Oppenheimer Rochester Intermediate Term Municipal Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22142

Oppenheimer Rochester Intermediate Term Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way,

Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: September 30

Date of reporting period: 3/28/2013

Item 1. Reports to Stockholders.

3 31 2013

SEMIANNUAL REPORT

Oppenheimer Rochester Intermediate Term Municipal Fund

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	9
Fund Expenses	13
Statement of Investments	15
Statement of Assets and Liabilities	32
Statement of Operations	34
Statements of Changes in Net Assets	35
Financial Highlights	36
Notes to Financial Statements	39
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	52
Trustees and Officers	53
Privacy Policy Notice	54

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/28/13*

	Class A Shares of the Fund						Barclays Municipal Bond Index			Barclays Municipal Bond 4-6 Year Index
	Without Sales Charge			With Sales Charge
6-Month		1.01	%		–1.26	%		0.96	%		0.63	%
1-Year		4.70			2.34			5.25			3.22
Since Inception (12/6/10)		5.69			4.65			6.83			4.20

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 2.25% maximum applicable sales charge except where “without sales charge” is indicated. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

OppenheimerFunds/Rochester is using social media to provide timely information related to muni market developments at www.twitter.com/RochesterFunds.

*March 28, 2013, was the last business day of the Fund’s reporting period. Index returns are calculated through March 31, 2013.

2 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Fund Performance Discussion

The Fund’s Class A shares generated tax-free income consistent with its investment goals, producing a cumulative total return of 1.01% (without sales charge) for the 6 months ended March 28, 2013, the last business day of the reporting period. The Fund outperformed the Barclays Municipal Bond 4-6 Year Index and the Barclays Municipal Bond Index, which had 6-month total returns of 0.63% and 0.96%, respectively; the latter index includes many long-term securities. Despite a challenging interest-rate environment this reporting period, the Fund generated a tax-free yield of 2.69% at net asset value, based on the 35-day accrual period ended March 26, 2013.

MARKET OVERVIEW

Economic growth remained sluggish during this reporting period, and bond prices were generally lower at the end of the reporting period than they were at the outset. When these conditions exist, opportunistic buyers are often able to benefit from rising yields.

AAA-rated municipal securities remained “cheap to Treasuries” during this reporting period, a condition that exists when nominal, pre-tax muni yields exceed available Treasury yields. As of March 28, 2013, the

average yield on 30-year, AAA-rated muni

bonds was 3.19%, up 24 basis points from September 28, 2012, the last business day of the Fund’s 2012 fiscal year. On March 28, 2013, the average yield on 10-year, AAA-rated muni bonds was 1.96%, up 22 basis points from the September 2012 date, and the average yield on 1-year, AAA-rated muni bonds was 0.20%, up 3 basis points from the September 2012 date. The current market conditions allow investors to earn higher nominal yields on their muni holdings than on Treasuries and to benefit further from the federal, state and, where

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES

Dividend Yield w/o sales charge	2.69	%
Dividend Yield with sales charge	2.63
Standardized Yield	2.27
Taxable Equivalent Yield	4.01
Last distribution (3/26/13)	$0.029
Total distributions (10/01/12 to 3/31/13)	$0.182

Endnotes for this discussion begin on page 10 of this report

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 3

applicable, local tax exemptions on municipal investment income.

The Federal Reserve (the “Fed”) continued to provide good news for current muni bondholders this reporting period. The Fed Funds target rate, the short-term interest rate it controls, remained at zero to 0.25% throughout this reporting period.

In December 2012, the Fed linked the timeframe for any rate changes to the unemployment rate. Rates will not move until unemployment is below 6.5%, the Fed announced, unless inflation rises above 2.5%. Given the current rates, the only plausible change would be an increase. We remind investors that a change in the Fed Funds rate does not automatically translate into a change in longer-term interest rates, which are determined by the marketplace.

At a March 20, 2013 press conference, Federal Reserve Chairman Ben S. Bernanke discussed the Fed’s thinking: “We’re not measuring success in terms of the stock market. We’re measuring success in terms of our mandate, which is stable employment and price stability.”

Successful investors, we have found, maintain a long-term perspective regardless of the specific developments associated with any given reporting period. To maximize the benefits of municipal bond fund investing, many investors reinvest their dividends and allow the income generated from their investments to compound over time.

The average distribution yield at NAV in Lipper’s Intermediate Municipal Debt Funds category was 2.19% at the end of this reporting period. At 2.69%, the distribution yield at NAV for this Fund’s Class A shares was 50 basis points higher than the category average.

FUND PERFORMANCE

Oppenheimer Rochester Intermediate Term Municipal Fund held nearly 325 securities at the end of this reporting period. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

The ongoing, low-interest-rate environment continued to pressure the Class A dividend, which was lowered to 2.9 cents per share, from 3.1 cents, beginning with the February 2013 payout.

During this reporting period, refundings became increasingly common, which heightened dividend pressure throughout the muni bond fund industry. In refundings, municipal issuers seek to reduce their debt service obligations by exercising the call feature on their higher coupon bonds and then borrowing at lower interest rates. During this reporting period, these types of transactions made it difficult for the Fund to replace the called bonds with bonds that had equally attractive coupons. If the current climate persists, we believe that muni fund dividends industry wide will continue to be similarly pressured.

4 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Despite this pressure, the Fund’s Class A shares generated a distribution yield of 2.69% at net asset value (NAV), based on the dividend payment made March 26, 2013. At 2.69%, this distribution yield was 50 basis points higher than the average distribution yield in Lipper’s Intermediate Municipal Debt Funds category, which was 2.19% at month’s end.

The Fund was invested in the hospital/healthcare sector, representing 19.5% of the Fund’s total assets at the end of this reporting period. Our holdings in this sector include securities across the credit spectrum. At the outset of this reporting period—and especially during campaign events and televised debates—the Affordable Care Act of 2010 remained a highly contested topic. While some people applauded the Supreme Court’s ruling to uphold the Act’s “individual mandate,” others argued that Congress should override the legislation. After Election Day, those in favor of revisiting the healthcare debate were largely silenced.

The Fund’s holdings in municipal bonds issued by utilities represented 12.5% of total assets at the end of this reporting period. As of March 28, 2013, this set of holdings included water utilities with 7.4% of the Fund’s total assets, electric utilities with 2.6% and sewer utilities with 2.5%. Our holdings in this sector consist of securities in the mid-range of the credit spectrum.

General obligation (G.O.) debt backed by the full faith and taxing authority of state and

local governments comprised 9.0% of the Fund’s total assets at the end of this reporting period. The Fund’s holdings include bonds issued by the Commonwealth of Puerto Rico and many state and local municipalities. Despite challenging economic conditions and tight budgets, elected municipal officials consistently safeguarded the debt service payments on their G.O. debt.

The Fund continued to be invested in the municipal leases sector this reporting period, which accounted for 8.5% of the Fund’s total assets as of March 28, 2013. As state and local governments seek new ways to reduce costs and improve near-term cash flow, many lease all types of assets, including office space for public sector employees. The bonds held by this Fund are backed by the proceeds of these lease arrangements.

The Fund’s holdings in the higher education sector represented 7.9% of the Fund’s total assets at the end of this reporting period. The investment-grade bonds we hold in this sector have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 7.4% of the Fund’s net assets as of March 28, 2013. The Fund’s holdings, some of which are insured, come from many different sectors and include G.O. debt. Most of the Fund’s investments in securities

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 5

The Rochester portfolio management team

issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education.

In November 2012, Alejandro Garcia Padilla was elected Governor of the Commonwealth. During the latter half of this reporting period, Gov. Padilla continued many of the positive fiscal management policies of his predecessor, Luis Fortuño. He agreed to privatize the island’s main airport, proposed aggressive pension reform and announced plans to raise taxes.

Even before Gov. Padilla’s inauguration, however, Moody’s Investors Service had made a new assessment of the creditworthiness of Puerto Rico’s revenue-backed debt, lowering the ratings on those securities to below investment grade. Moody’s also changed its assessment for Puerto Rico’s

G.O. debt, which is backed by the full faith and taxing authority of the Commonwealth. Investors should note that Moody’s maintained an investment-grade rating for the G.O. debt during this reporting period, as did Standard & Poor’s and Fitch Ratings, the other national credit ratings agencies. Late in this reporting period, S&P downgraded the revenue-backed bonds issued by the Puerto Rico Aqueduct and Sewer Authority, a decision that we believe is at odds with the authority’s current and projected financial health. Other revenue-backed bonds continued to hold investment-grade ratings from S&P. Fitch maintained its investment-grade ratings for Puerto Rico’s revenue-backed bonds.

Tax increment financing (TIF) bonds constituted 4.8% of the Fund’s total assets on

6 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

The Rochester credit research team

March 28, 2013. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax collections increase, driven either by an improving economy or inflation, the credit quality of these types of securities generally improves, which can lead to enhanced performance.

Sales tax revenue bonds represented 4.5% of the Fund’s total assets at the end of this reporting period. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenues. An investment in this sector requires Fund managers to consider the economic conditions that a municipality has experienced (and will likely experience) and the aggregate face value of the sales tax revenue bonds being issued relative to the municipality’s historic and likely sales tax balances.

Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment objectives or cause it to pay any capital gain distributions. In closing, we believe that our time-tested strategies and the Fund’s structure and sector composition will continue to benefit fixed-income investors through interest rate and economic cycles.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds and has consistently used a time-tested, value-oriented and security-specific approach to fund management. We know that market conditions can and do fluctuate, but we do not waver in our belief in the power of tax-free yield to help investors achieve their long-term objectives.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 7

This “maturity managed” Fund uses a dollar-weighted approach to measuring the average maturity of its securities and seeks an average effective maturity of 3 to 7 years for its portfolio. While the Fund invests primarily in investment-grade municipal securities, it may invest up to 5% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase and the credit quality of the securities is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings.

Our approach to municipal bond investing is flexible and responsive to market conditions.

Our team continually searches for undervalued bonds that we believe will provide a meaningful level of tax-free income until maturity. Rather than making allocation shifts based on expected market conditions, we search the marketplace for what we believe to be the best values for generating income. It remains important to note that we do not manage our funds based on predictions of interest rate changes.

Instead, our investment approach involves scouring the market for municipal securities that meet our stringent credit criteria and buying bonds that we believe will deliver above-average yields relative to peer funds. We focus on identifying inefficiencies in market pricing that can lead to investment

advantages. We seek to maintain a thoughtful mix of industry sectors, maturities and credit ratings in this Fund’s portfolio.

The Rochester team also prospects for yield-enhancing opportunities in the secondary market, often picking up odd lots that we believe can add significant incremental yield to our portfolios. We will also look for non-rated issues with solid credit qualities, which we believe can often help enhance a fund’s tax-free yield. Investors should note that non-rated or unrated securities may or may not be the equivalent of investment-grade securities.

The Rochester Way, we believe, distinguishes our approach to municipal investing from those of our competitors.

Daniel G. Loughran,

Senior Vice President, Senior Portfolio Manager and Team Leader, on behalf of the rest of the Rochester portfolio management team: Scott S. Cottier, Troy E. Willis, Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and research analyst Elizabeth S. Mossow.

8 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES
Hospital/Healthcare	19.5	%
General Obligation	9.0
Municipal Leases	8.5
Higher Education	7.9
Water Utilities	7.4
Tax Increment Financing (TIF)	4.8
Sales Tax Revenue	4.5
Government Appropriation	3.8
Highways and Commuter Facilities	3.4
Special Tax	3.4

Portfolio holdings are subject to change. Percentages are as of March 28, 2013, and are based on total assets. March 28, 2013, was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.

CREDIT ALLOCATION
	NRSRO- Rated			Manager- Rated			Total
AAA		2.3	%		0.0	%		2.3	%
AA		26.8			0.2			27.0
A		47.0			3.3			50.3
BBB		18.2			2.2			20.4
Total		94.3	%		5.7	%		100.0	%

The percentages above are based on the market value of the securities as of March 28, 2013, and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For any security rated by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, OppenheimerFunds, Inc. uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that OppenheimerFunds, Inc.’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories —AAA, AA, A and BBB—are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 9

Performance

DISTRIBUTION YIELDS
As of 3/28/13
	Without Sales Chg.			With Sales Chg.
Class A		2.69	%		2.63	%
Class C		1.80			N/A
Class Y		2.96			N/A

STANDARDIZED YIELDS			TAXABLE EQUIVALENT YIELDS
For the 30 Days Ended 3/31/13			As of 3/31/13
Class A	2.27	%	Class A	4.01	%
Class C	1.56		Class C	2.76
Class Y	2.57		Class Y	4.54

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/28/13

	Inception Date		6-Month			1-Year			Since Inception
CLASS A (ORRWX)		12/6/10		1.01	%		4.70	%		5.69	%
CLASS C (ORRCX)		12/6/10		0.70			3.97			4.84
CLASS Y (ORRYX)		12/6/10		1.20			5.01			5.93
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/28/13
	Inception Date		6-Month			1-Year			Since Inception
CLASS A (ORRWX)		12/6/10		–1.26	%		2.34	%		4.65	%
CLASS C (ORRCX)		12/6/10		–0.30			2.97			4.84
CLASS Y (ORRYX)		12/6/10		1.20			5.01			5.93

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 2.25%, and for Class C, the

10 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

contingent deferred sales charge of 1% for the 1-year period. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. There is no sales charge for Class Y shares.

March 28, 2013, was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through March 31, 2013.

The Fund’s performance is compared to the performance of that of the Barclays Municipal Bond Index, an unmanaged index of a broad range of investment-grade municipal bonds that is a measure of the general municipal bond market. The Barclays Municipal Bond 4-6 Year Index is the 4- to 6-year component of the Barclays Municipal Bond Index. Indices are unmanaged and cannot be purchased by investors. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.029 for 35-day accrual period ended March 26, 2013. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on March 26, 2013; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0194 and $0.0320, respectively, for the 35-day accrual period ended March 26, 2013, and on the corresponding net asset values on that date.

Standardized yield is based on the Fund’s net investment income for the 30-day period ended March 31, 2013, and either that date’s maximum offering price (for Class A shares) or net asset value (for the other classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The average yield at NAV in Lipper’s-Intermediate Municipal Debt Funds category is based on 196 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges, which, if included, would reduce results.

Taxable equivalent yield is based on the standardized yield and the 2013 top federal tax rate of 43.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 11

The average yields for AAA-rated municipal securities are provided by Municipal Market Advisors and are based on its benchmark of general obligation (G.O.) bonds structured with a 5% coupon. The MMA 5% benchmark is constructed using yields from the leading underwriters, who represent a significant percentage of the primary activity of the top 10 underwriters and therefore the total issuance. The benchmark that was used in shareholder reports before December 31, 2012, was based on par coupon yields and included a broader set of participants; the 5% benchmark is now considered the industry standard.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

12 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 28, 2013.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 13

Fund Expenses Continued

Actual	Beginning Account Value October 1, 2012		Ending Account Value March 28, 2013		Expenses Paid During 6 Months Ended March 28, 2013
Class A	$	1,000.00	$	1,010.10	$	4.84
Class C		1,000.00		1,007.00		8.70
Class Y		1,000.00		1,012.00		3.76
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.71		4.86
Class C		1,000.00		1,015.89		8.74
Class Y		1,000.00		1,020.79		3.77

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended March 28, 2013 are as follows:

Class	Expense Ratios
Class A		0.98	%
Class C		1.76
Class Y		0.76

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

14 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS    March 28, 2013* / (Unaudited)

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Municipal Bonds and Notes—97.8%
	Alabama—1.2%
	$   100,000	Jefferson County, AL Limited Obligation School Warrant1		5.250	%		01/01/2019		01/01/2014	A	$	101,387
	15,000	Jefferson County, AL Limited Obligation School Warrant1		5.250			01/01/2023		01/01/2014	A		15,208
	240,000	Jefferson County, AL Limited Obligation School Warrant1		5.500			01/01/2021		01/01/2014	A		243,329
	235,000	Jefferson County, AL Limited Obligation School Warrant1		5.500			01/01/2022		01/01/2014	A		238,259
	210,000	Jefferson County, AL Sewer1		5.250			02/01/2014		08/01/2013	A		211,193
	30,000	Montgomery, AL BMC Special Care Facilities Financing Authority (Baptist Health)1		5.000			11/15/2029		04/28/2013	A		30,010
	100,000	Talladega County, AL Board of Education1		5.000			11/01/2022		04/28/2013	A		100,701
												940,087
	Arizona—2.8%
	50,000	AZ Health Facilities Authority (Banner Health System)1		5.000			01/01/2022		01/01/2017	A		56,695
	500,000	Glendale, AZ Western Loop Public Facilities1		7.000			07/01/2033		01/01/2014	A		525,690
	250,000	Greater AZ Devel. Authority (Santa Cruz County Jail)1		5.250			08/01/2031		08/01/2018	A		270,565
	395,000	Mohave County, AZ IDA (Mohave Prison)1		7.500			05/01/2019		12/02/2017	B		497,285
	250,000	Pima County, AZ IDA (Tucson Electric Power Company)1		5.750			09/01/2029		01/12/2015	A		263,758
	490,000	Queen Creek, AZ Improvement District No. 11		5.000			01/01/2018		07/01/2013	A		495,900
												2,109,893
	Arkansas—0.1%
	70,000	University of Arkansas (Fayetteville)1		5.250			11/01/2017		04/28/2013	A		70,283
	California—20.6%
	10,000	Adelanto, CA Public Utility Authority		6.000			07/01/2023		07/01/2019	A		11,004
	25,000	Bay Area, CA Toll Authority (San Francisco Bay Area)1		5.000			04/01/2022		04/01/2016	A		28,432
	45,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2029		06/01/2013	A		44,996
	40,000	CA Dept. of Transportation COP1		5.250			03/01/2016		04/28/2013	A		40,168
	420,000	CA Educational Facilities Authority (Chapman University)1		5.000			04/01/2025		04/01/2021	A		484,411
	75,000	CA GO1		5.000			09/01/2019		09/01/2016	A		85,481

