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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number811-22142

Oppenheimer Intermediate Term Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end:September 30

Date of reporting period:3/31/2019

Item 1.  Reports to Stockholders.

Semiannual Report 3/31/2019 Important Notice: The Securities and Exchange Commission will permit funds to deliver shareholder reports electronically beginning January 1, 2021. At that time, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors enrolled in electronic delivery will receive the notice by email, with links to the updated report. Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option free of charge by calling 1.800.225.5677.

Important Updates

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.

Update to Shareholder Report Document Delivery

Beginning January 1, 2021, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. Enrolling in electronic delivery will enable you to receive a direct link to your full shareholder report the moment it becomes available, and limit the amount of mail you receive. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option.

How do you update your delivery preferences?

If you own these shares through a financial intermediary, you may contact your financial intermediary.

If your accounts are held through OppenheimerFunds and you receive statements, confirms, and other documents directly from us, you can enroll in our eDocs Direct^SM service atoppenheimerfunds.com or by calling us. Once you’re enrolled, you’ll begin to receive email notifications of updated documents when they become available. If you have any questions, feel free to call us at1.800.225.5677.

Table of Contents

Top Holdings and Allocations	4
Fund Expenses	8
Statement of Investments	10
Statement of Assets and Liabilities	26
Statement of Operations	27
Statements of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	35
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	48
Distribution Sources	49
Trustees and Officers	50
Privacy Notice	51

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays     Municipal 5 Yr (4-6) Index
6-Month	3.81%	1.47%	3.72%
1-Year	4.56	2.21	4.42
5-Year	3.70	3.23	2.23
Since Inception (12/6/10)	3.70	3.42	2.61

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. Current performance may be lower or higher than the performance quoted. Returns for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recentmonth-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectus and summary prospectus for more information on share classes and sales charges.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Hospital/Healthcare	10.4%
General Obligation	8.9
Special Tax	7.0
Highways/Commuter Facilities	6.4
Municipal Leases	6.0
Tobacco Master Settlement Agreement	5.9
Tax Increment Financing (TIF)	5.5
Adult Living Facilities	5.2
Electric Utilities	4.9
Government Appropriation	4.2

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		1.6%		0.6%		2.2%
AA		30.7		0.0		30.7
A		34.0		1.7		35.7
BBB		15.3		6.3		21.6
BB or lower		5.7		4.1		9.8
Total		87.3%		12.7%		100.0%

The percentages above are based on the market value of the securities as of March 31, 2019 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 S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, thesub-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, thesub-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 thesub-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.

For more current Fund holdings, please visit oppenheimerfunds.com.

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Performance

DISTRIBUTION YIELDS

As of 3/31/19

	Without Sales Charge	With Sales     Charge
Class A	2.43%	2.37%
Class C	1.55	N/A
Class Y	2.69	N/A

TAXABLE EQUIVALENT YIELDS
As of 3/31/19
Class A	3.14%
Class C	1.91
Class Y	3.56

STANDARDIZED YIELDS

For the 30 Days Ended 3/31/19
Class A	1.86%
Class C	1.13
Class Y	2.11

UNSUBSIDIZED STANDARDIZED YIELDS
For the 30 Days Ended 3/31/19
Class A	1.83%
Class C	1.12
Class Y	2.11

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/31/19
	Inception Date	6-Month	1-Year	5-Year	Since     Inception
Class A (ORRWX)	12/6/10	3.81%	4.56%	3.70%	3.70%
Class C (ORRCX)	12/6/10	3.65	3.75	2.93	2.90
Class Y (ORRYX)	12/6/10	4.16	5.02	3.97	3.95

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/19
	Inception Date	6-Month	1-Year	5-Year	Since     Inception
Class A (ORRWX)	12/6/10	1.47%	2.21%	3.23%	3.42%
Class C (ORRCX)	12/6/10	2.65	2.75	2.93	2.90
Class Y (ORRYX)	12/6/10	4.16	5.02	3.97	3.95

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. Returns for periods of less than one year are not annualized. For performance data current to the most recentmonth-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 the1-year period. There is no sales charge for Class Y shares.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Municipal5-Year(4-6) Index, which is an index of a broad range of investment-grade municipal bonds and is the4- to6- year component of the Bloomberg Barclays Municipal Index, itself a measure of the general municipal bond market. The index is unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for

5       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the 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 $0.009 for the35-day accrual period ended March 26, 2019. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on March 26, 2019; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0057 and $0.0010, respectively, for the35-day accrual period ended March 26, 2019 and on the corresponding net asset values on that date.

