Oppenheimer Rochester Intermediate Term Municipal Fund N-CSR Certified 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.

225 Liberty Street, 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:  9/30/2014

Item 1.  Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	11
Fund Expenses	16
Statement of Investments	18
Statement of Assets and Liabilities	30
Statement of Operations	31
Statements of Changes in Net Assets	32
Statement of Cash Flows	33
Financial Highlights	34
Notes to Financial Statements	37
Report of Independent Registered Public Accounting Firm	51
Federal Income Tax Information	52
Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements	53
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	56
Trustees and Officers	57
Privacy Policy Notice	65

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/14

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Barclays Municipal Bond Index		Barclays Municipal     Bond 5 Year (4-6)     Index
1-Year	7.78%	5.35%		7.93%	3.96%
Since Inception (12/6/10)	4.30	3.68		5.29	3.33

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. 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

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Fund Performance Discussion

Investors in Oppenheimer Rochester Intermediate Term Municipal Fund earned highly competitive levels of tax-free income during the 12 months ended September 30, 2014: The Fund’s Class A dividend yield was 2.81% at net asset value (NAV) at the end of the reporting period, the taxable equivalent yield for the same share class was 3.66%, and distributions during this reporting period totaled 35.0 cents per Class A share. At 7.78%, the 1-year total return at NAV for this this Fund’s Class A shares outperformed the Barclays Municipal Bond 5 Year (4-6) Index, its benchmark, by 382 basis points.

MARKET OVERVIEW

In this reporting period, the Federal Reserve continued to clarify its position about what economic conditions would have to exist for it to consider ending its economic stimulus plan and changing the Fed Funds target rate, which has been set between zero and 0.25% for nearly 6 years.

The average distribution yield in Lipper’s Intermediate Municipal Debt Funds category was 2.25% at the end of this reporting period. At 2.81%, the distribution yield (at NAV) for this Fund’s Class A shares was 56 basis points higher than the category average.

A sell-off occurred in mid-March 2014 after Janet Yellen, the newly confirmed Fed chairman, held her first press conference and announced that the Fed’s decisions about the Fed Funds rate would begin to “take into account a wide range of information, including measures of labor market conditions,

indicators of inflation pressures and inflation expectations, and readings on financial developments.” (This sell-off was similar to the one that had occurred in June 2013, when statements by then-chairman Ben S. Bernanke were also seen as indicative of near-term rate changes.)

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge	2.81%
Dividend Yield with sales charge	2.74
Standardized Yield	2.07
Taxable Equivalent Yield	3.66
Last distribution (9/23/14)	$0.03
Total distributions (10/1/14 to 9/30/15)	$0.35
Endnotes for this discussion begin on page 13 of this report

3      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

In September 2014, the Fed stated that it plans to keep the Fed Funds target rate at its current level “for a considerable time” after its economic stimulus program ends. Markets were rattled late in the previous reporting period when Chairman Yellen said that “considerable time” could mean 6 months. During this reporting period, she clarified that any future decisions about rate changes would be “data dependent” and not necessarily based on a specific calendar target. Even after the goals of maximum employment and 2% inflation are reached, the Fed anticipates global economic conditions may necessitate keeping the Fed Funds rate below “normal” levels for some time.

The Fund reminds investors that longer-term interest rates are determined by the market- place and not necessarily by a change in the Fed Funds rate.

Late in this reporting period, the Fed announced its plans to reduce and most likely end quantitative easing, its effort to stimulate the economy by adding billions of dollars’ worth of bonds to its holdings of mortgage-backed and Treasury securities.

During calendar year 2013, the Fed was spending $85 billion a month to purchase these types of securities for its portfolio. Officials began reducing their monthly purchases of these securities in January 2014 and, as of September 30, 2014, had not set an end date for this stimulus program. According to the Federal Open Market Committee (FOMC) statement released in mid-

September, the Fed planned to buy agency mortgage-backed securities in October at a reduced pace of $5 billion per month, rather than $10 billion per month, and longer-term Treasury securities at a reduced pace of $10 billion per month starting in October, rather than $15 billion per month. This move is the latest in the Fed’s ongoing efforts to help keep long-term borrowing costs low.

The FOMC said it will closely monitor information on economic and financial developments in the coming months and that it will continue a reduced rate of purchases of Treasury and mortgage-backed securities until the “outlook for the labor market improves substantially in the context of price stability.” It is believed by many Fed watchers that an announcement about the end of quantitative easing might occur after the FOMC’s October 2014 meeting.

Our investment team will continue to search for value in the muni market as it seeks to produce competitive levels of tax-free income during the current economic conditions.

On September 30, 2014, the average yield on 30-year, AAA-rated muni bonds was 3.31%, down 95 basis points from September 30, 2013. The average yield on 10-year, AAA-rated muni bonds on September 30, 2014, was 2.19%, down 51 basis points from the September 2013 date, and the average yield on 1-year, AAA-rated muni bonds was 0.15%, down 15 basis points from the September 2013 date.

4      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

During this reporting period, media coverage about municipal debt issued in Puerto Rico contributed to market volatility. Details about the Fund’s Puerto Rico holdings can be found in the Fund Performance section, which follows.

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 that municipal bond funds seek to provide, many investors reinvest their dividends and allow the income generated from their investments to compound over time.

FUND PERFORMANCE

Oppenheimer Rochester Intermediate Term Municipal Fund held more than 240 securities as of September 30, 2014. 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 Fund’s Class A distribution yield at NAV was in the top quintile in Lipper’s Intermediate Municipal Debt Funds category as of September 30, 2014. At 2.81% on that date, it was 56 basis points higher than the category average, which was 2.25%. Additionally, for a taxable investment to have provided a greater benefit than an investment in this Fund, it would have had to yield more than 3.66%, based on the Fund’s standardized yield as of September 30, 2014, and the current top federal income tax rate. As long-time investors know, yields on fixed-income funds

rise when share prices fall, and yields have historically contributed the lion’s share of the long-term total returns generated by bonds.

The Fund’s dividend trend this reporting period shows the positive impact a yield-driven approach can have amid challenging market conditions. This Fund’s Class A dividend, which was 2.8 cents per share at the outset of the reporting period, increased to 2.9 cents per share beginning with the January 2014 payout and to 3.0 cents per share beginning with the May 2014 payout. In all, the Fund distributed 35.0 cents per Class A share this reporting period.

As of September 30, 2014, the Fund was invested in the hospital/healthcare sector, which totaled 20.0% of its total assets. Our holdings in this sector consist of securities across the credit spectrum. Bonds in this sector were positive contributors to the Fund’s total return this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 16.2% of the Fund’s net assets at the end of this reporting period. Puerto Rico’s “tobacco bonds” are excluded from this figure, as they are backed by the tobacco Master Settlement Agreement (MSA); the Fund’s three holdings in the tobacco sector represented 2.4% of the Fund’s total assets as of September 30, 2014, and in aggregate contributed favorably to the Fund’s performance this reporting period.

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The Fund’s Puerto Rico holdings, most of which are insured, include general obligation (G.O.) debt and securities from many different sectors as well. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things. The Fund’s holdings of bonds issued in Puerto Rico contributed favorably to the Fund’s performance this reporting period.

In recent years, first-term Governor Alejandro García Padilla has expanded on the fiscal discipline that was the hallmark of his predecessor, Luis Fortuño, by strengthening the island’s balance sheet,

cutting government payrolls, enacting comprehensive pension reforms, and raising revenues via tax rate changes and improved enforcement.

Many of the G.O. securities held by this Fund were issued in Puerto Rico. G.O. securities, which are backed by the full faith and taxing authority of state and local governments, represented 16.3% of the Fund’s total assets at the end of this reporting period and contributed favorably to the Fund’s performance. The Fund’s G.O. holdings also include bonds issued by many U.S. municipalities.

6      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

In late June 2014, news about the Commonwealth’s first balanced general fund budget in more than 20 years was overshadowed by Gov. Padilla’s decision to sign legislation allowing Puerto Rico’s public corporations – PREPA (the electric utility authority), PRASA (the aqueduct and sewer authority) and PRHTA (the highway authority) – to restructure their debt. Were issuers to make use of this law – the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”) – they could potentially seek to lessen debt-service payments to their creditors.

We recently filed a lawsuit in federal court in Puerto Rico, challenging the constitutional validity of the Recovery Act, which we will pursue vigorously. We are determined to

protect our shareholders’ best interests and enforce the bond covenants that have been negotiated.

As of September 30, 2014, the Fund’s holdings in the electric utilities sector included bonds issued by PREPA. In all, the electric utilities sector represented 3.8% of the Fund’s total assets. Both the sector as a whole and the PREPA bonds contributed favorably to Fund performance. We believe this demonstrates how the expertise of an experienced investment team can be applied to find opportunities that may not be discernible to individual investors.

Deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rican bonds and the performance of the

7      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Oppenheimer Rochester municipal funds that hold them, including this Fund. Our investment team will continue to monitor credit rating changes and other developments related to our Puerto Rico holdings closely and will post information on our website (oppenheimerfunds.com) and on our Twitter feed (twitter.com/rochesterfunds). We also encourage investors to contact their financial advisors for the latest information, as the situation remains quite fluid.