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 15

STATEMENT OF INVESTMENTS    Unaudited / Continued

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	California Continued
	$       5,000	CA GO1		6.000	%		08/01/2020		08/01/2013	A	$	5,096
	410,000	CA GO1		6.500			04/01/2033		04/01/2019	A		508,585
	200,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.000			06/01/2021		04/28/2013	A		201,134
	500,000	CA Health Facilities Financing Authority (Children’s Hospital)1		5.000			11/01/2024		11/01/2021	A		572,905
	500,000	CA Health Facilities Financing Authority (CHW)1		5.250			03/01/2024		03/01/2016	A		552,530
	65,000	CA Health Facilities Financing Authority (CHW/CMF Obligated Group)1		5.125			07/01/2022		09/20/2014	A		71,209
	125,000	CA Public Works (California Community Colleges)1		5.500			06/01/2022		06/01/2014	A		132,371
	90,000	CA Public Works (California State University)1		5.400			12/01/2016		04/28/2013	A		90,369
	50,000	CA Public Works (California State University)1		5.500			09/01/2015		04/28/2013	A		50,212
	250,000	CA Public Works (Dept. of General Services)1		5.250			12/01/2019		04/28/2013	A		250,928
	125,000	CA Public Works (Dept. of Mental Health)1		5.500			06/01/2020		06/01/2014	A		132,494
	1,000,000	CA Public Works (Judicial Council)1		5.000			03/01/2024		03/01/2023	A		1,183,470
	25,000	CA Public Works (Various Community Colleges)1		5.625			03/01/2016		04/28/2013	A		25,108
	50,000	CA Public Works (Various Community Colleges)1		5.625			03/01/2019		04/28/2013	A		50,202
	50,000	CA Public Works (Various State Universities)		5.250			12/01/2013		04/28/2013	A		50,213
	400,000	CA Statewide CDA (Episcopal Communities and Services)1		5.000			05/15/2020		05/15/2020			466,864
	25,000	Carson, CA Redevel. Agency Tax Allocation1		5.250			10/01/2022		10/01/2013	A		25,212
	25,000	Central CA Unified School District COP1		5.000			08/01/2022		08/01/2017	A		27,833
	100,000	Cerritos, CA Public Financing Authority1		5.000			11/01/2018		11/01/2017	A		111,028
	100,000	Compton, CA Community College District1		5.000			07/01/2018		07/01/2018			113,377
	100,000	Compton, CA Community College District1		5.000			07/01/2019		07/01/2019			113,713
	10,000	Corona, CA COP1		5.500			08/01/2015		04/28/2013	A		10,040
	100,000	El Centro, CA Financing Authority (El Centro Redevel.)1		6.625			11/01/2025		05/01/2021	A		116,039
	500,000	El Dorado County, CA Special Tax Community Facilities District No. 92881		5.000			09/01/2024		09/01/2022	A		563,825

16 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	California Continued
	$     20,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 17		5.000	%		09/01/2019		09/01/2013	A	$	20,760
	250,000	Jurupa, CA Unified School District1		5.000			08/01/2021		08/01/2021			300,435
	500,000	Lancaster, CA Redevel. Agency1		5.500			12/01/2028		12/01/2020	A		542,410
	50,000	Lancaster, CA Redevel. Agency Tax Allocation (Sheriffs Facility)1		5.250			12/01/2016		12/01/2014	A		53,016
	500,000	Lodi, CA Public Financing Authority1		5.250			10/01/2026		04/01/2022	A		560,540
	25,000	Los Angeles, CA State Building Authority1		5.500			10/01/2016		04/28/2013	A		25,087
	250,000	Madera, CA Irrigation Financing Authority1		5.750			01/01/2026		01/01/2020	A		273,885
	100,000	Monrovia, CA Redevel. Agency Tax Allocation (Central Redevel. Project Area No. 1)1		6.500			05/01/2026		05/01/2021	A		121,198
	190,000	Palm Desert, CA Financing Authority		5.000			04/01/2019		04/01/2014	A		193,234
	100,000	Rancho Cucamonga, CA Community Facilities District Special Tax No. 2004-1		5.100			09/01/2017		09/01/2013	A		103,786
	495,000	Redwood City, CA Special Tax		5.000			09/01/2026		09/01/2022	A		567,948
	500,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000			09/01/2028		09/01/2022	A		528,060
	250,000	Riverside County, CA Public Financing Authority1		5.000			05/01/2025		05/01/2022	A		277,990
	250,000	Riverside County, CA Public Financing Authority1		5.000			05/01/2026		05/01/2022	A		275,865
	70,000	Riverside County, CA Public Financing Authority (Jurupa Valley Desert & Interstate 215 Corridor Redevel.)1		5.000			10/01/2021		10/01/2016	A		72,758
	100,000	Riverside County, CA Public Financing Authority (Jurupa Valley Desert & Interstate 215 Corridor Redevel.)1		5.000			10/01/2022		10/01/2016	A		103,144
	100,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		5.750			10/01/2020		10/01/2020			112,982
	400,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Assessment District)		5.250			09/02/2026		09/02/2013	A		413,752
	500,000	Riverside, CA Public Financing Authority1		5.000			11/01/2027		11/01/2022	A		546,910
	105,000	Riverside, CA Unified School District1		5.000			09/01/2024		09/01/2016	A		110,820
	50,000	Rohnert Park, CA COP1		5.000			07/01/2024		04/28/2013	A		50,087
	150,000	San Bernardino, CA Joint Powers Financing Authority1		5.750			10/01/2017		10/01/2017			171,075
	45,000	San Bernardino, CA Joint Powers Financing Authority1		5.750			10/01/2018		10/01/2018			51,560

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 17

STATEMENT OF INVESTMENTS    Unaudited / Continued

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	California Continued
	$   200,000	San Bernardino, CA Joint Powers Financing Authority1		5.750	%		10/01/2018		10/01/2018		$	229,154
	245,000	San Bernardino, CA Joint Powers Financing Authority1		5.750			10/01/2019		10/01/2019			283,000
	350,000	San Bernardino, CA Joint Powers Financing Authority1		5.750			10/01/2020		10/01/2020			404,600
	520,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000			09/01/2024		09/01/2023	A		576,118
	250,000	San Diego, CA Public Facilities Financing Authority1		5.000			08/01/2028		08/01/2022	A		296,620
	200,000	San Diego, CA Public Facilities Financing Authority (Ballpark)1		5.250			02/15/2021		02/15/2017	A		224,698
	25,000	San Juan, CA Unified School District1		5.000			08/01/2020		08/01/2015	A		27,399
	200,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1		5.250			06/01/2019		06/01/2013	A		201,594
	520,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000			11/15/2022		11/15/2022			591,484
	50,000	Saugus, CA Union School District Community Facilities District No. 2006		6.250			09/01/2027		09/01/2013	A		51,807
	500,000	South Gate, CA Utility Authority1		5.250			10/01/2026		10/01/2022	A		569,385
	250,000	Vernon, CA Electric System1		5.125			08/01/2021		09/04/2018	A		282,930
	100,000	Westlands, CA Water District1		5.000			09/01/2026		09/01/2022	A		118,585
	100,000	Westlands, CA Water District1		5.000			09/01/2027		09/01/2022	A		117,316
												15,571,241
	Colorado—1.2%
	255,000	Foothills, CO Park & Recreation District Building Authority COP1		5.000			12/01/2022		04/28/2013	A		255,969
	85,000	Montrose County, CO Memorial Hospital1		5.250			12/01/2017		04/28/2013	A		85,211
	500,000	Plaza, CO Metropolitan District No. 1		5.000			12/01/2022		12/01/2022			553,720
												894,900
	Connecticut—0.7%
	500,000	Stamford, CT GO1		5.250			07/15/2015		07/15/2013	A		507,510
	District of Columbia—2.1%
	1,000,000	District of Columbia (Association of American Medical Colleges)1		5.000			10/01/2026		10/01/2023	A		1,162,270
	100,000	District of Columbia Ballpark1		5.000			02/01/2022		02/01/2016	A		105,391
	300,000	District of Columbia Student Dorm (Provident Group-Howard Properties)1		5.000			10/01/2030		10/01/2022	A		322,551
												1,590,212

18 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Florida—5.9%
	$   100,000	Dade County, FL GO (Seaport)1		5.500	%		10/01/2026		04/28/2013	A	$	100,370
	500,000	FL Citizens Property Insurance Corp.1		5.000			06/01/2022		06/01/2022			597,150
	30,000	FL Municipal Loan Council1		5.000			11/01/2031		04/28/2013	A		30,043
	100,000	FL Municipal Loan Council1		5.250			11/01/2018		04/28/2013	A		100,284
	160,000	FL Municipal Loan Council1		5.250			05/01/2019		05/01/2013	A		160,736
	40,000	FL Municipal Loan Council1		5.250			05/01/2019		05/01/2013	A		40,146
	30,000	FL Municipal Loan Council1		5.250			12/01/2019		12/01/2013	A		31,008
	30,000	FL Municipal Loan Council1		5.250			12/01/2019		12/01/2013	A		30,716
	15,000	FL Municipal Loan Council1		5.250			12/01/2019		12/01/2013	A		15,504
	35,000	FL Municipal Loan Council1		5.375			11/01/2025		05/01/2013	A		35,165
	50,000	Hernando County, FL School Board (Florida School Boards Association)1		5.000			07/01/2021		07/01/2013	A		50,370
	250,000	Hillsborough County, FL IDA (Tampa General Hospital)1		5.000			10/01/2018		10/01/2013	A		255,630
	275,000	Hillsborough County, FL IDA (Tampa General Hospital)1		5.250			10/01/2028		10/01/2013	A		281,974
	40,000	Miami Beach, FL Water & Sewer1		5.000			09/01/2030		04/28/2013	A		40,128
	75,000	Miami Beach, FL Water & Sewer1		5.500			09/01/2027		04/28/2013	A		75,278
	75,000	Miami-Dade County, FL Expressway Authority Toll System1		5.125			07/01/2029		04/28/2013	A		75,090
	40,000	Miami-Dade County, FL IDA (BAC Funding Corp.)1		5.375			10/01/2030		04/28/2013	A		40,140
	50,000	Miami-Dade County, FL Solid Waste		4.750			10/01/2018		04/28/2013	A		50,183
	55,000	Miami-Dade County, FL Solid Waste1		5.000			10/01/2020		04/28/2013	A		55,211
	70,000	Miami-Dade County, FL Stormwater Utility1		5.000			04/01/2024		04/28/2013	A		70,235
	275,000	Miami-Dade County, FL Water & Sewer1		5.000			10/01/2029		04/28/2013	A		275,902
	500,000	Orlando, FL Community Redevel. Agency (Conroy Road District)1		5.000			04/01/2023		04/01/2022	A		564,940
	10,000	Palm Beach County, FL Health Facilities Authority (Jupiter Medical Center)1		5.250			08/01/2013		04/28/2013	A		10,037
	30,000	Palm Beach County, FL Health Facilities Authority (Jupiter Medical Center)1		5.250			08/01/2023		04/28/2013	A		30,064
	45,000	Tallahassee, FL Health Facilities (Tallahassee Memorial Medical Center)1		6.000			12/01/2015		04/28/2013	A		45,215
	500,000	Tampa, FL Health System (Baycare Health System)1		5.000			11/15/2026		05/15/2022	A		581,070
	500,000	Tampa, FL Hospital1		5.000			07/01/2027		07/01/2022	A		559,900

