REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
PreEffective Amendment No. | □ |
PostEffective Amendment No. 54 | ☒ |
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
Amendment No. 59 | ☒ |
OFI Pictet Global Environmental Solutions Fund | Oppenheimer Main Street Fund®/VA |
Oppenheimer Capital Appreciation Fund | Oppenheimer Main Street Mid Cap Fund® |
Oppenheimer Capital Appreciation Fund/VA | Oppenheimer Main Street Small Cap Fund® |
Oppenheimer Capital Income Fund | Oppenheimer Main Street Small Cap Fund®/VA |
Oppenheimer Conservative Balanced Fund/VA | Oppenheimer Mid Cap Value Fund |
Oppenheimer Developing Markets Fund | Oppenheimer Municipal Fund |
Oppenheimer Discovery Fund | Oppenheimer Portfolio Series: Active Allocation Fund |
Oppenheimer Discovery Mid Cap Growth Fund | Oppenheimer Portfolio Series: Conservative Investor Fund |
Oppenheimer Discovery Mid Cap Growth Fund/VA | Oppenheimer Portfolio Series: Equity Investor Fund |
Oppenheimer Dividend Opportunity Fund | Oppenheimer Portfolio Series: Moderate Investor Fund |
Oppenheimer Emerging Markets Innovators Fund | Oppenheimer Preferred Securities and Income Fund |
Oppenheimer Emerging Markets Local Debt Fund | Oppenheimer Real Estate Fund |
Oppenheimer Emerging Markets Revenue ETF | Oppenheimer Rising Dividends Fund |
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF | Oppenheimer Rochester® AMT-Free Municipal Fund |
Oppenheimer Equity Income Fund | Oppenheimer Rochester® AMT-Free New York Municipal Fund |
Oppenheimer ESG Revenue ETF | Oppenheimer Rochester® California Municipal Fund |
Oppenheimer Fundamental Alternatives Fund | Oppenheimer Rochester® Fund Municipals |
Oppenheimer Global Allocation Fund | Oppenheimer Rochester® High Yield Municipal Fund |
Oppenheimer Global ESG Revenue ETF | Oppenheimer Rochester® Limited Term California Municipal Fund |
Oppenheimer Global Focus Fund | Oppenheimer Rochester® Limited Term New York Municipal Fund |
Oppenheimer Global Fund | Oppenheimer Rochester® New Jersey Municipal Fund |
Oppenheimer Global Fund/VA | Oppenheimer Rochester® Pennsylvania Municipal Fund |
Oppenheimer Global High Yield Fund | Oppenheimer Rochester® Short Duration High Yield Municipal Fund |
Oppenheimer Global Multi-Alternatives Fund/VA | Oppenheimer Russell 1000® Dynamic Multifactor ETF |
Oppenheimer Global Multi-Asset Growth Fund | Oppenheimer Russell 1000® Low Volatility Factor ETF |
Oppenheimer Global Multi-Asset Income Fund | Oppenheimer Russell 1000® Momentum Factor ETF |
Oppenheimer Global Opportunities Fund | Oppenheimer Russell 1000® Quality Factor ETF |
Oppenheimer Global Revenue ETF | Oppenheimer Russell 1000® Size Factor ETF |
Oppenheimer Global Strategic Income Fund | Oppenheimer Russell 1000® Value Factor ETF |
Oppenheimer Global Strategic Income Fund/VA | Oppenheimer Russell 1000® Yield Factor ETF |
Oppenheimer Global Unconstrained Bond Fund | Oppenheimer Russell 2000® Dynamic Multifactor ETF |
Oppenheimer Gold & Special Minerals Fund | Oppenheimer S&P 500 Revenue ETF |
Oppenheimer Government Cash Reserves | Oppenheimer S&P Financials Revenue ETF |
Oppenheimer Government Money Fund/VA | Oppenheimer S&P MidCap 400 Revenue ETF |
Oppenheimer Government Money Market Fund | Oppenheimer S&P SmallCap 600 Revenue ETF |
Oppenheimer Institutional Government Money Market Fund | Oppenheimer S&P Ultra Dividend Revenue ETF |
Oppenheimer Senior Floating Rate Fund | |
Oppenheimer Intermediate Income Fund Oppenheimer Intermediate Term Municipal Fund |
Oppenheimer Senior Floating Rate Plus Fund |
Oppenheimer International Bond Fund | Oppenheimer Short Term Municipal Fund |
Oppenheimer International Diversified Fund | Oppenheimer Small Cap Value Fund |
Oppenheimer International Equity Fund | Oppenheimer SteelPath MLP & Energy Infrastructure Fund |
Oppenheimer International Growth Fund | Oppenheimer SteelPath MLP Alpha Fund |
Oppenheimer International Growth Fund/VA | Oppenheimer SteelPath MLP Alpha Plus Fund |
Oppenheimer International Revenue ETF | Oppenheimer SteelPath MLP Income Fund |
Oppenheimer International Small-Mid Company Fund | Oppenheimer SteelPath MLP Select 40 Fund |
Oppenheimer International Ultra Dividend Revenue ETF | Oppenheimer SteelPath Panoramic Fund |
Oppenheimer Limited-Term Bond Fund | Oppenheimer Total Return Bond Fund |
Oppenheimer Limited-Term Government Fund | Oppenheimer Total Return Bond Fund/VA |
Oppenheimer Macquarie Global Infrastructure Fund | Oppenheimer Ultra-Short Duration Fund |
Oppenheimer Main Street All Cap Fund® | Oppenheimer Value Fund |
Oppenheimer Main Street Fund® |
Supplement dated January 18, 2019 to the Summary Prospectus, Prospectus and Statement of Additional Information
This supplement amends the summary prospectus, prospectus and statement of additional information of the above referenced funds (each, a “Fund” and together, the “Funds”) and is in addition to any other supplement(s) except as indicated immediately below.
This supplement supersedes the supplement dated January 14, 2019 (the “January 14th Supplement”) and is intended to delete entirely the last paragraph of the January 14th Supplement regarding the anticipation that the Funds will close to new investors as soon as practicable following shareholder approval.
On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire OppenheimerFunds, Inc. (the “Transaction”). In connection with the Transaction, on January 11, 2019 the Board of Trustees of each trust (each, a “Trust”) governing the Trust’s respective Fund(s) unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of each Fund to a corresponding, newly formed fund (each, an “Acquiring Fund,” and collectively the “Acquiring Funds”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the respective Fund as of the close of business on the closing date, and with respect to those Funds that are exchange-traded funds (an “ETF”), shares of the corresponding Acquired Fund (and cash with respect to any fractional shares) of equal value to the value of the respective Fund as of the close of business on the closing date. Although each Acquiring Fund will be managed by either Invesco Advisers, Inc. (for those Acquiring Funds that are not ETFs) or Invesco Capital Management, LLC (for those Acquiring Funds that are ETFs), each Acquiring Fund will, as of the closing date, have the same investment objective (or in the case of the Acquiring Funds that are ETFs, a substantially similar investment objective) and substantially similar principal investment strategies and risks as the corresponding Fund. After each Reorganization, Invesco Advisers, Inc. will be the investment adviser to each Acquiring Fund that is a mutual fund, and Invesco Capital Management, LLC will be the investment adviser to each Acquiring Fund that is an ETF, and each Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. Each Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.
Each Reorganization is subject to the approval of shareholders of each Fund. Shareholders of record of each Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Trusts’ Boards of Trustees considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.
If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, each Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.
You should read this supplement in conjunction with the summary prospectus, prospectus and statement of additional information and retain it for future reference.
January 18, 2019 | PS0000.201 |
Class A | Class C | Class Y | ||
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) | 4.75% | None | None | |
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) | None | 1% | None |
Class A | Class C | Class Y | ||
Management Fees | 0.47% | 0.47% | 0.47% | |
... | ||||
Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | None | |
... | ||||
Other Expenses | ||||
... | ||||
Interest and Fees from Borrowings | 0.15% | 0.15% | 0.15% | |
... | ||||
Interest and Related Expenses from Inverse Floaters | 0.19% | 0.19% | 0.19% | |
... | ||||
Other Expenses | 0.16% | 0.15% | 0.15% | |
... | ||||
Total Other Expenses | 0.50% | 0.49% | 0.49% | |
... | ||||
Total Annual Fund Operating Expenses | 1.22% | 1.96% | 0.96% |
* | Expenses have been restated to reflect current fees. |
If shares are redeemed | If shares are not redeemed | ||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | ||
Class A | $594 | $846 | $1,117 | $1,891 | $594 | $846 | $1,117 | $1,891 | |
... | |||||||||
Class C | $301 | $621 | $1,067 | $2,307 | $201 | $621 | $1,067 | $2,307 | |
... | |||||||||
Class Y | $98 | $307 | $533 | $1,184 | $98 | $307 | $533 | $1,184 |
Oppenheimer Rochester Fund Municipals | 1 |
2 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 3 |
4 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 5 |
1 Year | 5 Years | 10 Years | ||
Class A Shares (inception 05/15/86) | ||||
Return Before Taxes | 3.71% | 5.96% | 8.47% | |
Return After Taxes on Distributions | 3.71% | 5.96% | 8.47% | |
Return After Taxes on Distributions and Sale of Fund Shares | 3.61% | 5.85% | 8.16% | |
... | ||||
Class C Shares (inception 03/17/97) | 7.09% | 6.13% | 8.09% | |
... | ||||
Class Y Shares (inception 04/28/00) | 9.07% | 7.19% | 9.17% | |
... | ||||
Bloomberg Barclays Municipal Bond Index | 1.28% | 3.82% | 4.85% | |
(reflects no deduction for fees, expenses, or taxes) | ||||
... | ||||
Consumer Price Index | 1.91% | 1.51% | 1.80% | |
(reflects no deduction for fees, expenses, or taxes) |
6 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 7 |
■ | Interest Rate Risk. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund’s investments to decline. The values of debt securities usually change when prevailing interest rates change. When interest rates rise, the values of outstanding debt securities generally fall, and those securities may sell at a discount from their face amount. When interest rates rise, the decrease in values of outstanding debt securities may not be offset by higher income from new investments. When interest rates fall, the values of already-issued debt securities generally rise. However, when interest rates fall, the Fund’s investments in new securities may be at lower yields and may reduce the Fund’s income. The values of longer-term debt securities usually |
8 | Oppenheimer Rochester Fund Municipals |
change more than the values of shorter-term debt securities when interest rates change; thus, interest rate risk is usually greater for securities with longer maturities or durations. “Zero-coupon” or “stripped” securities may be particularly sensitive to interest rate changes. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are near historic lows. |
■ | Duration Risk. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities are more likely to decline in price, and to a greater extent, than shorter-duration debt securities, in a rising interest-rate environment. “Effective duration” attempts to measure the expected percentage change in the value of a bond or portfolio resulting from a change in prevailing interest rates. The change in the value of a bond or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, if a bond has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the bond’s value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the bond’s value to increase 3%. Duration is different from maturity, which is the length of time until the principal must be paid back. The duration of a debt security may be equal to or shorter than the full maturity of a debt security. |
■ | Credit Risk. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. U.S. government securities generally have lower credit risks than securities issued by private issuers or certain foreign governments. If an issuer fails to pay interest, the Fund’s income might be reduced, and if an issuer fails to repay principal, the value of the security might fall and the Fund could lose the amount of its investment in the security. The extent of this risk varies based on the terms of the particular security and the financial condition of the issuer. A downgrade in an issuer’s credit rating or other adverse news about an issuer, for any reason, can reduce the market value of that issuer’s securities. |
■ | Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund’s lower-rated and unrated securities. Some unrated securities may not have an active trading market or may trade less actively than rated securities, which means that the Fund might have difficulty selling them promptly at an acceptable price. |
■ | Extension Risk. Extension risk is the risk that, if interest rates rise rapidly, prepayments on certain debt securities may occur at a slower rate than expected, and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security’s call date. Such a decision by the issuer could have the effect of lengthening the debt security’s expected maturity, making it more vulnerable to interest rate risk and reducing its market value. |
■ | Reinvestment Risk. Reinvestment risk is the risk that when interest rates fall, the Fund may be required to reinvest the proceeds from a security’s sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. |
■ | Prepayment Risk. Certain fixed-income securities are subject to the risk of unanticipated prepayment. Prepayment risk is the risk that, when interest rates fall, the issuer will redeem the security prior to the security’s expected maturity, or that borrowers will repay the loans that underlie these fixed-income securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Securities subject to prepayment risk generally offer less potential for gains when prevailing interest rates fall. If the Fund buys those securities at a premium, accelerated prepayments on those securities could cause the Fund to lose a portion of its principal investment. The impact of prepayments on the price of a security may be difficult to predict and may increase the security’s price volatility. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. |
Oppenheimer Rochester Fund Municipals | 9 |
10 | Oppenheimer Rochester Fund Municipals |
■ | Tobacco Settlement Revenue Bonds. The Fund may invest up to 25% of its total assets in tobacco settlement revenue bonds. Tobacco settlement revenue bonds are secured by an issuing state’s proportionate share in the MSA, a litigation settlement agreement reached out of court in November 1998 between 46 states and six other U.S. jurisdictions and the four largest U.S. tobacco manufacturers at that time. Subsequently, a number of smaller tobacco manufacturers signed on to the MSA, which provides for annual payments by the manufacturers to the states and other jurisdictions in perpetuity. The MSA established a base payment schedule and a formula for adjusting payments each year. Tobacco manufacturers pay into a master escrow trust based on their market share and each state receives a fixed percentage of the payment. |
■ | “Subject to Appropriation” (STA) Tobacco Bonds. In addition to the tobacco settlement bonds discussed above, the Fund also may invest in tobacco related bonds that are subject to a state’s appropriation pledge (“STA Tobacco Bonds”). STA Tobacco Bonds rely on both the revenue source from the MSA and a state appropriation pledge. These STA Tobacco Bonds are part of a larger category of municipal bonds that are subject to state appropriation. Although specific provisions may vary among states, “government appropriation” or “subject to appropriation” bonds (also referred to as “appropriation debt”) are typically payable from two distinct sources: (i) a dedicated revenue source such as a municipal enterprise, a special tax or, in the case of tobacco bonds, the MSA funds, and (ii) from the issuer’s general funds. |