Puerto Rico debt continued to be the subject of a variety of critical reports. Media coverage in the first three months of this reporting period led to increased pricing pressure on bonds issued in Puerto Rico, though many began to rally in January 2014. Prices of Puerto Rico’s muni bonds declined again partway through this reporting period amid discussions of debt restructuring, but during the last quarter of this reporting period G.O.s and PREPA bonds rallied; sales tax revenue bonds, for the most part, failed to do so.

Given the degree to which Oppenheimer Rochester funds have been cited in news coverage about the economic and fiscal challenges facing Puerto Rico, we feel compelled to remind investors that all fund investments are actively managed. Our team is responsive to the dynamics of the market and may choose to adjust trading strategies in the interest of maximizing the potential benefits to our shareholders – and minimizing their potential losses.

Further, while we remain committed to keeping investors informed about our basic investing strategies, we do not provide comment about near-term trading strategies as we believe doing so might allow other market participants to impair our team’s ability to deliver shareholder value.

As of September 30, 2014, the Fund remained invested in land development (or “dirt”) bonds, which are Special Tax and Special Assessment bonds that help finance the infrastructure needs of new real estate development. At the end of this reporting period, the Special Tax and Special Assessment sectors represented 6.1% and 1.5% of the Fund’s total assets, respectively, and both sectors contributed favorably to Fund performance.

Overall, we believe that the bonds in this sector has several appealing characteristics: the debt service payments securing these bonds are on parity with real estate taxes and senior to mortgage payments, and assessments or taxes must be paid by whoever owns the land when the tax bill comes due. Additionally, we continue to believe that improvements in the housing market and the general economy could further strengthen the credit profiles of this sector.

Tax increment financing (TIF) bonds constituted 5.5% of the Fund’s total assets on September 30, 2014, and contributed positively to Fund performance. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax

8      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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.

The Fund was also invested in the municipal leases sector this reporting period, which accounted for 5.3% of the Fund’s total assets as of September 30, 2014. 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 and were a positive contributor to fund performance as of the end of the reporting period.

As of September 30, 2014, the Fund remained invested in the diversified financial services sector, which includes securities issued by companies that provide a range of financial products and services to consumers, corporations, governments, and institutions worldwide. At the end of the reporting period, this sector represented 5.3% of the Fund’s total assets and was a positive contributor to fund performance.

The Fund continued to be invested in the higher education sector as of September 30, 2014, representing 4.5% of the total assets. 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. This sector, too, was a

positive contributor to the Fund this reporting period.

As of September 30, 2014, the Fund’s holdings in municipal bonds issued by water utilities and sewer utilities each represented 3.8% of total assets, and both sectors contributed positively to Fund performance. It should be noted that the Fund’s investment in PRASA also made a positive contribution to the Fund’s total return this reporting period.

The adult living facilities sector, which represented less than 1% of the Fund’s total assets as of September 30, 2104, was the only sector that detracted from Fund performance this reporting period.

Our approach to municipal bond investing is flexible and responsive to market conditions. Further, market conditions during this reporting period did not affect the Fund’s overall investment goals. 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.

9      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

This “maturity managed” Fund uses a dollar-weighted approach to measuring the average maturity of its securities and seeks an average effective maturity of 5 years or less 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 as is the credit quality of the securities. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings.

Our team continually searches for bonds that we believe are undervalued and can 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 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 Elizabeth S. Mossow.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Hospital/Healthcare	20.0%
General Obligation	16.3
Special Tax	6.1
Tax Increment Financing (TIF)	5.5
Municipal Leases	5.3
Diversified Financial Services	5.3
Higher Education	4.5
Electric Utilities	3.8
Water Utilities	3.8
Sewer Utilities	3.8

Portfolio holdings are subject to change. Percentages are as of September 30, 2014, and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		5.7%		0.0%		5.7%
AA		43.8		0.0		43.8
A		29.8		6.2		36.0
BBB		10.8		1.2		12.0
BB or lower		2.5		0.0		2.5
Total		92.6%		7.4%		100.0%

The percentages above are based on the market value of the securities as of September 30, 2014, 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, the sub-adviser, 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, the sub-adviser 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 the sub-adviser’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.

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Performance

DISTRIBUTION YIELDS

As of 9/30/14

	Without Sales Charge		With Sales     Charge
Class A		2.81%		2.74%
Class C		2.09		N/A
Class Y		3.00		N/A

STANDARDIZED YIELDS

For the 30 Days Ended 9/30/14
Class A	2.07%
Class C	1.34
Class Y	2.33

TAXABLE EQUIVALENT YIELDS

As of 9/30/14
Class A	3.66%
Class C	2.37
Class Y	4.12

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/14

	Inception     Date	1-Year	Since  Inception
Class A (ORRWX)	12/6/10	7.78%	4.30%
Class C (ORRCX)	12/6/10	6.95	3.48
Class Y (ORRYX)	12/6/10	8.01	4.52

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/14

	Inception     Date	1-Year	Since Inception
Class A (ORRWX)	12/6/10	5.35%	3.68%
Class C (ORRCX)	12/6/10	5.95	3.48
Class Y (ORRYX)	12/6/10	8.01	4.52

12      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

  COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

 

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an 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 investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 2.25%; for Class C, the contingent deferred sales charge of 1% for the 1-year period. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. There is no sales charge for Class Y shares.

The Fund’s performance is compared to the performance 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 Fund’s performance is also compared to the performance of the Barclays Municipal Bond 5 Year (4-6) Index, which is the 4- to 6-year component of the Barclays Municipal Bond Index. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the 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 $0.030 for the 28-day accrual period ended September 23, 2014. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on September 23, 2014; for the yield with sales charge, the denominator is the Class A maximum offering price

13      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0223 and $0.0321, respectively, for the 28-day accrual period ended September 23, 2014, 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 September 30, 2014, 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 215 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 2014 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.

The average yields for AAA-rated municipal securities are provided by Municipal Market Advisors (MMA) and are based on its benchmark of general obligation 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.

Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The 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.

14      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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.

15      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 September 30, 2014.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6-Months Ended September 30, 2014” 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 Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

16      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Actual	Beginning Account Value April 1, 2014		Ending Account Value September 30, 2014		Expenses Paid During 6 Months Ended September 30, 2014
Class A	$	1,000.00	$	1,040.90	$	6.05
Class C		1,000.00		1,037.70		10.06
Class Y		1,000.00		1,042.00		4.82
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.15		5.99
Class C		1,000.00		1,015.24		9.95
Class Y		1,000.00		1,020.36		4.77

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2014 are as follows:

Class	Expense Ratios
Class A		1.18	%
Class C		1.96
Class Y		0.94

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. 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.

17      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFINVESTMENTS September 30, 2014

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
Municipal Bonds and Notes—99.9%
Alabama—1.0%
$50,000	AL Agriculture & Mechanical University1		5.000 %		11/01/2024		05/01/2017	A	$	51,296
15,000	Jefferson County, AL Limited Obligation School Warrant1		5.250		01/01/2023		10/31/2014	A		15,012
100,000	Jefferson County, AL Limited Obligation School Warrant1		5.250		01/01/2019		10/31/2014	A		100,191
240,000	Jefferson County, AL Limited Obligation School Warrant1		5.500		01/01/2021		10/31/2014	A		240,305
235,000	Jefferson County, AL Limited Obligation School Warrant1		5.500		01/01/2022		10/31/2014	A		235,282
										642,086
Alaska—0.0%
10,000	AK HFC, Series B1		5.250		12/01/2025		06/01/2015	A		10,288
Arizona—3.2%
50,000	AZ Health Facilities Authority (Banner Health System)1		5.000		01/01/2022		01/01/2017	A		54,414
250,000	Greater AZ Devel. Authority (Santa Cruz County Jail)1		5.250		08/01/2031		08/01/2018	A		268,117
500,000	Maricopa County, AZ IDA (DHlth/CHSB Obligated Group)		5.500		07/01/2026		10/16/2014	A		501,195
395,000	Mohave County, AZ IDA (Mohave Prison)1		7.500		05/01/2019		12/02/2017	B		450,079
250,000	Pima County, AZ IDA (Tucson Electric Power Company)1		5.750		09/01/2029		01/12/2015	A		252,260
490,000	Queen Creek, AZ Improvement District No. 11		5.000		01/01/2018		01/01/2015	A		493,636
										2,019,701
Arkansas—0.1%
70,000	University of Arkansas (Fayetteville)		5.250		11/01/2017		11/01/2014	A		70,293
California—23.0%
10,000	Adelanto, CA Public Utility Authority		6.000		07/01/2023		07/01/2019	A		11,426
25,000	Bay Area, CA Toll Authority (San Francisco Bay Area)1		5.000		04/01/2022		04/01/2016	A		26,790
1,000,000	Beaumont, CA Financing Authority, Series B		5.000		09/01/2028		09/01/2023	A		1,081,890
20,000	CA County Tobacco Securitization Agency (TASC)1		6.000		06/01/2029		06/07/2017	B		19,543
30,000	CA Dept. of Transportation COP		5.250		03/01/2016		10/31/2014	A		30,129
420,000	CA Educational Facilities Authority (Chapman University)1		5.000		04/01/2025		04/01/2021	A		480,089
5,000	CA GO1		6.000		08/01/2020		02/01/2015	A		5,098
75,000	CA GO1		5.000		09/01/2019		09/01/2016	A		81,880
410,000	CA GO1		6.500		04/01/2033		04/01/2019	A		501,442
500,000	CA Health Facilities Financing Authority (CHCW)1		5.250		03/01/2024		03/01/2016	A		530,750
35,000	CA Health Facilities Financing Authority (CHCW/CMF Obligated Group)1		5.125		07/01/2022		07/01/2015	A		36,171