Standardized yield is based on anSEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the30-day period ended March 31, 2019 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. The unsubsidized standardized yield is computed under anSEC-standardized formula based on net income earned for the30-day period ended March 31, 2019. The calculation excludes any expense reimbursements and thus may result in a lower yield.

Taxable equivalent yield is based on the standardized yield and the 2019 top federal tax rate of 40.8%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the 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.This Report must be preceded or accompanied by a prospectus.

Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-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.

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

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency,

6       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

and involve investment risks, including the possible loss of the principal amount invested.

7       OPPENHEIMER 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 and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended March 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended March 31, 2019” 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 asfront-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.

8       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Actual	Beginning Account Value October 1, 2018	Ending Account Value March 31, 2019	Expenses             Paid During             6 Months Ended             March 31, 2019
Class A	$    1,000.00	$    1,038.10	$          5.60
Class C	1,000.00	1,036.50	9.59
Class Y	1,000.00	1,041.60	4.49
Hypothetical (5% return before expenses)
Class A	1,000.00	1,019.45	5.55
Class C	1,000.00	1,015.56	9.49
Class Y	1,000.00	1,020.54	4.44

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect theone-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended March 31, 2019 are as follows:

Class	Expense Ratios
Class A		1.10	%
Class C		1.88
Class Y		0.88

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

9       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTSMarch 31, 2019 Unaudited

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Municipal Bonds and Notes—100.1%
Alabama—1.4%
$230,000	AL Health Care Authority for Baptist Health of Alabama1		5.000%		11/15/2021		04/29/2019	A	$	230,692
2,345,000	Birmingham-Jefferson, AL Civic Center Authority1		5.000		07/01/2035		07/01/2028	A		2,708,569
10,000	Lee County, AL Public Building Authority (DHR Building)1		4.375		09/01/2025		04/29/2019	A		10,022
										2,949,283
Arizona—4.5%
20,000	AZ Board of Regents COP (University of Arizona & Arizona State University BioMed)1		4.500		06/01/2031		04/29/2019	A		20,039
1,000,000	Glendale, AZ Transportation Excise Tax1		5.000		07/01/2029		07/01/2025	A		1,167,760
2,625,000	Maricopa County, AZ Pollution Control (Southern California Edison Co.)1		5.000		06/01/2035		06/01/2020	A		2,687,527
725,000	Navajo Nation, AZ1		5.500		12/01/2030		12/01/2025	A		810,934
250,000	Northern Arizona University1		5.000		06/01/2032		06/01/2025	A		289,233
1,000,000	Pima County, AZ IDA (American Leadership Academy)		4.750		06/15/2037		06/15/2022	A		1,015,660
75,000	Pima County, AZ IDA (Excalibur Charter School)		5.000		09/01/2026		06/09/2023	B		77,243
460,000	Tempe, AZ IDA (Mirabella at ASU)		4.000		10/01/2023		10/01/2020	A		463,459
900,000	Tempe, AZ IDA (Mirabella at ASU)		5.500		10/01/2027		04/26/2026	B		994,014
2,000,000	Westpark, AZ Community Facilities District		5.000		07/15/2032		07/15/2026	A		2,149,280
										9,675,149
California—14.3%
175,000	Adelanto, CA Public Utility Authority1		5.000		07/01/2027		07/01/2027			215,084
315,000	Adelanto, CA Public Utility Authority1		5.000		07/01/2028		07/01/2027	A		385,979
300,000	Adelanto, CA Public Utility Authority1		5.000		07/01/2029		07/01/2027	A		366,363
325,000	Adelanto, CA Public Utility Authority1		5.000		07/01/2030		07/01/2027	A		393,487
310,000	Adelanto, CA Public Utility Authority1		5.000		07/01/2031		07/01/2027	A		372,223
310,000	Adelanto, CA Public Utility Authority1		5.000		07/01/2032		07/01/2027	A		370,890
10,000	Adelanto, CA Public Utility Authority		6.000		07/01/2023		07/01/2019	A		10,112
100,000	Atwater, CA Wastewater1		5.000		05/01/2033		05/01/2027	A		118,971
1,000,000	Beaumont, CA Financing Authority, Series B		5.000		09/01/2028		09/01/2023	A		1,094,640