Oppenheimer Rochester Fund Municipals | 11 |
■ | Prices of below-investment-grade securities may be subject to extreme price fluctuations, even under normal market conditions. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of below-investment-grade securities than on the prices of investment-grade securities. |
■ | Below-investment-grade securities may be issued by less creditworthy issuers and may be more likely to default than investment-grade securities. Issuers of below-investment-grade securities may have more outstanding debt relative to their assets than issuers of investment-grade securities. Issuers of below-investment-grade securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of the holders of below-investment-grade securities. |
■ | Below-investment-grade securities may be less liquid than investment-grade securities, even under normal market conditions. There are fewer dealers in the below-investment-grade securities market and there may be significant differences in the prices quoted by the dealers. Because they are less liquid, judgment may play a greater role in valuing certain of the Fund’s securities than is the case with securities trading in a more liquid market. |
■ | Below-investment-grade securities typically contain redemption provisions that permit the issuer of the securities containing such provisions to redeem the securities at its discretion. If the issuer redeems below-investment-grade securities, the Fund may have to invest the proceeds in securities with lower yields and may lose income. |
■ | Below-investment-grade securities markets may be more susceptible to real or perceived adverse credit, economic, or market conditions than investment-grade securities. |
12 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 13 |
14 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 15 |
16 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 17 |
18 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 19 |
■ | Traditional and Roth IRA accounts as well as Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts may be opened with a minimum initial investment of $500. |
■ | For wrap fee-based programs, salary reduction plans and other retirement plans and accounts, there is no minimum initial investment. |
20 | Oppenheimer Rochester Fund Municipals |
■ | Investing for the Shorter Term. While the Fund is meant to be a long-term investment, if you have a relatively short-term investment horizon, you should consider investing in Class C shares in most cases. That is because the effect of the initial sales charge on most Class A shares may be greater than the effect of the ongoing asset-based sales charge on Class C shares over the short-term. The Class C contingent deferred sales charge does not apply to redemptions of shares held for more than one year. |
■ | Investing for the Longer Term. If you have a longer-term investment horizon, Class A shares may be more appropriate in most cases. That is because the effect of the ongoing asset-based sales charge on Class C shares might be greater than the effect of the initial sales charge on Class A shares, regardless of the amount of your investment. |
■ | Amount of Your Investment. Your choice will also depend on how much you plan to invest. As your investment horizon increases and/or your eligibility for a reduced front-end sales charge applies, Class C shares might not be as advantageous as Class A shares with a sales charge. That is because the effect of the ongoing asset-based sales charge on Class C shares may be greater than the effect of the reduced front-end sales charge on Class A share purchases. For investors who invest $1 million or more or in other arrangements that qualify for a sales charge waiver, Class A shares will be more advantageous than Class C shares in most cases, no matter how long you intend to hold your shares. |
Oppenheimer Rochester Fund Municipals | 21 |
Amount of Purchase | Front-End Sales Charge As a Percentage of Offering Price | Front-End Sales Charge As a Percentage of Net Amount Invested | Concession As a Percentage of Offering Price | |
Less than $50,000 | 4.75% | 4.98% | 4.00% | |
$50,000 or more but less than $100,000 | 4.50% | 4.71% | 4.00% | |
$100,000 or more but less than $250,000 | 3.50% | 3.63% | 3.00% | |
$250,000 or more but less than $500,000 | 2.50% | 2.56% | 2.25% | |
$500,000 or more but less than $1 million | 2.00% | 2.04% | 1.80% |
■ | Right of Accumulation. To qualify for the reduced Class A sales charge that would apply to a larger purchase than you are currently making, you can add the value of qualified shares that you and your spouse currently own, and other qualified share purchases that you are currently making, to the value of your Class A share purchase of the Fund. The value of the qualified shares you currently own is based on the greater of their current offering price or the amount you paid for the shares. For purposes of calculating that value, only the value of shares owned as of December 31, 2007 and any shares purchased subsequently will be taken into consideration. The value of any shares that you have redeemed will not be counted. In totaling your holdings, you may count shares held in: |
■ | your individual accounts (including IRAs, 403(b) plans and eligible college savings programs), |
■ | your joint accounts with your spouse, |
■ | accounts you or your spouse hold as trustees or custodians on behalf of children who are minors. |
22 | Oppenheimer Rochester Fund Municipals |
■ | Letter of Intent. You may also qualify for reduced Class A sales charges by submitting a Letter of Intent to the Fund. A Letter of Intent is a written statement of your intention to purchase a specified value of qualified shares over a 13-month period. The total amount of your intended purchases in the same types of accounts identified above under “Right of Accumulation” will determine the reduced sales charge rate that will apply to your Class A share purchases during that period. You must notify your financial intermediary of any qualifying college savings program purchases or purchases through other financial intermediaries. |
■ | Wrap fee-based programs and fee-based clients of a broker, dealer, registered investment advisor or other financial intermediary; |
■ | Commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a transaction-based commission outside of the Fund; |
■ | “Institutional investors” which may include corporations; trust companies; endowments and foundations; defined contribution, defined benefit, and other employer sponsored retirement and deferred compensation plans; retirement plan platforms; insurance companies; registered investment advisor firms; registered investment companies; bank trusts; college savings programs; and family offices; and |
■ | Eligible employees, which are present or former officers, directors, trustees and employees (and their eligible family members) of the Fund, the Manager and its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. |
Oppenheimer Rochester Fund Municipals | 23 |
■ | any increase in net asset value over the initial purchase price, |
■ | shares purchased by the reinvestment of dividends or capital gains distributions, or |
■ | shares eligible for a sales charge waiver (see “Sales Charge Waivers” below). |
■ | shares acquired by the reinvestment of dividends or capital gains distributions, |
■ | other shares that are not subject to the contingent deferred sales charge, and |
■ | shares held the longest during the holding period. |
■ | Dividend Reinvestment. Dividends or capital gains distributions may be reinvested in shares of the Fund, or any of the other Oppenheimer funds into which shares of the Fund may be exchanged, without a sales charge. |
■ | Exchanges by a financial intermediary of Class Y shares for Class A shares of the same fund in connection with a change in account type or otherwise in accordance with the intermediary’s policies and procedures that renders a shareholder ineligible for Class Y shares. The availability of this sales charge waiver depends on the policies, procedures and trading platforms of the intermediary. |
■ | Exchanges of Shares. There is no sales charge on exchanges of shares except for Class A shares of Oppenheimer Government Money Market Fund or Oppenheimer Government Cash Reserves on which you have not paid a sales charge. |
■ | Reinvestment Privilege. There is no sales charge on reinvesting the proceeds from redemptions of Class A shares that occurred within the previous three months if you paid an initial or contingent deferred sales charge on the redeemed shares. This reinvestment privilege does not apply to reinvestment purchases made through automatic investment options. |
■ | Shares issued in plans of reorganization, such as mergers, asset acquisitions and exchange offers, to which the Fund is a party. |
■ | Purchases made with the reinvestment of loan repayments by a participant in a retirement plan if the participant previously paid a sales charge on those shares. |
■ | Purchases made in amounts of less than $5 for accounts held directly with the Transfer Agent. |
■ | Purchases by the Manager or its affiliates. |
■ | Purchases by present or former officers, directors, trustees and employees (and their “immediate families”) of the Fund, the Manager and its affiliates, and retirement plans established by the Manager or its affiliates for their employees. The term “immediate family” refers to one’s spouse, children, grandchildren, grandparents, parents, parents in law, brothers and sisters, sons and daughters in law, a sibling’s spouse, a spouse’s siblings, aunts, uncles, nieces and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included. |
■ | Purchases by current employees and registered representatives (and their spouses) of any financial intermediaries if permitted by the intermediary’s policies. The purchaser must certify to the Distributor at the time of purchase that the purchase is for the purchaser’s own account (or for the benefit of such employee’s spouse or minor children). |
■ | Purchases made through an advisory fee or wrap fee-based platform. |
■ | Purchases by group omnibus retirement plans under section 401(a), 401(k), 403(b) and 457 of the Internal Revenue Code. |
■ | Purchases by taxable accounts held directly with the Transfer Agent that are established with the proceeds of Required Minimum Distributions from retirement plans and accounts. |
24 | Oppenheimer Rochester Fund Municipals |
■ | Rollover purchases in an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent made with the proceeds of a retirement plan distribution that was previously invested in an Oppenheimer fund. |
■ | Purchases by former shareholders of Atlas Strategic Income Fund for any Oppenheimer fund into which shareholders of Oppenheimer Global Strategic Income Fund may exchange if permitted by the intermediary’s policies. |
■ | Purchases by former shareholders of Oppenheimer Total Return Fund Periodic Investment Plan for any Oppenheimer fund into which shareholders of Oppenheimer Main Street Fund may exchange if permitted by the intermediary’s policies. |
■ | Effective December 4, 2017, purchases made where there is no broker-dealer of record. |
■ | Involuntary redemptions of small accounts (please refer to “Minimum Account Balance,” in the applicable fund prospectus). |
■ | For distributions from retirement plans and accounts, deferred compensation plans or other employee benefit plans for any of the following reasons, as applicable: |
1. | Following the death or disability (as defined in the Internal Revenue Code) of the participant or beneficiary. The death or disability must occur after the participant’s account was established in an Oppenheimer fund. |
2. | To return excess contributions. |
3. | To return contributions made due to a mistake of fact. |
4. | To make hardship withdrawals, except from IRAs, as defined in the plan. |
5. | To make distributions required under a qualified domestic relations order described in Section 414(p) of the Internal Revenue Code or, in the case of an IRA, a divorce or separation agreement described in Section 71(b) of the Internal Revenue Code. |
6. | To meet the minimum distribution requirements of the Internal Revenue Code. |
7. | To make “substantially equal periodic payments” as described in Section 72(t) of the Internal Revenue Code. |
8. | For loans to participants or beneficiaries except for loans from OppenheimerFunds-sponsored 403(b)(7) custodial plans or from Oppenheimer Single K plans. |
9. | On account of the participant’s separation from service. This provision only applies to qualified retirement plans and 403(b)(7) custodial plans after separation from service in or after the year age 55 is attained. |
10. | Participant-directed redemptions to purchase shares of a mutual fund (other than a fund managed by the Manager or a subsidiary of the Manager). |
11. | Distributions made on account of a plan termination or “in-service” distributions, if the redemption proceeds are rolled over directly to an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent, if requested prior to plan termination or the elimination of the Oppenheimer funds as an investment option under the plan. |
12. | Distributions from a participant’s account under an Automatic Withdrawal Plan after the participant reaches age 59 1⁄2, as long as the aggregate value of the distributions does not exceed 12% of the account’s value annually. |
■ | Redemptions of shares under an Automatic Withdrawal Plan for an account (other than a retirement plan) if the aggregate value of the redeemed shares does not exceed 12% of the account’s value annually. |
■ | Involuntary redemptions of small accounts (please refer to “Minimum Account Balance,” in the applicable fund prospectus). |
■ | Redemptions from accounts other than retirement plans following the death or disability of the last surviving shareholder or sole beneficiary of a trust. The death or disability must have occurred after the account was established, and for disability you must provide evidence of a determination of disability by the Internal Revenue Code. |
■ | Redemptions of Class C shares of an Oppenheimer fund, requested in writing by a retirement plan sponsor and submitted more than 12 months after the retirement plan’s first purchase of Class C shares, if the redemption proceeds are invested to purchase Class R shares of one or more Oppenheimer funds. |
■ | Distributions from retirement plans and accounts, deferred compensation plans or other employee benefit plans for any of the following reasons, as applicable: |
1. | Following the death or disability (as defined in the Internal Revenue Code) of the participant or beneficiary. The death or disability must occur after the participant’s account was established in an Oppenheimer fund. |
2. | To return excess contributions. |
Oppenheimer Rochester Fund Municipals | 25 |
3. | To return contributions made due to a mistake of fact. |
4. | To make hardship withdrawals, except from IRAs, as defined in the plan. |
5. | To make distributions required under a qualified domestic relations order described in Section 414(p) of the Internal Revenue Code or, in the case of an IRA, a divorce or separation agreement described in Section 71(b) of the Internal Revenue Code. |