18      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
California (Continued)
$500,000	CA Health Facilities Financing Authority (Children’s Hospital)1		5.000 %		11/01/2024		11/01/2021	A	$	558,040
125,000	CA Public Works (California Community Colleges)		5.500		06/01/2022		10/31/2014	A		125,551
50,000	CA Public Works (California State University)		5.500		09/01/2015		10/31/2014	A		50,219
250,000	CA Public Works (Dept. of General Services)		5.250		12/01/2019		10/31/2014	A		250,992
20,000	CA Public Works (Various Community Colleges)		5.625		03/01/2016		10/31/2014	A		20,089
50,000	CA Public Works (Various Community Colleges)		5.625		03/01/2019		10/31/2014	A		50,214
25,000	Central CA Unified School District COP1		5.000		08/01/2022		08/01/2017	A		27,775
100,000	Cerritos, CA Public Financing Authority1		5.000		11/01/2018		11/01/2017	A		112,635
100,000	Compton, CA Community College District		5.000		07/01/2019		07/01/2019			114,340
100,000	Compton, CA Community College District		5.000		07/01/2018		07/01/2018			112,509
100,000	El Centro, CA Financing Authority (El Centro Redevel.)1		6.625		11/01/2025		05/01/2021	A		125,702
500,000	El Dorado County, CA Special Tax Community Facilities District No. 9288		5.000		09/01/2024		09/01/2022	A		575,650
50,000	La Mesa, CA Fire, Police & Emergency Services		5.000		08/01/2025		10/31/2014	A		50,198
500,000	Lancaster, CA Redevel. Agency1		5.500		12/01/2028		12/01/2020	A		557,820
50,000	Lancaster, CA Redevel. Agency Tax Allocation (Sheriffs Facility)1		5.250		12/01/2016		12/01/2014	A		50,374
500,000	Lodi, CA Public Financing Authority		5.250		10/01/2026		04/01/2022	A		564,685
25,000	Los Angeles, CA State Building Authority		5.500		10/01/2016		10/31/2014	A		25,102
250,000	Madera, CA Irrigation Financing Authority1		5.750		01/01/2026		01/01/2020	A		285,582
100,000	Monrovia, CA Redevel. Agency Tax Allocation (Central Redevel. Project Area No. 1)1		6.500		05/01/2026		05/01/2021	A		123,570
190,000	Palm Desert, CA Financing Authority		5.000		04/01/2019		04/01/2015	A		192,269
495,000	Redwood City, CA Special Tax		5.000		09/01/2026		09/01/2022	A		559,776
500,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000		09/01/2028		09/01/2022	A		551,345
250,000	Riverside County, CA Public Financing Authority1		5.000		05/01/2026		05/01/2022	A		284,820
250,000	Riverside County, CA Public Financing Authority1		5.000		05/01/2025		05/01/2022	A		286,832
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		105,059
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		73,862

19      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFINVESTMENTS Continued

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
California (Continued)
$100,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		5.750 %		10/01/2020		10/01/2020		$	117,341
400,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Assessment District)		5.250		09/02/2026		03/02/2015	A		414,908
105,000	Riverside, CA Unified School District1		5.000		09/01/2024		09/01/2016	A		109,181
50,000	Rohnert Park, CA COP1		5.000		07/01/2024		10/31/2014	A		50,089
150,000	San Bernardino, CA Joint Powers Financing Authority1		5.750		10/01/2017		10/01/2017			167,265
45,000	San Bernardino, CA Joint Powers Financing Authority1		5.750		10/01/2018		10/01/2018			51,228
350,000	San Bernardino, CA Joint Powers Financing Authority1		5.750		10/01/2020		10/01/2020			407,418
200,000	San Bernardino, CA Joint Powers Financing Authority1		5.750		10/01/2018		10/01/2018			227,678
245,000	San Bernardino, CA Joint Powers Financing Authority1		5.750		10/01/2019		10/01/2019			283,409
520,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2024		09/01/2023	A		587,085
250,000	San Diego, CA Public Facilities Financing Authority		5.000		08/01/2028		08/01/2022	A		292,683
200,000	San Diego, CA Public Facilities Financing Authority (Ballpark)1		5.250		02/15/2021		02/15/2017	A		219,534
1,010,000	San Gorgonio, CA Memorial Health Care District		5.000		08/01/2025		08/01/2020	A		1,118,232
25,000	San Juan, CA Unified School District1		5.000		08/01/2020		08/01/2015	A		26,018
200,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1		5.250		06/01/2019		12/01/2014	A		201,638
520,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2022		11/15/2022			590,268
500,000	South Gate, CA Utility Authority		5.250		10/01/2026		10/01/2022	A		582,705
100,000	Vallejo City, CA Unified School District		5.000		08/01/2027		10/31/2014	A		100,307
250,000	Vernon, CA Electric System1		5.125		08/01/2021		09/04/2018	A		282,653
100,000	Westlands, CA Water District		5.000		09/01/2027		09/01/2022	A		115,029
100,000	Westlands, CA Water District		5.000		09/01/2026		09/01/2022	A		116,027
										14,700,914
Colorado—1.4%
250,000	CO E-470 Public Highway Authority1		5.500		09/01/2024		09/01/2015	A		260,107
70,000	Montrose County, CO Memorial Hospital1		5.250		12/01/2017		10/31/2014	A		70,284
500,000	Plaza, CO Metropolitan District No. 1		5.000		12/01/2022		12/01/2022			544,540
										874,931
District of Columbia—0.7%
100,000	District of Columbia Ballpark1		5.000		02/01/2022		02/01/2016	A		104,762
300,000	District of Columbia Student Dorm (Provident Group-Howard Properties)		5.000		10/01/2030		10/01/2022	A		314,838
										419,600
Florida—7.5%
30,000	FL Municipal Loan Council1		5.000		11/01/2031		11/01/2014	A		30,045
10,000	FL Municipal Loan Council		5.250		05/01/2019		11/01/2014	A		10,035

20      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
Florida (Continued)
$75,000	FL Municipal Loan Council1		5.250 %		11/01/2018		11/01/2014	A	$	75,223
50,000	Hollywood, FL Community Redevel. Agency (Beach)1		5.625		03/01/2024		10/31/2014	A		50,104
3,200,000	Lee, FL Memorial Health System (Lee Memorial Hospital/Cape Memorial Hospital Obligated Group) SPEARS		0.130  2		04/01/2037		10/07/2014	A		3,200,000
40,000	Miami Beach, FL Water & Sewer		5.000		09/01/2030		10/31/2014	A		40,142
75,000	Miami Beach, FL Water & Sewer		5.500		09/01/2027		10/31/2014	A		75,322
90,000	Miami-Dade County, FL Solid Waste		5.000		10/01/2020		10/31/2014	A		90,359
10,000	Miami-Dade County, FL Solid Waste		5.500		10/01/2017		10/31/2014	A		10,044
40,000	Miami-Dade County, FL Solid Waste3		4.750		10/01/2018		10/26/2014	A		40,150
500,000	Orlando, FL Community Redevel. Agency (Conroy Road District)		5.000		04/01/2023		04/01/2022	A		558,115
15,000	Tallahassee, FL Health Facilities (Tallahassee Memorial Healthcare)		6.250		12/01/2020		10/31/2014	A		15,064
30,000	Tallahassee, FL Health Facilities (Tallahassee Memorial Medical Center)1		6.000		12/01/2015		10/31/2014	A		30,146
500,000	Tampa, FL Health System (Baycare Health System)		5.000		11/15/2026		05/15/2022	A		573,840
										4,798,589
Georgia—2.9%
10,000	Athens, GA Area Facilities Corp. COP (Georgia Dept. of Labor)1		5.000		06/15/2037		06/13/2016	A		10,276
50,000	Atlanta, GA HDC (Bedford Tower)		6.350		01/01/2023		10/31/2014	A		50,683
50,000	Atlanta, GA Water & Wastewater Authority		5.000		11/01/2033		11/01/2014	A		50,167
1,065,000	GA HEFA (USG Real Estate Foundation)1		6.000		06/15/2034		06/15/2018	A		1,208,306
25,000	GA Municipal Assoc. (Atlanta Detention Center)		5.000		12/01/2018		10/31/2014	A		25,095
500,000	Randolph County, GA GO		5.000		04/01/2030		04/01/2022	A		534,305
										1,878,832
Illinois—3.8%
100,000	Chicago, IL Board of Education		5.000		12/01/2021		10/31/2014	A		100,383
100,000	Chicago, IL GO1		5.000		01/01/2035		10/31/2014	A		100,018
100,000	Chicago, IL State University (Auxiliary Facilities System)1		5.000		12/01/2018		10/31/2014	A		100,581
500,000	Cook County, IL Community College District #508 (City Colleges Chicago)		5.250		12/01/2026		12/01/2023	A		579,185
215,000	Du Page County, IL Transportation Revenue1		5.000		01/01/2020		07/01/2015	A		222,417
175,000	Franklin Park, IL GO1		6.250		07/01/2030		07/01/2021	A		201,155
195,000	IL COP		5.800		07/01/2017		10/31/2014	A		195,388
150,000	IL Finance Authority (ABHS/ABMC/AVM/AVT/ABSJ Obligated Group)1		5.250		01/01/2022		04/14/2018	A		164,580
150,000	IL Finance Authority (OSF Healthcare System)1		7.000		11/15/2029		05/15/2019	A		180,915

