | $166,994 | $93,966 | $43,489 | $47,315 | |||||||||||||||
Average net assets (in thousands) | $135,493 | $135,238 | $55,240 | $46,841 | $49,397 | |||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income | 2.36% | 2.00% | 2.42% | 3.00% | 2.78% | |||||||||||||||
Expenses excluding specific expenses listed below | 0.99% | 0.99% | 1.03% | 1.06% | 1.05% | |||||||||||||||
Interest and fees from borrowings | 0.10% | 0.07% | 0.15% | 0.14% | 0.05% | |||||||||||||||
Total expenses | 1.09% | 1.06% | 1.18% | 1.20% | 1.10% | |||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.05% | 1.02% | 1.09% | 1.09% | 1.00% | |||||||||||||||
Portfolio turnover rate | 25% | 24% | 56% | 40% | 33% |
34 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Funds holdings and total value of shareholders investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.
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.
See accompanying Notes to Financial Statements.
35 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
FINANCIAL HIGHLIGHTS Continued
Class C | Year Ended September 30, 2017 |
Year Ended September 30, 2016 |
Year Ended September 30, 20151 |
Year Ended September 30, 20141 |
Year Ended September 30, 20131 |
|||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $4.49 | $4.29 | $4.28 | $4.08 | $4.33 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | 0.07 | 0.05 | 0.07 | 0.09 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.09) | 0.21 | 0.02 | 0.19 | (0.25) | |||||||||||||||
Total from investment operations | (0.02) | 0.26 | 0.09 | 0.28 | (0.16) | |||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (0.05) | (0.06) | (0.08) | (0.08) | (0.09) | |||||||||||||||
Net asset value, end of period | $4.42 | $4.49 | $4.29 | $4.28 | $4.08 | |||||||||||||||
Total Return, at Net Asset Value3 | (0.34)% | 6.04% | 2.23% | 6.95% | (3.86)% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $37,126 | $48,103 | $25,703 | $12,842 | $11,010 | |||||||||||||||
Average net assets (in thousands) | $39,435 | $38,334 | $16,536 | $11,648 | $13,360 | |||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income | 1.57% | 1.22% | 1.66% | 2.21% | 2.00% | |||||||||||||||
Expenses excluding specific expenses listed below | 1.75% | 1.74% | 1.79% | 1.85% | 1.85% | |||||||||||||||
Interest and fees from borrowings | 0.10% | 0.07% | 0.15% | 0.14% | 0.05% | |||||||||||||||
Total expenses | 1.85% | 1.81% | 1.94% | 1.99% | 1.90% | |||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.83% | 1.80% | 1.87% | 1.87% | 1.78% | |||||||||||||||
Portfolio turnover rate | 25% | 24% | 56% | 40% | 33% |
36 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Funds holdings and total value of shareholders investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.
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.
See accompanying Notes to Financial Statements.
37 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
FINANCIAL HIGHLIGHTS Continued
Class Y | Year Ended September 30, 2017 |
Year Ended September 30, 2016 |
Year Ended September 30, 20151 |
Year Ended September 30, 20141 |
Year Ended September 30, 20131 |
|||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $4.50 | $4.30 | $4.28 | $4.08 | $4.33 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | 0.11 | 0.10 | 0.12 | 0.13 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.08) | 0.20 | 0.02 | 0.19 | (0.25) | |||||||||||||||
Total from investment operations | 0.03 | 0.30 | 0.14 | 0.32 | (0.12) | |||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (0.10) | (0.10) | (0.12) | (0.12) | (0.13) | |||||||||||||||
Net asset value, end of period | $4.43 | $4.50 | $4.30 | $4.28 | $4.08 | |||||||||||||||
Total Return, at Net Asset Value3 | 0.66% | 7.08% | 3.41% | 8.01% | (2.95)% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $59,247 | $54,109 | $20,589 | $7,719 | $3,543 | |||||||||||||||
Average net assets (in thousands) | $51,840 | $35,292 | $9,772 | $4,089 | $3,326 | |||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income | 2.60% | 2.19% | 2.69% | 3.17% | 3.02% | |||||||||||||||
Expenses excluding specific expenses listed below | 0.75% | 0.74% | 0.80% | 0.80% | 0.78% | |||||||||||||||
Interest and fees from borrowings | 0.10% | 0.07% | 0.15% | 0.14% | 0.05% | |||||||||||||||
Total expenses | 0.85% | 0.81% | 0.95% | 0.94% | 0.83% | |||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.83% | 0.80% | 0.87% | 0.87% | 0.78% | |||||||||||||||
Portfolio turnover rate | 25% | 24% | 56% | 40% | 33% |
38 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Funds holdings and total value of shareholders investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.
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.
See accompanying Notes to Financial Statements.