6. | To meet the minimum distribution requirements of the Internal Revenue Code. |
7. | To make “substantially equal periodic payments” as described in Section 72(t) of the Internal Revenue Code. |
8. | For loans to participants or beneficiaries except for loans from OppenheimerFunds-sponsored 403(b)(7) custodial plans or from OppenheimerFunds Single K plans. |
9. | On account of the participant’s separation from service. This provision only applies to qualified retirement plans and 403(b)(7) custodial plans after separation from service in or after the year age 55 is attained. |
10. | Participant-directed redemptions to purchase shares of a mutual fund (other than a fund managed by the Manager or a subsidiary of the Manager). |
11. | Distributions made on account of a plan termination or “in-service” distributions, if the redemption proceeds are rolled over directly to an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent, if requested prior to plan termination or the elimination of the Oppenheimer funds as an investment option under the plan. |
12. | For distributions from a participant’s account under an Automatic Withdrawal Plan after the participant reaches age 59 1⁄2, as long as the aggregate value of the distributions does not exceed 10% of the account’s value annually. |
■ | Redemptions of Class C shares under an Automatic Withdrawal Plan from an account other than a retirement plan if the aggregate value of the redeemed shares does not exceed 10% of the account’s value annually. |
■ | Redemptions of shares sold to the Manager or its affiliates. |
■ | Redemptions of shares issued in plans of reorganization to which the Fund is a party. |
■ | Effective December 4, 2017, conversions to Class A share accounts requested by current investors who no longer have a broker-dealer of record for an existing Class C share account. |
26 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 27 |
■ | Involuntary Redemptions. In some circumstances, involuntary redemptions may be made to repay any losses from the cancellation of share purchase orders. |
28 | Oppenheimer Rochester Fund Municipals |
■ | By Check. The Fund will normally send redemption proceeds by check to the address on your account statement. |
■ | By AccountLink. If you have linked your Fund account to your bank account with AccountLink (described below), you may have redemption proceeds transferred directly into your account. Normally the transfer to your bank is initiated on the bank business day after the redemption. You will not receive dividends on the proceeds of redeemed shares while they are waiting to be transferred. |
■ | By Wire. You can arrange to have redemption proceeds sent by Federal funds wire to an account at a bank that is a member of the Federal Reserve wire system. The redemption proceeds will normally be transmitted on the next bank business day after the shares are redeemed. You will not receive dividends on the proceeds of redeemed shares while they are waiting to be transmitted. |
■ | during any period in which the NYSE is closed other than customary weekend and holiday closings or during any period in which trading on the NYSE is deemed to be restricted; |
■ | during any period in which an emergency exists, as a result of which (i) it is not reasonably practicable for the Fund to dispose of securities owned by it or (ii) it is not reasonably practicable for the Fund to fairly determine the value of its net assets; or |
■ | during such other periods as the Securities and Exchange Commission may by order permit to protect Fund shareholders. |
■ | Shares of the fund selected for exchange must be available for sale in your state of residence. |
■ | The selected fund and share class must offer the exchange privilege. |
■ | You must meet the minimum purchase requirements for the relevant class of the selected fund. |
■ | Generally, exchanges may be made only between identically registered accounts, unless all account owners send written exchange instructions with a signature guarantee. |
■ | Before exchanging into a fund, you should obtain its prospectus and should read it carefully. |
Oppenheimer Rochester Fund Municipals | 29 |
30 | Oppenheimer Rochester Fund Municipals |
■ | Exchanges Into Money Market Funds. A shareholder will be permitted to exchange shares of the Fund for shares of an eligible money market fund any time, even if the shareholder has exchanged shares into the Fund during the prior 30 days. Exchanges from that money market fund into another fund will be monitored for excessive activity and the Fund may limit or refuse any exchange order from a money market fund in its discretion pursuant to this policy. |
■ | Dividend Reinvestments and Share Conversions. The reinvestment of dividends or distributions from one fund to purchase shares of another fund and the conversion of shares from one share class to another class within the same fund will not be considered exchanges for purposes of imposing the 30-day limit. |
■ | Asset Allocation Programs. Investment programs by Oppenheimer “funds of funds” that entail rebalancing investments in underlying Oppenheimer funds will not be subject to these limits. However, third-party asset allocation and rebalancing programs will be subject to the 30-day limit described above. Asset allocation firms that want to exchange shares held in accounts on behalf of their customers must identify themselves and execute an acknowledgement and agreement to abide by these policies with respect to their customers’ accounts. “On-demand” exchanges outside the parameters of portfolio rebalancing programs will also be subject to the 30-day limit. |
■ | Automatic Exchange Plans. Accounts that receive exchange proceeds through automatic or systematic exchange plans that are established through the Transfer Agent will not be subject to the 30-day exchange limit as a result of those automatic or systematic exchanges but may be blocked from exchanges, under the 30-day limit, if they receive proceeds from other exchanges. |
■ | Redemptions of Shares. These exchange policy limits do not apply to redemptions of shares. Shareholders are permitted to redeem their shares on any regular business day, subject to the terms of this prospectus. |
■ | Purchases through AccountLink that are submitted through PhoneLink or on the internet are limited to $100,000. |
■ | Purchases through AccountLink that are submitted by calling a service representative are limited to $250,000. |
■ | Redemptions that are submitted by telephone or on the internet and request the proceeds to be paid by check, are limited to $100,000, must be made payable to all owners of record of the shares and must be sent to the address on the account statement. This service is not available within 15 days of changing the address on an account. |
■ | Redemptions by telephone or on the internet that are sent to your bank account through AccountLink are limited to $100,000. |
■ | Exchanges submitted by telephone or on the internet may be made only between accounts that are registered with the same name(s) and address. |
■ | Shares held in an OppenheimerFunds-sponsored qualified retirement plan account may not be redeemed or exchanged by telephone or on the internet. |
Oppenheimer Rochester Fund Municipals | 31 |
■ | The Fund’s name; |
■ | For existing accounts, the Fund account number (from your account statement); |
■ | For new accounts, a completed account application; |
■ | For purchases, a check payable to Oppenheimer funds; |
■ | For redemptions, any special payment instructions; |
■ | For redemptions or exchanges, the dollar amount or number of shares to be redeemed or exchanged; |
■ | For individuals, the names and signatures of all registered owners exactly as they appear in the account registration; |
■ | For corporations, partnerships or other businesses or as a fiduciary, the name of the entity as it appears in the account registration and the names and titles of any individuals signing on its behalf; and |
■ | Other documents requested by the Transfer Agent to assure that the person purchasing, redeeming or exchanging shares is properly identified and has proper authorization to carry out the transaction. |
■ | You wish to redeem more than $100,000; |
■ | The redemption check is not payable to all shareholders listed on the account statement; |
■ | The redemption check is not sent to the address of record on your account statement; |
■ | Shares are being transferred to a Fund account with a different owner or name; or |
■ | Shares are being redeemed by someone (such as an Executor) other than the owners. |
■ | a U.S. bank, trust company, credit union or savings association, |
■ | a foreign bank that has a U.S. correspondent bank, |
■ | a U.S. registered dealer or broker in securities, municipal securities or government securities, or |
■ | a U.S. national securities exchange, a registered securities association or a clearing agency. |
32 | Oppenheimer Rochester Fund Municipals |
■ | transmit funds electronically to purchase shares by internet, by telephone or automatically through an Asset Builder Plan. The purchase payment will be debited from your bank account. |
■ | have the Transfer Agent send redemption proceeds or dividends and distributions directly to your bank account. |
Oppenheimer Rochester Fund Municipals | 33 |
■ | Reinvest All Distributions in the Fund. You can elect to reinvest all dividends and capital gains distributions in additional shares of the Fund. |
■ | Reinvest Only Dividends or Capital Gains. You can elect to reinvest some types of distributions in the Fund while receiving the other types of distributions by check or having them sent to your bank account through AccountLink. Different treatment is available for distributions of dividends, short-term capital gains and long-term capital gains. |
■ | Receive All Distributions in Cash. You can elect to receive all dividends and capital gains distributions by check or have them sent to your bank through AccountLink. |
■ | Reinvest Your Distributions in Another Oppenheimer Fund. You can reinvest all of your dividends and capital gains distributions in another Oppenheimer fund that is available for exchanges. You must have an existing account in the same share class in the selected fund. |
34 | Oppenheimer Rochester Fund Municipals |
Oppenheimer Rochester Fund Municipals | 35 |
Class A | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |
Per Share Operating Data | ||||||
Net asset value, beginning of period | $14.59 | $14.68 | $14.68 | $15.35 | $14.29 | |
Income (loss) from investment operations: | ||||||
Net investment income1 | 0.55 | 0.57 | 0.76 | 0.97 | 1.02 | |
Net realized and unrealized gain (loss) | 0.73 | 0.04 | 0.12 | (0.68) | 1.00 | |
Total from investment operations | 1.28 | 0.61 | 0.88 | 0.29 | 2.02 | |
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.52) | (0.70) | (0.88) | (0.96) | (0.96) | |
Net asset value, end of period | $15.35 | $14.59 | $14.68 | $14.68 | $15.35 | |
Total Return, at Net Asset Value2 | 8.88% | 4.11% | 6.06% | 1.94% | 14.43% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in millions) | $3,807 | $3,975 | $4,425 | $4,464 | $4,996 | |
Average net assets (in millions) | $3,914 | $4,420 | $4,553 | $4,794 | $5,066 | |
Ratios to average net assets:3 | ||||||
Net investment income | 3.64% | 3.79% | 5.05% | 6.42% | 6.73% | |
Expenses excluding specific expenses listed below | 0.87% | 0.83% | 0.80% | 0.73% | 0.72% | |
Interest and fees from borrowings | 0.15% | 0.11% | 0.08% | 0.06% | 0.05% | |
Interest and fees on short-term floating rate notes issued4 | 0.19% | 0.08% | 0.09% | 0.07% | 0.20% | |
Total expenses | 1.21% | 1.02% | 0.97% | 0.86% | 0.97% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.21% | 1.02% | 0.97% | 0.86% | 0.97% | |
Portfolio turnover rate | 26% | 23% | 33% | 13% | 8% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | 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. |
3. | Annualized for periods less than one full year. |
4. | Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. |
36 | Oppenheimer Rochester Fund Municipals |
Class C | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |
Per Share Operating Data | ||||||
Net asset value, beginning of period | $14.55 | $14.64 | $14.64 | $15.32 | $14.26 | |
Income (loss) from investment operations: | ||||||
Net investment income1 | 0.44 | 0.45 | 0.63 | 0.84 | 0.89 | |
Net realized and unrealized gain (loss) | 0.73 | 0.04 | 0.12 | (0.69) | 1.00 | |
Total from investment operations | 1.17 | 0.49 | 0.75 | 0.15 | 1.89 | |
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.41) | (0.58) | (0.75) | (0.83) | (0.83) | |
Net asset value, end of period | $15.31 | $14.55 | $14.64 | $14.64 | $15.32 | |
Total Return, at Net Asset Value2 | 8.09% | 3.32% | 5.18% | 1.02% | 13.50% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in millions) | $705 | $761 | $865 | $841 | $909 | |
Average net assets (in millions) | $733 | $851 | $875 | $887 | $903 | |
Ratios to average net assets:3 | ||||||
Net investment income | 2.88% | 3.02% | 4.19% | 5.57% | 5.88% | |
Expenses excluding specific expenses listed below | 1.62% | 1.62% | 1.66% | 1.58% | 1.57% | |
Interest and fees from borrowings | 0.15% | 0.11% | 0.08% | 0.06% | 0.05% | |
Interest and fees on short-term floating rate notes issued4 | 0.19% | 0.08% | 0.09% | 0.07% | 0.20% | |
Total expenses | 1.96% | 1.81% | 1.83% | 1.71% | 1.82% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.96% | 1.81% | 1.83% | 1.71% | 1.82% | |
Portfolio turnover rate | 26% | 23% | 33% | 13% | 8% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | 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. |
3. | Annualized for periods less than one full year. |
4. | Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. |
Oppenheimer Rochester Fund Municipals | 37 |
Class Y | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |
Per Share Operating Data | ||||||
Net asset value, beginning of period | $14.60 | $14.68 | $14.68 | $15.35 | $14.29 | |
Income (loss) from investment operations: | ||||||
Net investment income1 | 0.59 | 0.59 | 0.77 | 0.99 | 1.04 | |
Net realized and unrealized gain (loss) | 0.72 | 0.06 | 0.13 | (0.68) | 1.00 | |
Total from investment operations | 1.31 | 0.65 | 0.90 | 0.31 | 2.04 | |
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.56) | (0.73) | (0.90) | (0.98) | (0.98) | |
Net asset value, end of period | $15.35 | $14.60 | $14.68 | $14.68 | $15.35 | |
Total Return, at Net Asset Value2 | 9.07% | 4.41% | 6.22% | 2.09% | 14.60% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in millions) | $421 | $330 | $263 | $212 | $231 | |
Average net assets (in millions) | $382 | $330 | $238 | $229 | $205 | |
Ratios to average net assets:3 | ||||||
Net investment income | 3.88% | 3.94% | 5.17% | 6.57% | 6.87% | |
Expenses excluding specific expenses listed below | 0.62% | 0.62% | 0.66% | 0.58% | 0.57% | |
Interest and fees from borrowings | 0.15% | 0.11% | 0.08% | 0.06% | 0.05% | |
Interest and fees on short-term floating rate notes issued4 | 0.19% | 0.08% | 0.09% | 0.07% | 0.20% | |
Total expenses | 0.96% | 0.81% | 0.83% | 0.71% | 0.82% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.96% | 0.81% | 0.83% | 0.71% | 0.82% | |
Portfolio turnover rate | 26% | 23% | 33% | 13% | 8% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | 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. |
