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: 3/31/2018
Item 1. Reports to Stockholders.
Class A Shares
AVERAGE ANNUAL TOTAL RETURNS AT 3/31/18
Class A Shares of the Fund |
||||||
Without Sales Charge | With Sales Charge | Bloomberg Barclays Municipal Bond 5-Year (4-6) Index | ||||
6-Month | -0.50% | -2.74% | -1.26% | |||
1-Year | 3.33 | 1.00 | 0.65 | |||
5-Year | 2.62 | 2.16 | 1.54 | |||
Since Inception (12/6/10) | 3.58 | 3.26 | 2.37 |
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. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individuals investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.
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 March 31, 2018, the Class A shares provided a distribution yield at net asset value (NAV) of 2.20%. Like its benchmark, the Fund had a negative total return for the 6 months ended on that date. Falling bond prices during this reporting period had an adverse effect on the performance of the overall market, including the Class A shares of this Fund.
MARKET OVERVIEW
YIELDS & DISTRIBUTIONS FOR CLASS A SHARES |
||||
Dividend Yield w/o sales charge | 2.20% | |||
Dividend Yield with sales charge | 2.15 | |||
Standardized Yield | 2.04 | |||
Taxable Equivalent Yield | 3.45 | |||
Last distribution (3/27/18) | $ | 0.008 | ||
Total distributions (10/1/17 to 3/31/18) | $ | 0.048 |
Endnotes for this discussion begin on page 10 of this report.
3 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
4 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
The Rochester Portfolio Managers
5 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
The Rochester Credit Research Team
6 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
7 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
On behalf of the rest of the Rochester portfolio managers: Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.
8 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
9 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Performance
AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/31/18
Inception Date |
6-Month | 1-Year | 5-Year | Since Inception | ||||||
Class A (ORRWX) | 12/6/10 | -0.50% | 3.33% | 2.62% | 3.58% | |||||
Class C (ORRCX) | 12/6/10 | -0.66 | 2.53 | 1.85 | 2.79 | |||||
Class Y (ORRYX) | 12/6/10 | -0.39 | 3.32 | 2.83 | 3.81 |
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/18
Inception Date |
6-Month | 1-Year | 5-Year | Since Inception | ||||||
Class A (ORRWX) | 12/6/10 | -2.74% | 1.00% | 2.16% | 3.26% | |||||
Class C (ORRCX) | 12/6/10 | -1.65 | 1.53 | 1.85 | 2.79 | |||||
Class Y (ORRYX) | 12/6/10 | -0.39 | 3.32 | 2.83 | 3.81 |
Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an 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 for periods of less than one year are not annualized. 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. There is no sales charge for Class Y shares.
The Funds performance is compared to the performance of the Bloomberg Barclays Municipal Bond 5 Year (4-6) Index, an unmanaged index of a broad range of investment-grade municipal bonds that is a measure of the general municipal bond market. The Bloomberg Barclays
10 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Municipal Bond 5 Year (4-6) Index is the 4- to 6- year component of the Bloomberg Barclays Municipal Bond Index. The index is 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 index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses, or taxes. Index performance is shown for illustrative purposes only as a benchmark for the 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 March 27, 2018. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on March 27, 2018; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0048 and $0.0089, respectively, for the 35-day accrual period ended March 27, 2018 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 March 31, 2018 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 March 31, 2018. 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 2018 top federal tax rate of 40.8%. 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 ICE BofA Merrill Lynch AAA Municipal Securities index is the AAA subset of the ICE 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.
11 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
The views in the Fund Performance Discussion represent the opinions of this Funds portfolio managers and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on March 31, 2018, and are subject to change based on subsequent developments. The Funds portfolio and strategies are subject to change.
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.
12 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 March 31, 2018.
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 March 31, 2018 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.
13 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Actual | Beginning Account Value October 1, 2017 |
Ending Account Value March 31, 2018 |
Expenses Paid During 6 Months Ended March 31, 2018 | |||
Class A | $ 1,000.00 | $ 995.00 | $ 5.19 | |||
Class C | 1,000.00 | 993.40 | 9.09 | |||
Class Y | 1,000.00 | 996.10 | 4.09 | |||
Hypothetical (5% return before expenses) |
||||||
Class A | 1,000.00 | 1,019.75 | 5.25 | |||
Class C | 1,000.00 | 1,015.86 | 9.19 | |||
Class Y | 1,000.00 | 1,020.84 | 4.14 |
Expenses are equal to the Funds annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 31, 2018 are as follows:
Class | Expense Ratios | |||
Class A | 1.04 | % | ||
Class C | 1.82 | |||
Class Y | 0.82 |
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.
14 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS March 31, 2018 Unaudited
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Municipal Bonds and Notes100.0% | ||||||||||||||||||
Alabama2.4% | ||||||||||||||||||
$230,000 | AL Health Care Authority for Baptist Health of Alabama1 | 5.000% | 11/15/2021 | 04/29/2018 | A | $ | 230,639 | |||||||||||
2,700,000 | Homewood, AL GO Warrants1 | 5.000 | 09/01/2030 | 09/01/2026 | A | 3,151,143 | ||||||||||||
10,000 | Lee County, AL Public Building Authority (DHR Building)1 | 4.375 | 09/01/2025 | 04/29/2018 | A | 10,021 | ||||||||||||
2,005,000 | University of South Alabama1 | 5.000 | 11/01/2034 | 11/01/2026 | A | 2,301,339 | ||||||||||||
|
5,693,142
|
| ||||||||||||||||
Arizona3.0% | ||||||||||||||||||
20,000 | AZ Board of Regents COP (University of Arizona & Arizona State University BioMed)1 | 4.500 | 06/01/2031 | 04/29/2018 | A | 20,035 | ||||||||||||
1,000,000 | Glendale, AZ Transportation Excise Tax1 | 5.000 | 07/01/2029 | 07/01/2025 | A | 1,144,720 | ||||||||||||
250,000 | Greater AZ Devel. Authority (Santa Cruz County Jail)1 | 5.250 | 08/01/2031 | 08/01/2018 | A | 253,030 | ||||||||||||
725,000 | Navajo Nation, AZ1 | 5.500 | 12/01/2030 | 12/01/2025 | A | 806,214 | ||||||||||||
250,000 | Northern Arizona University1 | 5.000 | 06/01/2032 | 06/01/2025 | A | 284,933 | ||||||||||||
1,000,000 | Pima County, AZ IDA (American Leadership Academy) | 4.750 | 06/15/2037 | 03/13/2034 | B | 986,300 | ||||||||||||
75,000 | Pima County, AZ IDA (Excalibur Charter School) | 5.000 | 09/01/2026 | 01/06/2023 | B | 74,793 | ||||||||||||
460,000 | Tempe, AZ IDA (Mirabella at ASUN) | 4.000 | 10/01/2023 | 10/01/2020 | A | 461,845 | ||||||||||||
900,000 | Tempe, AZ IDA (Mirabella at ASUN) | 5.500 | 10/01/2027 | 04/26/2026 | B | 912,240 | ||||||||||||
2,000,000 | Westpark, AZ Community Facilities District | 5.000 | 07/15/2032 | 07/15/2026 | A | 2,106,540 | ||||||||||||
|
7,050,650
|
| ||||||||||||||||
California19.0% | ||||||||||||||||||
175,000 | Adelanto, CA Public Utility Authority1 | 5.000 | 07/01/2027 | 07/01/2027 | 208,358 | |||||||||||||