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 19

STATEMENT OF INVESTMENTS    Unaudited / Continued

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Florida Continued
	$   250,000	Village Center, FL Community Devel. District1		5.000	%		10/01/2023		04/28/2013	A	$	250,160
												4,452,649
	Georgia—4.7%
	545,000	Atlanta, GA Devel. Authority (TUFF ATDC)1		5.375			07/01/2032		04/28/2013	A		545,774
	50,000	Atlanta, GA HDC (Bedford Tower)1		6.350			01/01/2023		04/28/2013	A		50,974
	70,000	Atlanta, GA Water & Wastewater Authority1		5.000			11/01/2023		04/28/2013	A		70,253
	190,000	Atlanta, GA Water & Wastewater Authority1		5.000			11/01/2029		04/28/2013	A		190,623
	115,000	Atlanta, GA Water & Wastewater Authority1		5.000			11/01/2033		04/28/2013	A		115,343
	500,000	Atlanta, GA Water & Wastewater Authority1		5.250			11/01/2034		11/01/2019	A		563,470
	25,000	Fulton County, GA Devel. Authority (Tuff Morehouse)1		5.000			02/01/2027		04/28/2013	A		25,081
	25,000	GA Municipal Assoc. (Atlanta Detention Center)1		5.000			12/01/2018		04/28/2013	A		25,091
	500,000	Randolph County, GA GO1		5.000			04/01/2030		04/01/2022	A		528,400
	315,000	Savannah, GA Hospital Authority (St. Joseph’s-Candler Health System/St. Joseph Hospital/Candler Hospital Obligated Group)1		5.250			07/01/2023		01/01/2014	A		324,875
	1,000,000	Tift County, GA Hospital Authority1		5.000			12/01/2029		12/01/2022	A		1,135,790
												3,575,674
	Hawaii—0.0%
	20,000	HI Dept. of Budget & Finance Special Purpose (Wilcox Memorial Hospital)1		5.500			07/01/2028		04/28/2013	A		20,026
	Illinois—5.1%
	20,000	Bryant, IL Pollution Control (Central Illinois Light Company)1		5.900			08/01/2023		04/28/2013	A		20,042
	100,000	Chicago, IL Board of Education1		5.000			12/01/2021		04/28/2013	A		100,344
	100,000	Chicago, IL GO1		5.000			01/01/2035		01/01/2014	A		102,708
	100,000	Chicago, IL Midway Airport, Series B1		5.000			01/01/2022		04/28/2013	A		100,361
	10,000	Chicago, IL Midway Airport, Series B1		5.000			01/01/2028		04/28/2013	A		10,031
	60,000	Chicago, IL Midway Airport, Series B1		5.375			01/01/2016		04/28/2013	A		60,251
	75,000	Chicago, IL Motor Fuel Tax1		5.000			01/01/2024		07/01/2013	A		75,883
	500,000	Chicago, IL Motor Fuel Tax1		5.000			01/01/2025		07/01/2013	A		505,885
	50,000	Chicago, IL Park District1		5.250			01/01/2022		07/01/2013	A		50,640
	100,000	Chicago, IL State University (Auxiliary Facilities System)1		5.000			12/01/2018		04/28/2013	A		100,862

20 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Illinois Continued
	$   175,000	Franklin Park, IL GO1		6.250	%		07/01/2030		07/01/2021	A	$	206,357
	50,000	Freeport, IL GO1		5.375			01/01/2018		04/28/2013	A		50,210
	250,000	IL COP1		5.800			07/01/2017		04/28/2013	A		250,398
	670,000	IL Devel. Finance Authority (Provena Health)1		5.125			05/15/2023		04/28/2013	A		672,740
	330,000	IL Devel. Finance Authority (Provena Health)1		5.250			05/15/2018		04/28/2013	A		331,386
	40,000	IL Devel. Finance Authority (Provena Health)1		5.500			05/15/2021		04/28/2013	A		40,177
	40,000	IL Devel. Finance Authority (Provena Health)1		5.750			05/15/2016		04/28/2013	A		40,185
	150,000	IL Finance Authority (ABHS/ABMC/AVM/AVT/ABSJ Obligated Group)1		5.250			01/01/2022		04/14/2018	A		169,928
	15,000	IL Finance Authority (CF/TCFH/CaHC/CaRC Obligated Group)1		5.250			02/15/2019		02/15/2014	A		15,436
	150,000	IL Finance Authority (OSF Healthcare System)1		7.000			11/15/2029		05/15/2019	A		186,068
	175,000	IL GO1		5.000			06/01/2020		06/01/2013	A		176,265
	250,000	IL GO1		5.000			08/01/2023		08/01/2023			282,015
	30,000	IL Health Facilities Authority (EMH/EMHH/EMHS Obligated Group)1		5.625			01/01/2028		04/28/2013	A		30,097
	60,000	IL Health Facilities Authority (Sherman Health System)1		5.250			08/01/2022		04/28/2013	A		60,106
	35,000	IL Sales Tax1		5.375			06/15/2015		04/28/2013	A		35,149
	100,000	IL Sales Tax1		5.375			06/15/2016		04/28/2013	A		100,423
	20,000	IL Sales Tax1		5.500			06/15/2015		04/28/2013	A		20,087
	35,000	Northern IL Municipal Power Agency (Prarie Street)1		5.000			01/01/2019		01/01/2018	A		39,973
												3,834,007
	Indiana—0.3%
	70,000	Delaware County, IN Redevel. District		6.875			02/01/2018		04/28/2013	A		70,189
	40,000	IN Bond Bank1		5.000			10/01/2019		04/28/2013	A		40,144
	150,000	IN Devel. Finance Authority (RCAI/RCAP/CCF Obligated Group)1		5.125			01/01/2028		07/01/2013	A		150,524
												260,857
	Kentucky—0.6%
	230,000	Jefferson County, KY Health Facilities (University Medical Center)1		5.250			07/01/2022		04/28/2013	A		230,398
	35,000	KY EDFA (Norton Healthcare/Norton Hospitals Obligated Group)1		6.000			10/01/2018		10/01/2013	A		36,152

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 21

STATEMENT OF INVESTMENTS    Unaudited / Continued

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Kentucky Continued
	$   175,000	KY EDFA (Norton Healthcare/Norton Hospitals Obligated Group)1		6.050	%		10/01/2019		10/01/2013	A	$	180,576
												447,126
	Louisiana—0.3%
	25,000	New Orleans, LA Sewage Service1		5.000			06/01/2017		06/01/2013	A		25,138
	25,000	New Orleans, LA Sewage Service1		5.000			06/01/2018		04/28/2013	A		25,065
	160,000	Sabine River, LA Authority Pollution Control (International Paper Company)1		6.200			02/01/2025		04/28/2013	A		160,659
												210,862
	Maine—0.1%
	55,000	ME H&HEFA (Blue Hill Memorial Hospital/Bowdoin College Obligated Group)1		5.000			07/01/2018		04/28/2013	A		55,145
	5,000	ME H&HEFA (Bridgton Hospital/Franklin Memoria Hospital/GINNE Obligated Group1		5.250			07/01/2021		04/28/2013	A		5,020
	5,000	ME H&HEFA, Series A1		5.000			07/01/2019		04/28/2013	A		5,012
												65,177
	Maryland—0.4%
	250,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1		5.125			09/01/2030		03/01/2021	A		281,025
	Massachusetts—0.8%
	250,000	MA Devel. Finance Agency (Avon Association)1		5.000			04/01/2018		04/01/2018			280,125
	250,000	MA Devel. Finance Agency (Partners Healthcare System)1		5.000			07/01/2031		07/01/2021	A		285,440
	30,000	MA H&EFA (UMass Memorial Health Care/UMass Memorial Medical Center Obligated Group)1		5.000			07/01/2028		04/28/2013	A		30,022
												595,587
	Michigan—4.1%
	100,000	Detroit, MI GO		5.375			04/01/2015		04/01/2015			99,195
	160,000	Detroit, MI Sewer Disposal System1		5.000			07/01/2024		07/01/2013	A		160,814
	500,000	Detroit, MI Sewer Disposal System1		5.250			07/01/2023		07/01/2017	A		545,365
	510,000	Detroit, MI Water Supply System1		5.000			07/01/2034		07/01/2013	A		511,856
	500,000	Detroit, MI Water Supply System1		6.500			07/01/2015		01/08/2015	B		541,800
	100,000	Grand Rapids, MI Building Authority1		5.000			10/01/2028		04/28/2013	A		100,322