3. | Annualized for periods less than one full year. |
4. | Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. |
38 | Oppenheimer Rochester Fund Municipals |
• | Purchases of Class A shares by retirement plans that have any of the following record-keeping arrangements: |
1. | The record keeping is performed by Merrill Lynch Pierce Fenner & Smith, Inc. (“Merrill Lynch”) on a daily valuation basis for the retirement plan. On the date the plan sponsor signs the record-keeping service agreement with Merrill Lynch, the Plan must have $3 million or more of its assets invested in (a) mutual funds, other than those advised or managed by certain Merrill Lynch investment advisers, as specified by Merrill Lynch (a “Specified Merrill Lynch Investment Adviser”), that are made available under a Service Agreement between Merrill Lynch and the mutual fund’s principal underwriter or distributor, and (b) funds advised or managed by a Specified Merrill Lynch Investment Adviser (the funds described in (a) and (b) are referred to as “Applicable Investments”). |
2. | The record keeping for the retirement plan is performed on a daily valuation basis by a record keeper whose services are provided under a contract or arrangement between the Retirement Plan and Merrill Lynch. On the date the plan sponsor signs the record keeping service agreement with Merrill Lynch, the plan must have $5 million or more of its assets (excluding assets invested in money market funds) invested in Applicable Investments. |
3. | The record keeping for a retirement plan is handled under a service agreement with Merrill Lynch and on the date the plan sponsor signs that agreement, the plan has 500 or more eligible employees (as determined by the Merrill Lynch plan conversion manager). |
• | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
• | Shares purchased by or through a 529 Plan |
• | Shares purchased through a Merrill Lynch affiliated investment advisory program |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
• | Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
• | Shares exchanged from Class C (i.e., level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date |
• | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
• | Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement) |
• | Death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus |
• | Return of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 1⁄2 |
• | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
• | Shares acquired through a right of reinstatement |
• | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only) |
• | Breakpoints as described in this prospectus. |
• | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
• | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) |
• | Purchases in an OppenheimerFunds-sponsored Rollover IRA held directly with the Transfer Agent by clients of Mass Mutual Retirement Services. |
• | Shares purchased by clients of LPL who are accessing the Oppenheimer funds through LPL’s Mutual Fund Only Platform. |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, or SAR-SEPs plans. |
• | Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family). |
• | Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a |
shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. | |
• | Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. |
• | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans. |
• | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules. |
• | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund. |
• | Shares purchased through a Morgan Stanley self-directed brokerage account. |
• | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. |
• | Shares purchased in an investment advisory program. |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
• | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). |
• | A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James. |
• | Death or disability of the shareholder. |
• | Shares sold as part of a systematic withdrawal plan. |
• | Return of excess contribution from an IRA Account. |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 701/2. |
• | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
• | Shares acquired through a right of reinstatement. |
• | Breakpoints as described in this prospectus. |
• | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of the fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets. |
Telephone: | Call OppenheimerFunds Services toll-free: 1.800.CALL OPP(1.800.225.5677) |
Mail: | Use the following address for regular mail: OppenheimerFunds Services P.O. Box 5270 Denver, Colorado 80217-5270 |
Use the following address for courier or express mail: OppenheimerFunds Services 6803 S. Tucson Way Centennial, CO 80112-3924 | |
Internet: | You may request documents, and read or download certain documents at www.oppenheimerfunds.com |
NYSE Ticker Symbols | |
Class A RMUNX | Class Y RMUYX |
Class C RMUCX |
• | Interest Rate Risk. Interest rate risk refers to the fluctuations in value of a debt security resulting from the relationship between price and yield. An increase in general interest rates will tend to reduce the market value of already-issued debt securities and a decline in general interest rates will tend to increase their value. Debt securities with longer maturities are usually subject to greater fluctuations in value from interest rate changes than obligations having shorter maturities. Variable rate debt securities pay interest based on an interest rate benchmark. When the benchmark rate changes, the interest payments on those securities may be reset at a higher or lower rate. Except for investments in variable rate debt securities, fluctuations in general interest rates do not affect the amount of interest income received. Fluctuations in the market valuations of debt securities may, however, affect the value of Fund assets. “Zero-coupon” or “stripped” securities may be particularly sensitive to interest rate changes. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are near historic lows. |
• | Duration Risk. Duration risk is the risk that longer-duration debt securities are more likely to decline in price than shorter-duration debt securities, in a rising interest-rate environment. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. “Effective duration” attempts to measure the expected percentage change in the value of a bond or portfolio resulting from a change in prevailing interest rates. The change in the value of a bond or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, if a bond has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the bond’s value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the bond’s value to increase 3%. Duration is different from maturity, which is the length of time until the principal must be paid back. The duration of a debt security may be equal to or shorter than the full maturity of a debt security. |
• | Credit Risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, |
higher-quality bonds. In making investments in debt securities, the Sub-Adviser may rely to some extent on the ratings of ratings organizations or it may use its own research to evaluate a security’s credit-worthiness. If securities the Fund buys are unrated, they may be assigned a rating by the Sub-Adviser in categories similar to those of a rating organization. The Fund does not have investment policies establishing specific maturity ranges for the Fund’s investments, and they may be within any maturity range (short, medium or long) depending on the Sub-Adviser’s evaluation of investment opportunities available within the debt securities markets. | |
• | Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund’s lower-rated and unrated securities. Some unrated securities may not have an active trading market or may trade less actively than rated securities, which means that the Fund might have difficulty selling them promptly at an acceptable price. |
• | Extension Risk. Extension risk is the risk that, if interest rates rise rapidly, prepayments on certain debt securities may occur at a slower rate than expected, and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security’s call date. Such a decision by the issuer could have the effect of lengthening the debt security’s expected maturity, making it more vulnerable to interest rate risk and reducing its market value. |
• | Reinvestment Risk. Reinvestment risk is the risk that when interest rates fall, the Fund may be required to reinvest the proceeds from a security’s sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. |
• | Prepayment Risk. Certain fixed-income securities are subject to the risk of unanticipated prepayment. Prepayment risk is the risk that, when interest rates fall, the issuer will redeem the security prior to the security’s expected maturity, or that borrowers will repay the loans that underlie these fixed-income securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Securities subject to prepayment risk generally offer less potential for gains when prevailing interest rates fall. If the Fund buys those securities at a premium, accelerated prepayments on those securities could cause the Fund to lose a portion of its principal investment. The impact of prepayments on the price of a security may be difficult to predict and may increase the security’s price volatility. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. |
• | the frequency (or anticipated frequency) of trades and price quotations for such securities; |
• | the number, quality and experience of dealers willing to purchase or sell a security and the number of other potential purchasers; |
• | dealer undertakings to make a market in a security and the identity of such dealers; and |
• | the nature of the security and the nature of the marketplace trades. |
• | Prices of below-investment-grade securities are subject to extreme price fluctuations, even under normal market conditions. Negative economic developments may have a greater impact on the prices of below-investment-grade securities than on those of investment-grade securities. In addition, the market values of below-investment-grade securities tend to reflect individual issuer developments to a greater extent than do the market values of investment-grade securities, which react primarily to fluctuations in the general level of interest rates. |
• | Below-investment-grade securities may be issued by less creditworthy issuers and may be more likely to default than investment-grade securities. The issuers of below-investment-grade securities may have more outstanding debt relative to their assets than issuers of higher-grade securities. Below-investment-grade securities are vulnerable to adverse changes in the issuer’s industry and to general economic conditions. If the issuer experiences financial stress, it may not be able to pay interest and principal payments in a timely manner. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments or the unavailability of additional financing. In the event of a default of an issuer of a below-investment-grade security, the Fund may incur expenses to the extent necessary to seek recovery or to negotiate new terms. |
• | Below-investment-grade securities are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which could limit the Fund’s ability to fully recover principal or to receive interest payments when senior securities are in default. As a result, investors in below-investment-grade securities have a lower degree of protection with respect to principal and interest payments than do investors in investment-grade securities. |
• | There may be less of a market for below-investment-grade securities and as a result they may be harder to sell at an acceptable price. Not all dealers maintain markets in all below-investment-grade securities. As a result, there is no established retail secondary market for many of these securities. The Fund anticipates that such securities could be sold only to a limited number of dealers or institutional investors. To the extent a secondary trading market does exist, it is generally not as liquid as the secondary market for investment-grade securities. The lack of a liquid secondary market may have an adverse impact on the market price of the security. The lack of a liquid secondary market for certain securities may also make it more difficult for the Fund to obtain accurate market quotations for purposes of valuing its securities. Market quotations are generally available on many below-investment-grade securities only from a limited number of dealers and may not necessarily represent firm bids of such dealers or prices for actual sales. In addition, the trading volume for below-investment-grade securities is generally lower than that for investment-grade securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, the Fund may have difficulty disposing of certain below-investment-grade securities due to the limited number of investors in that sector of the market. When the secondary market for below-investment-grade securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value the Fund’s securities and judgment plays a more important role in determining such valuations. |
• | Below-investment-grade securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. During times of falling interest rates, issuers of these securities are likely to |
redeem or prepay the securities and finance them with securities with a lower interest rate. To the extent an issuer is able to refinance the securities, or otherwise redeem them; the Fund may have to replace the securities with lower yielding securities, which could result in a lower return for the Fund. | |
• | Below-investment-grade securities markets may also react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. An increase in interest rates could severely disrupt the market for below-investment-grade securities. Additionally, below-investment-grade securities may be affected by legislative and regulatory developments. These developments could adversely affect the Fund’s net asset value and investment practices, the secondary market for below-investment-grade securities, the financial condition of issuers of these securities and the value and liquidity of outstanding below-investment-grade securities, especially in a thinly traded market. |
• | sell interest rate futures or municipal bond index futures, |
• | buy puts on such futures or securities, or |
• | write covered calls on securities, broadly-based municipal bond indices, interest rate futures or municipal bond index futures. |
• | buy interest rate futures or municipal bond index futures, or |
• | buy calls on such futures or on securities |
1. | After the Fund writes a call, not more than 20% of the Fund’s total assets may be subject to calls. |
2. | Each call the Fund writes must be “covered” while it is outstanding. That means the Fund must own the investment on which the call was written. |
3. | The Fund may write calls on futures contracts whether or not it owns them. |
• | short-term municipal securities; |
• | obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities; |
• | corporate debt securities rated within the three highest grades by a nationally recognized rating agency; |
• | commercial paper rated “A-1” by S&P, or a comparable rating by another nationally recognized rating agency; and |