315,000 | Adelanto, CA Public Utility Authority1 | 5.000 | 07/01/2028 | 07/01/2027 | A | 373,061 | ||||||||||||
300,000 | Adelanto, CA Public Utility Authority1 | 5.000 | 07/01/2029 | 07/01/2027 | A | 353,952 | ||||||||||||
325,000 | Adelanto, CA Public Utility Authority1 | 5.000 | 07/01/2030 | 07/01/2027 | A | 381,423 | ||||||||||||
310,000 | Adelanto, CA Public Utility Authority1 | 5.000 | 07/01/2031 | 07/01/2027 | A | 362,446 | ||||||||||||
310,000 | Adelanto, CA Public Utility Authority1 | 5.000 | 07/01/2032 | 07/01/2027 | A | 361,351 | ||||||||||||
10,000 | Adelanto, CA Public Utility Authority | 6.000 | 07/01/2023 | 07/01/2019 | A | 10,546 | ||||||||||||
100,000 | Atwater, CA Wastewater1 | 5.000 | 05/01/2033 | 05/01/2027 | A | 115,616 | ||||||||||||
1,000,000 | Baldwin Park, CA Unified School District1 | 5.000 | 08/01/2029 | 08/01/2026 | A | 1,168,850 |
15 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
California (Continued) | ||||||||||||||||||
$1,550,000 | Beaumont, CA Financing Authority, Series B | 5.000% | 09/01/2028 | 09/01/2023 | A | $ | 1,687,578 | |||||||||||
2,250,000 | CA County Tobacco Securitization Agency (TASC)1 | 6.000 | 06/01/2042 | 04/29/2018 | A | 2,269,890 | ||||||||||||
420,000 | CA Educational Facilities Authority (Chapman University)1 | 5.000 | 04/01/2025 | 04/01/2021 | A | 457,981 | ||||||||||||
2,000,000 | CA GO1 | 5.000 | 08/01/2031 | 02/01/2025 | A | 2,293,060 | ||||||||||||
5,000 | CA GO1 | 6.000 | 08/01/2020 | 08/01/2018 | A | 5,075 | ||||||||||||
410,000 | CA GO1 | 6.500 | 04/01/2033 | 04/01/2019 | A | 429,910 | ||||||||||||
3,000,000 | CA Golden State Tobacco Securitization Corp. (TASC)1 | 5.000 | 06/01/2033 | 04/14/2018 | A | 3,003,000 | ||||||||||||
500,000 | CA Health Facilities Financing Authority (Childrens Hospital)1 | 5.000 | 11/01/2024 | 11/01/2021 | A | 550,445 | ||||||||||||
1,000,000 | CA Municipal Finance Authority (Harbor Regional Center)1 | 5.000 | 11/01/2032 | 11/01/2025 | A | 1,131,750 | ||||||||||||
125,000 | CA Public Works (California Community Colleges)1 | 5.500 | 06/01/2022 | 04/29/2018 | A | 125,360 | ||||||||||||
15,000 | CA Public Works (Various Community Colleges)1 | 5.625 | 03/01/2019 | 04/29/2018 | A | 15,047 | ||||||||||||
340,000 | CA Statewide CDA (Bakersfield Reassessment District)1 | 5.000 | 09/02/2022 | 07/03/2020 | B | 360,699 | ||||||||||||
1,250,000 | CA Statewide CDA (CHF-Irvine)1 | 5.000 | 05/15/2032 | 05/15/2026 | A | 1,414,450 | ||||||||||||
2,000,000 | CA Statewide CDA (DHlth/ BMH/CmntyHOSB/MSrH/SFMH/ SNVMMH/CMF Obligated Group)1 | 5.625 | 07/01/2035 | 07/01/2018 | A | 2,021,380 | ||||||||||||
100,000 | Cerritos, CA Public Financing Authority1 | 5.000 | 11/01/2018 | 11/01/2018 | 102,034 | |||||||||||||
1,500,000 | Chula Vista, CA Municipal Financing Authority1 | 5.000 | 09/01/2026 | 09/01/2025 | A | 1,736,835 | ||||||||||||
100,000 | Compton, CA Community College District1 | 5.000 | 07/01/2018 | 07/01/2018 | 100,863 | |||||||||||||
100,000 | Compton, CA Community College District1 | 5.000 | 07/01/2019 | 07/01/2019 | 104,208 | |||||||||||||
100,000 | El Centro, CA Financing Authority (El Centro Redevel.)1 | 6.625 | 11/01/2025 | 05/01/2021 | A | 113,576 | ||||||||||||
500,000 | El Dorado County, CA Special Tax Community Facilities District No. 92881 | 5.000 | 09/01/2024 | 09/01/2022 | A | 556,090 | ||||||||||||
995,000 | Indio, CA Community Facilities District Special Tax | 5.000 | 09/01/2035 | 09/01/2025 | A | 1,068,799 | ||||||||||||
500,000 | Jurupa, CA Community Services District Special Tax Community Facilities District No. 43 | 5.000 | 09/01/2030 | 09/01/2026 | A | 555,765 | ||||||||||||
500,000 | Lancaster, CA Redevel. Agency1 | 5.500 | 12/01/2028 | 12/01/2020 | A | 531,195 | ||||||||||||
500,000 | Lodi, CA Public Financing Authority1 | 5.250 | 10/01/2026 | 04/01/2022 | A | 549,165 | ||||||||||||
250,000 | Madera, CA Irrigation Financing Authority1 | 5.750 | 01/01/2026 | 01/01/2020 | A | 267,770 |
16 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
California (Continued) | ||||||||||||||||||
$1,595,000 | Modesto, CA Irrigation District Financing Authority (Electric System)1 | 5.000% | 10/01/2028 | 10/01/2025 | A | $ | 1,849,434 | |||||||||||
100,000 | Monrovia, CA Redevel. Agency Tax Allocation (Central Redevel. Project Area No. 1)1 | 6.500 | 05/01/2026 | 05/01/2021 | A | 114,041 | ||||||||||||
500,000 | Palomar, CA Health1 | 5.000 | 11/01/2031 | 11/01/2026 | A | 558,290 | ||||||||||||
495,000 | Redwood City, CA Special Tax | 5.000 | 09/01/2026 | 09/01/2022 | A | 542,896 | ||||||||||||
2,830,000 | Richmond, CA Joint Powers Financing Authority1 | 5.500 | 11/01/2029 | 12/03/2024 | A | 3,232,115 | ||||||||||||
500,000 | Riverside County, CA Community Facilities District (Lake Hills Crest) | 5.000 | 09/01/2028 | 09/01/2022 | A | 541,015 | ||||||||||||
250,000 | Riverside County, CA Public Financing Authority1 | 5.000 | 05/01/2025 | 05/01/2022 | A | 276,947 | ||||||||||||
250,000 | Riverside County, CA Public Financing Authority1 | 5.000 | 05/01/2026 | 05/01/2022 | A | 276,435 | ||||||||||||
1,375,000 | Riverside County, CA Public Financing Authority1 | 5.000 | 10/01/2029 | 10/01/2025 | A | 1,583,244 | ||||||||||||
100,000 | Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1 | 5.750 | 10/01/2020 | 10/01/2020 | 109,670 | |||||||||||||
400,000 | Riverside, CA Improvement Bond Act 1915 (Riverwalk Assessment District) | 5.250 | 09/02/2026 | 09/02/2018 | A | 414,540 | ||||||||||||
1,000,000 | Sacramento, CA City Unified School District1 | 5.000 | 07/01/2030 | 07/01/2024 | A | 1,149,910 | ||||||||||||
45,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2018 | 10/01/2018 | 45,943 | |||||||||||||
200,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2018 | 10/01/2018 | 204,192 | |||||||||||||
245,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2019 | 10/01/2019 | 259,955 | |||||||||||||
350,000 | San Bernardino, CA Joint Powers Financing Authority1 | 5.750 | 10/01/2020 | 10/01/2020 | 378,049 | |||||||||||||
520,000 | San Diego, CA Community Facilities District No. 3 Special Tax | 5.000 | 09/01/2024 | 09/01/2023 | A | 565,344 | ||||||||||||
250,000 | San Diego, CA Public Facilities Financing Authority1 | 5.000 | 08/01/2028 | 08/01/2022 | A | 281,160 | ||||||||||||
1,010,000 | San Gorgonio, CA Memorial Health Care District1 | 5.000 | 08/01/2025 | 08/01/2020 | A | 1,077,125 | ||||||||||||
520,000 | Santa Clarita, CA Community Facilities District (Valencia Town Center) | 5.000 | 11/15/2022 | 11/15/2022 | 584,303 | |||||||||||||
500,000 | South Gate, CA Utility Authority1 | 5.250 | 10/01/2026 | 10/01/2022 | A | 564,465 | ||||||||||||
2,080,000 | South Tahoe, CA Joint Powers Financing Authority1 | 5.000 | 10/01/2028 | 10/01/2025 | A | 2,395,016 | ||||||||||||
120,000 | Vernon, CA Electric System1 | 5.125 | 08/01/2021 | 05/03/2019 | A | 124,885 | ||||||||||||
50,000 | Vernon, CA Electric System | 5.125 | 08/01/2021 | 05/22/2019 | C | 51,820 | ||||||||||||
1,470,000 | West Kern, CA Community College District1 | 5.000 | 11/01/2026 | 11/01/2025 | A | 1,723,340 |
17 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
California (Continued) | ||||||||||||||||||
$100,000 | Westlands, CA Water District1 | 5.000% | 09/01/2026 | 09/01/2022 | A | $ | 111,440 | |||||||||||
20,000 | Westlands, CA Water District1 | 5.000 | 09/01/2027 | 09/01/2022 | A | 22,244 | ||||||||||||
80,000 | Westlands, CA Water District1 | 5.000 | 09/01/2027 | 09/01/2022 | A | 90,373 | ||||||||||||
1,045,000 | William S. Hart CA Union High School District | 5.000 | 09/01/2032 | 03/01/2025 | A | 1,119,906 | ||||||||||||
45,035,625 | ||||||||||||||||||
Colorado0.7% | ||||||||||||||||||