39 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS September 30, 2017
1. Organization
Oppenheimer Rochester Intermediate Term Municipal Fund (the Fund) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (1940 Act), as amended. The Funds investment objective is to seek tax-free income. The Funds investment adviser is OFI Global Asset Management, Inc. (OFI Global or the Manager), a wholly-owned subsidiary of OppenheimerFunds, Inc. (OFI or the Sub-Adviser). The Manager has entered into a sub-advisory agreement with OFI.
The Fund offers Class A, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees.
The following is a summary of significant accounting policies followed in the Funds preparation of financial statements in accordance with accounting principles generally accepted in the United States (U.S. GAAP).
2. Significant Accounting Policies
Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, 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 or at other times as deemed necessary by the Manager.
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.
40 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
2. Significant Accounting Policies (Continued)
Custodian Fees. Custodian fees and expenses in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The Reduction to custodian expenses line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The Funds 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 Funds maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, 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 Funds tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Funds financial statements.
The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.
Undistributed Net Investment Income |
Undistributed Long-Term Gain |
Accumulated Loss Carryforward1,2,3 |
Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes |
|||||||||
$824,181 |
$ | $2,828,402 | $5,679,852 |
1. At period end, the Fund had $2,828,402 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included
41 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Continued
2. Significant Accounting Policies (Continued)
in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.
Expiring | ||||
No expiration |
$2,828,402 |
2. During the reporting period, the Fund did not utilize any capital loss carryforward.
3. During the previous reporting period, the Fund utilized $723,147 of capital loss carryforward to offset capital gains realized in that fiscal year.
Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.
Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.
The tax character of distributions paid during the reporting periods:
Year Ended September 30, 2017 |
Year Ended September 30, 2016 |
|||||||
Distributions paid from: |
||||||||
Exempt-interest dividends |
$ | 4,345,900 | $ | 4,038,790 | ||||
Ordinary income |
2,792 | 19,012 | ||||||
|
|
|||||||
Total |
$ | 4,348,692 | $ | 4,057,802 | ||||
|
|
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities |
$ | 210,107,900 | ||
|
|
|||
Gross unrealized appreciation |
$ | 6,535,794 | ||
Gross unrealized depreciation |
(855,942) | |||
|
|
|||
Net unrealized appreciation |
$ | 5,679,852 | ||
|
|
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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.
42 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
3. Securities Valuation
The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the Exchange) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.
The Funds Board has adopted procedures for the valuation of the Funds 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 Committees fair valuation determinations are subject to review, approval and ratification by the Funds 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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.
The following methodologies are used to determine the market value or the fair value of the types of securities described below:
Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional round lot size, but some trades may occur in smaller, odd lot sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.
Securities for which market quotations are not readily available 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 Funds Board or (ii) as determined in good faith by the Managers 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. Those standardized fair valuation 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
43 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Continued
3. Securities Valuation (Continued)
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.
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 may be used in determining the value of each of the Funds 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 Managers 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 Funds Statement of Assets and Liabilities at period end 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 |
||||||||||||||||
Alabama |
$ | | $ | 3,472,016 | $ | | $ | 3,472,016 | ||||||||
Alaska |
| 336,126 | | 336,126 | ||||||||||||
Arizona |
| 4,725,635 | | 4,725,635 | ||||||||||||
California |
| 44,332,419 | | 44,332,419 | ||||||||||||
Colorado |
| 545,305 | | 545,305 | ||||||||||||
Connecticut |
| 3,183,744 | | 3,183,744 | ||||||||||||
District of Columbia |
| 310,185 | | 310,185 | ||||||||||||
Florida |
| 7,558,617 | | 7,558,617 | ||||||||||||
Georgia |
| 3,251,442 | | 3,251,442 | ||||||||||||
Illinois |
| 17,121,855 | | 17,121,855 | ||||||||||||
Indiana |
| 197,410 | | 197,410 | ||||||||||||
Iowa |
| 251,488 | | 251,488 | ||||||||||||
Kentucky |
| 4,966,509 | | 4,966,509 | ||||||||||||
Louisiana |
| 4,018,094 | | 4,018,094 | ||||||||||||
Maryland |
| 3,532,117 | | 3,532,117 | ||||||||||||
Massachusetts |