21      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFINVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective  Maturity*			Value
Illinois (Continued)
$50,000	IL Finance Authority (RUMC/RNSMC/RCMC Obligated Group)1		5.250 %			11/01/2035		11/01/2018	A	$	54,205
175,000	IL GO		5.000			06/01/2020		10/31/2014	A		175,627
25,000	IL GO1		5.000			06/01/2027		10/31/2014	A		25,103
250,000	IL GO		5.000			08/01/2023		08/01/2023			276,845
35,000	Northern IL Municipal Power Agency (Prarie Street)1		5.000			01/01/2019		01/01/2018	A		38,727
											2,415,129
Indiana—3.7%
55,000	Delaware County, IN Redevel. District		6.875			02/01/2018		10/31/2014	A		55,229
2,295,000	Indiana, IN Bond Bank Special Program PUTTERS1		0.390	2		04/15/2017		10/07/2014	A		2,295,000
											2,350,229
Louisiana—2.0%
1,000,000	Jefferson Parish, LA Hospital Service District No. 1 (West Jefferson Medical Center)1		5.250			01/01/2028		01/01/2020	A		1,094,850
215,000	Sabine River, LA Authority Pollution Control (International Paper Company)1		6.200			02/01/2025		10/23/2014	A		215,823
											1,310,673
Maine—0.0%
5,000	ME H&HEFA (Bridgton Hospital/Franklin Memoria Hospital/GINNE Obligated Group)		5.250			07/01/2021		10/31/2014	A		5,021
5,000	ME H&HEFA, Series A1		5.000			07/01/2019		10/31/2014	A		5,014
											10,035
Maryland—2.2%
610,000	Baltimore, MD Convention Center		5.000			09/01/2019		10/31/2014	A		612,269
250,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1		5.125			09/01/2030		03/01/2021	A		272,420
500,000	MD EDC Student Hsg. (Salisbury University)		5.000			06/01/2027		06/01/2023	A		546,410
											1,431,099
Massachusetts—0.9%
250,000	MA Devel. Finance Agency (Avon Association)1		5.000			04/01/2018		04/01/2018			273,433
250,000	MA Devel. Finance Agency (Partners Healthcare System)1		5.000			07/01/2031		07/01/2021	A		285,847
30,000	MA H&EFA (UMass Memorial Health Care/UMass Memorial Medical Center Obligated Group)1		5.000			07/01/2028		10/31/2014	A		30,075
											589,355
Michigan—6.1%
100,000	Detroit, MI GO1		5.375			04/01/2015		04/01/2015			99,998
500,000	Detroit, MI Sewer Disposal System1		5.250			07/01/2023		07/01/2017	A		533,145
550,000	Detroit, MI Sewer Disposal System1		7.500			07/01/2033		07/01/2019	A		652,801

22      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
Michigan (Continued)
$265,000	Detroit, MI Water Supply System1		6.500 %		07/01/2015		07/01/2015		$	276,938
510,000	Detroit, MI Water Supply System1		5.000		07/01/2034		10/06/2014	A		509,964
100,000	Grand Rapids, MI Building Authority		5.000		10/01/2028		10/31/2014	A		100,352
250,000	MI Finance Authority (Crittendon Hospital Medical Center)1		5.000		06/01/2027		06/01/2022	A		267,723
1,000,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2027		07/01/2024	A		1,119,930
250,000	MI Finance Authority (School District)		5.000		06/01/2020		06/01/2020			284,920
20,000	MI Hsg. Devel. Authority (Charter Square)1		5.500		01/15/2021		10/31/2014	A		20,048
15,000	MI Municipal Bond Authority1		6.000		11/01/2020		11/01/2014	A		15,040
										3,880,859
Mississippi—2.8%
210,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)1		5.750		07/01/2031		10/31/2014	A		210,525
60,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)1		6.200		07/01/2018		10/31/2014	A		60,187
345,000	MS Business Finance Corp. (System Energy Resources)1		5.875		04/01/2022		10/31/2014	A		345,279
1,000,000	MS Hospital Equipment & Facilities Authority (BMHD/BMHCC/BMHosp/ BMHW/MBHS/BMHH/BMHT/BMHL/ BMHUC/BMHGT/BMHFC/ BMHMC/BMHCF/BMRRS/ BMMC/BMHC/BMH-UC/BMHNM Obligated Group)		5.000		09/01/2024		10/31/2014	A		1,003,780
145,000	Ridgeland, MS Tax Increment (Colony Park)1		5.875		04/01/2026		04/01/2021	A		163,660
										1,783,431
Missouri—0.4%
10,000	MO Environmental Improvement & Energy Resources Authority1		7.200		07/01/2016		10/31/2014	A		10,154
10,000	MO Environmental Improvement & Energy Resources Authority		5.750		01/01/2016		10/31/2014	A		10,047
10,000	MO Environmental Improvement & Energy Resources Authority		5.900		01/01/2019		10/31/2014	A		10,048
20,000	MO Environmental Improvement & Energy Resources Authority		5.000		01/01/2020		10/31/2014	A		20,080
65,000	MO Environmental Improvement & Energy Resources Authority		5.125		01/01/2020		10/31/2014	A		65,268
40,000	MO Environmental Improvement & Energy Resources Authority		5.500		07/01/2019		10/31/2014	A		40,178
25,000	MO Monarch-Chesterfield Levee District		5.750		03/01/2019		10/31/2014	A		25,106
100,000	Springfield, MO Center City Devel. Corp. (Jordan Valley Park Exposition Center)		5.000		06/01/2027		10/31/2014	A		100,387
										281,268

23      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFINVESTMENTS Continued

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
Nevada—1.8%
$95,000	Las Vegas, NV Special Improvement District No. 607		5.000 %		06/01/2024		06/01/2024		$	103,003
200,000	North Las Vegas, NV GO1		5.000		05/01/2024		05/01/2016	A		202,898
500,000	North Las Vegas, NV Wastewater Reclamation System1		5.000		10/01/2023		10/01/2016	A		510,060
340,000	Washoe County, NV Hospital Facility (Renown Regional Medical Center/Renown Network Services Obligated Group)1		5.000		06/01/2021		10/31/2014	A		340,588
										1,156,549
New Jersey—1.3%
15,000	Burlington County, NJ Bridge Commission1		4.500		10/15/2022		10/31/2014	A		15,028
50,000	NJ Educational Facilities Authority (Richard Stockton College)1		5.125		07/01/2028		07/01/2018	A		56,102
80,000	NJ Health Care Facilities Financing Authority (Newton Memorial Hospital)1		5.000		07/01/2026		10/31/2014	A		80,158
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		282,107
95,000	NJ Higher Education Assistance Authority1		5.000		12/01/2025		12/01/2019	A		100,556
250,000	NJ Transportation Trust Fund Authority1		5.000		06/15/2027		06/15/2021	A		278,118
										812,069
New Mexico—0.1%
75,000	Farmington, NM Hospital (San Juan Regional Medical Center)1		5.000		06/01/2023		10/31/2014	A		75,210
New York—1.1%
100,000	L.I., NY Power Authority1		5.000		04/01/2023		04/01/2019	A		110,592
150,000	NYC GO1		5.250		09/01/2022		09/01/2018	A		174,147
205,000	NYC IDA (New York Institute of Technology)		5.250		03/01/2018		10/31/2014	A		205,806
5,000	NYS HFA (Hospital & Nursing Home)		5.150��		11/01/2016		11/01/2014	A		5,020
200,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500		12/01/2028		12/01/2015	A		212,140
										707,705
Ohio—0.8%
200,000	Hamilton County, OH Sales Tax1		5.000		12/01/2020		12/01/2016	A		218,278
250,000	Ross County, OH Hospital (Adena Health System)1		5.750		12/01/2028		12/01/2018	A		277,158
										495,436
Oregon—1.0%
20,000	OR GO (Alternate Energy)1		5.000		01/01/2028		10/31/2014	A		20,028
60,000	OR GO (Elderly & Disabled Hsg.)		5.150		08/01/2030		10/31/2014	A		60,197
500,000	OR Health & Science University		5.000		07/01/2023		07/01/2022	A		593,205
										673,430