360,000 | BNC, CO Metropolitan District No. 11 | 5.000 | 12/01/2032 | 12/01/2027 | A | 409,622 | ||||||||||||
525,000 | Brighton Crossing, CO Metropolitan District No. 4 | 5.000 | 12/01/2037 | 12/01/2025 | A | 540,792 | ||||||||||||
250,000 | Interquest South, CO Business Improvement District | 4.500 | 12/01/2030 | 07/28/2026 | B | 248,555 | ||||||||||||
500,000 | Plaza, CO Metropolitan District No. 1 | 5.000 | 12/01/2022 | 12/01/2022 | 542,270 | |||||||||||||
1,741,239 | ||||||||||||||||||
Connecticut0.1% | ||||||||||||||||||
245,000 | CT H&EFA (Yale University)1 | 5.000 | 07/01/2040 | 07/01/2018 | A | 247,102 | ||||||||||||
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 | 307,266 | ||||||||||||
Florida5.4% | ||||||||||||||||||
175,000 | FL Board of Governors (State University System of Florida)1 | 6.250 | 07/01/2028 | 07/01/2018 | A | 178,754 | ||||||||||||
500,000 | FL Capital Trust Agency (Sarasota-Manatee Jewish Hsq. Council) | 5.000 | 07/01/2032 | 07/01/2027 | A | 525,655 | ||||||||||||
510,000 | FL Capital Trust Agency (Viera Charter School)1 | 5.000 | 10/15/2037 | 10/15/2027 | A | 516,543 | ||||||||||||
865,000 | FL HEFFA (Bethune-Cookman University)1 | 5.375 | 07/01/2032 | 07/01/2020 | A | 909,227 | ||||||||||||
250,000 | Halifax, FL Hospital Medical Center1 | 5.000 | 06/01/2035 | 06/01/2025 | A | 274,722 | ||||||||||||
1,000,000 | Lee County, FL IDA (VOA Lee County Health Care Facility) | 5.375 | 12/01/2032 | 12/01/2027 | A | 1,014,600 | ||||||||||||
1,000,000 | Miami, FL Special Obligation1 | 5.000 | 03/01/2030 | 03/01/2023 | A | 1,104,620 | ||||||||||||
1,000,000 | Miami-Dade County, FL Public Facilities (Jackson Health System)1 | 5.000 | 06/01/2033 | 06/01/2025 | A | 1,119,090 | ||||||||||||
1,900,000 | Miami-Dade County, FL School Board1 | 5.000 | 05/01/2032 | 05/01/2025 | A | 2,122,680 | ||||||||||||
265,000 | Mirabella, FL Community Devel. District | 6.000 | 11/01/2026 | 10/14/2022 | A | 285,530 | ||||||||||||
500,000 | Orlando, FL Community Redevel. Agency (Conroy Road District)1 | 5.000 | 04/01/2023 | 04/01/2022 | A | 548,435 |
18 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Florida (Continued) | ||||||||||||||||||
$3,000,000 | Palm Beach County, FL HFA (ARLC/LVE/AT/ASCS/AMS Obligated Group)1 | 5.000% | 11/15/2032 | 11/15/2026 | A | $ | 3,367,710 | |||||||||||
175,000 | Pinellas County, FL Sewer1 | 5.000 | 10/01/2032 | 04/29/2018 | A | 175,445 | ||||||||||||
500,000 | Tampa, FL Health System (Baycare Health System)1 | 5.000 | 11/15/2026 | 05/15/2022 | A | 550,450 | ||||||||||||
12,693,461 | ||||||||||||||||||
Georgia0.9% | ||||||||||||||||||
35,000 | Atlanta, GA HDC (Bedford Tower)1 | 6.350 | 01/01/2023 | 04/29/2018 | A | 35,440 | ||||||||||||
15,000 | College Park, GA (Atlanta International Airport)1 | 4.500 | 01/01/2031 | 04/29/2018 | A | 15,028 | ||||||||||||
350,000 | GA Environmental Loan Acquisition Corp. (Local Water Authority)1 | 5.125 | 03/15/2031 | 03/15/2021 | A | 360,314 | ||||||||||||
180,000 | GA HEFA (USG Real Estate Foundation) | 6.000 | 06/15/2034 | 06/15/2018 | A | 181,606 | ||||||||||||
40,000 | GA Municipal Assoc. (Atlanta Detention Center) | 5.000 | 12/01/2023 | 04/29/2018 | A | 40,101 | ||||||||||||
875,000 | GA Municipal Electric Authority1 | 5.000 | 01/01/2032 | 01/01/2025 | A | 968,704 | ||||||||||||
500,000 | Randolph County, GA GO1 | 5.000 | 04/01/2030 | 04/01/2022 | A | 544,455 | ||||||||||||
2,145,648 | ||||||||||||||||||
Illinois4.6% | ||||||||||||||||||
720,000 | Berwyn, IL GO1 | 5.000 | 12/01/2028 | 12/01/2018 | A | 733,284 | ||||||||||||
100,000 | Chicago, IL Board of Education1 | 5.000 | 12/01/2021 | 04/29/2018 | A | 100,419 | ||||||||||||
1,000,000 | Chicago, IL Board of Education1 | 5.750 | 04/01/2035 | 04/01/2027 | A | 1,140,030 | ||||||||||||
525,000 | Chicago, IL Board of Education1 | 6.000 | 01/01/2020 | 07/08/2019 | B | 544,346 | ||||||||||||
3,000,000 | Chicago, IL OHare International Airport1 | 5.000 | 01/01/2031 | 01/01/2025 | A | 3,379,380 | ||||||||||||
20,000 | Chicago, IL State University (Auxiliary Facilities System)1 | 5.000 | 12/01/2018 | 04/29/2018 | A | 20,057 | ||||||||||||
500,000 | Cook County, IL Community College District No. 508 (City Colleges Chicago)1 | 5.250 | 12/01/2026 | 12/01/2023 | A | 543,220 | ||||||||||||
350,000 | Cook County, IL GO1 | 5.250 | 11/15/2033 | 11/15/2020 | A | 371,297 | ||||||||||||
175,000 | Franklin Park, IL GO1 | 6.250 | 07/01/2030 | 07/01/2021 | A | 196,717 | ||||||||||||
1,000,000 | IL Educational Facilities Authority (Robert Morris College)1 | 5.800 | 06/01/2030 | 04/29/2018 | A | 1,002,220 | ||||||||||||
150,000 | IL Finance Authority (ABHS/ABMC/AVM/AVT/ABSJ/ABBHH/ABHN/SP/StAMC Obligated Group) | 5.250 | 01/01/2022 | 04/14/2018 | A | 150,167 | ||||||||||||
150,000 | IL Finance Authority (OSF Healthcare System)1 | 7.000 | 11/15/2029 | 05/15/2019 | A | 158,702 | ||||||||||||
50,000 | IL Finance Authority (RUMC/ RNSMC/RCMC Obligated Group)1 | 5.250 | 11/01/2035 | 11/01/2018 | A | 51,060 |
19 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Illinois (Continued) | ||||||||||||||||||
$2,000,000 | IL Metropolitan Pier & Exposition Authority (McCormick Place Expansion)1 | 5.500% | 06/15/2029 | 12/11/2026 | B | $ | 2,230,680 | |||||||||||
35,000 | Markham, IL GO1 | 5.250 | 01/01/2023 | 04/29/2018 | A | 35,066 | ||||||||||||
240,000 | Stone Park, IL GO | 4.800 | 02/01/2021 | 04/29/2018 | A | 240,168 | ||||||||||||
10,896,813 | ||||||||||||||||||
Indiana0.4% | ||||||||||||||||||
200,000 | Michigan City, IN Multifamily Hsg. (Silver Birch Project) | 4.500 | 01/01/2026 | 08/17/2023 | B | 192,694 | ||||||||||||
710,000 | Terre Haute, IN Multifamily Hsg. (Silver Birch of Terre Haute) | 5.100 | 01/01/2032 | 07/04/2027 | B | 690,802 | ||||||||||||
883,496 | ||||||||||||||||||
Iowa0.1% | ||||||||||||||||||
250,000 | IA Tobacco Settlement Authority (TASC)1 | 5.600 | 5 | 06/01/2034 | 04/29/2018 | A | 252,328 | |||||||||||
Kentucky1.2% | ||||||||||||||||||
1,000,000 | Fayette County, KY School District1 | 5.000 | 08/01/2031 | 08/01/2025 | A | 1,118,780 | ||||||||||||
100,000 | KY EDFA (Ashland Hospital)1 | 6.000 | 02/01/2033 | 04/29/2018 | A | 100,210 | ||||||||||||
1,345,000 | KY Municipal Power Agency1 | 5.000 | 09/01/2028 | 09/01/2025 | A | 1,520,617 | ||||||||||||
2,739,607 | ||||||||||||||||||
Louisiana2.7% | ||||||||||||||||||
1,405,000 | LA Public Facilities Authority (Nineteenth Judicial District Court Building)1 | 5.000 | 06/01/2036 | 06/01/2025 | A | 1,552,399 | ||||||||||||
2,545,000 | LA Public Facilities Authority (Ochsner Clinic Foundation)1 | 5.000 | 05/15/2034 | 05/15/2026 | A | 2,841,187 | ||||||||||||
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 | 291,632 | ||||||||||||
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 | 463,100 | ||||||||||||
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 | 575,830 | ||||||||||||
90,000 | LA Tobacco Settlement Financing Corp. (TASC)1 | 5.000 | 05/15/2026 | 05/15/2018 | A | 90,595 | ||||||||||||
500,000 | New Orleans, LA Sewage Service1 | 5.000 | 06/01/2026 | 06/01/2024 | A | 566,980 | ||||||||||||
6,381,723 | ||||||||||||||||||
Maryland1.4% | ||||||||||||||||||
325,000 | Baltimore, MD Convention Center1 | 5.000 | 09/01/2019 | 04/29/2018 | A | 325,650 | ||||||||||||
2,500,000 | Baltimore, MD Water1 | 5.000 | 07/01/2033 | 01/01/2027 | A | 2,888,200 |
20 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Maryland (Continued) | ||||||||||||||||||
$40,000 | MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1 | 5.125% | 09/01/2030 | 03/01/2021 | A | $ | 41,998 | |||||||||||
3,255,848 | ||||||||||||||||||
Massachusetts0.2% | ||||||||||||||||||