• | certificates of deposit of domestic banks with assets of $1 billion or more. |
• | 67% or more of the shares present or represented by proxy at a shareholder meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy; or |
• | more than 50% of the outstanding shares. |
• | The Fund may not borrow money, except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemptions may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund may not make any investment if, as a result, the Fund’s investments will be concentrated in any one industry, except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. For purposes of this concentration limitation, the Fund’s investment adviser may analyze the characteristics of a particular issuer and instrument and may assign an industry or sector classification consistent with those characteristics in the event that any third party classification provider that may be used by the investment adviser does not assign a classification. |
• | The Fund cannot make loans, except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund cannot invest in real estate or commodities, except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund cannot issue “senior securities,” except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund cannot underwrite securities of other issuers, except to the extent permitted under the Investment Company Act or the Securities Act of 1933, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statutes, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund cannot invest in the securities of other registered investment companies or registered unit investment trusts in reliance on sub-paragraph (F) or (G) of section 12(d)(1) of the Investment Company Act. |
• | Public Disclosure. The Fund’s portfolio holdings are made publicly available no later than 60 days after the close of each of the Fund’s fiscal quarters in its annual and semi-annual reports to shareholders and in its Schedule of Investments on Form N-Q. Those documents are publicly available at the Securities and Exchange Commission. In addition, the Fund’s portfolio holdings information, as of the end of each calendar month, may be posted and available on the Fund’s website (at www.oppenheimerfunds.com) no sooner than 30 calendar days after the end of the calendar month to which the information relates. Partial holdings, listed by security or by issuer, may be posted on the Fund’s website no sooner than 5 business days following the month to which the information relates. The Fund may delay posting its holdings or may not post any holdings, if the Manager/Sub-Adviser believes that would be in the best interests of the Fund and its shareholders. Other general information about the Fund’s portfolio investments, such as portfolio composition by asset class, industry, country, currency, credit rating or maturity, may also be publicly disclosed 5 business days after the end of the calendar month to which the information relates. Beginning in April 2019, the Fund will no longer file Form N-Qs and will instead disclose its portfolio holdings monthly on Form N-PORT. |
• | Employees of the Fund’s service providers who need to have access to such information; |
• | The Fund’s independent registered public accounting firm; |
• | Members of the Fund’s Board and the independent legal counsel to the Board’s independent trustees; |
• | The Fund’s custodian bank; |
• | The Fund’s financial printers; |
• | A proxy voting service designated by the Fund and its Board; |
• | Rating/ranking organizations (such as Lipper and Morningstar); |
• | Portfolio pricing services retained by the Manager/Sub-Adviser to provide portfolio security prices; |
• | Brokers and dealers for purposes of providing portfolio analytic services, in connection with portfolio transactions (purchases and sales), and to obtain bids or bid and asked prices (if securities held by the Fund are not priced by the Fund’s regular pricing services, or to obtain prices for inter-fund trades or similar transactions); and |
• | Other service providers to the Fund, the Manager, the Sub-Adviser, the Distributor, and the Transfer Agent, including providers of index services and personal trading compliance services. |
• | The third-party recipient must first submit a request for release of Fund portfolio holdings, explaining the business reason for the request; |
• | Senior officers in the Manager’s/Sub-Adviser’s Investment Operations and Legal departments must approve the completed request for release of Fund portfolio holdings; and |
• | Before receiving the data, the third-party recipient must sign a portfolio holdings non-disclosure agreement, agreeing to keep confidential the information that is not publicly available regarding the Fund’s holdings and agreeing not to use such information in any way that is detrimental to the Fund. |
• | Response to legal process in litigation matters, such as responses to subpoenas or in class action matters where the Fund may be part of the plaintiff class (and seeks recovery for losses on a security) or a defendant; and |
• | Response to regulatory requests for information (from the Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”), state securities regulators, and/or foreign securities authorities, including without limitation requests for information in inspections or for position reporting purposes). |
• | create new series and classes of shares; |
• | reclassify unissued shares into additional series and classes; |
• | divide or combine the shares of a class into a greater or lesser number of shares without changing the proportionate beneficial interest of a shareholder in the Fund; and |
• | terminate any class of shares. |
• | has its own dividends and distributions; |
• | pays certain expenses which may be different for the different classes; |
• | will generally have a different net asset value; |
• | will generally have separate voting rights on matters in which interests of one class are different from interests of another class; and |
• | votes as a class on matters that affect that class alone. |
• | represents an interest in the Fund proportionately equal to the interest of each other share of the same class; |
• | is freely transferable; |
• | has one vote at shareholder meetings, with fractional shares voting proportionally; |
• | may be voted in person or by proxy at shareholder meetings; and |
• | does not have cumulative voting rights, preemptive rights or subscription rights. |
• | Wrap fee-based programs and fee-based clients of a broker, dealer, registered investment adviser or other financial intermediary; |
• | Commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a transaction-based commission outside of the Fund; |
• | “Institutional investors” which may include corporations; trust companies; endowments and foundations; defined contribution, defined benefit, and other employer sponsored retirement and deferred compensation plans; retirement plan platforms; insurance companies; registered investment adviser firms; registered investment companies; bank trusts; college savings programs; and family offices; and |
• | Eligible employees, which are present or former officers, directors, trustees and employees (and their eligible family members) of the Fund, the Manager and its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. |
Independent Trustees | Position(s) | Length of Service |
Joel W. Motley | Board Chairman & Trustee | Since 2019 & 2009 |
Beth Ann Brown | Trustee | Since 2016 |
Edmund P. Giambastiani, Jr. | Trustee | Since 2013 |
Elizabeth Krentzman | Trustee | Since 2014 |
Mary F. Miller | Trustee | Since 2009 |
Joanne Pace | Trustee | Since 2012 |
Daniel Vandivort | Trustee | Since 2014 |
Brian F. Wruble | Trustee | Since 2001 |
Interested Trustee | ||
Arthur P. Steinmetz | Trustee | Since 2015 |
Independent Trustees | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Joel W. Motley (1952) Chairman of the Board, Trustee | Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Beth Ann Brown (1968) Trustee | Director, Board of Directors of Caron Engineering Inc. (since January 2018); Advisor, Board of Advisors of Caron Engineering Inc. (December 2014-December 2017); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Independent Trustees | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Edmund P. Giambastiani, Jr. (1948) Trustee | Director of THL Credit, Inc. (since November 2016) (alternative credit investment manager); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (April 2012-September 2016); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-October 2007); Supreme Allied Commander of NATO Allied Command Transformation (2003-2005) and Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, during which time he has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Elizabeth Krentzman (1959) Trustee | Trustee of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member (since April 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Independent Trustees | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Mary F. Miller (1942) Trustee | Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Joanne Pace (1958) Trustee | Advisory Board Director of Massey Quick Simon & Co., LLC (wealth management) (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (healthcare) (since November 2012); Advisory Board Director of The Alberleen Group LLC (investment banking) (since March 2012); Governing Council Member (since 2016) and Chair of Education Committee (since 2017) of Independent Directors Council (IDC) (since 2016); Board Member of 100 Women in Finance (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Director of The Komera Project (non-profit) (April 2012-2016); New York Advisory Board Director of Peace First (non-profit) (March 2010-2013); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse (investment banking): Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Daniel S. Vandivort (1954) Trustee | Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee (since January 2015) and Treasurer and Chairman of the Audit Committee and Finance Committee (since January 2016) of Board of Trustees of Huntington Disease Foundation of America; Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Independent Trustees | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Brian F. Wruble (1943) Trustee | Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (registered business development company) (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Interested Trustee and Officer | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Arthur P. Steinmetz (1958) Trustee, President and Principal Executive Officer | Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.'s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009). | 104 |
Position(s) | Length of Service | |
Scott S. Cottier | Vice President | Since 2005 |
Troy E. Willis | Vice President | Since 2005 |
Mark R. DeMitry | Vice President | Since 2009 |
Michael L. Camarella | Vice President | Since 2009 |
Position(s) | Length of Service | |
Charles S. Pulire | Vice President | Since 2011 |
Elizabeth S. Mossow | Vice President | Since 2016 |
Richard A. Stein | Vice President | Since 2007 |
Arthur P. Steinmetz | President and Principal Executive Officer | Since 2014 |
Jennifer Foxson | Vice President & Chief Business Officer | Since 2014 |
Mary Ann Picciotto | Chief Compliance Officer and Chief AML Officer | Since 2014 |
Brian S. Petersen | Treasurer and Principal Financial & Accounting Officer | Since 2016 |
Stephanie Bullington | Assistant Treasurer | Since 2016 |
Julie Burley | Assistant Treasurer | Since 2013 |
James A. Kennedy | Assistant Treasurer | Since 2011 |
Jan Miller | Assistant Treasurer | Since 2013 |
Cynthia Lo Bessette | Secretary and Chief Legal Officer | Since 2016 |
Joseph Benedetti | Assistant Secretary | Since 2018 |
Taylor V. Edwards | Assistant Secretary | Since 2008 |
Randy Legg | Assistant Secretary | Since 2008 |
John Yoder | Assistant Secretary | Since 2016 |
Other Information about the Officers of the Fund | |
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years |
Scott S. Cottier (1971) Vice President | Senior Vice President of the Sub-Adviser (Since January 2017); Co-Team Leader for the Sub-Adviser’s Rochester Municipal Team (since July, 2016). Senior Portfolio Manager of the Sub-Adviser (since September 2002); Vice President of the Sub-Adviser (September 2002-December 2016). |
Troy E. Willis (1972) Vice President | Senior Vice President of the Sub-Adviser (since January 2017); Co-Team Leader for the Sub-Adviser’s Rochester Municipal Team (since July, 2016); Senior Portfolio Manager of the Sub-Adviser (since January 2006);Vice President of the Sub-adviser (July 2009- January 2017); Assistant Vice President of the Sub-Adviser (July 2005-June 2009); Associate Portfolio Manager of the Sub-Adviser (June 2003-December 2005). |
Mark R. DeMitry (1976) Vice President | Vice President and Senior Portfolio Manager of the Sub-Adviser (since July 2009); Associate Portfolio Manager of the Sub-Adviser (September 2006-June 2009); Research Analyst of the Sub-Adviser (June 2003-August 2006); Credit Analyst of the Sub-Adviser (July 2001-May 2003). |
Michael L. Camarella (1976) Vice President | Vice President and Senior Portfolio Manager of the Sub-Adviser (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010); Research Analyst with the Sub-Adviser (April 2006-December 2007); Credit Analyst with the Sub-Adviser (June 2003-March 2006). |
Charles S. Pulire (1977) Vice President | Vice President of the Sub-Adviser (since February 2013); Senior Portfolio Manager of the Sub-Adviser (since January 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Associate Portfolio Manager of the Sub-Adviser (December 2010 –January 2013); Research Analyst with the Sub-Adviser (February 2008-November 2010); Credit Analyst with the Sub-Adviser May 2006-January 2008). |
Elizabeth S. Mossow (1978) Vice President | Senior Portfolio Manager of the Sub-Adviser (since January 2017); Vice President of the Sub-Adviser (since January 2016); Portfolio Manager of the Sub-Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011 - January 2016); Associate Portfolio Manager of the Sub-Adviser (June 2013 to January 2016); Portfolio Research Analyst with the Sub-Adviser (June 2011 to June 2013); Credit Analyst with the Sub-Adviser (May 2007 to May 2011); Risk Management Analyst at Manning & Napier Associates (September2006 to May 2007); Analyst/Trading Assistant at The Baupost Group (August 2000 to March 2006). |
Richard A. Stein (1957) Vice President | Senior Vice President of the Sub-Adviser (since June 2011); Director of the Rochester Credit Analysis team (since March 2004) and Vice President of the Sub-Adviser (1997-May 2011). He has headed Rochester’s Credit Analysis team (since 1993). |
Other Information about the Officers of the Fund | |
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years |
Mary Ann Picciotto (1973) Chief Compliance Officer and Chief Anti-Money Laundering Officer | Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). |
Jennifer Foxson (1969) Vice President and Chief Business Officer | Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998). |
Brian S. Petersen (1970) Treasurer and Principal Financial and Accounting Officer | Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007). |