24      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
Pennsylvania—1.2%
$50,000	Allegheny County, PA HEBA (Carlow University)1		4.500 %		11/01/2016		11/01/2016		$	51,469
555,000	PA EDFA (Albert Einstein Healthcare)1		6.250		10/15/2023		02/25/2019	A		623,642
40,000	Philadelphia, PA Gas Works		5.000		09/01/2029		10/31/2014	A		40,138
40,000	Philadelphia, PA Hsg. Authority1		5.500		12/01/2019		10/31/2014	A		40,040
										755,289
Rhode Island—1.3%
500,000	Providence, RI Public Building Authority, Series A1		5.875		06/15/2026		06/15/2021	A		557,550
10,000	Providence, RI Public Building Authority, Series A		5.125		12/15/2014		10/31/2014	A		10,027
25,000	RI Clean Water Finance Agency1		5.000		10/01/2035		10/31/2014	A		25,022
35,000	RI Clean Water Protection Finance Agency		5.125		10/01/2019		10/31/2014	A		35,145
165,000	RI Health & Educational Building Corp. (Newport Hospital)1		5.300		07/01/2029		10/31/2014	A		166,335
25,000	RI Health & Educational Building Corp. (RIH/TMH Obligated Group)		5.500		05/15/2016		10/31/2014	A		25,106
										819,185
South Carolina—0.9%
500,000	Greenville, SC Hospital System		5.000		05/01/2024		05/01/2022	A		576,855
10,000	SC Hsg. Finance & Devel. Authority1		5.500		07/01/2032		01/01/2018	A		10,492
										587,347
South Dakota—1.0%
550,000	SD Educational Enhancement Funding Corp. Tobacco Settlement1		5.000		06/01/2026		06/01/2023	A		614,081
Tennessee—1.4%
500,000	Knox County, TN HE&HFB (Covenant Health)		5.000		01/01/2025		01/01/2023	A		580,935
300,000	TN Energy Acquisition Gas Corp.1		5.250		09/01/2020		09/01/2020			344,592
										925,527
Texas—6.3%
50,000	Alvin, TX Independent School District (Schoolhouse)1		5.000		02/15/2027		02/15/2015	A		50,862
150,000	Alvin, TX Independent School District (Schoolhouse)1		5.000		02/15/2027		02/15/2015	A		152,749
70,000	Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital (GRMC)1		5.500		08/15/2036		08/15/2018	A		77,639
125,000	Dallas-Fort Worth, TX International Airport		5.000		11/01/2026		11/01/2020	A		144,920
125,000	Dallas-Fort Worth, TX International Airport		5.000		11/01/2025		11/01/2020	A		145,669
1,000,000	El Paso, TX Downtown Devel. Corp. (Downtown Ballpark Venue)		7.000		08/15/2023		08/15/2017	A		1,142,400
30,000	Gonzales, TX Healthcare System		5.350		08/15/2015		10/31/2014	A		30,130

25      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFINVESTMENTS Continued

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
Texas (Continued)
$165,000	Harris County-Houston, TX Sports Authority1		5.000 %		11/15/2028		10/31/2014	A	$	165,096
235,000	Harris County-Houston, TX Sports Authority1		5.000		11/15/2025		10/31/2014	A		235,139
250,000	Harris County-Houston, TX Sports Authority1		5.250		11/15/2030		10/31/2014	A		250,125
300,000	Harris County-Houston, TX Sports Authority1		5.750		11/15/2019		10/31/2014	A		300,906
50,000	Harris County-Houston, TX Sports Authority1		5.750		11/15/2020		10/31/2014	A		50,151
20,000	Huntsville, TX GO COP		5.000		08/15/2023		10/31/2014	A		20,079
40,000	Newark, TX Cultural Education Facilities Finance Corp.1		7.250		08/15/2021		07/28/2016	C		45,751
55,000	Port Houston, TX Authority		5.000		10/01/2027		10/31/2014	A		55,216
100,000	St. George Place, TX Redevel. Authority1		5.350		09/01/2018		10/31/2014	A		100,321
40,000	TX GO		5.250		08/01/2035		10/31/2014	A		40,160
5,000	TX Lower Colorado River Authority		5.875		05/15/2016		10/31/2014	A		5,024
500,000	TX Municipal Gas Acquisition & Supply Corp.1		5.000		12/15/2026		12/15/2022	A		552,330
160,000	TX Municipal Gas Acquisition & Supply Corp.1		5.625		12/15/2017		07/21/2016	B		174,592
100,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250		12/15/2026		08/04/2023	B		122,866
150,000	TX Public Finance Authority (Texas Southern University)1		5.500		05/01/2018		05/01/2018			166,149
										4,028,274
Vermont—1.8%
250,000	Burlington, VT GO		5.000		11/01/2027		11/01/2022	A		265,962
250,000	Burlington, VT GO		5.000		11/01/2021		11/01/2021			274,960
500,000	VT Educational & Health Buildings Financing Agency (Middlebury College)		5.000		11/01/2028		11/01/2022	A		591,660
										1,132,582
Washington—0.0%
25,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600		03/01/2028		10/31/2014	A		25,002
West Virginia—0.0%
20,000	Randolph County, WV County Commission Health System (Davis Health System)1		5.200		11/01/2021		11/01/2014	A		20,062
Wisconsin—2.0%
125,000	Milwaukee, WI Hsg. Authority (Veterans Hsg.)1		5.100		07/01/2022		01/01/2015	A		126,500
500,000	WI H&EFA (Marshfield Clinic)		5.000		02/15/2028		02/15/2022	A		554,875
605,000	WI H&EFA (Wheaton Franciscan Services)1		5.125		08/15/2030		08/15/2016	A		620,234
										1,301,609

26      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
U.S. Possessions—16.2%
$250,000	Puerto Rico Aqueduct & Sewer Authority		5.500 %		07/01/2028		07/01/2028		$	191,827
975,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375		05/15/2033		10/31/2014	A		978,315
1,100,000	Puerto Rico Commonwealth GO1		2.973		07/01/2020		07/01/2020			1,029,083
200,000	Puerto Rico Commonwealth GO1		5.000		07/01/2023		07/01/2017	A		201,698
50,000	Puerto Rico Commonwealth GO1		5.250		07/01/2026		07/01/2026			38,375
940,000	Puerto Rico Commonwealth GO1		5.500		07/01/2020		07/01/2020			975,626
50,000	Puerto Rico Commonwealth GO1		5.500		07/01/2017		07/01/2017			52,225
340,000	Puerto Rico Commonwealth GO1		5.500		07/01/2027		07/01/2027			261,814
300,000	Puerto Rico Commonwealth GO1		5.500		07/01/2019		07/01/2019			312,948
500,000	Puerto Rico Electric Power Authority, Series AAA4		5.250		07/01/2025		07/01/2025			297,905
500,000	Puerto Rico Electric Power Authority, Series NN		5.250		07/01/2019		07/01/2019			513,055
250,000	Puerto Rico Electric Power Authority, Series RR		5.000		07/01/2023		07/01/2023			249,298
455,000	Puerto Rico Electric Power Authority, Series UU		5.000		07/01/2024		07/01/2017	A		458,103
15,000	Puerto Rico HFA1		5.500		12/01/2019		12/01/2018	A		17,298
350,000	Puerto Rico HFA		5.000		12/01/2020		10/31/2014	A		350,955
45,000	Puerto Rico Highway & Transportation Authority1		5.750		07/01/2019		07/01/2019			32,939
15,000	Puerto Rico Highway & Transportation Authority1		5.500		07/01/2017		07/01/2017			15,159
1,000,000	Puerto Rico Highway & Transportation Authority1		5.500		07/01/2025		07/01/2025			1,051,310
30,000	Puerto Rico Highway & Transportation Authority, Series E1		5.500		07/01/2015		07/01/2015			30,067
115,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2020		10/01/2020			113,886
100,000	Puerto Rico Municipal Finance Agency, Series A		5.250		08/01/2017		10/31/2014	A		100,069
155,000	Puerto Rico Municipal Finance Agency, Series A		5.250		08/01/2018		10/31/2014	A		155,099
650,000	Puerto Rico Municipal Finance Agency, Series A1		5.250		08/01/2020		08/01/2020			648,980
55,000	Puerto Rico Municipal Finance Agency, Series A		5.500		07/01/2017		10/31/2014	A		55,044
955,000	Puerto Rico Municipal Finance Agency, Series A1		5.000		08/01/2027		03/12/2025	B		918,175
315,000	Puerto Rico Municipal Finance Agency, Series C1		5.000		08/01/2016		08/01/2015	A		317,082
500,000	Puerto Rico Public Buildings Authority1		5.750		07/01/2022		07/01/2022			400,235
50,000	Puerto Rico Public Buildings Authority1		7.000		07/01/2021		07/01/2021			41,821
170,000	Puerto Rico Public Buildings Authority1		5.250		07/01/2017		07/01/2017			170,422
100,000	Puerto Rico Public Buildings Authority		5.250		07/01/2023		07/01/2023			78,205

27      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFINVESTMENTS Continued

Principal Amount		Coupon		Maturity		Effective  Maturity*			Value
U.S. Possessions (Continued)
$390,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.750 %		08/01/2037		01/31/2037	B	$	311,949
										10,368,967
Total Investments, at Value (Cost $62,918,945)—99.9%										63,965,636
Net Other Assets (Liabilities)—0.1										84,564
Net Assets—100.0%									$	64,050,200

Footnotes to Statement of Investments

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

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

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

C. Average life due to mandatory, or expected, sinking fund principal payments prior to applicable optional call date.

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

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

3. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 30, 2014. See Note 1 of the accompanying Notes.