250,000 | MA Devel. Finance Agency (Avon Association)1 | 5.000 | 04/01/2018 | 04/01/2018 | 250,000 | |||||||||||||
120,000 | MA Devel. Finance Agency (Partners Healthcare System)1 | 5.000 | 07/01/2031 | 07/01/2021 | A | 130,304 | ||||||||||||
130,000 | MA Devel. Finance Agency (Partners Healthcare System) | 5.000 | 07/01/2031 | 07/01/2021 | A | 142,618 | ||||||||||||
522,922 | ||||||||||||||||||
Michigan2.6% | ||||||||||||||||||
75,000 | Charyl Stockwell Academy, MI Public School Academy | 4.875 | 10/01/2023 | 05/22/2021 | B | 75,269 | ||||||||||||
500,000 | Detroit, MI Sewer Disposal System1 | 5.250 | 07/01/2023 | 04/29/2018 | A | 501,360 | ||||||||||||
100,000 | Grand Rapids, MI Building Authority1 | 5.000 | 10/01/2028 | 04/29/2018 | A | 100,249 | ||||||||||||
1,000,000 | MI Finance Authority (Detroit Water & Sewer)1 | 5.000 | 07/01/2026 | 07/01/2024 | A | 1,125,190 | ||||||||||||
1,000,000 | MI Finance Authority (Detroit Water & Sewer)1 | 5.000 | 07/01/2027 | 07/01/2024 | A | 1,120,930 | ||||||||||||
750,000 | MI Finance Authority (Detroit Water & Sewer)1 | 5.000 | 07/01/2029 | 07/01/2025 | A | 845,423 | ||||||||||||
245,000 | MI Finance Authority (Sparrow Health)1 | 5.000 | 11/15/2032 | 05/15/2025 | A | 275,348 | ||||||||||||
5,000 | MI Municipal Bond Authority1 | 6.000 | 11/01/2020 | 04/29/2018 | A | 5,016 | ||||||||||||
1,805,000 | Romulus, MI Tax Increment Financing Authority1 | 5.000 | 11/01/2026 | 05/07/2026 | B | 2,076,598 | ||||||||||||
6,125,383 | ||||||||||||||||||
Minnesota1.0% | ||||||||||||||||||
500,000 | Dakota County, MN Community Devel. Agency (Sanctuary at West St. Paul) | 5.750 | 08/01/2030 | 09/28/2025 | B | 497,340 | ||||||||||||
2,000,000 | Kanabec County, MN Healthcare (Firstlight Health) | 2.750 | 12/01/2019 | 12/01/2018 | A | 2,001,140 | ||||||||||||
2,498,480 | ||||||||||||||||||
Mississippi1.6% | ||||||||||||||||||
570,000 | MS Business Finance Corp. (Mississippi Power Company)1 | 5.150 | 2 | 09/01/2028 | 04/29/2018 | A | 571,448 | |||||||||||
290,000 | MS Business Finance Corp. (System Energy Resources)1 | 5.875 | 04/01/2022 | 04/24/2018 | A | 290,568 | ||||||||||||
2,025,000 | MS Devel. Bank (Gulfport Public Improvement)1 | 5.000 | 11/01/2030 | 11/01/2027 | A | 2,323,586 |
21 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Mississippi (Continued) | ||||||||||||||||||
$545,000 | Ridgeland, MS Tax Increment (Colony Park)1 | 5.875% | 04/01/2026 | 04/01/2021 | A | $ | 579,450 | |||||||||||
3,765,052 | ||||||||||||||||||
Missouri1.8% | ||||||||||||||||||
1,540,000 | Jackson County, MO Special Obligation (Truman Sports Complex)1 | 5.000 | 12/01/2031 | 12/01/2024 | A | 1,748,531 | ||||||||||||
115,000 | Kansas City, MO IDA (Sales Tax) | 4.250 | 04/01/2026 | 03/10/2023 | B | 118,699 | ||||||||||||
20,000 | MO Environmental Improvement & Energy Resources Authority1 | 5.000 | 01/01/2020 | 04/29/2018 | A | 20,051 | ||||||||||||
65,000 | MO Environmental Improvement & Energy Resources Authority1 | 5.125 | 01/01/2020 | 04/29/2018 | A | 65,170 | ||||||||||||
40,000 | MO Environmental Improvement & Energy Resources Authority1 | 5.500 | 07/01/2019 | 04/29/2018 | A | 40,114 | ||||||||||||
1,285,000 | Saint Charles County, MO IDA (Suemandy/Mid-Rivers Community Improvement District)3 | 4.000 | 10/01/2028 | 10/01/2028 | 1,247,427 | |||||||||||||
1,000,000 | St. Louis, MO Municipal Finance Corp.1 | 5.000 | 07/15/2030 | 07/15/2024 | A | 1,125,300 | ||||||||||||
4,365,292 | ||||||||||||||||||
Montana0.0% | ||||||||||||||||||
55,000 | Kalispell, MT Hsg. & Healthcare (Immanuel Lutheran Corp.) | 3.400 | 11/15/2022 | 11/15/2018 | A | 55,075 | ||||||||||||
Nevada0.2% | ||||||||||||||||||
65,000 | Las Vegas, NV Special Improvement District No. 607 | 5.000 | 06/01/2024 | 06/01/2024 | 69,874 | |||||||||||||
200,000 | North Las Vegas, NV GO1 | 5.000 | 05/01/2024 | 04/29/2018 | A | 200,218 | ||||||||||||
255,000 | North Las Vegas, NV Wastewater Reclamation System1 | 5.000 | 10/01/2023 | 04/29/2018 | A | 255,316 | ||||||||||||
525,408 | ||||||||||||||||||
New Jersey6.9% | ||||||||||||||||||
250,000 | Atlantic City NJ GO1 | 5.000 | 03/01/2032 | 03/01/2027 | A | 282,162 | ||||||||||||
15,000 | Burlington County, NJ Bridge Commission1 | 4.500 | 10/15/2022 | 04/29/2018 | A | 15,033 | ||||||||||||
1,000,000 | Casino Reinvestment Devel. Authority of NJ (Luxury Tax)1 | 5.000 | 11/01/2027 | 11/01/2024 | A | 1,099,140 | ||||||||||||
1,000,000 | NJ EDA1 | 5.000 | 06/15/2022 | 06/15/2022 | 1,094,450 | |||||||||||||
2,000,000 | NJ EDA1 | 5.000 | 06/15/2025 | 06/15/2025 | 2,189,380 | |||||||||||||
250,000 | NJ EDA(Provident Group-Rowan Properties)1 | 5.000 | 01/01/2030 | 01/01/2025 | A | 270,425 | ||||||||||||
305,000 | NJ EDA (School Facilities Construction)1 | 5.000 | 03/01/2026 | 03/01/2023 | A | 325,469 | ||||||||||||
1,000,000 | NJ Educational Facilities Authority (Higher Education)1 | 5.000 | 06/15/2026 | 06/15/2024 | A | 1,084,060 |
22 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
New Jersey (Continued) | ||||||||||||||||||
$50,000 | NJ Educational Facilities Authority (Richard Stockton College)1 | 5.125% | 07/01/2028 | 07/01/2018 | A | $ | 50,438 | |||||||||||
395,000 | NJ Educational Facilities Authority (Rider University)1 | 5.000 | 07/01/2032 | 07/01/2027 | A | 438,466 | ||||||||||||
415,000 | NJ Educational Facilities Authority (Rider University)1 | 5.000 | 07/01/2033 | 07/01/2027 | A | 458,944 | ||||||||||||
1,000,000 | NJ Educational Facilities Authority (Rider University)1 | 5.000 | 07/01/2035 | 07/01/2027 | A | 1,099,300 | ||||||||||||
60,000 | NJ Higher Education Assistance Authority1 | 5.000 | 12/01/2025 | 12/01/2019 | A | 62,552 | ||||||||||||
2,000,000 | NJ Tobacco Settlement Financing Corp.1 | 5.000 | 06/01/2029 | 04/14/2018 | A | 2,006,480 | ||||||||||||
6,480,000 | NJ Tobacco Settlement Financing Corp. | 5.300 | 4 | 06/01/2041 | 04/14/2018 | A | 1,785,888 | |||||||||||
2,000,000 | NJ Transportation Trust Fund Authority1 | 5.000 | 06/15/2023 | 06/15/2023 | 2,179,100 | |||||||||||||
250,000 | NJ Transportation Trust Fund Authority1 | 5.000 | 06/15/2027 | 06/15/2021 | A | 264,432 | ||||||||||||
710,000 | NJ Transportation Trust Fund Authority1 | 5.250 | 06/15/2030 | 06/15/2023 | A | 760,545 | ||||||||||||
250,000 | NJ Transportation Trust Fund Authority1 | 5.250 | 06/15/2032 | 12/15/2024 | A | 270,943 | ||||||||||||
500,000 | South Jersey, NJ Transportation Authority1 | 5.000 | 11/01/2028 | 11/01/2024 | A | 558,965 | ||||||||||||
16,296,172 | ||||||||||||||||||
New Mexico0.3% | ||||||||||||||||||
625,000 | Farmington, NM Hospital (San Juan Regional Medical Center)1 | 5.000 | 06/01/2023 | 04/29/2018 | A | 626,694 | ||||||||||||
New York9.5% | ||||||||||||||||||
500,000 | Build NYC Resource Corp. (Metropolitan Lighthouse Charter School)1 | 5.000 | 06/01/2037 | 06/01/2027 | A | 528,960 | ||||||||||||
100,000 | L.I., NY Power Authority1 | 5.000 | 04/01/2023 | 04/01/2019 | A | 103,341 | ||||||||||||
500,000 | Nassau County, NY Tobacco Settlement Corp. (TASC)1 | 5.250 | 5 | 06/01/2026 | 04/14/2018 | A | 500,070 | |||||||||||
350,000 | New Rochelle, NY Corp. Devel. (Iona College)1 | 5.000 | 07/01/2035 | 07/01/2025 | A | 380,285 | ||||||||||||
280,000 | NY Counties Tobacco Trust VI (TASC)1 | 5.000 | 06/01/2027 | 06/01/2026 | A | 318,307 | ||||||||||||
270,000 | NY Counties Tobacco Trust VI (TASC)1 | 5.000 | 06/01/2030 | 06/01/2026 | A | 302,389 | ||||||||||||
250,000 | NY Counties Tobacco Trust VI (TASC)1 | 5.000 | 06/01/2031 | 06/01/2026 | A | 278,852 | ||||||||||||
1,875,000 | NY MTA, Series C-11 | 5.000 | 11/15/2031 | 11/15/2025 | A | 2,145,056 | ||||||||||||
2,500,000 | NY MTA, Series C-11 | 5.250 | 11/15/2031 | 11/15/2025 | A | 2,938,050 | ||||||||||||