10       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
California (Continued)
$2,250,000	CA County Tobacco Securitization Agency (TASC)1		6.000	%		06/01/2042		04/29/2019	A	$	2,270,362
420,000	CA Educational Facilities Authority (Chapman University)1		5.000			04/01/2025		04/01/2021	A		448,980
5,000	CA GO1		6.000			08/01/2020		08/01/2019	A		5,076
225,000	CA GO1		6.500			04/01/2033		04/01/2019	A		225,000
500,000	CA Health Facilities Financing Authority (Children’s Hospital)1		5.000			11/01/2024		11/01/2021	A		542,215
1,000,000	CA Municipal Finance Authority (Harbor Regional Center)1		5.000			11/01/2032		11/01/2025	A		1,154,780
125,000	CA Public Works (California Community Colleges)1		5.500			06/01/2022		04/29/2019	A		125,375
230,000	CA Statewide CDA (Bakersfield Reassessment District)1		5.000			09/02/2022		01/14/2021	B		245,348
1,250,000	CA Statewide CDA(CHF-Irvine)1		5.000			05/15/2032		05/15/2026	A		1,430,837
2,000,000	CA Statewide CDA (DHlth/ BMH/CmntyHOSB/MSrH/SFMH/ SNVMMH/CMF Obligated Group)1		5.625			07/01/2035		04/29/2019	A		2,006,980
1,500,000	Chula Vista, CA Municipal Financing Authority1		5.000			09/01/2026		09/01/2025	A		1,765,260
100,000	Compton, CA Community College District1		5.000			07/01/2019		07/01/2019			100,895
100,000	El Centro, CA Financing Authority (El Centro Redevel.)1		6.625			11/01/2025		05/01/2021	A		109,888
500,000	El Dorado County, CA Special Tax Community Facilities District No. 92881		5.000			09/01/2024		09/01/2022	A		554,280
995,000	Indio, CA Community Facilities District Special Tax		5.000			09/01/2035		09/01/2025	A		1,069,983
500,000	Lancaster, CA Redevel. Agency1		5.500			12/01/2028		12/01/2020	A		520,320
500,000	Lodi, CA Public Financing Authority1		5.250			10/01/2026		04/01/2022	A		543,860
250,000	Madera, CA Irrigation Financing Authority1		5.750			01/01/2026		01/01/2020	A		258,088
1,595,000	Modesto, CA Irrigation District Financing Authority (Electric System)1		5.000			10/01/2028		10/01/2025	A		1,881,861
100,000	Monrovia, CA Redevel. Agency Tax Allocation (Central Redevel. Project Area No. 1)		6.500			05/01/2026		05/01/2021	A		110,486
500,000	Palomar, CA Health1		5.000			11/01/2031		11/01/2026	A		564,440
495,000	Redwood City, CA Special Tax		5.000			09/01/2026		09/01/2022	A		533,729
500,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000			09/01/2028		09/01/2022	A		533,045
250,000	Riverside County, CA Public Financing Authority1		5.000			05/01/2025		05/01/2022	A		273,903
250,000	Riverside County, CA Public Financing Authority1		5.000			05/01/2026		05/01/2022	A		273,430