| 531,890 | | 531,890 | ||||||||||||
Michigan |
| 9,973,896 | | 9,973,896 |
44 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
3. Securities Valuation (Continued)
Level 1 Unadjusted Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Municipal Bonds and Notes (Continued) |
||||||||||||||||
Minnesota |
$ | | $ | 505,725 | $ | | $ | 505,725 | ||||||||
Mississippi |
| 1,411,180 | | 1,411,180 | ||||||||||||
Missouri |
| 4,665,156 | | 4,665,156 | ||||||||||||
Montana |
| 55,166 | | 55,166 | ||||||||||||
Nevada |
| 776,261 | | 776,261 | ||||||||||||
New Jersey |
| 15,715,813 | | 15,715,813 | ||||||||||||
New Mexico |
| 627,081 | | 627,081 | ||||||||||||
New York |
| 18,660,576 | | 18,660,576 | ||||||||||||
Ohio |
| 4,792,178 | | 4,792,178 | ||||||||||||
Oregon |
| 912,059 | | 912,059 | ||||||||||||
Pennsylvania |
| 20,227,225 | | 20,227,225 | ||||||||||||
Rhode Island |
| 3,777,266 | | 3,777,266 | ||||||||||||
South Carolina |
| 2,858,625 | | 2,858,625 | ||||||||||||
South Dakota |
| 615,873 | | 615,873 | ||||||||||||
Tennessee |
| 902,382 | | 902,382 | ||||||||||||
Texas |
| 20,872,111 | | 20,872,111 | ||||||||||||
Vermont |
| 2,274,455 | | 2,274,455 | ||||||||||||
Virginia |
| 287,817 | | 287,817 | ||||||||||||
Washington |
| 4,725,436 | | 4,725,436 | ||||||||||||
Wisconsin |
| 553,735 | | 553,735 | ||||||||||||
U.S. Possessions |
| 2,262,884 | | 2,262,884 | ||||||||||||
|
|
|||||||||||||||
Total Assets |
$ | | $ | 215,787,752 | $ | | $ | 215,787,752 | ||||||||
|
|
Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contracts value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
4. Investments and Risks
Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a when-issued basis, and may purchase or sell securities on a delayed delivery basis. When-issued or delayed delivery refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Funds 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
45 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Continued
4. Investments and Risks (Continued)
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.
At period end, the Fund sold securities issued on a delayed delivery basis as follows:
When-Issued or Delayed Delivery Basis Transactions |
||||
Sold securities |
$955,332 |
Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.
5. Market Risk Factors
The Funds investments in securities and/or financial derivatives may expose the Fund to various market risk factors:
Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.
Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instruments price over a defined time period.
46 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
5. Market Risk Factors (Continued)
Large increases or decreases in a financial instruments price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
6. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Year Ended September 30, 2017 | Year Ended September 30, 2016 | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||
Sold |
6,562,323 | $ | 28,586,920 | 26,287,881 | $ | 116,405,956 | ||||||||||||||||||||||
Dividends and/or distributions reinvested |
586,953 | 2,557,792 | 579,736 | 2,568,766 | ||||||||||||||||||||||||
Redeemed |
(16,337,110) | (70,910,525) | (11,609,870) | (51,575,174) | ||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Net increase (decrease) |
(9,187,834) | $ | (39,765,813) | 15,257,747 | $ | 67,399,548 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||
Sold |
1,410,329 | $ | 6,130,177 | 7,180,414 | $ | 31,789,197 | ||||||||||||||||||||||
Dividends and/or distributions reinvested |
104,829 | 456,317 | 103,276 | 457,282 | ||||||||||||||||||||||||
Redeemed |
(3,835,876) | (16,536,819) | (2,563,544) | (11,399,147) | ||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Net increase (decrease) |
(2,320,718) | $ | (9,950,325) | 4,720,146 | $ | 20,847,332 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Class Y |
||||||||||||||||||||||||||||
Sold |
6,201,119 | $ | 27,031,334 | 9,866,785 | $ | 43,958,473 | ||||||||||||||||||||||
Dividends and/or distributions reinvested |
260,766 | 1,138,287 | 173,942 | 773,390 | ||||||||||||||||||||||||
Redeemed |
(5,120,740) | (22,258,196) | (2,804,840) | (12,472,315) | ||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Net increase |
1,341,145 | $ | 5,911,425 | 7,235,887 | $ | 32,259,548 | ||||||||||||||||||||||
|
|
7. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the reporting period were as follows:
Purchases | Sales | |||||||||||
Investment securities |
$ | 57,071,170 | $ | 104,103,902 |
8. Fees and Other Transactions with Affiliates
Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:
47 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Continued
8. Fees and Other Transactions with Affiliates (Continued)
Fee Schedule | ||||
Up to $200 million |
0.60% | |||
Next $100 million |
0.55 | |||
Next $200 million |
0.50 | |||
Next $250 million |
0.45 | |||
Next $250 million |
0.40 | |||
Over $1 billion |
0.35 |
The Funds effective management fee for the reporting period was 0.59% of average annual net assets before any applicable waivers.
Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.
Transfer Agent Fees. OFI Global (the Transfer Agent) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.
Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the Sub-Transfer Agent), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.
Trustees Compensation. The Funds Board of Trustees (Board) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of Other within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees fees under the plan will not affect the net assets of the Fund and will not materially affect the Funds assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.