22 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Michigan Continued
	$   250,000	MI Finance Authority (Crittendon Hospital Medical Center)1		5.000	%		06/01/2027		06/01/2022	A	$	273,998
	250,000	MI Finance Authority (School District)1		5.000			06/01/2020		06/01/2020			290,098
	200,000	MI Hospital Finance Authority (MidMH/MMMC/MMRMCC/MMRMCG Obligated Group)1		5.000			04/15/2024		04/28/2013	A		200,312
	140,000	MI Hospital Finance Authority (MidMH)		5.375			06/01/2027		04/28/2013	A		140,480
	25,000	MI Hsg. Devel. Authority (Charter Square)1		5.500			01/15/2021		04/28/2013	A		25,058
	15,000	MI Municipal Bond Authority1		6.000			11/01/2020		04/28/2013	A		15,040
	175,000	MI Strategic Fund Limited Obligation (NSF International)1		5.125			08/01/2019		08/01/2013	A		176,587
												3,080,925
	Minnesota—0.4%
	300,000	St. Paul, MN Port Authority (Office Building At Robert Street)1		5.250			12/01/2020		12/01/2013	A		310,206
	Mississippi—0.7%
	55,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)1		6.200			07/01/2018		04/28/2013	A		55,161
	345,000	MS Business Finance Corp. (System Energy Resources)1		5.875			04/01/2022		04/28/2013	A		346,042
	145,000	Ridgeland, MS Tax Increment (Colony Park)1		5.875			04/01/2026		04/01/2021	A		166,577
												567,780
	Missouri—0.6%
	20,000	MO Environmental Improvement & Energy Resources Authority1		5.000			01/01/2020		04/28/2013	A		20,078
	75,000	MO Environmental Improvement & Energy Resources Authority1		5.125			01/01/2020		04/28/2013	A		75,302
	100,000	MO Environmental Improvement & Energy Resources Authority1		5.500			07/01/2019		04/28/2013	A		100,434
	20,000	MO Environmental Improvement & Energy Resources Authority1		5.750			01/01/2016		04/28/2013	A		20,092
	10,000	MO Environmental Improvement & Energy Resources Authority1		5.900			01/01/2019		04/28/2013	A		10,047
	30,000	MO Environmental Improvement & Energy Resources Authority1		7.200			07/01/2016		04/28/2013	A		31,005
	75,000	MO H&EFA (BJC Health System)1		5.000			05/15/2022		05/15/2013	A		75,457
	25,000	MO Monarch-Chesterfield Levee District1		5.750			03/01/2019		04/28/2013	A		25,102

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 23

STATEMENT OF INVESTMENTS    Unaudited / Continued

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Missouri Continued
	$   100,000	Springfield, MO Center City Devel. Corp. (Jordan Valley Park Exposition Center)1		5.000	%		06/01/2027		04/28/2013	A	$	100,328
	35,000	Springfield, MO Public Building Corp.1		5.000			06/01/2017		04/28/2013	A		35,120
												492,965
	Nebraska—0.6%
	400,000	NE Investment Finance Authority (Single Family Hsg.)1		5.250			09/01/2026		09/01/2020	A		435,316
	Nevada—1.9%
	200,000	North Las Vegas, NV GO1		5.000			05/01/2024		05/01/2016	A		209,598
	500,000	North Las Vegas, NV Wastewater Reclamation System1		5.000			10/01/2023		10/01/2016	A		529,130
	130,000	Reno, NV Capital Improvement1		5.375			06/01/2032		04/28/2013	A		130,152
	200,000	Washoe County, NV Highway (Motor Vehicle Fuel Tax)1		5.000			02/01/2022		02/01/2019	A		229,284
	340,000	Washoe County, NV Hospital Facility (Renown Regional Medical Center/Renown Network Services Obligated Group)1		5.000			06/01/2021		04/28/2013	A		340,609
												1,438,773
	New Hampshire—0.0%
	25,000	NH Business Finance Authority (Public Service Company of NH)1		5.450			05/01/2021		05/01/2013	A		25,120
	New Jersey—7.2%
	750,000	Atlantic City, NJ GO1		5.000			11/01/2022		11/01/2022			869,865
	15,000	Burlington County, NJ Bridge Commission		4.500			10/15/2022		04/28/2013	A		15,028
	750,000	Essex County, NJ Improvement Authority (Newark)1		5.000			03/01/2026		03/01/2022	A		871,965
	1,000,000	NJ EDA1		5.000			06/15/2025		06/15/2022	A		1,138,070
	50,000	NJ EDA (University of Medicine and Dentistry of New Jersey)1		5.750			06/01/2017		04/28/2013	A		50,142
	500,000	NJ Health Care Facilities Financing Authority (Barnabas Health)1		5.000			07/01/2022		07/01/2022			600,205
	80,000	NJ Health Care Facilities Financing Authority (Newton Memorial Hospital)1		5.000			07/01/2026		04/28/2013	A		80,134
	250,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp./St. Barnabas Medical Center Obligated Group)1		5.250			07/01/2026		07/01/2021	A		285,655
	250,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2027		06/15/2021	A		288,433

24 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	New Jersey Continued
	$1,000,000	NJ Turnpike Authority2		5.000	%		01/01/2027		07/01/2022	A	$	1,153,160
	90,000	Trenton, NJ Parking Authority1		5.000			10/01/2024		10/01/2013	A		91,701
												5,444,358
	New York—4.0%
	100,000	L.I., NY Power Authority1		5.000			04/01/2023		04/01/2019	A		114,431
	975,000	Nassau County, NY Local Economic Assistance Corp. (South Nassau Communities Hospital)1		5.000			07/01/2027		07/01/2022	A		1,095,910
	1,000,000	NY MTA, Series D1		5.000			11/15/2028		11/15/2022	A		1,153,060
	150,000	NYC GO1		5.250			09/01/2022		09/01/2018	A		180,851
	250,000	NYC IDA (New York Institute of Technology)1		5.250			03/01/2018		04/28/2013	A		250,745
	10,000	NYS HFA (Hospital & Nursing Home)1		5.150			11/01/2016		04/28/2013	A		10,041
	200,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500			12/01/2028		12/01/2015	A		220,786
												3,025,824
	North Carolina—1.1%
	250,000	NC Medical Care Commission (Novant Health/Forsyth Memorial Hospital Obligated Group)1		5.000			11/01/2017		11/01/2013	A		256,878
	500,000	NC Medical Care Commission (Vidant Health/Pitt County Memorial Hospital Obligated Group)1		5.000			06/01/2027		06/01/2022	A		560,360
												817,238
	Ohio—2.9%
	200,000	Hamilton County, OH Sales Tax1		5.000			12/01/2020		12/01/2016	A		226,970
	1,000,000	OH State University1		5.000			06/01/2028		06/01/2023	A		1,192,110
	30,000	Portsmouth, OH		5.200			09/01/2014		04/28/2013	A		30,090
	250,000	Riversouth, OH Authority (Riversouth Area Redevel.)1		5.000			12/01/2024		12/01/2022	A		296,065
	250,000	Ross County, OH Hospital (Adena Health System)1		5.750			12/01/2028		12/01/2018	A		282,623
	125,000	Southwest, OH Regional Water District1		5.000			12/01/2016		12/01/2013	A		128,195
												2,156,053
	Oklahoma—0.4%
	285,000	OK Devel. Finance Authority (Oklahoma Council Law Enforcement)1		5.100			06/01/2027		04/20/2013	A		285,849

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 25

STATEMENT OF INVESTMENTS    Unaudited / Continued

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Oregon—1.0%
	$     20,000	OR GO (Alternate Energy)1		5.000	%		01/01/2028		04/28/2013	A	$	20,031
	60,000	OR GO (Elderly & Disabled Hsg.)1		5.150			08/01/2030		04/28/2013	A		60,085
	500,000	OR Health & Science University1		5.000			07/01/2023		07/01/2022	A		603,870
	80,000	OR Health Hsg. Educational & Cultural Facilities Authority (Peacehealth)1		5.000			11/15/2026		04/28/2013	A		80,262
	20,000	OR Hsg. & Community Services Dept. (Single Family Mtg.), Series M1		5.050			07/01/2023		04/28/2013	A		20,034
												784,282
	Pennsylvania—1.7%
	50,000	Allegheny County, PA HEBA (Carlow University)1		4.500			11/01/2016		11/01/2016			50,978
	500,000	Northampton County, PA General Purpose Authority (Moravian College)1		5.000			07/01/2031		07/01/2022	A		545,415
	555,000	PA EDFA (Albert Einstein Healthcare)1		6.250			10/15/2023		02/25/2019	A		651,792
	40,000	Philadelphia, PA Hsg. Authority1		5.500			12/01/2019		04/28/2013	A		40,541
												1,288,726
	Rhode Island—1.6%
	100,000	Providence, RI Public Building Authority, Series A		5.125			12/15/2014		04/28/2013	A		100,245
	500,000	Providence, RI Public Building Authority, Series A1		5.875			06/15/2026		06/15/2021	A		567,145
	50,000	Providence, RI Public Building Authority, Series B		5.375			12/15/2016		04/28/2013	A		50,124
	25,000	RI Clean Water Finance Agency1		5.000			10/01/2035		10/01/2013	A		25,152
	35,000	RI Clean Water Protection Finance Agency1		5.125			10/01/2019		10/01/2013	A		35,854
	210,000	RI Economic Devel. Corp. Airport1		5.000			07/01/2023		04/28/2013	A		210,758
	155,000	RI Health & Educational Building Corp. (Newport Hospital)1		5.300			07/01/2029		04/28/2013	A		155,153
	50,000	RI Health & Educational Building Corp. (RIH/TMH Obligated Group)		5.500			05/15/2016		04/28/2013	A		50,175
												1,194,606
	South Carolina—1.5%
	500,000	Greenville, SC Hospital System1		5.000			05/01/2024		05/01/2022	A		597,265
	500,000	Greenville, SC Hospital System (Greenville Hospital System/GHS Partners in Health Obligated Group)1		5.000			05/01/2025		05/01/2013	A		501,895
	50,000	SC Jobs EDA (Palmetto Health)1		6.250			08/01/2031		08/01/2013	A		50,971
												1,150,131