4. Subject to a forbearance agreement. Rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

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
AVM	Alexian Village of Milwaukee
AVT	Alexian Village of Tennessee
BMH-UC	Baptist Memorial Hospital-Union City
BMHC	Baptist Memorial Home Care
BMHCC	Baptist Memorial Health Care Corp.
BMHCF	Baptist Memorial Health Care Foundation
BMHD	Baptist Memorial Hospital-Desoto
BMHFC	Baptist Memorial Hospital-Forrest City
BMHGT	Baptist Memorial Hospital-Golden Triangle
BMHH	Baptist Memorial Hospital-Huntington
BMHL	Baptist Memorial Hospital-Lauderdale
BMHMC	Baptist Memorial Hospital-Mississippi County
BMHNM	Baptist Memorial Hospital-North Mississippi
BMHosp	Baptist Memorial Hospital
BMHT	Baptist Memorial Hospital-Tipton
BMHUC	Baptist Memorial Hospital-Union County
BMHW	Baptist Memorial Hospital for Women
BMMC	Baptist Minor Medical Centers
BMRRS	Baptist Memorial Regional Rehabilitation Services
CHCW	Catholic Healthcare West
CHSB	Community Hospital of San Bernardino
CMF	CHW Medical Foundation
COP	Certificates of Participation
DHlth	Dignity Health
EDC	Economic Devel. Corp.
EDFA	Economic Devel. Finance Authority

28      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Abbreviations (Continued)
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	Higher Educational and Housing Facility Board
HEBA	Higher Education Building Authority
HEFA	Higher Education Facilities Authority
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
IDA	Industrial Devel. Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
L.I.	Long Island
MBHS	Mississippi Baptist Health Systems
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PUTTERS	Puttable Tax-Exempt Receipts
RCMC	Rush-Copley Medical Center
RIH	Rhode Island Hospital
RNSMC	Rush North Shore Medical Center
RUMC	Rush University Medical Center
SPEARS	Short Puttable Exempt Adjustable Receipts
TASC	Tobacco Settlement Asset-Backed Bonds
TMH	The Miriam Hospital
UMass	University of Massachusetts

See accompanying Notes to Financial Statements.

29      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFASSETSANDLIABILITIES September 30, 2014

Assets
Investments, at value (cost $62,918,945)—see accompanying statement of investments	$      63,965,636
Cash	615,683
Receivables and other assets:
Investments sold on a when-issued or delayed delivery basis	922,111
Interest	826,669
Shares of beneficial interest sold	37,006
Other	8,310
Total assets	66,375,415
Liabilities
Payables and other liabilities:
Payable for borrowings (See Note 6)	2,200,000
Shares of beneficial interest redeemed	48,536
Dividends	28,323
Distribution and service plan fees	11,649
Shareholder communications	8,593
Trustees’ compensation	1,191
Interest expense on borrowings	147
Other	26,776
Total liabilities	2,325,215
Net Assets	$      64,050,200
Composition of Net Assets
Par value of shares of beneficial interest	$               4,989
Additional paid-in capital	64,292,376
Accumulated net investment income	235,436
Accumulated net realized loss on investments	(1,529,292)
Net unrealized appreciation on investments	1,046,691
Net Assets	$      64,050,200
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $43,488,925 and 3,386,556 shares of beneficial interest outstanding)	$12.84
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)	$13.14
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $12,842,399 and 1,001,271 shares of beneficial interest outstanding)	$12.83
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $7,718,876 and 600,964 shares of beneficial interest outstanding)	$12.84

See accompanying Notes to Financial Statements.

30      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFOPERATIONS For the Year Ended September 30, 2014

Investment Income
Interest	$	2,559,206
Expenses
Management fees		375,222
Distribution and service plan fees:
Class A		116,719
Class C		116,383
Transfer and shareholder servicing agent fees:
Class A		40,503
Class C		11,303
Class Y		3,470
Shareholder communications:
Class A		22,336
Class C		7,792
Class Y		1,303
Borrowing fees		85,968
Legal, auditing and other professional fees		37,618
Interest expense on borrowings		2,439
Trustees’ compensation		966
Custodian fees and expenses		853
Other		10,540
Total expenses		833,415
Less waivers and reimbursements of expenses		(69,089)
Net expenses		764,326
Net Investment Income		1,794,880
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(602,858)
Net change in unrealized appreciation/depreciation on investments		3,504,252
Net Increase in Net Assets Resulting from Operations	$	4,696,274

See accompanying Notes to Financial Statements.

31      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTSOFCHANGESINNETASSETS

	Year Ended September 30, 2014		Year Ended September 30, 2013
Operations
Net investment income	$	1,794,880	$             1,739,979
Net realized loss		(602,858)	(898,070)
Net change in unrealized appreciation/depreciation		3,504,252	(3,773,780)
Net increase (decrease) in net assets resulting from operations		4,696,274	(2,931,871)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(1,312,508)	(1,323,645)
Class C		(235,903)	(256,488)
Class Y		(122,689)	(96,862)
		(1,671,100)	(1,676,995)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(6,098,489)	18,933,672
Class C		1,276,933	2,016,104
Class Y		3,978,932	1,809,738
		(842,624)	22,759,514
Net Assets
Total increase		2,182,550	18,150,648
Beginning of period		61,867,650	43,717,002
End of period (including accumulated net investment income of $235,436 and $83,716, respectively)	$	64,050,200	$           61,867,650

See accompanying Notes to Financial Statements.

32      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTOFCASHFLOWS For the Year Ended September 30, 2014

Cash Flows from Operating Activities
Net increase in net assets from operations	$            4,696,274
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities	(24,991,935)
Proceeds from disposition of investment securities	26,196,144
Short-term investment securities, net	499,891
Premium amortization	523,945
Discount accretion	(1,912)
Net realized loss on investments	602,858
Net change in unrealized appreciation/depreciation on investments	(3,504,252)
Change in assets:
Decrease in other assets	2,457
Decrease in interest receivable	119,576
Increase in receivable for securities sold	(105,186)
Change in liabilities:
Decrease in other liabilities	(14,548)
Net cash provided by operating activities	4,023,312
Cash Flows from Financing Activities
Proceeds from borrowings	30,800,000
Payments on borrowings	(32,000,000)
Proceeds from shares sold	39,895,514
Payments on shares redeemed	(42,202,435)
Cash distributions paid	(80,301)
Net cash used in financing activities	(3,587,222)
Net increase in cash	436,090
Cash, beginning balance	179,593
Cash, ending balance	$               615,683
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $1,591,803.
Cash paid for interest on borrowings—$2,723.

See accompanying Notes to Financial Statements.

33      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIALHIGHLIGHTS

Class A	Year Ended September 30, 2014	Year Ended September 30, 2013	Year Ended September 28, 20121	Period Ended September 30, 20112
Per Share Operating Data
Net asset value, beginning of period	$            12.25	$            13.00	$            12.51	$            12.17
Income (loss) from investment operations:
Net investment income3	0.38	0.36	0.37	0.33
Net realized and unrealized gain (loss)	0.56	(0.76)	0.53	0.26
Total from investment operations	0.94	(0.40)	0.90	0.59
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.35)	(0.35)	(0.39)	(0.25)
Distributions from net realized gain	0.00	0.00	(0.02)	0.00
Total dividends and/or distributions to shareholders	(0.35)	(0.35)	(0.41)	(0.25)
Net asset value, end of period	$            12.84	$            12.25	$            13.00	$            12.51
Total Return, at Net Asset Value4	7.78%	(3.18)%	7.27%	4.92%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$             43,489	$            47,315	$             31,833	$             12,132
Average net assets (in thousands)	$             46,841	$            49,397	$             21,991	$               7,370
Ratios to average net assets:5
Net investment income	3.00%	2.78%	2.90%	3.32%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings	1.06%	1.05%	1.14%	1.46%
Interest and fees from borrowings	0.14%	0.05%	0.03%	0.01%
Total expenses	1.20%	1.10%	1.17%	1.47%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.09%	1.00%	0.98%	0.96%
Portfolio turnover rate	40%	33%	17%	84%