1,000,000 | NYC GO1 | 5.000 | 08/01/2029 | 02/01/2025 | A | 1,145,190 |
23 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$150,000 | NYC GO1 | 5.250% | 09/01/2022 | 09/01/2018 | A | $ | 152,244 | |||||||||||
2,250,000 | NYC IDA (Yankee Stadium)1 | 7.000 | 03/01/2049 | 03/01/2019 | A | 2,355,413 | ||||||||||||
300,000 | NYS DA (Orange Regional Medical Center)1 | 5.000 | 12/01/2024 | 12/01/2024 | 334,245 | |||||||||||||
35,000 | NYS DA (Ozanam Hall of Queens Nursing Home)1 | 5.000 | 11/01/2026 | 04/29/2018 | A | 35,044 | ||||||||||||
2,055,000 | NYS DA (State Personal Income Tax Authority)1 | 5.000 | 02/15/2032 | 02/15/2025 | A | 2,339,700 | ||||||||||||
3,000,000 | NYS DA (State University of New York)1 | 5.000 | 07/01/2034 | 07/01/2025 | A | 3,375,450 | ||||||||||||
1,405,000 | NYS DA (The New School)1 | 5.000 | 07/01/2036 | 01/01/2027 | A | 1,580,527 | ||||||||||||
500,000 | Otsego County, NY Capital Resource Corp. (Hartwick College)1 | 5.000 | 10/01/2030 | 10/01/2025 | A | 509,065 | ||||||||||||
2,000,000 | Oyster Bay, NY GO | 4.000 | 06/01/2018 | 06/01/2018 | 2,006,240 | |||||||||||||
1,230,000 | Port Authority NY/NJ (JFK International Air Terminal)1 | 6.500 | 12/01/2028 | 04/29/2018 | A | 1,285,842 | ||||||||||||
22,614,270 | ||||||||||||||||||
North Carolina0.5% | ||||||||||||||||||
1,170,000 | NC Capital Facilities Finance Agency (Elizabeth City State University Hsg. Foundation) | 5.000 | 06/01/2028 | 04/29/2018 | A | 1,172,644 | ||||||||||||
Ohio3.5% | ||||||||||||||||||
3,330,000 | Buckeye, OH Tobacco Settlement Financing Authority (TASC) | 5.875 | 06/01/2030 | 06/01/2030 | 3,313,983 | |||||||||||||
2,070,000 | Greene County, OH Hospital Facility (KHN/KMCtr/DOH/BMCtr Obligated Group1 | 5.375 | 04/01/2034 | 04/01/2019 | A | 2,144,913 | ||||||||||||
460,000 | OH Higher Educational Facility Commission (Hiram College)1 | 6.000 | 10/01/2021 | 10/01/2018 | A | 464,931 | ||||||||||||
250,000 | Ross County, OH Hospital (Adena Health System)1 | 5.750 | 12/01/2028 | 12/01/2018 | A | 256,773 | ||||||||||||
350,000 | Southeastern OH Port Authority Hospital Facility (Memorial Health System)1 | 5.500 | 12/01/2029 | 12/01/2024 | A | 385,140 | ||||||||||||
1,500,000 | Toledo, OH Waterworks1 | 5.000 | 11/15/2031 | 05/15/2023 | A | 1,675,200 | ||||||||||||
8,240,940 | ||||||||||||||||||
Oklahoma0.5% | ||||||||||||||||||
1,000,000 | OK Devel. Finance Authority (OU Medicine)1,3 | 5.000 | 08/15/2033 | 08/15/2028 | A | 1,113,760 | ||||||||||||
Oregon0.4% | ||||||||||||||||||
250,000 | Forest Grove, OR Revenue (Pacific University)1 | 5.000 | 05/01/2036 | 05/01/2025 | A | 271,845 |
24 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Oregon (Continued) | ||||||||||||||||||
$295,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)1 |
5.000% | 12/01/2025 | 12/01/2025 | $ | 334,887 | ||||||||||||
250,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)1 |
5.000 | 12/01/2030 | 12/01/2026 | A | 281,377 | ||||||||||||
888,109
|
||||||||||||||||||
Pennsylvania14.1% | ||||||||||||||||||
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 | 1,042,570 | ||||||||||||
1,440,000 | Crawford County, PA IDA (Allegheny College)1 | 5.000 | 05/01/2029 | 05/01/2026 | A | 1,610,136 | ||||||||||||
1,465,000 | Crawford County, PA IDA (Allegheny College)1 | 5.000 | 05/01/2031 | 05/01/2026 | A | 1,627,132 | ||||||||||||
500,000 | East Hempfield Township, PA IDA (Millersville University Student Services)1 | 5.000 | 07/01/2025 | 09/25/2022 | B | 537,285 | ||||||||||||
845,000 | Erie County, PA Hospital Authority (St. Vincents Health) | 7.000 | 07/01/2027 | 07/01/2020 | A | 940,603 | ||||||||||||
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 | 1,685,925 | ||||||||||||
500,000 | Luzerne County, PA GO1 | 5.000 | 11/15/2029 | 11/15/2025 | A | 562,910 | ||||||||||||
190,000 | Luzerne County, PA GO1 | 6.750 | 11/01/2023 | 11/01/2019 | A | 203,636 | ||||||||||||
1,190,000 | Luzerne County, PA GO1 | 7.000 | 11/01/2026 | 11/01/2019 | A | 1,280,000 | ||||||||||||
2,000,000 | PA Commonwealth Financing Authority1 | 5.000 | 06/01/2033 | 06/01/2028 | A | 2,240,040 | ||||||||||||
1,500,000 | PA GO1 | 5.000 | 03/15/2031 | 03/15/2025 | A | 1,676,940 | ||||||||||||
2,000,000 | PA Public School Building Authority (Philadelphia Community College)1 | 5.000 | 06/15/2026 | 06/15/2025 | A | 2,264,120 | ||||||||||||
3,000,000 | PA State Public School Building Authority (Philadelphia School District)1 | 5.000 | 06/01/2030 | 12/01/2026 | A | 3,383,760 | ||||||||||||
1,055,000 | PA Turnpike Commission1 | 5.000 | 12/01/2028 | 06/01/2025 | A | 1,204,620 | ||||||||||||
3,000,000 | PA Turnpike Commission1 | 5.000 | 12/01/2034 | 12/01/2027 | A | 3,402,900 | ||||||||||||
2,500,000 | PA Turnpike Commission1 | 5.000 | 12/01/2038 | 12/01/2027 | A | 2,807,225 | ||||||||||||
250,000 | PA Turnpike Commission1 | 5.250 | 12/01/2034 | 12/01/2025 | A | 284,385 | ||||||||||||
1,000,000 | Philadelphia, PA Authority for Industrial Devel. (City Service Agreement)1 | 5.000 | 12/01/2035 | 06/01/2027 | A | 1,111,680 | ||||||||||||
1,310,000 | Philadelphia, PA Authority for Industrial Devel. (City Service Agreement)1 | 5.000 | 12/01/2037 | 06/01/2027 | A | 1,449,829 | ||||||||||||
1,000,000 | Philadelphia, PA Authority for Industrial Devel. (La Salle University)1 | 5.000 | 05/01/2034 | 11/01/2027 | A | 1,108,260 |
25 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Pennsylvania (Continued) | ||||||||||||||||||
$40,000 | Philadelphia, PA Hsg. Authority1 | 5.500% | 12/01/2019 | 04/29/2018 | A | $ | 40,117 | |||||||||||
745,000 | Philadelphia, PA School District1,3 | 5.000 | 09/01/2025 | 09/01/2025 | 845,471 | |||||||||||||
510,000 | Philadelphia, PA School District1,3 | 5.000 | 09/01/2032 | 09/01/2028 | A | 577,447 | ||||||||||||
30,000 | Reading, PA School District1 | 5.000 | 03/01/2035 | 03/01/2027 | A | 33,835 | ||||||||||||
25,000 | Reading, PA School District1 | 5.000 | 03/01/2036 | 03/01/2027 | A | 28,134 | ||||||||||||
110,000 | Scranton, PA School District1 | 5.000 | 12/01/2032 | 12/01/2027 | A | 125,357 | ||||||||||||
90,000 | Scranton, PA School District1 | 5.000 | 12/01/2033 | 12/01/2027 | A | 102,166 | ||||||||||||
225,000 | Washington County, PA Redevel. Authority1 | 5.000 | 07/01/2028 | 02/22/2026 | A | 235,832 | ||||||||||||
500,000 | West Shore, PA Area Authority (ML/MFS/MLCSS/Mhome/CAHA Obligated Group)1 |
5.000 | 07/01/2030 | 07/01/2025 | A | 539,960 | ||||||||||||
500,000 | Wilkes-Barre, PA Area School District1 | 5.000 | 08/01/2028 | 02/01/2027 | A | 573,270 | ||||||||||||
|
33,525,545
|
| ||||||||||||||||
Rhode Island0.2% | ||||||||||||||||||
500,000 | Providence, RI Public Building Authority, Series A1 | 5.875 | 06/15/2026 | 06/15/2021 | A | 552,540 | ||||||||||||
35,000 | RI Clean Water Protection Finance Agency1 | 5.125 | 10/01/2019 | 04/29/2018 | A | 35,099 | ||||||||||||
|
587,639
|
| ||||||||||||||||
South Carolina1.2% | ||||||||||||||||||
500,000 | Greenville, SC Hospital System1 | 5.000 | 05/01/2024 | 05/01/2022 | A | 558,865 | ||||||||||||
2,000,000 | Piedmont, SC Municipal Power Agency1 | 5.000 | 01/01/2030 | 01/01/2025 | A | 2,224,440 | ||||||||||||
|
2,783,305
|
| ||||||||||||||||
South Dakota0.3% | ||||||||||||||||||
550,000 | SD Educational Enhancement Funding Corp. Tobacco Settlement1 | 5.000 | 06/01/2026 | 06/01/2023 | A | 604,142 | ||||||||||||
Tennessee1.0% | ||||||||||||||||||
1,305,000 | Chattanooga-Hamilton County, TN Hospital Authority1 | 5.000 | 10/01/2039 | 10/01/2024 | A | 1,407,612 | ||||||||||||
500,000 | Knox County, TN HE&HFB (Covenant Health)1 | 5.000 | 01/01/2025 | 01/01/2023 | A | 557,950 | ||||||||||||
300,000 | TN Energy Acquisition Gas Corp.1 | 5.250 | 09/01/2020 | 09/01/2020 | 322,392 | |||||||||||||