26 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Tennessee—1.3%
	$   500,000	Knox County, TN HE&HFB (Covenant Health)1		5.000	%		01/01/2025		01/01/2023	A	$	576,940
	65,000	Lafollette, TN Electric System1		4.900			03/01/2019		04/28/2013	A		65,164
	300,000	TN Energy Acquisition Gas Corp.1		5.250			09/01/2020		09/01/2020			349,068
												991,172
	Texas—7.9%
	150,000	Alvin, TX Independent School District (Schoolhouse)1		5.000			02/15/2027		02/15/2015	A		163,175
	50,000	Alvin, TX Independent School District (Schoolhouse)1		5.000			02/15/2027		02/15/2015	A		53,858
	70,000	Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital (GRMC)1		5.500			08/15/2036		08/15/2018	A		77,007
	10,000	Cisco, TX Junior College District1		5.250			07/01/2026		04/28/2013	A		10,040
	1,000,000	Corpus Christi, TX Utility System1		5.000			07/15/2029		07/15/2022	A		1,142,420
	125,000	Dallas-Fort Worth, TX International Airport1		5.000			11/01/2025		11/01/2020	A		144,724
	125,000	Dallas-Fort Worth, TX International Airport1		5.000			11/01/2026		11/01/2020	A		143,751
	50,000	Gonzales, TX Healthcare System1		5.350			08/15/2015		04/28/2013	A		50,213
	100,000	Gulf Coast, TX Waste Disposal Authority (Bayport Area System)1		5.000			10/01/2022		04/28/2013	A		100,389
	25,000	Harris County, TX Water Control & Improvement District No. 961		5.000			09/01/2027		09/01/2013	A		25,513
	95,000	Harris County-Houston, TX Sports Authority1		5.000			11/15/2025		04/28/2013	A		95,713
	165,000	Harris County-Houston, TX Sports Authority1		5.000			11/15/2028		04/28/2013	A		165,825
	250,000	Harris County-Houston, TX Sports Authority1		5.250			11/15/2030		04/28/2013	A		251,250
	300,000	Harris County-Houston, TX Sports Authority1		5.750			11/15/2019		04/28/2013	A		303,000
	50,000	Harris County-Houston, TX Sports Authority1		5.750			11/15/2020		04/28/2013	A		50,500
	100,000	Lubbock, TX Electric Light & Power System1		5.250			04/15/2021		04/28/2013	A		100,350
	50,000	Newark, TX Cultural Education Facilities Finance Corp.1		7.250			08/15/2021		05/17/2016	A		54,131
	400,000	Northwest Freeway, TX Municipal Utility District		5.100			04/01/2021		04/28/2013	A		400,644
	55,000	Port Houston, TX Authority1		5.000			10/01/2027		04/28/2013	A		55,194

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 27

STATEMENT OF INVESTMENTS    Unaudited / Continued

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Texas Continued
	$     20,000	San Antonio, TX Municipal Drain Utility System1		5.000	%		02/01/2020		04/28/2013	A	$	20,079
	40,000	Southlake, TX GO1		5.125			02/15/2024		04/28/2013	A		40,162
	100,000	St. George Place, TX Redevel. Authority1		5.350			09/01/2018		04/28/2013	A		100,283
	55,000	TX GO		5.250			08/01/2035		04/28/2013	A		55,676
	20,000	TX Lower Colorado River Authority1		5.000			05/15/2021		04/28/2013	A		20,075
	15,000	TX Lower Colorado River Authority1		5.000			05/15/2026		04/28/2013	A		15,054
	5,000	TX Lower Colorado River Authority1		5.875			05/15/2016		04/28/2013	A		5,023
	500,000	TX Municipal Gas Acquisition & Supply Corp.1		5.000			12/15/2026		12/15/2022	A		542,620
	1,000,000	TX Municipal Gas Acquisition & Supply Corp.1		5.000			12/15/2027		12/15/2022	A		1,080,190
	190,000	TX Municipal Gas Acquisition & Supply Corp.1		5.625			12/15/2017		02/15/2016	B		211,899
	100,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250			12/15/2026		08/04/2023	B		129,267
	150,000	TX Public Finance Authority (Texas Southern University)1		5.500			05/01/2018		05/01/2018			168,183
	170,000	TX Water Devel. Board1		5.250			07/15/2015		04/28/2013	A		173,529
												5,949,737
	U.S. Possessions—7.4%
	250,000	Puerto Rico Aqueduct & Sewer Authority1		5.500			07/01/2028		07/01/2028			249,338
	250,000	Puerto Rico Commonwealth GO1		3.182	3		07/01/2020		07/01/2020			253,403
	200,000	Puerto Rico Commonwealth GO1		5.000			07/01/2023		07/01/2017	A		207,312
	50,000	Puerto Rico Commonwealth GO1		5.250			07/01/2026		07/01/2026			49,760
	340,000	Puerto Rico Commonwealth GO1		5.500			07/01/2027		07/01/2022	A		343,036
	500,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2025		07/01/2020	A		509,165
	250,000	Puerto Rico Electric Power Authority, Series RR1		5.000			07/01/2023		07/01/2015	A		251,570
	1,000,000	Puerto Rico Highway & Transportation Authority1		5.500			07/01/2025		07/01/2025			1,055,190
	45,000	Puerto Rico Highway & Transportation Authority1		5.750			07/01/2019		07/01/2013	A		45,409
	115,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.000			10/01/2020		10/01/2020			127,262
	955,000	Puerto Rico Municipal Finance Agency, Series A1		5.000			08/01/2027		04/28/2013	A		955,372
	100,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2017		04/28/2013	A		100,284

28 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	U.S. Possessions Continued
	$   40,000	Puerto Rico Municipal Finance Agency, Series A1		5.250	%		08/01/2018		04/28/2013	A	$	40,107
	110,000	Puerto Rico Municipal Finance Agency, Series A1		5.500			07/01/2017		04/28/2013	A		110,337
	170,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2017		07/01/2017			179,734
	100,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2023		07/01/2022	A		100,867
	500,000	Puerto Rico Public Buildings Authority1		5.750			07/01/2022		07/01/2016	A		514,660
	50,000	Puerto Rico Public Buildings Authority		7.000			07/01/2021		07/01/2014	A		52,148
	390,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.750			08/01/2037		08/01/2019	A		415,615
												5,560,569
	Vermont—1.5%
	250,000	Burlington, VT GO1		5.000			11/01/2021		11/01/2021			281,483
	250,000	Burlington, VT GO1		5.000			11/01/2027		11/01/2022	A		266,828
	500,000	VT Educational & Health Buildings Financing Agency (Middlebury College)1		5.000			11/01/2028		11/01/2022	A		596,365
												1,144,676
	Washington—0.7%
	400,000	King County, WA Sewer1		5.000			01/01/2035		07/01/2013	A		404,960
	100,000	WA Health Care Facilities Authority (Group Health Cooperative of Puget Sound)		5.375			12/01/2014		04/28/2013	A		100,260
	50,000	WA Health Care Facilities Authority (Southwest Washington Medical Center)1		5.000			09/01/2028		04/28/2013	A		50,047
												555,267
	West Virginia—0.0%
	20,000	Randolph County, WV County Commission Health System (Davis Health System)1		5.200			11/01/2021		11/01/2013	A		20,228
	Wisconsin—2.4%
	125,000	Milwaukee, WI Hsg. Authority (Veterans Hsg.)1		5.100			07/01/2022		07/01/2013	A		126,538
	500,000	WI H&EFA (Marshfield Clinic)1		5.000			02/15/2028		02/15/2022	A		553,385
	20,000	WI H&EFA (SJCHWB/SH/WBC Obligated Group)1		6.000			11/15/2032		08/01/2013	A		20,396
	250,000	WI H&EFA (WFS)1		5.125			08/15/2033		08/15/2013	A		253,060
	555,000	WI H&EFA (WFS)1		5.125			08/15/2030		08/15/2016	A		585,764

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 29

STATEMENT OF INVESTMENTS    Unaudited / Continued

Principal Amount			Coupon			Maturity		Effective Maturity**			Value
	Wisconsin Continued
	$   250,000	WI H&EFA (WMA/MHCC/MVS Obligated Group)1		5.600	%		08/15/2023		08/15/2013	A	$	252,823
												1,791,966
	Total Investments, at Value (Cost $72,997,245)—97.8%											73,938,883
	Other Assets Net of Liabilities—2.2											1,640,570
	Net Assets—100.0%										$	75,579,453

Footnotes to Statement of Investments

*March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

**Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.

A. Optional call date; corresponds to the most conservative yield calculation.

B. Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 6 of the accompanying Notes.