1. September 28, 2012 represents the last business day of the Fund’s 2012 fiscal year.

2. For the period from December 6, 2010 (inception of offering) 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

34      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Class C	Year Ended September 30, 2014	Year Ended September 30, 2013	Year Ended September 28, 20121	Period Ended September 30, 20112
Per Share Operating Data
Net asset value, beginning of period	$           12.24	$       12.98	$      12.49	$         12.17
Income (loss) from investment operations:
Net investment income3	0.28	0.26	0.26	0.26
Net realized and unrealized gain (loss)	0.56	(0.75)	0.54	0.23
Total from investment operations	0.84	(0.49)	0.80	0.49
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.25)	(0.25)	(0.29)	(0.17)
Distributions from net realized gain	0.00	0.00	(0.02)	0.00
Total dividends and/or distributions to shareholders	(0.25)	(0.25)	(0.31)	(0.17)
Net asset value, end of period	$          12.83	$       12.24	$       12.98	$          12.49
Total Return, at Net Asset Value4	6.95%	(3.86)%	6.44%	4.11%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$           12,842	$         11,010	$          9,905	$             1,005
Average net assets (in thousands)	$           11,648	$         13,360	$          4,762	$                418
Ratios to average net assets:5
Net investment income	2.21%	2.00%	2.06%	2.61%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings	1.85%	1.85%	2.10%	3.74%
Interest and fees from borrowings	0.14%	0.05%	0.03%	0.01%
Total expenses	1.99%	1.90%	2.13%	3.75%
Expenses after payments, waivers and/or reimbursement sand reduction to custodian expenses	1.87%	1.78%	1.76%	1.74%
Portfolio turnover rate	40%	33%	17%	84%

1. September 28, 2012 represents the last business day of the Fund’s 2012 fiscal year.

2. For the period from December 6, 2010 (inception of offering) 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

35      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIALHIGHLIGHTS Continued

Class Y	Year Ended September 30, 2014	Year Ended September 30, 2013	Year Ended September 28, 20121	Period Ended September 30, 20112
Per Share Operating Data
Net asset value, beginning of period	$             12.25	$            13.00	$             12.51	$             12.17
Income (loss) from investment operations:
Net investment income3	0.40	0.39	0.39	0.37
Net realized and unrealized gain (loss)	0.57	(0.76)	0.54	0.23
Total from investment operations	0.97	(0.37)	0.93	0.60
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.38)	(0.38)	(0.42)	(0.26)
Distributions from net realized gain	0.00	0.00	(0.02)	0.00
Total dividends and/or distributions to shareholders	(0.38)	(0.38)	(0.44)	(0.26)
Net asset value, end of period	$             12.84	$            12.25	$             13.00	$             12.51
Total Return, at Net Asset Value4	8.01%	(2.95)%	7.50%	5.07%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$                7,719	$                3,543	$                1,979	$                   241
Average net assets (in thousands)	$                4,089	$                3,326	$                1,033	$                   149
Ratios to average net assets:5
Net investment income	3.17%	3.02%	3.02%	3.65%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings	0.80%	0.78%	0.99%	2.78%
Interest and fees from borrowings	0.14%	0.05%	0.03%	0.01%
Total expenses	0.94%	0.83%	1.02%	2.79%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.87%	0.78%	0.76%	0.74%
Portfolio turnover rate	40%	33%	17%	84%

1. September 28, 2012 represents the last business day of the Fund’s 2012 fiscal year.

2. For the period from December 6, 2010 (inception of offering) 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

36      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTESTOFINANCIALSTATEMENTS September 30, 2014

1. Significant Accounting Policies

Oppenheimer Rochester Intermediate Term Municipal Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

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

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

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 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 September 30, 2014, the Fund had sold securities issued on a delayed delivery basis as follows:

37      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTESTOFINANCIALSTATEMENTS Continued

1. Significant Accounting Policies (Continued)

	When-Issued or Delayed Delivery Basis Transactions
Sold securities	$	922,111

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. There were no securities not accruing interest as of September 30, 2014. 

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. As of September 30, 2014, securities with an aggregate market value of $297,905, representing 0.47% of the Fund’s net assets, were subject to these forbearance agreements.

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.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

38      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

1. Significant Accounting Policies (Continued)

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$264,709		$—		$1,529,291		$1,046,691

1. As of September 30, 2014, the Fund had $1,529,291 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$	1,529,291

2. During the fiscal year ended September 30, 2014, the Fund did not utilize any capital loss carryforward.

3. During the fiscal year ended September 30, 2013, the Fund did not utilize any capital loss carryforward.

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.

Accordingly, the following amounts have been reclassified for September 30, 2014. Net assets of the Fund were unaffected by the reclassifications.

Increase to Accumulated Net Investment Income	Increase to Accumulated Net Realized Loss on Investments
$27,940		$27,940

The tax character of distributions paid during the years ended September 30, 2014 and September 30, 2013 was as follows:

	Year Ended  September 30, 2014		Year Ended  September 30, 2013
Distributions paid from:
Exempt-interest dividends	$	1,670,124	$	1,674,862
Ordinary income		976		2,133
Total	$	1,671,100	$	1,676,995

39      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTESTOFINANCIALSTATEMENTS Continued

1. Significant Accounting Policies (Continued)

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 September 30, 2014 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	$	62,918,945
Gross unrealized appreciation	$	1,898,475
Gross unrealized depreciation		(851,784)
Net unrealized appreciation	$	1,046,691

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.

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 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.

40      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

1. Significant Accounting Policies (Continued)

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.

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.

41      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTESTOFINANCIALSTATEMENTS Continued

2. Securities Valuation (Continued)

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.

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.

42      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

2. Securities Valuation (Continued)

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)

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 September 30, 2014 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	$	—	$	642,086	$	—	$	642,086
Alaska		—		10,288		—		10,288
Arizona		—		2,019,701		—		2,019,701
Arkansas		—		70,293		—		70,293
California		—		14,700,914		—		14,700,914
Colorado		—		874,931		—		874,931
District of Columbia		—		419,600		—		419,600
Florida		—		4,798,589		—		4,798,589
Georgia		—		1,878,832		—		1,878,832
Illinois		—		2,415,129		—		2,415,129

43      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTESTOFINANCIALSTATEMENTS Continued

2. Securities Valuation (Continued)

	Level 1— Unadjusted       Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant         Unobservable Inputs		Value
Investments, at Value: (Continued)
Municipal Bonds and Notes (Continued)
Indiana	$	—	$	2,350,229	$	—	$	2,350,229
Louisiana		—		1,310,673		—		1,310,673
Maine		—		10,035		—		10,035
Maryland		—		1,431,099		—		1,431,099
Massachusetts		—		589,355		—		589,355
Michigan		—		3,880,859		—		3,880,859
Mississippi		—		1,783,431		—		1,783,431
Missouri		—		281,268		—		281,268
Nevada		—		1,156,549		—		1,156,549
New Jersey		—		812,069		—		812,069
New Mexico		—		75,210		—		75,210
New York		—		707,705		—		707,705
Ohio		—		495,436		—		495,436
Oregon		—		673,430		—		673,430
Pennsylvania		—		755,289		—		755,289
Rhode Island		—		819,185		—		819,185
South Carolina		—		587,347		—		587,347
South Dakota		—		614,081		—		614,081
Tennessee		—		925,527		—		925,527
Texas		—		4,028,274		—		4,028,274
Vermont		—		1,132,582		—		1,132,582
Washington		—		25,002		—		25,002
West Virginia		—		20,062		—		20,062
Wisconsin		—		1,301,609		—		1,301,609
U.S. Possessions		—		10,368,967		—		10,368,967
Total Assets	$	—	$	63,965,636	$	—	$	63,965,636

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade 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:

44      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

3. Shares of Beneficial Interest (Continued)

	Year Ended September 30, 2014						Year Ended September 30, 2013
	Shares			Amount			Shares			Amount
Class A
Sold		2,123,901		$	26,411,586			3,478,953		$	45,134,543
Dividends and/or distributions reinvested		99,962			1,251,718			95,404			1,215,467
Redeemed		(2,699,430	)		(33,761,793	)		(2,161,649	)		(27,416,338)
Net increase (decrease)		(475,567	)	$	(6,098,489	)		1,412,708		$	18,933,672
Class C
Sold		506,008		$	6,297,277			620,287		$	8,036,305
Dividends and/or distributions reinvested		17,759			222,357			18,481			235,638
Redeemed		(422,238	)		(5,242,701	)		(502,032	)		(6,255,839)
Net increase		101,529		$	1,276,933			136,736		$	2,016,104
Class Y
Sold		561,242		$	7,077,765			396,696		$	5,107,200
Dividends and/or distributions reinvested		9,368			117,728			7,227			92,110
Redeemed		(258,755	)		(3,216,561	)		(266,992	)		(3,389,572)
Net increase		311,855		$	3,978,932			136,931		$	1,809,738

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended September 30, 2014 were as follows:

	Purchases		Sales
Investment securities	$	24,991,935	$	26,196,144

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

The Fund’s management fee for the fiscal year ended September 30, 2014 was 0.60% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the

45      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTESTOFINANCIALSTATEMENTS Continued

5. Fees and Other Transactions with Affiliates (Continued)

investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

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

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the 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.

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 pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in

46      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

5. Fees and Other Transactions with Affiliates (Continued)

any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plan for Class C Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class C shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plan, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares daily net assets. The Fund also pays a service fee under the Plan at an annual rate of 0.25% of daily net assets. The Plan continues in effect from year to year only if the Fund’s Board of Trustees vote annually to approve its continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

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

Year 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
September 30, 2014		$4,285		$9,844		$1,382

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 year ended September 30, 2014, the Manager reimbursed $52,939, $13,248 and $2,676 for Class A, Class C and Class Y shares, respectively.