48 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
8. Fees and Other Transactions with Affiliates (Continued)
Distribution and Service Plan (12b-1) Fees. Under its General Distributors Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Funds principal underwriter in the continuous public offering of the Funds classes of shares.
Service Plan for Class A Shares. The Fund has adopted a Service Plan (the Plan) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.
Distribution and Service Plan for Class C Shares. The Fund has adopted a Distribution and Service Plan (the Plan) for Class C shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plan, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares daily net assets. The Fund also pays a service fee under the Plan at an annual rate of 0.25% of daily net assets. The Plan continues in effect from year to year only if the Funds Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.
Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
Class A | Class C | |||||||||
Class A | Contingent | Contingent | ||||||||
Front-End | Deferred | Deferred | ||||||||
Sales Charges | Sales Charges | Sales Charges | ||||||||
Retained by | Retained by | Retained by | ||||||||
Year Ended | Distributor | Distributor | Distributor | |||||||
September 30, 2017 |
$11,600 | $3,209 | $4,188 |
Waivers and Reimbursements of Expenses. The Manager has voluntary agreed to waive fees and/or reimburse the Fund for certain expenses so that Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding interest and fees from borrowings, will not exceed 0.95% of average annual net assets for Class A shares, 1.73% of average annual net assets for Class C shares and 0.73% of average annual net
49 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Continued
8. Fees and Other Transactions with Affiliates (Continued)
assets for Class Y shares.
During the reporting period, the Manager reimbursed the Fund as follows:
Class A |
$ | 54,221 | ||
Class C |
9,039 | |||
Class Y |
10,754 |
This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Funds prospectus, unless approved by the Board.
9. Borrowings and Other Financing
Borrowings. The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Funds investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.
The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Funds yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.
The Fund entered into a Revolving Credit and Security Agreement (the Agreement) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (1.2596% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Funds Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.08% of the Funds average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.
At period end, the Fund had borrowings outstanding at an interest rate of 1.2596%.
50 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
9. Borrowings and Other Financing (Continued)
Details of the borrowings for the reporting period are as follows:
Average Daily Loan Balance |
$ | 4,687,945 | ||
Average Daily Interest Rate |
0.9821 | % | ||
Fees Paid |
$ | 129,747 | ||
Interest Paid |
$ | 47,441 |
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 Funds participation in the Facility during the reporting period are included in expenses on the Funds Statement of Operations and equal 0.02% of the Funds average net assets on an annualized basis.
The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facilitys terms.
51 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Continued
9. Borrowings and Other Financing (Continued)
The Fund executed no transactions under the Facility during the reporting period.
Details of reverse repurchase agreement transactions for the reporting period are as follows:
Fees Paid |
$ | 48,564 |
52 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of Oppenheimer Rochester Intermediate Term Municipal Fund:
We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester Intermediate Term Municipal Fund (the Fund), including the statement of investments, as of September 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester Intermediate Term Municipal Fund as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Denver, Colorado
November 22, 2017
53 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
FEDERAL INCOME TAX INFORMATION Unaudited
In early 2017, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2016.
None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 99.94% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.
54 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
BOARD APPROVAL OF THE FUNDS INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS Unaudited
The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (OFI Global or the Adviser), a wholly-owned subsidiary of OppenheimerFunds, Inc. (OFI or the Sub-Adviser) (OFI Global and OFI together the Managers) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the Agreements). Each year, the Board of Trustees (the Board), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.
The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.
Outlined below is a summary of the principal information considered by the Board as well as the Boards conclusions.
Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers key personnel who provide such services. The Managers duties include providing the Fund with the services of the portfolio managers and the Sub-Advisers investment team, who provide research, analysis and other advisory services in regard to the Funds investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Funds investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Funds operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Funds shares. OFI Global also provides the Fund with office space, facilities and equipment.
55 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
BOARD APPROVAL OF THE FUNDS INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS Unaudited / Continued
The Board also considered the quality of the services provided and the quality of the Managers resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Scott Cottier, Troy Willis, Mark DeMitry, Michael Camarella, Charles Pulire, and Elizabeth Mossow, the portfolio managers for the Fund, and the Sub-Advisers investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Funds service agreements or service providers. The Board concluded, in light of the Managers experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.
Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Funds historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the muni national intermediate category. The Board noted that the Funds one-year, three-year and five-year performance was better than its category median.
Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load muni national intermediate funds with comparable asset levels and distribution features. After discussions with the Board, the Adviser has agreed to contractually waive fees and/or reimburse the Fund for certain expenses so that the total annual fund operating expenses as a percentage of average daily net assets will not exceed the following annual rates: 0.95% for Class A shares, 1.73% for Class C shares and 0.73% for Class Y shares. This contractual fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the prospectus, unless approved by the Board. The Board noted that the Funds contractual management fees and total expenses were higher than its peer group median and category median.
Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers costs in serving as the Funds investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers profitability from their relationship with the Fund. The Board also considered that the Managers must be able to
56 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Funds assets grow.
Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers affiliates.
Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.
Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.
57 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (portfolio proxies) held by the Fund. A description of the Funds Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800. CALL OPP (225.5677), (ii) on the Funds website at www.oppenheimerfunds.com, and (iii) on the SECs 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 Funds 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 SECs 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 Funds Form N-Q filings are available on the SECs website at www.sec.gov. Those forms may be reviewed and copied at the SECs 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.
HouseholdingDelivery 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 funds prospectus (or, if available, the funds 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.
58 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
TRUSTEES AND OFFICERS Unaudited
Name, Position(s) Held with the Fund, Length of Service, Year of Birth | 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 2008) Year of Birth: 1943 |
Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Groups Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub- Advisers parent company) (September 2004-June 2015); 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 57 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. | |
Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968 |
Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit) (since 2012); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, 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. | |
Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948 |
Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); |
59 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
TRUSTEES AND OFFICERS Unaudited / Continued
Edmund P. Giambastiani, Jr., Continued |
Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (on-line career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (on-line career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 57 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, 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. For purposes of this report, Admiral Giambastiani is identified as a Trustee. | |
Elizabeth Krentzman, Trustee (since 2014)| Year of Birth: 1959 |
Member of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida College of Law Association Board of Trustees and Audit Committee Member (since April 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 1991). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, 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. |
60 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Mary F. Miller, Trustee (since 2008) Year of Birth: 1942 |
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 57 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 2008) Year of Birth: 1952 |
Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); 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, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 57 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. | |
Joanne Pace, Trustee (since 2012) Year of Birth: 1958 |
Advisory Board Director of Massey Quick and Company, LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Board Member (since January 2015), Board Member of 100 Women in Hedge Funds (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Childrens Hospital (non-profit) (since May, 2012); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003- 2004); held the following positions at Morgan Stanley: Managing Director (1997- 2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008- 2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 57 portfolios in the OppenheimerFunds |
61 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
TRUSTEES AND OFFICERS Unaudited / Continued
Joanne Pace, Continued) |
complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, 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. For purposes of this report, Ms. Pace is identified as a Trustee. | |
Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954 |
Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013) and Treasurer, Chairman of the Audit and Finance Committee (since January 2016); Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, 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 TRUSTEES |
Mr. Steinmetz is an Interested Trustee because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetzs address is 225 Liberty Street, New York, New York 10281-1008. | |
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958 |
Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Advisers parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009).An officer of 101 portfolios in the OppenheimerFunds complex.
| |
OTHER OFFICERS OF THE FUND |
The addresses of the Officers in the chart below are as follows: for Messrs. Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 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. |
62 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Scott S. Cottier, Vice President (since 2008) Year of Birth: 1971 |
Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since September 2002). Vice President of the Sub-Adviser (September 2002-January 2017). Portfolio Manager and trader at Victory Capital Management (1999-2002). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Troy E. Willis, Vice President (since 2008) Year of Birth: 1972 |
Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since January 2006); Vice President of the Sub-Adviser (July 2009-January 2017); Assistant Vice President of the Sub-Adviser (July 2005- June 2009). Portfolio Manager of the Sub-Adviser (June 2002-December 2005). Corporate Attorney for Southern Resource Group (June 1999-July 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Mark R. DeMitry, Vice President (since 2008) Year of Birth: 1976 |
Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Michael L. Camarella, Vice President (since 2008) Year of Birth: 1976 |
Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977 |
Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Elizabeth S. Mossow, Vice President (since 2016) Year of Birth: 1978 |
Vice President of the Sub-Adviser (since January 2016) and Senior Portfolio Manager of the Sub-Adviser (since January 2017); Portfolio Manager of the Sub- Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016). Associate Portfolio Manager (June 2013-January 2016). Research Analyst of the Sub-Adviser (June 2011-June 2013) and was a Credit Analyst of the Sub-Adviser (May 2007-May 2011). She was a Risk Management Analyst at Manning & Napier Associates (September 2006-May 2007); Analyst/Trading Assistant at The Baupost Group (August 2000-March 2006). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. | |
Richard A. Stein, Vice President (since 2008) Year of Birth: 1957 |
Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub- Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993). |
63 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
TRUSTEES AND OFFICERS Unaudited / Continued
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969 |
Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 101 portfolios in the OppenheimerFunds complex. | |
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969 |
Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 101 portfolios in the OppenheimerFunds complex. | |
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973 |
Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 101 portfolios in the OppenheimerFunds complex. | |
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 1999) Year of Birth: 1970 |
Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 portfolios in the OppenheimerFunds complex. |
The Funds Statement of Additional Information contains additional information about the Funds Trustees and Officers and is available without charge upon request by calling 1.800. CALL OPP (225.5677).