2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 28, 2013. See Note 1 of the accompanying Notes.

3. Represents the current interest rate for a variable or increasing rate security.

To simplify the listings of securities, abbreviations are used per the table below:

ABHS	Alexian Brothers Health System
ABMC	Alexian Brothers Medical Center
ABSJ	Alexian Brothers of San Jose
ATDC	Advanced Technology Development Center
AVM	Alexian Village of Milwaukee
AVT	Alexian Village of Tennessee
BMC	Baptist Medical Center
CCF	Catholic Community Foundation
CDA	Communities Devel. Authority
CF	Carle Foundation
CHW	Catholic Healthcare West
CMF	CHW Medical Foundation
COP	Certificates of Participation
CaHC	Carle Health Care
CaRC	Carle Retirement Centers
EDA	Economic Devel. Authority
EDFA	Economic Devel. Finance Authority
EMH	Elmhurst Memorial Hospital
EMHH	Elmhurst Memorial Home Health
EMHS	Elmhurst Memorial Health System
GHS	Gaston Health Services
GINNE	Goodwill Industries of Northern New England
GO	General Obligation
GRMC	Guadalupe Regional Medical Center
H&EFA	Health and Educational Facilities Authority
H&HEFA	Hospitals and Higher Education Facilities Authority
HDC	Housing Devel. Corp.

HE&HFB	Health Educational and Housing Facility Board
HEBA	Higher Education Building Authority
HFA	Housing Finance Agency
IDA	Industrial Devel. Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
L.I.	Long Island
MHCC	Masonic Health Care Center
MMMC	MidMichigan Medical Center
MMRMCC	MidMichigan Regional Medical Center-Clare
MMRMCG	MidMichigan Regional Medical Center-Gladwin
MTA	Metropolitan Transportation Authority
MVS	Masonic Village on the Square
MidMH	MidMichigan Health
NSF	National Sanitation Foundation
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
OSF	Order of Saint Francis
RCAI	Roman Catholic Archdiocese of Indianapolis
RCAP	Roman Catholic Archdiocese Properties
RIH	Rhode Island Hospital

30 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Footnotes to Statement of Investments Continued

SH	Synergyhealth
SJCHWB	St. Joseph’s Community Hospital of West Bend
TASC	Tobacco Settlement Asset-Backed Bonds
TCFH	The Carle Foundation Hospital

TMH	The Miriam Hospital
TUFF	The University Financing Foundation
UMass	University of Massachusetts
WBC	West Bend Clinic
WFS	Wheaton Franciscan Services
WMA	Wisconsin Masonic Home

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 31

STATEMENT OF ASSETS AND LIABILITIES    March 28, 2013¹ (Unaudited)

Assets
Investments, at value (cost $72,997,245)—see accompanying statement of investments	$	73,938,883
Cash		1,383,275
Receivables and other assets:
Interest		1,032,869
Investments sold		1,013,059
Shares of beneficial interest sold		525,926
Other		10,458
Total assets		77,904,470
Liabilities
Payables and other liabilities:
Investments purchased (including $1,141,250 purchased on a when-issued or delayed delivery basis)		1,550,509
Payable on borrowings (See Note 6)		500,000
Shares of beneficial interest redeemed		197,609
Dividends		28,614
Distribution and service plan fees		14,749
Transfer and shareholder servicing agent fees		3,685
Shareholder communications		2,841
Trustees’ compensation		494
Interest expense on borrowings		255
Other		26,261
Total liabilities		2,325,017
Net Assets	$	75,579,453
Composition of Net Assets
Par value of shares of beneficial interest	$	5,837
Additional paid-in capital		74,654,134
Accumulated net investment loss		(22,253	)
Accumulated net realized gain on investments		97
Net unrealized appreciation on investments		941,638
Net Assets	$	75,579,453

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

32 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $56,837,497 and 4,388,885 shares of beneficial interest outstanding)	$	12.95
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)	$	13.25
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $15,218,892 and 1,176,484 shares of beneficial interest outstanding)	$	12.94
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $3,523,064 and 271,945 shares of beneficial interest outstanding)	$	12.96

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 33

STATEMENT OF OPERATIONS    For the Six Months Ended March 28, 2013¹ (Unaudited)

Investment Income
Interest	$	1,094,695
Expenses
Management fees		181,223
Distribution and service plan fees:
Class A		55,687
Class C		64,107
Transfer and shareholder servicing agent fees:
Class A		14,621
Class C		5,122
Class Y		891
Shareholder communications:
Class A		7,071
Class C		3,297
Class Y		516
Legal, auditing and other professional fees		18,685
Borrowing fees		9,437
Interest expense on borrowings		916
Trustees’ compensation		584
Custodian fees and expenses		152
Other		5,649
Total expenses		367,958
Less waivers and reimbursements of expenses		(22,618	)
Net expenses		345,340
Net Investment Income		749,355
Realized and Unrealized Gain (Loss)
Net realized gain on investments		521
Net change in unrealized appreciation/depreciation on investments		(374,581	)
Net Increase in Net Assets Resulting from Operations	$	375,295

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

34 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 28, 20131 (Unaudited)			Year Ended September 28, 20121
Operations
Net investment income	$	749,355		$	767,147
Net realized gain (loss)		521			(424	)
Net change in unrealized appreciation/depreciation		(374,581	)		1,111,603
Net increase in net assets resulting from operations		375,295			1,878,326
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(618,533	)		(661,538	)
Class C		(129,126	)		(104,132	)
Class Y		(44,681	)		(32,742	)
		(792,340	)		(798,412	)
Distributions from net realized gain:
Class A		—			(21,652	)
Class C		—			(2,836	)
Class Y		—			(411	)
		—			(24,899	)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		25,314,597			18,863,196
Class C		5,388,854			8,722,179
Class Y		1,576,045			1,698,311
		32,279,496			29,283,686
Net Assets
Total increase		31,862,451			30,338,701
Beginning of period		43,717,002			13,378,301
End of period (including accumulated net investment income (loss) of $(22,253) and $20,732, respectively)	$	75,579,453		$	43,717,002

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 35

FINANCIAL HIGHLIGHTS

Class A	Six Month Ended March 28, 20131 (Unaudited)			Year Ended September 28, 20121			Period Ended September 30, 20112
Per Share Operating Data
Net asset value, beginning of period	$	13.00		$	12.51		$	12.17
Income (loss) from investment operations:
Net investment income3		.17			.37			.33
Net realized and unrealized gain (loss)		(.04	)		.53			.26
Total from investment operations		.13			.90			.59
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.18	)		(.39	)		(.25	)
Distributions from net realized gain		—			(.02	)		—
Total dividends and/or distributions to shareholders		(.18	)		(.41	)		(.25	)
Net asset value, end of period	$	12.95		$	13.00		$	12.51
Total Return, at Net Asset Value4		1.01	%		7.27	%		4.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$56,837			$31,833			$12,132
Average net assets (in thousands)		$44,918			$21,991			$  7,370
Ratios to average net assets:5
Net investment income		2.62	%		2.90	%		3.32	%
Expenses excluding interest and fees from borrowings		1.03	%		1.14	%		1.46	%
Interest and fees from borrowings		0.03	%		0.03	%		0.01	%
Total expenses		1.06	%		1.17	%		1.47	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.98	%		0.98	%		0.96	%
Portfolio turnover rate		7	%		17	%		84	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. For the period from December 6, 2010 (commencement of operations) to September 30, 2011.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

36 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Class C	Six Month Ended March 28, 20131 (Unaudited)			Year Ended September 28, 20121			Period Ended September 30, 20112
Per Share Operating Data
Net asset value, beginning of period	$	12.98		$	12.49		$	12.17
Income (loss) from investment operations:
Net investment income3		.12			.26			.26
Net realized and unrealized gain (loss)		(.03	)		.54			.23
Total from investment operations		.09			.80			.49
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.29	)		(.17	)
Distributions from net realized gain		—			(.02	)		—
Total dividends and/or distributions to shareholders		(.13	)		(.31	)		(.17	)
Net asset value, end of period	$	12.94		$	12.98		$	12.49
Total Return, at Net Asset Value4		0.70	%		6.44	%		4.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$15,219			$9,905			$1,005
Average net assets (in thousands)		$12,901			$4,762			$  418
Ratios to average net assets:5
Net investment income		1.87	%		2.06	%		2.61	%
Expenses excluding interest and fees from borrowings		1.82	%		2.10	%		3.74	%
Interest and fees from borrowings		0.03	%		0.03	%		0.01	%
Total expenses		1.85	%		2.13	%		3.75	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.76	%		1.76	%		1.74	%
Portfolio turnover rate		7	%		17	%		84	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. For the period from December 6, 2010 (commencement of operations) to September 30, 2011.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 37