|
2,287,954
|
| ||||||||||||||||
Texas9.5% | ||||||||||||||||||
1,500,000 | Arlington, TX Higher Education Finance Corp. (Harmony Public Schools)1 | 5.000 | 02/15/2032 | 02/15/2025 | A | 1,699,785 | ||||||||||||
125,000 | Arlington, TX Higher Education Finance Corp. (UMEP) | 4.550 | 08/15/2028 | 02/11/2026 | B | 124,687 |
26 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Texas (Continued) | ||||||||||||||||||
$115,000 | Arlington, TX Higher Education Finance Corp. (UMEP) | 5.000% | 08/15/2038 | 07/10/2034 | B | $ | 114,847 | |||||||||||
70,000 | Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital (GRMC)1 | 5.500 | 08/15/2036 | 08/15/2018 | A | 71,013 | ||||||||||||
1,000,000 | Dallas County, TX Flood Control District | 5.000 | 04/01/2028 | 04/01/2023 | A | 1,047,170 | ||||||||||||
125,000 | Dallas-Fort Worth, TX International Airport1 | 5.000 | 11/01/2025 | 11/01/2020 | A | 134,472 | ||||||||||||
125,000 | Dallas-Fort Worth, TX International Airport1 | 5.000 | 11/01/2026 | 11/01/2020 | A | 134,374 | ||||||||||||
35,000 | Greenville, TX Electric Utility System1 | 4.650 | 02/15/2029 | 04/29/2018 | A | 35,083 | ||||||||||||
1,000,000 | Harris County-Houston, TX Sports Authority1 | 5.000 | 11/15/2030 | 11/15/2024 | A | 1,115,370 | ||||||||||||
2,500,000 | Houston, TX Airport System1 | 5.250 | 07/01/2029 | 07/01/2018 | A | 2,521,775 | ||||||||||||
2,000,000 | Houston, TX Airport System1 | 5.500 | 07/01/2039 | 07/01/2018 | A | 2,018,640 | ||||||||||||
250,000 | Houston, TX Higher Education Finance Corp. (Kipp)1 | 5.000 | 08/15/2029 | 08/15/2025 | A | 286,553 | ||||||||||||
20,000 | Huntsville, TX GO COP1 | 5.000 | 08/15/2023 | 04/29/2018 | A | 20,051 | ||||||||||||
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 | 356,167 | ||||||||||||
670,000 | 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 | 703,292 | ||||||||||||
100,000 | St. George Place, TX Redevel. Authority1 | 5.350 | 09/01/2018 | 04/29/2018 | A | 100,267 | ||||||||||||
225,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana) | 3.875 | 11/15/2022 | 05/15/2019 | A | 225,151 | ||||||||||||
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 | 654,914 | ||||||||||||
500,000 | TX Municipal Gas Acquisition & Supply Corp.1 | 5.000 | 12/15/2026 | 12/15/2022 | A | 551,815 | ||||||||||||
3,800,000 | TX Municipal Gas Acquisition & Supply Corp.1 | 6.250 | 12/15/2026 | 08/04/2023 | B | 4,453,676 | ||||||||||||
150,000 | TX Public Finance Authority (Texas Southern University)1 | 5.500 | 05/01/2018 | 05/01/2018 | 150,414 | |||||||||||||
2,000,000 | TX SA Energy Acquisition Public Facility Corp. (Gas Supply)1 | 5.500 | 08/01/2025 | 08/01/2025 | 2,335,220 | |||||||||||||
665,000 | Viridian, TX Municipal Management District1 | 6.000 | 12/01/2029 | 12/01/2024 | A | 803,347 |
27 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Coupon | Maturity | Effective Maturity* |
Value | ||||||||||||||
Texas (Continued) | ||||||||||||||||||
$1,005,000 | Viridian, TX Municipal Management District1 | 6.000% | 12/01/2029 | 12/01/2024 | A | $ | 1,214,080 | |||||||||||
920,000 | Viridian, TX Municipal Management District1 | 6.000 | 12/01/2030 | 12/01/2024 | A | 1,112,648 | ||||||||||||
500,000 | Viridian, TX Municipal Management District1 | 6.000 | 12/01/2030 | 12/01/2024 | A | 604,700 | ||||||||||||
|
22,589,511
|
| ||||||||||||||||
Vermont0.9% | ||||||||||||||||||
1,000,000 | Burlington, VT Airport, Series A1 | 5.000 | 07/01/2030 | 07/01/2024 | A | 1,108,270 | ||||||||||||
250,000 | Burlington, VT GO1 | 5.000 | 11/01/2021 | 11/01/2021 | 273,952 | |||||||||||||
250,000 | Burlington, VT GO1 | 5.000 | 11/01/2027 | 11/01/2022 | A | 275,165 | ||||||||||||
500,000 | VT Educational & Health Buildings Financing Agency (Middlebury College)1 | 5.000 | 11/01/2028 | 11/01/2022 | A | 559,025 | ||||||||||||
|
2,216,412
|
| ||||||||||||||||
Washington0.7% | ||||||||||||||||||
25,000 | Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments) | 5.600 | 03/01/2028 | 04/29/2018 | A | 25,002 | ||||||||||||
500,000 | WA Health Care Facilities Authority (Catholic Health Initiatives)1 | 6.375 | 10/01/2033 | 10/01/2018 | A | 512,340 | ||||||||||||
500,000 | WA Health Care Facilities Authority (Central Washington Health Services Association)1 | 5.000 | 07/01/2030 | 07/01/2025 | A | 557,075 | ||||||||||||
500,000 | WA Hsg. Finance Commission (Herons Key) | 6.000 | 07/01/2025 | 08/13/2023 | B | 529,410 | ||||||||||||
|
1,623,827
|
| ||||||||||||||||
Wisconsin1.1% | ||||||||||||||||||
2,000,000 | WI H&EFA (Ascension Health Credit Group)1 | 4.000 | 11/15/2036 | 05/15/2026 | A | 2,061,500 | ||||||||||||
500,00 | Wl H&EFA (Marshfield Clinic)1 | 5.000 | 02/15/2028 | 02/15/2022 | A | 540,410 | ||||||||||||
|
2,601,910
|
| ||||||||||||||||
Total Investments, at Value (Cost $234,804,280)100.0% | 236,954,394 | |||||||||||||||||
Net Other Assets (Liabilities)0.0 | 5,545 | |||||||||||||||||
|
|
| ||||||||||||||||
Net Assets100.0% | $ | 236,959,939 | ||||||||||||||||
|
|
|
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.
28 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Footnotes to Statement of Investments (Continued)
1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 9 of the accompanying Notes.
2. 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.
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. Zero coupon bond reflects effective yield on the original acquisition date.
5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future 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 | |
AMS | ACTS Management Services, Inc. | |
ARLC | ACTS Retirement-Life Communities, Inc. | |
ASCS | ACTS Signature Community Services, Inc. | |
ASUN | Arizona State University | |
AT | Azalea Trace, Inc. | |
AVM | Alexian Village of Milwaukee | |
AVT | Alexian Village of Tennessee | |
BMCtr | Beavercreek Medical Center | |
BMH | Bakersfield Memorial Hospital | |
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 | |
CMF | CHCW Medical Foundation | |
CmntyHOSB | Community Hospital of San Bernardino | |
COP | Certificates of Participation | |
CSHSC | Christus Spohn Health System Corporation | |
CSRHCC | Christus Santa Rosa Health Care Corporation | |
DA | Dormitory Authority | |
DHlth | Dignity Health | |
DHR | Department of Human Resources | |
DOH | Dayton Osteopathic Hospital | |
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 |
29 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF INVESTMENTS Unaudited / Continued
To simplify the listings of securities, abbreviations are used per the table below: (Continued)
HFA | Housing Finance Agency | |
IDA | Industrial Devel. Agency | |
JFK | John Fitzgerald Kennedy | |
JP | Jenners Pond | |
KHN | Kettering Health Network | |
KMCtr | Kettering Medical Center | |
L.I. | Long Island | |
LVE | Lanier Village Estates, Inc. | |
MFS | Messiah Family Services | |
Mhome | Messiah Home | |
ML | Messiah Lifeways | |
MLCSS | Messiah Lifeways Community Support Services | |
MRC | Methodist Retirement Communities | |
MSrH | Mercy Senior Housing | |
MTA | Metropolitan Transportation Authority | |
NY/NJ | New York/New Jersey | |
NYC | New York City | |
NYS | New York State | |
OU | Oklahoma University | |
RCMC | Rush-Copley Medical Center | |
RNSMC | Rush North Shore Medical Center | |
RUMC | Rush University Medical Center | |
SFMH | St. Francis Memorial Hospital | |
SHouse | Simpson House | |
SM | Simpson Meadows | |
SMSvcs | Simpson Management Services | |
SNVMMH | Sierra Nevada Memorial-Miners Hospital | |
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 | |
UMEP | UME Preparatory Academy | |
VOA | Volunteers of America |
See accompanying Notes to Financial Statements.