Stephanie Bullington (1977) Assistant Treasurer | Vice President of OFI Global Asset Management, Inc. (since February 2014); Vice President of OFI Global Asset Management, Inc. (January 2013-September 2013); Vice President of OppenheimerFunds, Inc. (January 2010-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (October 2005-January 2010). |
Julie Burley (1981) Assistant Treasurer | Vice President of OFI Global Asset Management, Inc. (since October 2013); Previously held the following positions at Deloitte & Touche: Senior Manager (September 2010-October 2013), Manager (September 2008-August 2010), and Audit Senior (September 2005-August 2008). |
James A. Kennedy (1958) Assistant Treasurer | Senior Vice President of OFI Global Asset Management, Inc. (since January 2013); Senior Vice President of OppenheimerFunds, Inc. (September 2006-December 2012). |
Jan Miller (1963) Assistant Treasurer | Vice President of OFI Global Asset Management, Inc. (since January 2014); Assistant Vice President of OFI Global Asset Management, Inc. (January 2013-January 2014); Assistant Vice President of OppenheimerFunds, Inc. (2005-December 2012); Assistant Vice President in OppenheimerFunds, Inc.’s Fund Accounting department (November 2004 to March 2006). |
Cynthia Lo Bessette (1969) Secretary and Chief Legal Officer | Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. |
Joseph Benedetti (1965) Assistant Secretary | Senior Vice President and Managing Counsel of OFI Global Asset Management, Inc. (since January 2017); Vice President and Assistant Secretary of OC Private Capital, LLC (since October 2017); Managing Director of Morgan Stanley Investment Management Inc. (2005-2017). |
Taylor V. Edwards (1967) Assistant Secretary | Senior Vice President and Managing Counsel of OFI Global Asset Management, Inc. (since January 2017); Vice President and Senior Counsel of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President (February 2007-December 2012) and Senior Counsel (February 2012-December 2012) of OppenheimerFunds, Inc.; Associate Counsel (May 2009-January 2012); Assistant Vice President (January 2006-January 2007) and Assistant Counsel (January 2006-April 2009) of OppenheimerFunds, Inc. |
Randy Legg (1965) Assistant Secretary | Senior Vice President and Managing Counsel of OFI Global Asset Management, Inc. (since January 2018); Vice President and Senior Associate General Counsel of OFI Global Asset Management, Inc. (January 2013-January 2018); Vice President (June 2005-December 2012) and Senior Counsel (March 2011-December 2012) of OppenheimerFunds, Inc.; Associate Counsel (January 2007-March 2011) of OppenheimerFunds, Inc. |
John Yoder (1975) Assistant Secretary | Vice President and Associate General Counsel of OFI Global Asset Management, Inc. (since January 2013); Vice President and Assistant Counsel (July 2011-December 2012) of OppenheimerFunds, Inc. |
As of December 31, 2018 | ||
Dollar Range of Shares Beneficially Owned in the Fund | Aggregate Dollar Range of Shares Beneficially Owned in Supervised Funds | |
Independent Trustees | ||
Joel W. Motley | None | Over $100,000 |
Beth Ann Brown | None | Over $100,000 |
Edmund P. Giambastiani, Jr. | None | Over $100,000 |
Elizabeth Krentzman | None | Over $100,000 |
Mary F. Miller | None | Over $100,000 |
Joanne Pace | None | Over $100,000 |
Daniel Vandivort | None | Over $100,000 |
Brian Wruble | None | Over $100,000 |
Interested Trustee | ||
Arthur P. Steinmetz | Over $100,000 | Over $100,000 |
Aggregate Compensation From the Fund1 | Total Compensation From the Fund and Fund Complex | |
Name and Other Fund Position(s) (as applicable) | Fiscal Year Ended December 31, 2018 | Year Ended December 31, 2018 |
Joel W. Motley Chairman of the Board, Governance Committee Member, and Regulatory & Oversight Committee Member | $9,1512 | $290,000 |
Beth Ann Brown Regulatory & Oversight Committee Member and Governance Committee Member | $8,220 | $260,000 |
Edmund P. Giambastiani, Jr. Regulatory & Oversight Committee Member and Governance Committee Member | $8,220 | $260,000 |
Elizabeth Krentzman Regulatory & Oversight Committee Chair and Audit Committee Member | $9,151 | $290,000 |
Mary F. Miller Audit Committee Member and Governance Committee Member | $8,2203 | $260,000 |
Joanne Pace Audit Committee Chair and Regulatory & Oversight Committee Member | $9,1514 | $290,000 |
Daniel S. Vandivort Governance Committee Chair and Audit Committee Member | $8,220 | $260,000 |
Brian F. Wruble Audit Committee Member and Regulatory & Oversight Committee Member | $10,5475 | $335,000 |
Name | Address | % Owned | Share Class |
PERSHING LLC | 1 PERSHING PLAZA JERSEY CITY NJ 07399-0001 | 14.70% | A |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS | 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 | 9.29% | A |
JP MORGAN SECURITIES LLC FOR THE EXCLUSIVE BENE OF CUST | 3 CHASE METROTECH CENTER 3RD FLOOR MUTUAL FUND DEPT BROOKLYN NY 11245-0001 | 8.88% | A |
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BEN OF CUSTOMERS | 200 LIBERTY STREET ONE WORLD FINANCIAL CENTER ATTN: MUTUAL FUNDS 5TH FLOOR NEW YORK NY 10281-1003 | 8.07% | A |
WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER | 2801 MARKET STREET ST LOUIS MO 63103 | 7.79% | A |
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS | ATTN FUND ADMIN 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | 7.57% | A |
PERSHING LLC | 1 PERSHING PLAZA JERSEY CITY NJ 07399-0001 | 15.65% | C |
JP MORGAN SECURITIES LLC FOR THE EXCLUSIVE BENE OF CUST | 3 CHASE METROTECH CENTER 3RD FLOOR MUTUAL FUND DEPT BROOKLYN NY 11245-0001 | 11.77% | C |
WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER | 2801 MARKET STREET ST LOUIS MO 63103 | 11.66% | C |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS | 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 | 9.69% | C |
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BEN OF CUSTOMERS | 200 LIBERTY STREET ONE WORLD FINANCIAL CENTER ATTN: MUTUAL FUNDS 5TH FLOOR NEW YORK NY 10281-1003 | 7.64% | C |
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS | ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | 5.85% | C |
SPEC CDY A/C EBOC UBSFSI OMNI ACCOUNT M/F | ATTN: DEPARTMENT MANAGER 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | 5.67% | C |
Name | Address | % Owned | Share Class |
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS | ATTN FUND ADMN 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | 13.97% | Y |
PERSHING LLC | 1 PERSHING PLAZA JERSEY CITY NJ 07399-0001 | 11.59% | Y |
WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER | 2801 MARKET STREET ST LOUIS MO 63103 | 10.54% | Y |
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BEN OF CUSTOMERS | 200 LIBERTY STREET ONE WORLD FINANCIAL CENTER ATTN: MUTUAL FUNDS 5TH FLOOR NEW YORK NY 10281-1003 | 10.19% | Y |
LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- | ATTN: LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121 | 8.86% | Y |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS | 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 | 8.56% | Y |
SPEC CDY A/C EBOC UBSFSI OMNI ACCOUNT M/F | ATTN: DEPARTMENT MANAGER 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | 8.11% | Y |
AMERICAN ENTERPRISE INVESTMENT SVC | 707 2ND AVE SOUTH MINNEAPOLIS MN 55402-2405 | 7.34% | Y |
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 | ATTN: COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716 | 7.01% | Y |
Fiscal Year Ended 12/31 | Management Fees Paid to the Manager |
2016 | $26,401,079 |
2017 | $26,088,537 |
2018 | $23,478,128 |
• | Other Accounts Managed. In addition to managing the Fund’s investment portfolio, the Portfolio Manager also manages other investment portfolios and other accounts on behalf of the Sub-Adviser or its affiliates. The following table provides information regarding those other portfolios and accounts as of December 31, 2018. No portfolio or account has an advisory fee based on performance. |
Portfolio Manager | Registered Investment Companies Managed | Total Assets in Registered Investment Companies Managed1 | Other Pooled Investment Vehicles Managed | Total Assets in Other Pooled Investment Vehicles Managed | Other Accounts Managed | Total Assets in Other Accounts Managed2,3 |
Troy E. Willis | 1 | $1.88 | 0 | $0 | 2 | $1.04 |
1. | In billions. |
2. | In millions. |
3. | Does not include personal accounts of portfolio managers and their families, which are subject to the Code of Ethics. |
• | Ownership of Fund Shares. As of December 31, 2018, the Portfolio Manager(s) beneficially owned shares of the Fund as follows: |
Portfolio Manager | Range of Shares Beneficially Owned in the Fund |
Troy E. Willis | $500,001–$1,000,000 |
Fiscal Year Ended 12/31 | Total Brokerage Commissions Paid by the Fund* |
2016 | $0 |
2017 | $0 |
2018 | $0 |
* | Amounts do not include spreads or commissions on principal transactions on a net trade basis. |
Name of Regular Broker or Dealer or Parent of Regular Broker or Dealer | Aggregate Holdings of the Securities of the Issuer as of the Fiscal Year Ended December 31, 2018 |
N/A | N/A |
Class A Front-End Sales Charges | ||
Fiscal Year Ended 12/31: | Aggregate Front-End Sales Charges on Class A Shares | Class A Front-End Sales Charges Retained by Distributor* |
2016 | $5,468,734 | $685,852 |
2017 | $3,738,891 | $496,875 |
2018 | $1,806,764 | $243,698 |
* | Includes amounts retained by a broker-dealer that is an affiliate or a parent of the Distributor. |
Concessions Advanced by Distributor | |||
Fiscal Year Ended 12/31: | Concessions on Class A Shares Advanced by Distributor* | Concessions on Class B Shares Advanced by Distributor*,** | Concessions on Class C Shares Advanced by Distributor* |
2016 | $950,928 | $0 | $794,091 |
2017 | $541,404 | $0 | $597,657 |
2018 | $314,528 | $0 | $288,909 |
* | The Distributor advances concession payments to financial intermediaries for certain sales of Class A shares and for sales of Class C shares from its own resources at the time of sale. |
** | All outstanding Class B shares were converted to Class A shares on June 1, 2018. |
Contingent Deferred Sales Charges | |||
Fiscal Year Ended 12/31: | Class A Contingent Deferred Sales Charges Retained by Distributor | Class B* Contingent Deferred Sales Charges Retained by Distributor | Class C Contingent Deferred Sales Charges Retained by Distributor |
2016 | $159,630 | $16,862 | $67,611 |
2017 | $121,288 | $7,511 | $83,011 |
2018 | $146,593 | $882 | $35,999 |
* | All outstanding Class B shares were converted to Class A shares on June 1, 2018. |
• | pays sales concessions to authorized brokers and dealers at the time of sale or as an ongoing concession, |
• | pays the service fees in advance or periodically, as described below, |
• | may finance payment of sales concessions or the advance of the service fee payments to recipients under the Plan, or may provide such financing from its own resources or from the resources of an affiliate, |
• | employs personnel to support distribution of Class C shares, |
• | bears the costs of sales literature, advertising and prospectuses (other than those furnished to current shareholders) and certain other distribution expenses, |
• | may not be able to adequately compensate dealers that sell Class C shares without receiving payment under the Plan and therefore may not be able to offer such Classes for sale absent the Plans, |
• | receives payments under the Plan consistent with the service and distribution fees paid by other non-proprietary funds that charge 12b-1 fees, |
• | may use the payments under the Plan to include the Fund in various third-party distribution programs that might increase sales of Fund shares, |
• | may experience increased difficulty selling the Fund’s shares if Plan payments were discontinued, because most competitor funds have plans that pay dealers as much or more for distribution services than the amounts currently being paid by the Fund, and |
• | may not be able to continue providing the same quality of distribution efforts and services, or to obtain such services from brokers and dealers, if Plan payments were discontinued. |
Distribution and Service Fees Paid to the Distributor for the Fiscal Year Ended 12/31/18 | |||
Class | Total Payments Under Plan | Amount Retained by Distributor | Amount Paid to Affiliate |
Class A Plan | $9,473,976 | $386,640 | $119,623 |
Class B Plan* | $9,086 | $3,373 | $87 |
Class C Plan | $7,325,759 | $675,460 | $21,693 |
* | All outstanding Class B shares were converted to Class A shares on June 1, 2018. |
1. | Payments made by the Fund, or by an investor buying or selling shares of the Fund, including: |
• | an initial front-end sales charge, all or a portion of which is payable by the Distributor to financial intermediaries (see the “More About Your Account” section in the Fund’s prospectus); and |
• | ongoing asset-based distribution and/or service fees (described in the section “Distribution and Service Arrangements - Distribution and Service (12b-1) Plans” above). |
2. | Payments made by the Transfer Agent or Sub-Transfer Agent to financial intermediaries, to compensate or reimburse them for services provided, such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, operational and recordkeeping and other administrative services. These payments are made out of the Transfer Agent’s or Sub-Transfer Agent’s own resources and/or assets, including from the revenues or profits derived from the transfer agency fees the Transfer Agent receives from the Fund. |
3. | In addition, the Sub-Adviser or Distributor may, at their discretion, make the following types of payments from their own resources and/or assets, including from the revenues or profits derived from the advisory fees the Sub-Adviser receives from the Manager for sub-advisory services on behalf of the Fund. Payments are made based on the guidelines established by the Sub-Adviser and Distributor, subject to applicable law. These payments are often referred to as “revenue sharing” payments, and may include, but are not limited to: |
• | compensation for marketing or promotional support, support provided in offering shares in the Fund or other Oppenheimer funds through certain trading platforms and programs, and other promotional or marketing services; and |
• | other compensation, to the extent the payment is not prohibited by law or by any self-regulatory agency, such as FINRA. |
4. | The Distributor may also provide, accept and/or cover the cost of certain non-cash compensation items, subject to internal policies and applicable FINRA regulations. |
• | charges for setting up access for the Fund or other Oppenheimer funds on particular trading systems; |
• | marketing, promotional support and program support, such as expenses related to including the Oppenheimer funds in retirement plans, college savings plans, fee-based advisory or wrap fee-based programs, fund “supermarkets,” bank or trust company products or insurance companies’ variable annuity or variable life insurance products; |
• | placement on the dealer’s list of offered funds; |
• | providing representatives of the Distributor with access to a financial intermediary’s sales meetings, sales representatives and management representatives; or |
• | firm support, which may include, but is not limited to, business planning assistance, “due diligence” or training meetings, advertising, or educating a financial intermediary’s sales personnel about the Oppenheimer funds. |