The Transfer Agent has contractually 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. The limit was removed on January 28, 2014.

During the year ended September 30, 2014, the Transfer Agent waived transfer and shareholder servicing agent fees as follows:

Class A	$	222
Class C		2
Class Y		2

47      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTESTOFINANCIALSTATEMENTS Continued

5. Fees and Other Transactions with Affiliates (Continued)

These undertakings may be modified or terminated as set forth according to the terms in the prospectus.

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 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 $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.147% as of September 30, 2014). 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 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 year ended September 30, 2014 equal 0.08% 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 September 30, 2014, the Fund had borrowings outstanding at an interest rate of 0.1468%. Details of the borrowings for the year ended September 30, 2014 are as follows:

Average Daily Loan Balance	$	1,542,993
Average Daily Interest Rate		0.155	%
Fees Paid	$	55,713
Interest Paid	$	2,723

48      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

7. Reverse Repurchase Agreements

The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended September 30, 2014 are included in expenses on the Fund’s Statement of Operations and equal 0.06% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

The Fund executed no transactions under the Facility during the year ended September 30, 2014.

Details of reverse repurchase agreement transactions for the year ended September 30, 2014 are as follows:

Fees Paid $   27,983

49      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTESTOFINANCIALSTATEMENTS Continued

8. Pending Litigation

In 2009, seven class action lawsuits were filed in the U.S. District Court for the District of Colorado 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 OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities laws and alleged, 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 sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. On March 5, 2014, the parties in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. On July 31, 2014, the court entered an order and final judgment approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal Fund (the “California Suit”). OFI believes the California Suit is without legal merit and is defending the suit vigorously. While it is premature to render any opinion as to the outcome in the California Suit, or whether any costs that OFI may bear in defending the California Suit might not be reimbursed by insurance, OFI believes the California Suit should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of the California Suit should not have any material effect on the operations of any of the Oppenheimer Funds.

50      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

REPORTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM

The Board of Trustees and Shareholders of Oppenheimer Rochester Intermediate Term Municipal Fund:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester Intermediate Term Municipal Fund, including the statement of investments, as of September 30, 2014, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2014, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester Intermediate Term Municipal Fund as of September 30, 2014, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the four-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

November 19, 2014

51      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FEDERALINCOMETAXINFORMATION Unaudited

In early 2014, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2013.

None of the dividends paid by the Fund during the fiscal year ended September 30, 2014 are eligible for the corporate dividend-received deduction. 99.94% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

52      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

BOARDAPPROVALOFTHEFUND’SINVESTMENTADVISORYAND

SUB-ADVISORYAGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Agreements. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Adviser, Sub-Adviser and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Sub-Adviser’s duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; and risk management. The Managers are responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Managers also provide the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Sub-Adviser’s advisory, administrative, accounting, legal, compliance

53      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

BOARDAPPROVALOFTHEFUND’SINVESTMENTADVISORYAND

SUB-ADVISORYAGREEMENTS Unaudited / Continued

services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier, Troy Willis, Mark DeMitry, Michael Camarella, Charles Pulire, and Elizabeth Mossow, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Adviser and the Fund. Throughout the year, the Adviser provided information on the investment performance of the Fund, including comparative performance information. The Board also reviewed information, prepared by the Adviser and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail funds in the Municipal National Intermediate category. The Board noted that the Fund’s one-year and three-year performance was below its category median.

Costs of Services by the Adviser.  The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail Municipal National Intermediate funds with comparable asset levels and distribution features. After discussions with the Fund’s Board, the Adviser has contractually agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” (excluding (i) interest and fees from borrowing, interest and related expenses from inverse floaters, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; (iii) certain other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund’s business) to annual rates of 0.95% for Class A shares, 1.73% for Class C shares, and 0.73% for Class Y shares, as calculated on the daily net assets of the Fund. This fee waiver and/or expense limitation may not be amended or withdrawn for one year from the date of prospectus, unless approved by the Board. The Fund’s contractual management fees were higher than its peer group and category median. The Fund’s total expenses, net of waivers, were higher than its peer group median and category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding OFI Global’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund.

54      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2015. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

55      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

PORTFOLIOPROXYVOTINGPOLICIESANDPROCEDURES;UPDATES

TOSTATEMENTSOFINVESTMENTS 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 www.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.

56      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

TRUSTEESANDOFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007) and Trustee (since 2008) Year of Birth: 1943	Director and Vice Chairman of Community Foundation of the Florida Keys (non-profit) (since July 2012); Trustee of the Board of Trustees, The Jackson Laboratory (non-profit) (1991-2011 and since May 2014); Chairman Emeritus (since August 2011) of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (since September 2004); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
David K. Downes, Trustee (since 2008) Year of Birth: 1940	Director of THL Credit Inc. (since June 2009); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Actua Corporation (information technology company) (since October 2003); formerly, Independent Chairman GSK Employee Benefit Trust (April 2006-June2013); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and

57      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

TRUSTEESANDOFFICERS Unaudited / Continued

David K. Downes, Continued	Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Matthew P. Fink, Trustee (since 2008) Year of Birth: 1941	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959	Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray (1987 - 1991); former Chair of the Investment Management Subcommittee of the Washington, D.C. Bar. Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948	Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Director of Monster Worldwide, Inc. (on-line career services) (since January 2008, Lead Director since June 2011); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC

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Edmund P. Giambastiani, Jr., Continued	(national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), NATO Supreme Allied Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. Oversees 52 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.
Mary F. Miller, Trustee (since 2008) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2008) Year of Birth: 1952	Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joanne Pace, Trustee (since 2012) Year of Birth: 1958	Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March 2012); Advisory Board Director of The Agile Trading Group LLC (since March 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December 2012); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Board Director of The Komera Project (non-profit) (since April 2012); New York Advisory Board Director of Peace First (non-profit) (since March 2010); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley

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TRUSTEESANDOFFICERS Unaudited / Continued

Joanne Pace, Continued	Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.
Peter I. Wold, Trustee (since 2008) Year of Birth: 1948	Director of Arch Coal, Inc. (since 2010); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (2004-2012); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE	Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. As a Trustee, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is 225 Liberty Street, 11th Floor, New York, New York 10281-1008.
William F. Glavin, Jr., Trustee (since 2013), Year of Birth: 1958	Chairman of the Sub-Adviser (since July 2014 and December 2009-December 2012) and Director of the Sub-Adviser (since January 2009); Chairman, Director and Chief Executive Officer (January 2013-June 2014) of the Manager; President of the Manager (January 2013-May 2013); Chief Executive Officer (January 2009-December 2012); President of the Sub-Adviser (May 2009-December 2012); Management Director (June 2009-June 2014), President (December 2009-June 2014) and Chief Executive Officer (January 2011-June 2014) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (March 2010-June 2014); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006)

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William F. Glavin, Jr., Continued	and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. An officer of 91 portfolios in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since December 2009, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Steinmetz, Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2008) Year of Birth: 1963	Senior Vice President of the Sub-Adviser (since July 2007) and a Senior Portfolio Manager (since December 2001); Vice President of the Sub-Adviser (April 2001-June 2007) and a Portfolio Manager with the Sub-Adviser (December 1999- November 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2008) Year of Birth: 1971	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2008) Year of Birth: 1972	Vice President of the Sub-Adviser (since July 2009) and a Senior Portfolio Manager (since January 2006); Assistant Vice President of the Sub-Adviser (July 2005-June 2009). Portfolio Manager of the Sub-Adviser (June 2003-December 2005). Corporate Attorney for Southern Resource Group (June 1999-December

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TRUSTEESANDOFFICERS Unaudited / Continued

Troy E. Willis, Continued	2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry, Vice President (since 2008) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2008) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2008) Year of Birth: 1957	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub-Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993).
Arthur P. Steinmetz, President and Principal Executive Officer (since 2014) Year of Birth: 1958	CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 91 portfolios in the OppenheimerFunds complex.
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011);

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Arthur S. Gabinet, Continued	Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.
Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2008) Year of Birth: 1959	Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

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OPPENHEIMERROCHESTERINTERMEDIATETERMMUNICIPALFUND

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

© 2014 OppenheimerFunds, Inc.  All rights reserved.

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PRIVACYPOLICYNOTICE

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

Information Sources

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

— Applications or other forms

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

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

— Your transactions with us, our affiliates or others

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

— 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.

65      OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

PRIVACYPOLICYNOTICE Continued

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

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.

— 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.

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

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

Other Security Measures

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

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, 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., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2013. 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).

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Item 2.  Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3.  Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

Item 4.  Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $27,600 in fiscal 2014 and $27,100 in fiscal 2013.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $2,500 in fiscal 2014 and no such fees in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed $1,042,959 in fiscal 2014 and $500,945 in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, system conversion testing, and corporate restructuring

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed $467,462 in fiscal 2014 and $653,930 in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $1,512,921 in fiscal 2014 and $1,154,875 in fiscal 2013 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6.  Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

The 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 9/30/2014, 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) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Rochester Intermediate Term Municipal Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/10/2014

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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/10/2014
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	11/10/2014