11       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$1,375,000	Riverside County, CA Public Financing Authority1		5.000%		10/01/2029		10/01/2025	A	$	1,629,458
100,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)1		5.750		10/01/2020		10/01/2020			106,223
400,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Assessment District)		5.250		09/02/2026		09/02/2019	A		410,752
245,000	San Bernardino, CA Joint Powers Financing Authority1		5.750		10/01/2019		10/01/2019			250,027
350,000	San Bernardino, CA Joint Powers Financing Authority1		5.750		10/01/2020		10/01/2020			370,332
520,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2024		09/01/2023	A		559,562
250,000	San Diego, CA Public Facilities Financing Authority1		5.000		08/01/2028		08/01/2022	A		277,970
1,010,000	San Gorgonio, CA Memorial Health Care District1		5.000		08/01/2025		08/01/2020	A		1,051,248
520,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2022		11/15/2022			571,709
500,000	South Gate, CA Utility Authority1		5.250		10/01/2026		10/01/2022	A		558,865
2,080,000	South Tahoe, CA Joint Powers Financing Authority1		5.000		10/01/2028		10/01/2025	A		2,433,371
40,000	Vernon, CA Electric System		5.125		08/01/2021		08/01/2019	A		40,486
90,000	Vernon, CA Electric System1		5.125		08/01/2021		08/01/2019	A		90,959
100,000	Westlands, CA Water District1		5.000		09/01/2026		09/01/2022	A		110,471
20,000	Westlands, CA Water District1		5.000		09/01/2027		09/01/2022	A		22,066
80,000	Westlands, CA Water District1		5.000		09/01/2027		09/01/2022	A		89,595
1,045,000	William S. Hart CA Union High
	School District		5.000		09/01/2032		03/01/2025	A		1,140,294
										30,589,558
Colorado—0.8%
360,000	BNC, CO Metropolitan District No. 11		5.000		12/01/2032		12/01/2027	A		418,637
525,000	Brighton Crossing, CO Metropolitan District No. 4		5.000		12/01/2037		12/01/2025	A		542,992
250,000	Interquest South, CO Business Improvement District		4.500		12/01/2030		07/28/2026	B		249,312
500,000	Plaza, CO Metropolitan District No. 1		5.000		12/01/2022		12/01/2022			535,510
										1,746,451
District of Columbia—0.1%
300,000	District of Columbia Student Dorm (Provident Group-Howard Properties)1		5.000		10/01/2030		10/01/2022	A		310,095

12       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
Florida—5.4%
$500,000	FL Capital Trust Agency (Sarasota-Manatee Jewish Hsg. Council)			5.000%		07/01/2032		07/01/2027	A	$	534,075
510,000	FL Capital Trust Agency (Viera Charter School)1			5.000		10/15/2037		10/15/2027	A		521,725
745,000	FL HFC (Homeowner Mtg.)1			3.650		07/01/2041		11/01/2020	A		752,472
325,000	Halifax, FL Hospital Medical Center1			5.000		06/01/2035		06/01/2025	A		357,897
600,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)			5.000		07/15/2028		08/09/2025	B		625,536
1,000,000	Lee County, FL IDA (VOA Lee County Health Care Facility)			5.375		12/01/2032		12/01/2027	A		1,019,690
1,000,000	Miami, FL Special Obligation1			5.000		03/01/2030		03/01/2023	A		1,107,510
1,000,000	Miami-Dade County, FL Public Facilities (Jackson Health System)1	��		5.000		06/01/2033		06/01/2025	A		1,139,630
1,900,000	Miami-Dade County, FL School Board1			5.000		05/01/2032		05/01/2025	A		2,167,919
220,000	Mirabella, FL Community Devel. District			6.000		11/01/2026		02/22/2023	A		235,110
500,000	Orlando, FL Community Redevel. Agency (Conroy Road District)1			5.000		04/01/2023		04/01/2022	A		540,030
1,500,000	Palm Beach County, FL HFA (ARLC/LVE/AT/ASCS/AMS Obligated Group)1			5.000		11/15/2032		11/15/2026	A		1,702,785
175,000	Pinellas County, FL Sewer1			5.000		10/01/2032		04/29/2019	A		175,467
120,000	South Lake County, FL Hospital District (South Lake Hospital)1			6.000		04/01/2029		04/29/2019	A		120,312
500,000	Tampa, FL Health System (Baycare Health System)1			5.000		11/15/2026		05/15/2022	A		547,260
											11,547,418
Georgia—1.4%
15,000	College Park, GA (Atlanta International Airport)1			4.500		01/01/2031		04/29/2019	A		15,032
1,100,000	DeKalb, GA Private Hospital Authority (CHAF/EAS/EPG/CASvcs/ CSS/CHA/ECHEU/SRCMC Obligated Group)1			5.250		11/15/2039		11/15/2019	A		1,121,945
295,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)1			5.125		03/15/2031		03/15/2021	A		295,552
40,000	GA Municipal Assoc. (Atlanta Detention Center)1			5.000		12/01/2023		04/29/2019	A		40,107
875,000	GA Municipal Electric Authority1			5.000		01/01/2032		01/01/2025	A		970,655
500,000	Randolph County, GA GO1			5.000		04/01/2030		04/01/2022	A		539,885
											2,983,176