• | Equity securities (both U.S. and foreign) traded on a securities exchange are valued based on the official closing price on the principal exchange on which the security is traded, prior to when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded. If neither the official closing price nor the last sales price is available, the security is valued based on prices derived from bid and/or asked quotes from the exchange or broker-dealers or at fair value. |
• | Fixed Income securities (both U.S. and foreign and including corporate, government and municipal or tax-exempt securities), event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices as determined by a pricing service or by utilizing evaluated prices provided by third party pricing services who may use matrix pricing methods to determine the evaluated prices. Standard inputs generally considered by third-party pricing vendors include, but are not limited to, reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other factors. Pricing services generally price fixed income securities assuming orderly transactions of an institutional “round lot” size, but some Fund trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. If a security cannot be valued in the manner stated above, the security is valued based on information derived from bid and/or asked prices for round lots from broker-dealers. If a fixed income security with a remaining maturity of 60 days or less cannot be valued in the manner stated above, the security is valued at cost adjusted by the amortization of discount or premium to maturity. |
• | Exchange-traded derivatives (other than futures and futures options) are valued at the last sale price on their principal exchange. If the exchange-traded derivative cannot be valued at the last sale price, it is valued at the mean between the closing bid and asked prices on the exchange. Futures and futures options traded on an exchange are generally valued at the official settlement price on their principal exchange. Over-the-counter (OTC) derivatives (other than a forward currency exchange contract) are valued by a pricing service or if a value from the pricing service is not available, by one or more prices from dealers, which may be or include the counterparty to the derivative transaction. |
• | Shares of an investment company or a fund’s wholly-owned subsidiary (if applicable) that are not traded on an exchange and shares of OFI Global China Fund LLC are valued at their NAV per share. |
• | An initial sales charge was paid on the redeemed Class A shares or a Class A CDSC was paid when the shares were redeemed. |
• | income from certain taxable investments (such as certificates of deposit, repurchase agreements, commercial paper and obligations of the U.S. government, or its agencies and instrumentalities) or from bonds or other debt obligations; |
• | income from loans of portfolio securities; |
• | income or gains from certain options or futures; |
• | any net short-term capital gain; |
• | any market discount accrual on tax-exempt bonds; and |
• | certain foreign currency gains. |
• | The likelihood of payment-the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation; |
• | The nature of and provisions of the financial obligation and the promise we impute; |
• | The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights. |
• | Amortization schedule-the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and |
• | Source of payment-the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. |
i. | the selective payment default on a specific class or currency of debt; |
ii. | the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; |
iii. | the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. |
1. | For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined or do not match investors’ expectations for timely payment, long-term and short-term ratings reflect the likelihood of impairment and financial loss in the event of impairment. |
2. | Supranational institutions and central banks that hold sovereign debt or extend sovereign loans, such as the IMF or the European Central Bank, may not always be treated similarly to other investors and lenders with similar credit exposures. Long-term and short-term ratings assigned to obligations held by both supranational institutions and central banks, as well as other investors, reflect only the credit risks faced by other investors unless specifically noted otherwise. |
3. | Like other global scale ratings, (sf) ratings reflect both the likelihood of a default and the expected loss suffered in the event of default. Ratings are assigned based on a rating committee’s assessment of a security’s expected loss rate (default probability multiplied by expected loss severity), and may be subject to the constraint that the final expected loss rating assigned would not be more than a certain number of notches, typically three to five notches, above the rating that would be assigned based on an assessment of default probability alone. The magnitude of this constraint may vary with the level of the rating, the seasoning of the transaction, and the uncertainty around the assessments of expected loss and probability of default. |
(a) | (i) | Agreement and Declaration of Trust dated 10/28/13: Previously filed with Registrant’s Post-Effective Amendment No. 43, (12/12/13) and incorporated herein by reference. |
(b) | (i) | By-Laws dated 10/28/13: Previously filed with Registrant’s Post-Effective Amendment No. 43, (12/12/13) and incorporated herein by reference. |
(c) | (i) | Article V of the Agreement and Declaration of Trust 10/28/13: Previously filed with Registrant’s Post-Effective Amendment No. 43, (12/12/13) and incorporated herein by reference. |
(ii) | Article II of the By-Laws dated 10/28/13: Previously filed with Registrant’s Post-Effective Amendment No. 43, (12/12/13) and incorporated herein by reference. | |
(d) | (i) | Restated Investment Advisory Agreement dated 12/12/13: Previously filed with Registrant’s Post-Effective Amendment No. 43, (12/12/13) and incorporated herein by reference. |
(ii) | Restated Investment Sub-Advisory Agreement dated 12/12/13: Previously filed with Registrant’s Post-Effective Amendment No. 43, (12/12/13) and incorporated herein by reference. | |
(e) | (i) | General Distributor’s Agreement dated 1/4/96: Previously filed with Registrant’s Post- Effective Amendment No. 16, (1/11/96), and incorporated herein by reference. |
(ii) | Form of Dealer Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 34 to the Registration Statement of Oppenheimer Main Street Funds, Inc. (Reg. No. 33-17850), (10/23/06), and incorporated herein by reference. | |
(iii) | Form of Broker Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 34 to the Registration Statement of Oppenheimer Main Street Funds, Inc. (Reg. No. 33-17850), (10/23/06), and incorporated herein by reference. | |
(iv) | Form of Agency Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 34 to the Registration Statement of Oppenheimer Main Street Funds, Inc. (Reg. No. 33-17850), (10/23/06), and incorporated herein by reference. | |
(v) | Form of Trust Company Fund/SERV Purchase Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 45 to the Registration Statement of Oppenheimer High Yield Fund (Reg. No. 2-62076), (10/26/01), and incorporated herein by reference. | |
(vi) | Form of Trust Company Agency Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 34 to the Registration Statement of Oppenheimer Main Street Funds, Inc. (Reg. No. 33-17850), (10/23/06), and incorporated herein by reference. | |
(f) | Amended & Restated Compensation Deferral Plan for Eligible Trustees, effective 1/1/08: Previously filed with Post-Effective Amendment No. 4 to the Registration Statement of Oppenheimer Portfolio Series (Reg. No. 333-121449), (5/29/09), and incorporated herein by reference. | |
(g) | (i) | Global Custodial Services Agreement dated 5/3/01 as amended from time to time: Previously filed with Post-Effective Amendment No. 33 to the Registration Statement of Centennial Money Market Trust (Reg. No. 2-65245), (10/25/01), and incorporated herein by reference. |
(ii) | Amendment dated 7/31/17 to the Global Custodial Services Agreement: Previously filed with Post-Effective Amendment No. 9 to the Registration Statement of Oppenheimer Global Real Estate Fund (Reg. 333-185116), (8/25/17), and incorporated herein by reference. |
(iii) | Amended and Restated Foreign Custody Manager Agreement dated 5/31/01, as amended 7/15/03: Previously filed with Pre-Effective Amendment No. 1 to the Registration Statement of Oppenheimer International Large-Cap Core Trust (Reg. No. 333-106014), (8/5/03), and incorporated herein by reference. | |
(h) | Not applicable. | |
(i) | Opinion and Consent of Counsel dated 12/12/13: Previously filed with Registrant’s Post-Effective Amendment No. 43, (12/12/13) and incorporated herein by reference. | |
(j) | Independent Registered Public Accounting Firm’s Consent: Filed herewith. | |
(k) | Not applicable. | |
(l) | (i) | Form of Investment Letter dated 3/1997, regarding Class B shares from OppenheimerFunds, Inc.: Previously filed with Registrant’s Post-Effective Amendment No. 19, (3/14/97), and incorporated herein by reference. |
(ii) | Form of Investment Letter dated 3/1997, regarding Class C shares from OppenheimerFunds, Inc.: Previously filed with Registrant’s Post-Effective Amendment No. 19, (3/14/97), and incorporated herein by reference. | |
(m) | (i) | Amended and Restated Service Plan and Agreement with OppenheimerFunds Distributor, Inc. for Class A Shares dated 6/30/11: Previously filed with Registrant’s Post-Effective Amendment No. 39, (3/29/12), and incorporated herein by reference. |
(ii) | Amended and Restated Distribution and Service Plan and Agreement with OppenheimerFunds Distributor, Inc. for Class C Shares dated 6/30/11: Previously filed with Registrant’s Post-Effective Amendment No. 39, (3/29/12), and incorporated herein by reference. | |
(n) | Oppenheimer Funds Multiple Class Plan Pursuant to Rule 18f-3: Previously filed with Post-Effective Amendment No. 1 to the Registration Statement of Oppenheimer Global High Yield Fund (Reg. No. 333-176889), (9/25/14), and incorporated herein by reference. | |
(o) | Power of Attorney dated 6/13/18 for all Trustees and Officers: Previously filed with Post-Effective Amendment No. 23 to the Registration Statement of Oppenheimer International Diversified Fund (Reg. 333-125805), (6/27/18), and incorporated herein by reference. | |
(p) | Code of Ethics of the Oppenheimer Funds, OFI Global Asset Management, Inc., OFI SteelPath, Inc., OFI Advisors, LLC, OppenheimerFunds, Inc. (including certain other affiliates and subsidiaries) and OppenheimerFunds Distributor, Inc., effective as of 5/26/16, under Rule 17j-1 of the Investment Company Act of 1940: Previously filed with Post-Effective Amendment No. 18 to the Registration Statement of Oppenheimer Portfolio Series (Reg. No. 333-121449), (5/25/16), and incorporated herein by reference. |
(a) | OFI Global Asset Management, Inc. (the “Manager”) is the manager of the Registrant. The information required by this Item 31 about officers and directors of the Manager, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Form ADV, filed by the Manager pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-76771). |
(b) | OppenheimerFunds, Inc. (the “Sub-Adviser”) provides advisory services to the Registrant. The information required by this Item 31 about officers and directors of the Sub-Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Form ADV, filed by the Sub-Adviser pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-8253). |
(a) | OppenheimerFunds Distributor, Inc. is the Distributor of the Registrant’s shares. It is also the Distributor of each of the registered open-end investment companies listed below and for MassMutual Institutional Funds. |
(b) | The directors and officers of the Registrant’s principal underwriter are: |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Ryan Adam(2) | Vice President | None |
Rina M. Aligaen(2) | Assistant Vice President | None |
Anthony P. Allocco(2) | Assistant Vice President | None |
Joseph M. Allyn(1) | Vice President | None |
Nicole Andersen(2) | Assistant Vice President | None |
Charles F. Anderson(1) | Vice President | None |
Matthew J. Auer(2) | Vice President | None |
Kevin K. Babikian(2) | Assistant Secretary | None |
Anthony E. Bamonte(2) | Vice President | None |
James P. Barker(2) | Vice President | None |
Todd M. Barney(1) | Vice President | None |
Marina O. Barskaya(2) | Assistant Vice President | None |
Blake M. Bass(1) | Vice President | None |
Erin E. Bedford(1) | Vice President | None |
Leslie A. Bednar(2) | Assistant Vice President | None |
Kathleen M. Beichert(1) | Senior Vice President | None |
Kimberly A. Belsole(2) | Vice President | None |
Rocco Benedetto(2) | Senior Vice President | None |
Ibrahim S. Berete(2) | Assistant Vice President | None |
Emanuele S. Bergagnini(2) | Vice President | None |
Keira D. Berger(2) | Vice President | None |
Christopher E. Bergeron(2) | Vice President | None |
Rhea M. Berglund(1) | Vice President | None |
Rick D. Bettridge(2) | Vice President | None |
Kamal Bhatia(2) | Senior Vice President | None |
Adam L. Bilmes(2) | Vice President | None |
Paul G. Blease(2) | Senior Vice President | None |
Carolyn Boccaccio(2) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Maria T. Boingeanu(2) | Assistant Vice President | None |
Christina G. Boris(2) | Vice President | None |
David A. Borrelli(2) | Senior Vice President | None |
Jeffrey R. Botwinick(2) | Vice President | None |
Sarah M. Bourgraf(1) | Vice President | None |
Tara Bracker(1) | Vice President | None |
Matthew Brady(2) | Vice President | None |
Ashish N. Braganza(2) | Senior Vice President | None |
Devinne K. Bravoco(2) | Assistant Vice President | None |
Reginald J. Breaux(1) | Vice President | None |
Joshua H. Broad(2) | Vice President | None |
Kenneth S. Brodsky(2) | Senior Vice President | None |
Garrett Brookes(1) | Assistant Vice President | None |
Gregory L. Brown(2) | Vice President | None |
Matthew G. Brown(1) | Vice President | None |
Gabrielle M. Brundige(2) | Assistant Vice President | None |
Paul T. Brunswick(2) | Vice President | None |
Ryan M. Buckley(2) | Vice President | None |
Megan R. Byrne(2) | Assistant Vice President | None |
Jason A. Campisi(2) | Vice President | None |
Sean T. Carey(2) | Vice President | None |
Robert M. Caruso(2) | Vice President | None |
Rick A. Casagrande(2) | Assistant Vice President | None |
Thomas M. Caulfield(1) | Vice President | None |
Stephane C. Chevrier(2) | Vice President | None |
Andrew S. Chonofsky(2) | Senior Vice President | None |
Angelanto L. Ciaglia(2) | Vice President | None |
Steven F. Cinquino(2) | Assistant Vice President | None |
Nicholas A. Cirbo(1) | Vice President | None |
Adam M. Cohen(2) | Vice President | None |
Ellen L. Comisar(2) | Vice President | None |
Adam M. Conard(1) | Assistant Vice President | None |
John H. Corcoran(2) | Vice President | None |
Cameron T. Cowden(2) | Vice President | None |
Neev Crane(2) | Vice President | None |
Carla F. Cricco-Lizza(2) | Assistant Vice President | None |
Jacquelyn A. Dalbout(3) | Assistant Vice President | None |
Michael Daley(2) | Vice President | None |
Edward Dane(2) | Senior Vice President | None |
Jeffrey N. Davis(3) | Vice President | None |
Stephen D. Degnan(2) | Vice President | None |
Ivan A. DelRio(2) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Richard E. DeMarco(2) | Assistant Vice President | None |