30 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF ASSETS AND LIABILITIES March 31, 2018 Unaudited
|
||||
Assets | ||||
Investments, at value (cost $234,804,280)see accompanying statement of investments | $ | 236,954,394 | ||
|
||||
Cash | 101,785 | |||
|
||||
Receivables and other assets: | ||||
Investments sold (including $5,126,184 sold on a when-issued or delayed delivery basis) | 8,641,965 | |||
Interest | 3,369,491 | |||
Shares of beneficial interest sold | 133,787 | |||
Other | 95,294 | |||
|
|
|||
Total assets | 249,296,716 | |||
|
||||
Liabilities | ||||
Payables and other liabilities: | ||||
Payable for borrowings (See Note 9) | 8,100,000 | |||
Investments purchased on a when-issued or delayed delivery basis | 3,606,536 | |||
Shares of beneficial interest redeemed | 464,700 | |||
Dividends | 64,022 | |||
Distribution and service plan fees | 37,479 | |||
Shareholder communications | 9,520 | |||
Interest expense on borrowings | 9,049 | |||
Trustees compensation | 3,941 | |||
Other | 41,530 | |||
|
|
|||
Total liabilities | 12,336,777 | |||
|
||||
Net Assets | $ | 236,959,939 | ||
|
|
|||
|
||||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 54,330 | ||
|
||||
Additional paid-in capital | 237,059,295 | |||
|
||||
Accumulated net investment income | 955,257 | |||
|
||||
Accumulated net realized loss on investments | (3,259,057) | |||
|
||||
Net unrealized appreciation on investments | 2,150,114 | |||
|
|
|||
Net Assets | $ | 236,959,939 | ||
|
|
31 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
|
||||
Net Asset Value Per Share | ||||
Class A Shares:
Net asset value and redemption price per share (based on net assets of $134,915,519 and 30,928,285 shares of beneficial interest outstanding)
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price) |
$
$ |
4.36
4.46 |
| |
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $41,273,675 and 9,475,114 shares of beneficial interest outstanding) |
$ | 4.36 | ||
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $60,770,745 and 13,926,176 shares of beneficial interest outstanding) |
$ | 4.36 |
See accompanying Notes to Financial Statements.
32 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
OPERATIONS For the Six Months Ended March 31, 2018 Unaudited
|
||||
Investment Income | ||||
Interest | $ | 4,084,904 | ||
|
||||
Expenses | ||||
Management fees | 712,445 | |||
|
||||
Distribution and service plan fees: | ||||
Class A | 168,265 | |||
Class C | 208,741 | |||
|
||||
Transfer and shareholder servicing agent fees: | ||||
Class A | 67,530 | |||
Class C | 20,882 | |||
Class Y | 32,058 | |||
|
||||
Shareholder communications: | ||||
Class A | 4,233 | |||
Class C | 2,382 | |||
Class Y | 2,630 | |||
|
||||
Borrowing fees | 90,802 | |||
|
||||
Interest expense on borrowings | 22,860 | |||
|
||||
Trustees compensation | 1,607 | |||
|
||||
Custodian fees and expenses | 640 | |||
|
||||
Other | 30,900 | |||
|
|
|||
Total expenses | 1,365,975 | |||
Less waivers and reimbursements of expenses | (17,183) | |||
|
|
|||
Net expenses | 1,348,792 | |||
|
||||
Net Investment Income | 2,736,112 | |||
|
||||
Realized and Unrealized Loss | ||||
Net realized loss on investment transactions | (430,654) | |||
|
||||
Net change in unrealized appreciation/depreciation on investment transactions | (3,529,738) | |||
|
||||
Net Decrease in Net Assets Resulting from Operations | $ | (1,224,280) | ||
|
|
See accompanying Notes to Financial Statements.
33 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended (Unaudited) |
Year Ended September 30, 2017 | |||||||
|
||||||||
Operations | ||||||||
Net investment income | $ | 2,736,112 | $ | 5,159,929 | ||||
|
||||||||
Net realized loss | (430,654) | (1,601,976) | ||||||
|
||||||||
Net change in unrealized appreciation/depreciation | (3,529,738) | (4,398,830) | ||||||
|
|
| ||||||
Net decrease in net assets resulting from operations | (1,224,280) | (840,877) | ||||||
|
||||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (1,478,556) | (2,712,234) | ||||||
Class C | (296,072) | (483,065) | ||||||
Class Y | (772,777) | (1,153,393) | ||||||
|
|
| ||||||
|
(2,547,405)
|
|
|
(4,348,692)
|
| |||
|
||||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 13,170,593 | (39,765,813) | ||||||
Class C | 4,811,291 | (9,950,325) | ||||||
Class Y | 2,538,017 | 5,911,425 | ||||||
|
|
| ||||||
20,519,901 | (43,804,713) | |||||||
|
||||||||
Net Assets | ||||||||
Total increase (decrease) | 16,748,216 | (48,994,282) | ||||||
|
||||||||
Beginning of period | 220,211,723 | 269,206,005 | ||||||
|
|
| ||||||
End of period (including accumulated net investment income of $955,257 and $766,550, respectively) | $ | 236,959,939 | $ | 220,211,723 | ||||
|
|
|
See accompanying Notes to Financial Statements.
34 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Class A | Six Months Ended March 31, 2018 (Unaudited) |
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 | $4.43 | $4.50 | $4.29 | $4.28 | $4.08 | $4.33 | ||||||||||||||||||
|
||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.05 | 0.10 | 0.09 | 0.10 | 0.13 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (0.07) | (0.08) | 0.21 | 0.02 | 0.19 | (0.25) | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total from investment operations | (0.02) | 0.02 | 0.30 | 0.12 | 0.32 | (0.13) | ||||||||||||||||||
|
||||||||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (0.05) | (0.09) | (0.09) | (0.11) | (0.12) | (0.12) | ||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value, end of period | $ 4.36 | $ 4.43 | $ 4.50 | $ 4.29 | $ 4.28 | $ 4.08 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Total Return, at Net Asset Value3 | (0.50)% | 0.44% | 7.10% | 2.94% | 7.78% | (3.18)% | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $134,915 | $123,839 | $166,994 | $93,966 | $43,489 | $47,315 | ||||||||||||||||||
|
||||||||||||||||||||||||
Average net assets (in thousands) | $135,526 | $135,493 | $135,238 | $55,240 | $46,841 | $49,397 | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income | 2.35% | 2.36% | 2.00% | 2.42% | 3.00% | 2.78% | ||||||||||||||||||
Expenses excluding specific expenses listed below | 0.97% | 0.99% | 0.99% | 1.03% | 1.06% | 1.05% | ||||||||||||||||||
Interest and fees from borrowings | 0.09% | 0.10% | 0.07% | 0.15% | 0.14% | 0.05% | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total expenses | 1.06% | 1.09% | 1.06% | 1.18% | 1.20% | 1.10% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.04% | 1.05% | 1.02% | 1.09% | 1.09% | 1.00% | ||||||||||||||||||
|
||||||||||||||||||||||||
Portfolio turnover rate | 22% | 25% | 24% | 56% | 40% | 33% |
35 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
FINANCIAL HIGHLIGHTS Continued
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.
36 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Class C | Six Months March 31, (Unaudited) |
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 | $4.42 | $4.49 | $4.29 | $4.28 | $4.08 | $4.33 | ||||||||||||||||||
|
||||||||||||||||||||||||
Income (loss) from investment operations: Net investment income2 |
0.03 | 0.07 | 0.05 | 0.07 | 0.09 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (0.06) | (0.09) | 0.21 | 0.02 | 0.19 | (0.25) | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total from investment operations | (0.03) | (0.02) | 0.26 | 0.09 | 0.28 | (0.16) | ||||||||||||||||||
|
||||||||||||||||||||||||
Dividends and/or distributions to shareholders: Dividends from net investment income |
(0.03) | (0.05) | (0.06) | (0.08) | (0.08) | (0.09) | ||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value, end of period | $4.36 | $4.42 | $4.49 | $4.29 | $4.28 | $4.08 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Total Return, at Net Asset Value3 | (0.66)% | (0.34)% | 6.04% | 2.23% | 6.95% | (3.86)% | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $41,274 | $37,126 | $48,103 | $25,703 | $12,842 | $11,010 | ||||||||||||||||||
|
||||||||||||||||||||||||
Average net assets (in thousands) | $41,923 | $39,435 | $38,334 | $16,536 | $11,648 | $13,360 | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income | 1.57% | 1.57% | 1.22% | 1.66% | 2.21% | 2.00% | ||||||||||||||||||
Expenses excluding specific expenses listed below | 1.73% | 1.75% | 1.74% | 1.79% | 1.85% | 1.85% | ||||||||||||||||||
Interest and fees from borrowings | 0.09% | 0.10% | 0.07% | 0.15% | 0.14% | 0.05% | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total expenses | 1.82% | 1.85% | 1.81% | 1.94% | 1.99% | 1.90% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses |
1.82%5 | 1.83% | 1.80% | 1.87% | 1.87% | 1.78% | ||||||||||||||||||
|
||||||||||||||||||||||||
Portfolio turnover rate | 22% | 25% | 24% | 56% | 40% | 33% |
37 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
FINANCIAL HIGHLIGHTS Continued
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.
5. Waiver was less than 0.005%.
See accompanying Notes to Financial Statements.
38 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
Class Y | Six Months March 31, (Unaudited) |
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 | $4.43 | $4.50 | $4.30 | $4.28 | $4.08 | $4.33 | ||||||||||||||||||
|
||||||||||||||||||||||||
Income (loss) from investment operations: Net investment income2 |
0.06 | 0.11 | 0.10 | 0.12 | 0.13 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (0.08) | (0.08) | 0.20 | 0.02 | 0.19 | (0.25) | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total from investment operations | (0.02) | 0.03 | 0.30 | 0.14 | 0.32 | (0.12) | ||||||||||||||||||
|
||||||||||||||||||||||||
Dividends and/or distributions to shareholders: Dividends from net investment income |
(0.05) | (0.10) | (0.10) | (0.12) | (0.12) | (0.13) | ||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value, end of period | $4.36 | $4.43 | $4.50 | $4.30 | $4.28 | $4.08 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Total Return, at Net Asset Value3 | (0.39)% | 0.66% | 7.08% | 3.41% | 8.01% | (2.95)% | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $60,771 | $59,247 | $54,109 | $20,589 | $7,719 | $3,543 | ||||||||||||||||||
|
||||||||||||||||||||||||
Average net assets (in thousands) | $64,310 | $51,840 | $35,292 | $9,772 | $4,089 | $3,326 | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income | 2.57% | 2.60% | 2.19% | 2.69% | 3.17% | 3.02% | ||||||||||||||||||
Expenses excluding specific expenses listed below | 0.73% | 0.75% | 0.74% | 0.80% | 0.80% | 0.78% | ||||||||||||||||||
Interest and fees from borrowings | 0.09% | 0.10% | 0.07% | 0.15% | 0.14% | 0.05% | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total expenses | 0.82% | 0.85% | 0.81% | 0.95% | 0.94% | 0.83% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses |
0.82%5 | 0.83% | 0.80% | 0.87% | 0.87% | 0.78% | ||||||||||||||||||
|
||||||||||||||||||||||||
Portfolio turnover rate | 22% | 25% | 24% | 56% | 40% | 33% |
39 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
FINANCIAL HIGHLIGHTS Continued
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.