64 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
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 |
© 2017 OppenheimerFunds, Inc. All rights reserved.
65 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.
Information Sources
We obtain nonpublic personal information about our shareholders from the following sources:
● | Applications or other forms |
● | When you create a user ID and password for online account access |
● | When you enroll in eDocs Direct,SM our electronic document delivery service |
● | Your transactions with us, our affiliates or others |
● | Technologies on our website, including: cookies and web beacons, which are used to collect data on the pages you visit and the features you use. |
If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.
We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.
If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.
We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.
Protection of Information
We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.
Disclosure of Information
Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to opt in or opt out of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.
Right of Refusal
We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or opt out of such disclosure.
66 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Internet Security and Encryption
In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.
● | All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds server. It transmits information in an encrypted and scrambled format. |
● | Encryption is achieved through an electronic scrambling technology that uses a key to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. |
● | You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser. |
Other Security Measures
We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.
How You Can Help
You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Also, take special precautions when accessing your account on a computer used by others.
Who We Are
This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security numberwhether or not you remain a shareholder of our funds. This notice was last updated November 2016. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800. CALL OPP (225.5677).
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Visit us at oppenheimerfunds.com for 24-hr access to
account information and transactions or call us at 800.CALL
OPP (800.225.5677) for 24-hr automated information and
automated transactions. Representatives also available
MonFri 8am-8pm ET.
Visit Us oppenheimerfunds.com
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Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved.
RA0636.001.0917 November 21, 2017 |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.
Item 3. Audit Committee Financial Expert.
The Board of Trustees of the registrant has determined that Joanne Pace, the Boards Audit Committee Chairwoman, is an audit committee financial expert and that Ms. Pace is independent for purposes of this Item 3.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
The principal accountant for the audit of the registrants annual financial statements billed $41,700 in fiscal 2017 and $40,400 in fiscal 2016.
(b) | Audit-Related Fees |
The principal accountant for the audit of the registrants annual financial statements billed $4,050 in fiscal 2017 and $3,929 in fiscal 2016.
The principal accountant for the audit of the registrants annual financial statements billed $386,986 in fiscal 2017 and $598,285 in fiscal 2016 to the registrants investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
Such services include: Internal control reviews, GIPS attestation procedures, custody audits, and additional audit services
(c) | Tax Fees |
The principal accountant for the audit of the registrants annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.
The principal accountant for the audit of the registrants annual financial statements billed $286,402 in fiscal 2017 and $45,432 in fiscal 2016 to the registrants investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.
(d) | All Other Fees |
The principal accountant for the audit of the registrants annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.
The principal accountant for the audit of the registrants annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016 to the registrants investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrants retirement plan with respect to its Trustees.
(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 Chairwoman 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 may be 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 its 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) 0%
(f) | Not applicable as less than 50%. |
(g) | The principal accountant for the audit of the registrants annual financial statements billed $677,438 in fiscal 2017 and $647,646 in fiscal 2016 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. |
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 Funds 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 registrants 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 9/30/2017, the registrants principal executive officer and principal financial officer found the registrants 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 registrants 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 registrants internal controls over financial reporting that occurred during the registrants second fiscal quarter of the period covered by this report that
have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Exhibits.
(a) | (1) Exhibit attached hereto. |
(2) Exhibits attached hereto.
(3) Not applicable.
(b) | Exhibit attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Rochester Intermediate Term Municipal Fund
By: | /s/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: | 11/14/2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: | 11/14/2017 |
By: | /s/ Brian S. Petersen | |
Brian S. Petersen | ||
Principal Financial Officer | ||
Date: | 11/14/2017 |
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS, OPPENHEIMERFUNDS, INC., OFI GLOBAL ASSET MANAGEMENT, INC. AND OFI STEELPATH, INC.
This Code of Ethics for Principal Executive and Financial Officers (referred to in this document as the Code) has been adopted by each of the investment companies for which OppenheimerFunds, Inc. (OFI), OFI Global Asset Management, Inc. (OFI Global) , OFI SteelPath, Inc. (OFI SteelPath) or one of OFIs other subsidiaries (referred to collectively in this document as OFI) acts as investment adviser (individually, a Fund and collectively, the Funds), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.
This Code applies to OFIs and each Funds principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (Covered Officers). A listing of positions currently within the ambit of Covered Officers is attached as Exhibit A.1
INTRODUCTION / DEFINITION / POLICY STATEMENT:
In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Funds financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFIs fiduciary duties to each Fund, the Covered Officers may, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds.
POLICY DETAILS:
A. | POLICY STATEMENT |
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.