Michael R. Dennehy(2) | Vice President | None |
Michelle D. DeWitt(2) | Vice President | None |
Vincent J. Dipaolo(1) | Vice President | None |
Franco Ditri(2) | Assistant Vice President | None |
Stephen P. Donovan(1) | Vice President | None |
Robert U. Duffey(2) | Vice President | None |
Robert B. Dunphy(2) | Vice President | None |
Peter G. Egginton(2) | Vice President | None |
Wendy Hetson Ehrlich(2) | Vice President | None |
Paul F. Eisenhardt(2) | Senior Vice President | None |
Kyle C. Elliott(2) | Vice President | None |
Rickey C. Ernzen(3) | Vice President | None |
Michael J. Eustic(2) | Vice President | None |
Gregg A. Everett(2) | Vice President | None |
George R. Fahey(1) | Senior Vice President | None |
Jason E. Farrell(2) | Vice President | None |
Kristie M. Feinberg(2) | Assistant Treasurer | None |
Jessica M. Fernandez(2) | Senior Vice President | None |
Josean Y. Fernandez(2) | Vice President | None |
Jonathan Ferris(2) | Assistant Vice President | None |
Nicole Filingeri(2) | Vice President | None |
Tristan A. Fischer(2) | Vice President | None |
John Fortuna(2) | Senior Vice President | None |
Mark D. Foster(1) | Vice President | None |
Valeri L. Fox(2) | Vice President | None |
Jennifer L. Foxson(2) | Secretary | Vice President and Chief Business Officer |
George P. Fraser(1) | Vice President | None |
Alice K. Fricke(2) | Vice President | None |
William L. Friebel(2) | Vice President | None |
Joseph T. Friedman(1) | Vice President | None |
Kellen G. Frye(2) | Vice President | None |
Kathryn T. Gallo(2) | Vice President | None |
Christopher R. Gaudio(2) | Vice President | None |
Jay Gentry(1) | Senior Vice President | None |
Nancy J. Girondo(2) | Vice President | None |
Jill E. Glazerman(2) | Senior Vice President | None |
Justin A. Goldstein(2) | Vice President | None |
Michael H. Gottesman(2) | Senior Vice President | None |
Anthony Greco(2) | Assistant Vice President | None |
Samuel J. Groban(2) | Vice President | None |
Eric M. Grossjung(2) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Seth E. Guenther(1) | Assistant Vice President | None |
Michael D. Guman(2) | Vice President | None |
Joseph B. Gunderson(2) | Vice President | None |
Jose D. Gutierrez(2) | Vice President | None |
Mahrukh Hameed(2) | Assistant Vice President | None |
William H. Harris(1) | Assistant Vice President | None |
LeaAnna M. Hartman(1) | Vice President | None |
Stacia E. Hatfield(2) | Vice President | None |
Alexander D. Hayes(2) | Vice President | None |
Petter A. Hellstrom-Bialek(1) | Vice President | None |
Richard N. Henn(2) | Senior Vice President | None |
Nicholas M. Henry(2) | Vice President | None |
Terry A. Hermann(2) | Assistant Vice President | None |
Nicole M. Pretzel Holahan(2) | Vice President | None |
Heather L. Holliday-Smith(1) | Assistant Vice President | None |
Eric D. Holquist(2) | Vice President | None |
Timothy B. Horsburgh(2) | Vice President | None |
Cynthia A. Hovanec(2) | Vice President | None |
Alyssa L. Hultman(1) | Assistant Vice President | None |
Keith P. Hylind(2) | Vice President | None |
Errol A. Iachini(2) | Vice President | None |
Vincent R. Iacono(2) | Vice President | None |
Jason F. Israel(2) | Assistant Vice President | None |
Christopher Ivezic(2) | Vice President | None |
Michael C. Jamison(1) | Vice President | None |
Nickie J. Jacobs(1) | Assistant Vice President | None |
Shonda R. Jaquez(2) | Vice President | None |
Allyson M. Jarecky-Freitag(2) | Vice President | None |
Daniel C. Jarema(1) | Vice President | None |
Robert T. Jason(1) | Vice President | None |
Sarah J. Joyce(2) | Vice President | None |
Nikola R. Jurasic(1) | Vice President | None |
Wylie D. Kain(2) | Vice President | None |
Sreepad Kanchanavally(3) | Assistant Vice President | None |
Annie V. Kang(2) | Vice President | None |
Geoffrey M. Keller(1) | Vice President | None |
Scott R. Kelley(1) | Vice President | None |
Gregory Kelly(2) | Vice President | None |
Azadeh Kiai(2) | Assistant Vice President | None |
Brian P. Kiley(2) | Senior Vice President | None |
Susan Kim(2) | Assistant Vice President | None |
Benjamin Kirscht(2) | Assistant Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Matthew J. Kissane(2) | Assistant Vice President | None |
Jeffrey Klebanoff(2) | Senior Vice President | None |
Tom A. Koch(2) | Assistant Vice President | None |
Melissa M. Kretschmer(2) | Assistant Vice President | None |
Eric J. Kristenson(2) | Vice President | None |
David T. Kuzia(1) | Vice President | None |
Michael S. La Tona(2) | Vice President | None |
Lisa Lamentino(2) | Vice President | None |
Thomas M. Landhauser(2) | Vice President | None |
Brian Landy(2) | Vice President | None |
Daniel J. Lee(2) | Vice President | None |
Talley D. Leger(2) | Vice President | None |
John P. Leonard(2) | Vice President | None |
Brian S. Levitt(2) | Senior Vice President | None |
Jesse E. Levitt(2) | Vice President | None |
Craig M. Lieb(2) | Vice President | None |
Lorna A. Lindquist(2) | Vice President | None |
Malissa B. Lischin(2) | Vice President | None |
Susan List(2) | Assistant Vice President | None |
Terrie P. Liu(1) | Assistant Vice President | None |
Cynthia Lo Bessette(2) | Chief Legal Officer | Secretary and Chief Legal Officer |
Gordon C. Loetz(2) | Vice President | None |
Michael D. Loftin(1) | Assistant Vice President | None |
Christina J. Loftus(2) | Senior Vice President | None |
David P. Lolli(2) | Assistant Vice President | None |
Thomas Loncar(2) | Vice President | None |
Inna London-Ikhilov(2) | Assistant Vice President | None |
David A. Long(1) | Assistant Vice President | None |
John Luiz(2) | Vice President | None |
Brian Lynch(2) | Assistant Vice President | None |
Joseph M. Macaluso(2) | Assistant Vice President | None |
John W. Mackey(2) | Vice President | None |
Salvatore Maia(2) | Assistant Vice President | None |
Joseph C. Marich(2) | Vice President | None |
Natalie Marin(2) | Vice President | None |
Michael A. Marino(2) | Vice President | None |
Todd A. Marion(2) | Vice President | None |
Sheila M. Masley(1) | Assistant Vice President | None |
Katarina Maxianova(2) | Vice President | None |
Robert D. McClure(2) | Vice President | None |
Ryan T. McCormack(2) | Assistant Vice President | None |
Amanda M. McDonald(2) | Assistant Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
John C. McDonough(2) | Executive Vice President, Chairman, Chief Executive Officer, President & Director | None |
Matthew S. McGee(1) | Vice President | None |
Kent R. McGlincy(1) | Assistant Vice President | None |
Kent C. McGowan(2) | Vice President | None |
Patrick J. McGowan(2) | Assistant Vice President | None |
Courtney McGrory(2) | Vice President | None |
Simon A. McKay(2) | Vice President | None |
Philip J. McKeon(2) | Assistant Vice President | None |
William J. McNamara(2) | Vice President | None |
Christopher S. Mechem(2) | Vice President | None |
Gaurav A. Medhekar(2) | Assistant Vice President | None |
Brian F. Medina(1) | Vice President | None |
Gregory E. Mehok(2) | Vice President | None |
Brian C. Meidlinger(2) | Vice President | None |
Daniel P. Melehan(2) | Vice President | None |
Izaak Mendelson(2) | Vice President | None |
Ariella Menegon(2) | Assistant Vice President | None |
Debbie S. Michaelson(1) | Vice President | None |
Charlotte A. Miller(1) | Vice President | None |
David B. Miller(2) | Vice President | None |
Peter L. Mintzberg(2) | Executive Vice President | None |
Clint T. Modler(1) | Senior Vice President | None |
Laurence A. Molinelli(2) | Assistant Vice President | None |
Thomas J. Montefinise(2) | Assistant Vice President | None |
Brandon D. Moore(1) | Vice President | None |
Matthew D. Mulcahy(2) | Vice President | None |
Wendy J. Murray(2) | Vice President | None |
Keith D. Myers(1) | Assistant Vice President | None |
Kyle Najarian(1) | Vice President | None |
Christina M. Nasta(2) | Senior Vice President | None |
Kevin R. Neznek(2) | Senior Vice President | None |
Edward J. Nini(2) | Senior Vice President | None |
Nichola L. Noriega(2) | Vice President | None |
Peter J. Novak(2) | Senior Vice President | None |
Ryan P. O’Carroll(2) | Vice President | None |
Timothy J. O’Connell(2) | Vice President | None |
Patricia O’Connor(2) | Vice President | None |
Tony D. Oh(1) | Treasurer | None |
Ronald M. Ongaro(2) | Vice President | None |
Leonard J. Oremland(2) | Senior Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Kelly C. Orlowski(2) | Assistant Vice President | None |
Leonar G. Palao(2) | Assistant Vice President | None |
Bruce Palm(2) | Vice President | None |
Alan I. Panzer(2) | Vice President | None |
Andrew Y. Park(1) | Vice President | None |
Maria Paster(2) | Vice President | None |
Ashley B. Patten(1) | Vice President | None |
Andrew J. Petersen(1) | Vice President | None |
David M. Pfeffer(2) | Director & Chief Financial Officer | None |
Patrick A. Phalon(2) | Vice President | None |
Andrew W. Phillips(1) | Vice President | None |
Leigh S. Pimsler(2) | Assistant Vice President | None |
Piers A. Platt(2) | Vice President | None |
Scott A. Porter(2) | Assistant Vice President | None |
Yunchang Qiu(2) | Senior Vice President | None |
Michael E. Quinn(2) | Vice President | None |
Michael D. Rabin(2) | Vice President | None |
Michael A. Radon(2) | Assistant Vice President | None |
Richard E. Rath(2) | Vice President | None |
William J. Raynor(2) | Vice President | None |
Brenna D. Rhone(2) | Assistant Vice President | None |
James T. Robinson(1) | Vice President | None |
Ian M. Roche(2) | Vice President | None |
Jason D. Roche(2) | Vice President | None |
Adam T. Rochlin(2) | Senior Vice President | None |
Rachel S. Rodgers(2) | Assistant Vice President | None |
Michael J. Roman(2) | Assistant Vice President | None |
Elisheva S. Roos(2) | Assistant Vice President | None |
Megan P. Rosenblum(2) | Vice President | None |
Francis W. Ross(1) | Vice President | None |
Jonathan J. Ross(2) | Vice President | None |
Kristen M. Ross(2) | Vice President | None |
Benton C. Rowse(1) | Vice President | None |
Adrienne M. Ruffle(2) | Vice President | None |
Thomas F. Sabow(2) | Vice President | None |
Gary Salerno(2) | Assistant Vice President | None |
Gary J. Sanchez(1) | Vice President | None |
John C. Saunders(2) | Senior Vice President | None |
Alex C. Schardt(2) | Vice President | None |
Thomas J. Schmitt(2) | Vice President | None |
Erik M. Schneberger (2) | Senior Vice President | None |
William A. Schories(2) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Patrick L. Scorzelli(2) | Vice President | None |
Julie E. Sendelbach(1) | Vice President | None |
Jeffrey D. Sharon(2) | Vice President | None |
Rahul N. Shah(2) | Assistant Vice President | None |
Faiza Sikander(2) | Assistant Vice President | None |
Jessica A. Skolnick(2) | Assistant Vice President | None |
Bryant B. Smith(2) | Vice President | None |
Timothy F. Smith(2) | Assistant Vice President | None |
Mark C. Sokoloff(2) | Assistant Vice President | None |
Haley M. Sorenson(1) | Vice President | None |
Timothy J. Spitz(2) | Vice President | None |
Jesse T. Stackland-Winterer(2) | Vice President | None |
Keith S. Stecker(2) | Assistant Vice President | None |
Bryan D. Stein(2) | Vice President | None |
Benjamin A. Stewart(2) | Senior Vice President | None |
Niklas S. Story(2) | Vice President | None |
Matthew C. Straut(2) | Senior Vice President | None |
Maureen Sullivan | Assistant Vice President | None |
Ryan P. Sullivan(2) | Assistant Vice President | None |
Brian C. Summe(2) | Vice President | None |
Michael E. Sussman(2) | Vice President | None |
George T. Sweeney(2) | Senior Vice President | None |
Adam L. Tabor(2) | Vice President | None |
Leo P. Tallon(2) | Vice President | None |
Paul E. Temple(2) | Senior Vice President | None |
Jay S. Therrien(2) | Vice President | None |
Andrew C. Thomas(1) | Assistant Vice President | None |
David G. Thomas(2) | Vice President | None |
Ian A. Thornton(2) | Assistant Vice President | None |
John B. Thorpe(1) | Vice President | None |
Alejandro Tirso(2) | Vice President | None |
Luz V. Touma(2) | Vice President | None |
Matthew R. Trimble(2) | Assistant Vice President | None |
Catherine L. Tulley(1) | Vice President | None |
David C. Van Hellemont(2) | Vice President | None |
Wesley R. Vance(2) | Vice President | None |
Kade J. Vasi(1) | Vice President | None |
Vincent C. Vermette(2) | Vice President | None |
Alyse S. Vishnick(2) | Vice President | None |
Courtney E. Vogel(2) | Assistant Vice President | None |
Rohit Vohra(2) | Senior Vice President | None |
Richard Walsh(2) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Yu Wang(2) | Assistant Vice President | None |
Teresa M. Ward(2) | Vice President | None |
Taylor Watts(1) | Vice President | None |
Megan N. Weber(1) | Assistant Vice President | None |
Michael J. Weigner(2) | Vice President | None |
Kimberly W. Weinrick(2) | Vice President | None |
Christopher G. Werner(2) | Vice President | None |
Donna M. White (2) | Chief Compliance Officer | None |
Ryan C. Wilde(1) | Vice President | None |
Timothy A. Wilkinson(1) | Vice President | None |
Thomas Winnick(2) | Vice President | None |
Patrick J. Wisneski(1) | Vice President | None |
Kevin P. Woodson(1) | Assistant Vice President | None |
Ryan J. Woolhiser(1) | Vice President | None |
Theodore J. Young(1) | Assistant Vice President | None |
Kristin A. Youngkin(2) | Assistant Vice President | None |
Nataly Zeldin(1) | Assistant Vice President | None |
David T. Zicchinella(2) | Vice President | None |
Steven L. Zito(1) | Vice President | None |
Zhanyi Zhu(2) | Assistant Vice President | None |
(c) | Not applicable. |
OPPENHEIMER ROCHESTER® FUND MUNICIPALS | |
By: | Arthur P. Steinmetz* |
Arthur P. Steinmetz Trustee, President and Principal Executive Officer |
Signatures | Title | Date | ||
Joel W. Motley* Joel W. Motley | Chairman of the Board of Trustees | March 28, 2019 | ||
Arthur P. Steinmetz* Arthur P. Steinmetz | Trustee, President and Principal Executive Officer | March 28, 2019 | ||
Brian S. Petersen* Brian S. Petersen | Treasurer, Principal Financial & Accounting Officer | March 28, 2019 | ||
Beth Ann Brown* Beth Ann Brown | Trustee | March 28, 2019 | ||
Edmund P. Giambastiani, Jr.* Edmund P. Giambastiani, Jr. | Trustee | March 28, 2019 | ||
Elizabeth Krentzman* Elizabeth Krentzman | Trustee | March 28, 2019 | ||
Mary F. Miller* Mary F. Miller | Trustee | March 28, 2019 | ||
Joanne Pace* Joanne Pace | Trustee | March 28, 2019 | ||
Signatures | Title | Date | ||
Daniel S. Vandivort* Daniel S. Vandivort | Trustee | March 28, 2019 | ||
Brian F. Wruble* Brian F. Wruble | Trustee | March 28, 2019 | ||
*By: /s/ Taylor V. Edwards Taylor V. Edwards, Attorney-in-Fact |
Exhibit No. | Description | |
28(j) | Independent Registered Public Accounting Firm’s Consent |
Consent of Independent Registered Public Accounting Firm
The Board of Trustees of
Oppenheimer Rochester Fund Municipals:
We consent to the use of our report, dated February 22, 2019, with respect to the financial statements and financial highlights of Oppenheimer Rochester Fund Municipals (the “Fund”) as of December 31, 2018, incorporated by reference herein, and to the references to our firm under the headings “Financial Highlights” in the Prospectus and “Independent Registered Public Accounting Firm” and “Financial Statements” in the Statement of Additional Information.
/s/ KPMG LLP
KPMG LLP
Denver, Colorado
March 27, 2019
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