5. Waiver was less than 0.005%.
See accompanying Notes to Financial Statements.
40 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS March 31, 2018 Unaudited
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 determined necessary by the Manager.
The tax character of distributions is determined as of the Funds fiscal year end. Therefore, a portion of the Funds distributions made to shareholders prior to the Funds fiscal year end may ultimately be categorized as a tax return of capital.
41 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
2. Significant Accounting Policies (Continued)
Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.
Custodian Fees. Custodian fees and expenses in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The Reduction to custodian expenses line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The 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 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.
During the fiscal year ended September 30, 2017, the Fund did not utilize any capital loss carryforwards to offset capital gains realized in that fiscal year. Details of the fiscal year ended September 30, 2017 capital loss carryforwards are included in the table below. Capital losses with no expiration will be carried forward to future years if not offset by gains.
Expiring | ||||
No expiration | $ | 2,828,402 |
At period end, it is estimated that the capital loss carryforwards would be $3,259,056, which will not expire. The estimated capital loss carryforward represents the carryforward as of the
42 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
2. Significant Accounting Policies (Continued)
end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.
Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with 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.
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 | $ | 234,804,281 | ||
|
|
|||
Gross unrealized appreciation | $ | 3,794,948 | ||
Gross unrealized depreciation | (1,644,834) | |||
|
|
|||
Net unrealized appreciation | $ | 2,150,114 | ||
|
|
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.
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 least quarterly or more frequently, if necessary.
43 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
3. Securities Valuation (Continued)
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 when a significant event has occurred that would materially affect the value of the security, are 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 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
44 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
3. Securities Valuation (Continued)
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 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Municipal Bonds and Notes | ||||||||||||||||
Alabama |
$ | | $ | 5,693,142 | $ | | $ | 5,693,142 | ||||||||
Arizona |
| 7,050,650 | | 7,050,650 | ||||||||||||
California |
| 45,035,625 | | 45,035,625 | ||||||||||||
Colorado |
| 1,741,239 | | 1,741,239 | ||||||||||||
Connecticut |
| 247,102 | | 247,102 | ||||||||||||
District of Columbia |
| 307,266 | | 307,266 | ||||||||||||
Florida |
| 12,693,461 | | 12,693,461 | ||||||||||||
Georgia |
| 2,145,648 | | 2,145,648 | ||||||||||||
Illinois |
| 10,896,813 | | 10,896,813 | ||||||||||||
Indiana |
| 883,496 | | 883,496 | ||||||||||||
Iowa |
| 252,328 | | 252,328 | ||||||||||||
Kentucky |
| 2,739,607 | | 2,739,607 | ||||||||||||
Louisiana |
| 6,381,723 | | 6,381,723 | ||||||||||||
Maryland |
| 3,255,848 | | 3,255,848 | ||||||||||||
Massachusetts |
| 522,922 | | 522,922 | ||||||||||||
Michigan |
| 6,125,383 | | 6,125,383 | ||||||||||||
Minnesota |
| 2,498,480 | | 2,498,480 | ||||||||||||
Mississippi |
| 3,765,052 | | 3,765,052 | ||||||||||||
Missouri |
| 4,365,292 | | 4,365,292 | ||||||||||||
Montana |
| 55,075 | | 55,075 | ||||||||||||
Nevada |
| 525,408 | | 525,408 | ||||||||||||
New Jersey |
| 16,296,172 | | 16,296,172 | ||||||||||||
New Mexico |
| 626,694 | | 626,694 | ||||||||||||
New York |
| 22,614,270 | | 22,614,270 | ||||||||||||
North Carolina |
| 1,172,644 | | 1,172,644 | ||||||||||||
Ohio |
| 8,240,940 | | 8,240,940 | ||||||||||||
Oklahoma |
| 1,113,760 | | 1,113,760 | ||||||||||||
Oregon |
| 888,109 | | 888,109 | ||||||||||||
Pennsylvania |
| 33,525,545 | | 33,525,545 | ||||||||||||
Rhode Island |
| 587,639 | | 587,639 | ||||||||||||
South Carolina |
| 2,783,305 | | 2,783,305 |
45 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
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) | ||||||||||||||||
South Dakota |
$ | | $ | 604,142 | $ | | $ | 604,142 | ||||||||
Tennessee |
| 2,287,954 | | 2,287,954 | ||||||||||||
Texas |
| 22,589,511 | | 22,589,511 | ||||||||||||
Vermont |
| 2,216,412 | | 2,216,412 | ||||||||||||
Washington |
| 1,623,827 | | 1,623,827 | ||||||||||||
Wisconsin |
| 2,601,910 | | 2,601,910 | ||||||||||||
|
|
|||||||||||||||
Total Assets | $ | | $ | 236,954,394 | $ | | $ | 236,954,394 | ||||||||
|
|
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 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 had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
When-Issued or Delayed Delivery Basis Transactions |
||||
Purchased securities | $3,606,536 | |||
Sold securities | 5,126,184 |
Concentration Risk. There are certain risks arising from geographic concentration in any
46 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
4. Investments and Risks (Continued)
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. 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:
47 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
6. Shares of Beneficial Interest (Continued)
Six Months Ended March 31, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 7,330,271 | $ | 32,419,786 | 6,562,323 | $ | 28,586,920 | ||||||||||
Dividends and/or distributions reinvested | 324,160 | 1,427,682 | 586,953 | 2,557,792 | ||||||||||||
Redeemed | (4,687,005 | ) | (20,676,875 | ) | (16,337,110 | ) | (70,910,525 | ) | ||||||||
Net increase (decrease) | 2,967,426 | $ | 13,170,593 | (9,187,834 | ) | $ | (39,765,813 | ) | ||||||||
Class C | ||||||||||||||||
Sold | 2,561,704 | $ | 11,318,918 | 1,410,329 | $ | 6,130,177 | ||||||||||
Dividends and/or distributions reinvested | 64,259 | 282,582 | 104,829 | 456,317 | ||||||||||||
Redeemed | (1,545,597 | ) | (6,790,209 | ) | (3,835,876 | ) | (16,536,819 | ) | ||||||||
Net increase (decrease) | 1,080,366 | $ | 4,811,291 | (2,320,718 | ) | $ | (9,950,325 | ) | ||||||||
Class Y | ||||||||||||||||
Sold | 3,980,414 | $ | 17,615,657 | 6,201,119 | $ | 27,031,334 | ||||||||||
Dividends and/or distributions reinvested | 174,004 | 766,781 | 260,766 | 1,138,287 | ||||||||||||
Redeemed | (3,598,845 | ) | (15,844,421 | ) | (5,120,740 | ) | (22,258,196 | ) | ||||||||
Net increase | 555,573 | $ | 2,538,017 | 1,341,145 | $ | 5,911,425 | ||||||||||
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 | $ | 77,894,226 | $ | 51,332,546 |
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:
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
48 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
8. Fees and Other Transactions with Affiliates (Continued)
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, which shall be calculated after any applicable fee waivers. 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.
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
49 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
8. Fees and Other Transactions with Affiliates (Continued)
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.
Six Months Ended | Class A Front-End Sales Charges Retained by Distributor |
Class A Contingent Deferred Sales Charges Distributor |
Class C Deferred Sales Charges Distributor |
|||||||||
March 31, 2018 | $7,447 | $1,065 | $1,614 |
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 assets for Class Y shares.
During the reporting period, the Manager reimbursed the Fund as follows:
Class A | $ | 16,451 | ||
Class C | 651 | |||
Class Y | 81 |
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
50 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
9. Borrowings and Other Financing (Continued)
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 (1.8629% 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 0.07% 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 1.8629%.
Details of the borrowings for the reporting period are as follows:
Average Daily Loan Balance |
$ | 2,769,780 | ||
Average Daily Interest Rate |
1.594 | % | ||
Fees Paid |
$ | 109,892 | ||
Interest Paid |
$ | 14,151 |
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
51 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
9. Borrowings and Other Financing (Continued)
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.
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 |
$ | 15,584 |
52 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;
UPDATES TO STATEMENT 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.
53 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
© 2018 OppenheimerFunds, Inc. All rights reserved.
54 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 non-public 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 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.
55 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND |
PRIVACY NOTICE Continued
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 conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. 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 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. Strengthening your online credentialsyour online security profiletypically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www.oppenheimerfunds.com/security.
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 as of November 2017. 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, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).
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OppenheimerFunds®
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to Invest
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.
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Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved.
RS0636.001.0318 May 25, 2018 |
Item 2. Code of Ethics.
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The 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 3/31/2018, 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) (1) Exhibit attached hereto.
(2) Exhibits 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: | 5/18/2018 |
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: | 5/18/2018 | |
By: | /s/ Brian S. Petersen | |
Brian S. Petersen | ||
Principal Financial Officer | ||
Date: | 5/18/2018 |
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: 5/18/2018
/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: 5/18/2018 |
/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 3/31/2018 (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: 5/18/2018 | Date: 5/18/2018 |
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