Overview. As a means of implementing Section 406 of SOX (Section 406), the SEC has adopted certain rules that require a mutual fund to disclose:
| Whether or not it has adopted a code of ethics that applies to the mutual funds principal executive officer, principal financial officer, principal accounting officer, controller or any other person that performs similar functions (each a Covered Officer and, collectively, the Covered Officers); |
| Why, if it has not adopted such code, it has not done so; and |
| Amendments to, and waivers from, the code of ethics relating to any of the Covered Officers. |
Section 406 defines a code of ethics to mean such standards as are reasonable necessary to promote:
| 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 the periodic reports required to be filed by the issuer; and |
| Compliance with applicable laws, rules and regulations. |
This Code of Ethics for Principal Executive and Financial Officers (the Executive Code) sets forth standards and procedures to ensure compliance with SOX Section 406 and shall apply to each Covered Officer of the Funds and ETF Trust (referred to herein as the Funds).
Honest and ethical conduct. This Executive Code is intended to assure that the behavior of Covered Officers does not put, or appear to put, the interests of other parties above those of the Funds and that conflicts of interest are identified and handled ethically. A conflict of interest occurs when a Covered Officer allows, or appears to allow, advantages that could otherwise be avoided or ameliorated, to other parties at the expense of a Fund. Such advantages may benefit a Covered Officers own private interests over the interests of the Funds. Conflicts of interest may also arise when, in addition to serving as a Covered Officer of the Funds, a Covered Officer also holds a position as an officer or employee of an investment adviser or other entity retained by a Fund. A conflict of interest may be created if a Covered Officer who also serves as an officer or employee of an investment adviser to the Funds, provides benefits to another party that are improper, or that are a breach of the Covered Officers fiduciary relationship to the Funds, if the benefit was derived from such Covered Officers position with the Funds.
The compliance programs and procedures of the Funds and the investment adviser(s) to the Funds are designed to prevent, or identify and correct, violations of provisions set forth in the Investment Company Act and the Investment Advisers Act, including certain conflict of interest provisions. The obligations imposed by this Executive Code on Covered Officers are separate and in addition to any obligations imposed on such persons under any other procedures, such as the Code of Ethics adopted by the Funds and the investment advisers to the Funds pursuant to Rule 17j-1 under the Investment Company Act. This Executive Code does not, and is not intended to, repeat or replace these programs and procedures. Violations of such other programs
and procedures shall be addressed in accordance with the applicable program or procedure, unless or until it is determined that a violation of such program and procedure is also a violation of this Executive Code.
If a Covered Officer becomes aware of a conflict of interest or perceives there to be a conflict of interest, such Covered Officer shall promptly report the matter to the Funds Chief Compliance Officer or the OFI General Counsel. Upon receipt of a report, the Chief Compliance Officer or OFI General Counsel will take prompt steps to determine whether a conflict or perceived conflict of interest exists. If it is determined that an actual or perceived conflict of interest exists, the Chief Compliance Officer or OFI General Counsel will take steps to resolve the conflict or the appearance of a conflict. If it is determined that no conflict or appearance of a conflict exists, the Chief Compliance Officer or OFI General Counsel shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the matter may be referred to the Funds Boards.
Prohibited Activity: No Covered Officer shall, in connection with carrying out his or her duties on behalf of the Funds:
| Use information concerning business and affairs of the Funds, including the investment intentions of the Funds, for personal gain to himself or herself, his or her family or friends or any other person, or in a manner detrimental to the interests of the Funds or the shareholders of the Funds; |
| Use his or her ability to influence investment intentions for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the Funds or the shareholders of the Funds; |
| Use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of Funds or the shareholders of the Funds; |
| Intentionally take any action or fail to take any action in connection with his or her official acts on behalf of the Funds that causes the Funds to violate applicable laws, rules and regulations; |
| Employ any device, scheme, artifice or manipulative practice to defraud the Funds or the shareholders of the Funds; |
| Intentionally cause the Funds to make any untrue statement of a material fact or omit to state a material fact that conflicts with statements made in official documents, regulatory filings, financial statements or communications to the public; |
| Intentionally cause the Funds 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 the Funds file with, |
or submit to, the SEC and in other public communications; |
| Intentionally mislead or fail to provide material information to the independent auditors of the Funds or to the Board of Trustees/Directors or the officers of the Funds or their investment adviser(s) in connection with financial reporting matters; |
| Intentionally cause a Fund to be financially disadvantaged or to bear unwarranted expenses; |
| Retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code. |
Waivers. Covered Officers requesting a waiver of any of the provisions of the Executive Code must submit a written request for such waiver to the Compliance Department, setting forth the basis of such request and all necessary facts upon which such request can be evaluated.
The Compliance Department shall review such request and make a written determination thereon, which shall be binding. The Compliance Department may, in reviewing such request, consult in its discretion with legal counsel to the Funds, or the Board, if applicable.