FINANCIAL HIGHLIGHTS    Continued

Class Y	Six Month Ended March 28, 20131 (Unaudited)			Year Ended September 28, 20121			Period Ended September 30, 20112
Per Share Operating Data
Net asset value, beginning of period	$	13.00		$	12.51		$	12.17
Income (loss) from investment operations:
Net investment income3		.19			.39			.37
Net realized and unrealized gain (loss)		(.03	)		.54			.23
Total from investment operations		.16			.93			.60
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.20	)		(.42	)		(.26	)
Distributions from net realized gain		—			(.02	)		—
Total dividends and/or distributions to shareholders		(.20	)		(.44	)		(.26	)
Net asset value, end of period	$	12.96		$	13.00		$	12.51
Total Return, at Net Asset Value4		1.20	%		7.50	%		5.07	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,523			$1,979			$241
Average net assets (in thousands)		$3,001			$1,033			$149
Ratios to average net assets:5
Net investment income		2.86	%		3.02	%		3.65	%
Expenses excluding interest and fees from borrowings		0.78	%		0.99	%		2.78	%
Interest and fees from borrowings		0.03	%		0.03	%		0.01	%
Total expenses		0.81	%		1.02	%		2.79	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76	%		0.76	%		0.74	%
Portfolio turnover rate		7	%		17	%		84	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. For the period from December 6, 2010 (commencement of operations) to September 30, 2011.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

38 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Unaudited

1. Significant Accounting Policies

Oppenheimer Rochester Intermediate Term Municipal Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a non-diversified open-end management investment company. The Fund’s investment objective is to seek current interest income exempt from federal individual income tax. The Fund’s investment adviser was OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”), through December 31, 2012. Effective January 1, 2013, the Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OFI. The Manager has entered into a sub-advisory agreement with OFI, as of the same effective date.

The Fund offers Class A, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees.

The following is a summary of significant accounting policies consistently followed by the Fund.

Semiannual and Annual Periods. The last day of the Fund’s semiannual period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 39

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

1. Significant Accounting Policies Continued

delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of March 28, 2013, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities	$	1,141,250

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended September 28, 2012, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended September 28, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

Expiring
No expiration	$	423

As of March 28, 2013, it is estimated that there will be no capital loss carryforwards. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended March 28, 2013, it is estimated that the Fund will utilize $423 of capital loss carryforward to offset realized capital gains.

40 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 28, 2013 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	72,997,245
Gross unrealized appreciation	$	1,358,391
Gross unrealized depreciation		(416,753	)
Net unrealized appreciation	$	941,638

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 41

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

1. Significant Accounting Policies Continued

Custodian Fees. ��Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

42 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 43

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

2. Securities Valuation Continued

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

44 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

2) Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 28, 2013 based on valuation input level:

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs			Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama		$	—		$	940,087		$	—		$	940,087
Arizona			—			2,109,893			—			2,109,893
Arkansas			—			70,283			—			70,283
California			—			15,571,241			—			15,571,241
Colorado			—			894,900			—			894,900
Connecticut			—			507,510			—			507,510
District of Columbia			—			1,590,212			—			1,590,212
Florida			—			4,452,649			—			4,452,649
Georgia			—			3,575,674			—			3,575,674
Hawaii			—			20,026			—			20,026
Illinois			—			3,834,007			—			3,834,007
Indiana			—			260,857			—			260,857
Kentucky			—			447,126			—			447,126
Louisiana			—			210,862			—			210,862
Maine			—			65,177			—			65,177
Maryland			—			281,025			—			281,025
Massachusetts			—			595,587			—			595,587
Michigan			—			3,080,925			—			3,080,925
Minnesota			—			310,206			—			310,206
Mississippi			—			567,780			—			567,780
Missouri			—			492,965			—			492,965
Nebraska			—			435,316			—			435,316
Nevada			—			1,438,773			—			1,438,773
New Hampshire			—			25,120			—			25,120
New Jersey			—			5,444,358			—			5,444,358
New York			—			3,025,824			—			3,025,824
North Carolina			—			817,238			—			817,238
Ohio			—			2,156,053			—			2,156,053
Oklahoma			—			285,849			—			285,849
Oregon			—			784,282			—			784,282
Pennsylvania			—			1,288,726			—			1,288,726
Rhode Island			—			1,194,606			—			1,194,606
South Carolina			—			1,150,131			—			1,150,131
Tennessee			—			991,172			—			991,172
Texas			—			5,949,737			—			5,949,737

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 45

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

2. Securities Valuation Continued

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs			Value
Municipal Bonds and Notes Continued
U.S. Possessions		$	—		$	5,560,569		$	—		$	5,560,569
Vermont			—			1,144,676			—			1,144,676
Washington			—			555,267			—			555,267
West Virginia			—			20,228			—			20,228
Wisconsin			—			1,791,966			—			1,791,966
Total Assets		$	—		$	73,938,883		$	—		$	73,938,883

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

3. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 28, 2013						Year Ended September 28, 2012
	Shares			Amount			Shares			Amount
Class A
Sold		2,582,910		$	33,708,344			2,484,612		$	31,741,213
Dividends and/or distributions reinvested		42,630			555,911			37,274			477,728
Redeemed		(686,070	)		(8,949,658	)		(1,042,505	)		(13,355,745	)
Net increase		1,939,470		$	25,314,597			1,479,381		$	18,863,196
Class C
Sold		493,514		$	6,429,834			742,499		$	9,489,604
Dividends and/or distributions reinvested		9,011			117,364			7,354			94,323
Redeemed		(89,047	)		(1,158,344	)		(67,301	)		(861,748	)
Net increase		413,478		$	5,388,854			682,552		$	8,722,179
Class Y
Sold		237,891		$	3,110,920			156,926		$	2,008,312
Dividends and/or distributions reinvested		3,308			43,131			2,474			31,797
Redeemed		(121,432	)		(1,578,006	)		(26,507	)		(341,798	)
Net increase		119,767		$	1,576,045			132,893		$	1,698,311

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended March 28, 2013, were as follows:

	Purchases		Sales
Investment securities	$	28,385,822	$	2,840,058

46 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

5. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Over $1 billion	0.35

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of OFI, acted as the transfer and shareholder servicing agent for the Fund through December 31, 2012. Effective January 1, 2013, OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a per account fee.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. The Transfer Agent may voluntarily waive the minimum fees.

Sub-Transfer Agent Fees. Effective January 1, 2013, the Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI, (the “Sub-Transfer Agent”) to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 47

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

5. Fees and Other Transactions with Affiliates Continued

annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class C Shares. The Fund has adopted Distribution and Service Plan (the “Plan”) for Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plan, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If Class C plan is terminated by the Fund or by the shareholders, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plan at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2013 were as follows:

Class C $ 120,532

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
March 28, 2013	$	14,522	$	2,122	$	3,353

Waivers and Reimbursements of Expenses. The Manager has voluntary agreed to waive fees and/or reimburse the Fund for certain expenses so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses”, excluding interest and fees from borrowings, will not exceed 0.95% of average annual net assets for Class A shares, 1.73% of average annual net assets for Class C shares and 0.73% of average annual net assets for Class Y shares. During the six months ended March 28, 2013, the Manager reimbursed $16,693, $5,261 and $664 for Class A, Class C and Class Y shares, respectively.

48 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

The Transfer Agent has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes C and Y shares to 0.35% of average annual net assets per class and for Class A shares to 0.30% of average annual net assets of the class.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.

The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.1596% as of March 28, 2013). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 49

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Borrowings Continued

ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended March 28, 2013 equal 0.03% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of March 28, 2013, the Fund had borrowings outstanding at an interest rate of 0.1596%. Details of the borrowings for the six months ended March 28, 2013 are as follows:

Average Daily Loan Balance	$	970,879
Average Daily Interest Rate		0.188	%
Fees Paid	$	9,469
Interest Paid	$	755

7. Pending Litigation

Since 2009, a number of class action lawsuits have been pending in federal courts against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement

50 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. The court’s decision is subject to appeal. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, OFI believes that these suits should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 51

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS    Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

52 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee David K. Downes, Trustee Matthew P. Fink, Trustee Edmund P. Giambastiani, Jr., Advisory Board Member Phillip A. Griffiths, Trustee Mary F. Miller, Trustee Joel W. Motley, Trustee Joanne Pace, Advisory Board Member Mary Ann Tynan, Trustee Joseph M. Wikler, Trustee Peter I. Wold, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Daniel G. Loughran, Vice President Scott S. Cottier, Vice President Troy E. Willis, Vice President Mark R. DeMitry, Vice President Michael L. Camarella, Vice President Charles S. Pulire, Vice President Richard Stein, Vice President Arthur S. Gabinet, Secretary and Chief Legal Officer Christina M. Nasta, Vice President and Chief Business Officer Mark S. Vandehey, Vice President and Chief Compliance Officer Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMGLLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

^© 2013 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 53

PRIVACY POLICY

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

l Applications or other forms

l When you create a user ID and password for online account access

l When you enroll in eDocs Direct, our electronic document delivery service

l Your transactions with us, our affiliates or others

l A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

l When you set up challenge questions to reset your password online

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

54 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

PRIVACY POLICY

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

l All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

l Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

l You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., and each of its financial institution subsidiaries, the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2012. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 55

Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 1.800.CALL OPP (1.800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon-Fri 8am-8pm ET.

OppenheimerFunds are distributed by OppenheimerFunds Distributor, Inc.

RS0636.001.0313 May 20, 2013

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/28/2013, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable to semiannual reports.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Rochester Intermediate Term Municipal Fund

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer

Date: 5/8/2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer

Date: 5/8/2013

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer

Date: 5/8/2013