In determining whether to waive any of the provisions of this Code, the Compliance Department shall consider whether the proposed waiver:
| Is prohibited by this Executive Code; |
| Is consistent with honest and ethical conduct; and |
| Will result in a conflict of interest between the Covered Officers personal and professional obligations to a Fund. |
For purposes of clarification, a determination by a Board as to the appropriate handling of a conflict of interest that has been disclosed to it and that does not involve unethical or fraudulent conduct does not constitute a waiver of this Executive Code.
Sanctions. Any violation of this Executive Code shall be subject to the imposition of such sanctions as may be deemed appropriate under the circumstances and may include, without limitation, a letter of censure, suspension from employment or termination of employment.
B. | POLICY IMPLEMENTATION |
Each Covered Officer shall:
| Certify that he or she has received, read and understands his or her obligations under the Executive Code (upon becoming subject to the Executive Code and annually thereafter); and |
| At least annually, all Covered Officers shall certify that they have compiled with the requirements of the Executive Code and that they have disclosed or reported violations of the Executive Code to the Chief Compliance Officer; and |
| Promptly report to the Chief Compliance Officer of the Funds or the General Counsel if he or she becomes aware of any actual or perceived conflict of interest. |
The Compliance Department shall:
| Maintain the current list of Covered Officers; |
| Furnish each Covered Officer with this Executive Code when such individual becomes subject to the Executive Code and annually thereafter; |
| Periodically inform each Covered Officer of his or her duties and obligations under this Executive Code; |
| Provide Fund Treasury with information with respect to amendments to, or waivers of, this Executive Code; |
| Provide the Boards with a quarterly report setting forth: |
○ | A description of any report submitted by a Covered Officer of a conflict of interest or perceived conflict of interest and the disposition thereof; |
○ | A description of any request for a waiver from the Executive Code and the disposition thereof; |
○ | Any violation of the Executive Code that has been reported or detected and the sanction imposed; |
○ | Any other significant information arising under the Executive Code. |
Fund Treasury shall ensure that the applicable Form N-CSR:
| Provides disclosure to the effect that the Funds have adopted the Executive Code; |
| Includes the current Executive Code as an exhibit; and |
| Provides disclosure with respect to any waivers that have been granted under the Executive Code. |
Amendments. At least annually, the Board of each Fund shall review the Executive Code and consider whether any amendments are necessary or desirable. Proposed amendments to the Executive Code shall be presented to the Boards for review and approval at such times other than the annual review as deemed necessary or desirable by the Chief Compliance Officer.
Approved by the Denver Board of the Oppenheimer Funds on August 2016
Approved by the New York of the Oppenheimer Funds on September 2016
Approved by OFI Legal and Compliance on July 2016
Exhibit A
Positions Covered by this Code of Ethics for Principal Executive and Financial Officers*
Each Oppenheimer fund
President (Principal Executive Officer)
Treasurer (Principal Financial Officer)
OppenheimerFunds, Inc., OFI Global Asset Management, Inc., OFI SteelPath, Inc., and VTL Associates, LLC
President (Principal Executive Officer)
Chief Executive Officer (Principal Executive Officer)
Chief Financial Officer Principal Financial Officer)
Treasurer (Principal Financial Officer)
* | There are no other positions with the Funds, OFI, OFI Global, OFI SteelPath, Inc., or VTL Associates, LLC held by persons who perform similar functions to those listed above. |
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, Arthur P. Steinmetz, certify that:
1. | I have reviewed this report on Form N-CSR of Oppenheimer Rochester Intermediate Term Municipal 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. |
Date: 11/14/2017
/s/ Arthur P. Steinmetz |
Arthur P. Steinmetz |
Principal Executive Officer |
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, Brian S. Petersen, certify that:
1. | I have reviewed this report on Form N-CSR of Oppenheimer Rochester Intermediate Term Municipal 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. |
Date: 11/14/2017
/s/ Brian S. Petersen |
Brian S. Petersen |
Principal Financial Officer |
EX-99.906CERT
Section 906 Certifications
CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Arthur P. Steinmetz, Principal Executive Officer, and Brian S. Petersen, Principal Financial Officer, of Oppenheimer Rochester Intermediate Term Municipal Fund (the Registrant), each certify to the best of his knowledge that:
1. | The Registrants periodic report on Form N-CSR for the period ended 9/30/2017 (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 Rochester Intermediate Term Municipal Fund | Oppenheimer Rochester Intermediate Term Municipal Fund | |||
/s/ Arthur P. Steinmetz | /s/ Brian S. Petersen | |||
Arthur P. Steinmetz | Brian S. Petersen | |||
Date: 11/14/2017 | Date: 11/14/2017 |
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