13       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Hawaii—0.7%
$1,500,000	HI Dept. of Budget & Finance Special Purpose (Hawaiian Electric/Hawaiian Electric Light Company)1		6.500%			07/01/2039		07/01/2019	A	$	1,519,710
Illinois—5.1%
1,000,000	Chicago, IL Board of Education1		5.750			04/01/2035		04/01/2027	A		1,151,250
300,000	Chicago, IL Board of Education1		6.000			01/01/2020		01/01/2020			306,966
3,000,000	Chicago, IL O’Hare International Airport1		5.000			01/01/2031		01/01/2025	A		3,425,580
500,000	Cook County, IL Community College District No. 508 (City Colleges Chicago)1		5.250			12/01/2026		12/01/2023	A		535,780
350,000	Cook County, IL GO1		5.250			11/15/2033		11/15/2020	A		364,718
175,000	Franklin Park, IL GO1		6.250			07/01/2030		07/01/2021	A		191,310
1,000,000	IL Educational Facilities Authority (Robert Morris College)1		5.800			06/01/2030		04/29/2019	A		1,002,620
150,000	IL Finance Authority (OSF Healthcare System)1		7.000			11/15/2029		05/15/2019	A		150,960
2,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Expansion)1		5.500			06/15/2029		12/11/2026	B		2,310,700
30,000	Markham, IL GO1		5.250			01/01/2023		04/29/2019	A		30,062
1,100,000	Stephenson County, IL School District No. 145 Freeport1		5.000			02/01/2031		02/01/2028	A		1,310,485
165,000	Stone Park, IL GO		4.800			02/01/2021		04/29/2019	A		165,150
											10,945,581
Indiana—0.4%
200,000	Michigan City, IN Multifamily Hsg. (Silver Birch Project)		4.500			01/01/2026		08/17/2023	B		195,550
710,000	Terre Haute, IN Multifamily Hsg. (Silver Birch of Terre Haute)		5.100			01/01/2032		07/04/2027	B		702,084
											897,634
Iowa—0.2%
125,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)		4.450			08/01/2028		05/26/2025	A		126,299
250,000	IA Tobacco Settlement Authority (TASC)1		5.600	2		06/01/2034		04/29/2019	A		251,147
											377,446
Kentucky—0.8%
1,000,000	Fayette County, KY School District1		5.000			08/01/2031		08/01/2025	A		1,150,760
100,000	KY EDFA (Ashland Hospital)1		6.000			02/01/2033		04/29/2019	A		100,256
100,000	KY Property & Building Commission1		5.000			05/01/2031		05/01/2028	A		119,001
100,000	KY Property & Building Commission1		5.000			05/01/2032		05/01/2028	A		118,265

14       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Kentucky (Continued)
$100,000	KY Property & Building Commission1		5.000%		05/01/2033		05/01/2028	A	$	117,857
100,000	KY Property & Building Commission1		5.000		05/01/2034		05/01/2028	A		117,348
										1,723,487
Louisiana—3.5%
1,405,000	LA Public Facilities Authority (Nineteenth Judicial District Court Building)1		5.000		06/01/2036		06/01/2025	A		1,594,464
2,545,000	LA Public Facilities Authority (Ochsner Clinic Foundation)1		5.000		05/15/2034		05/15/2026	A		2,886,055
250,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1		5.000		07/01/2028		07/01/2027	A		290,648
400,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)		5.000		07/01/2029		07/01/2027	A		464,124
500,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1		5.000		07/01/2030		07/01/2027	A		575,220
200,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000		10/01/2032		10/01/2028	A		236,918
135,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000		10/01/2033		10/01/2028	A		159,211
100,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000		10/01/2034		10/01/2028	A		117,429
100,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000		10/01/2034		10/01/2028	A		117,429
220,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000		10/01/2036		10/01/2028	A		256,047
145,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000		10/01/2037		10/01/2028	A		168,145
100,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000		10/01/2038		10/01/2028	A		115,786
500,000	New Orleans, LA Sewage Service1		5.000		06/01/2026		06/01/2024	A		571,550
										7,553,026
Maryland—2.5%
170,000	Baltimore, MD Convention Center1		5.000		09/01/2019		04/29/2019	A		170,357
2,500,000	Baltimore, MD Water1		5.000		07/01/2033		01/01/2027	A		2,935,550
2,000,000	Gaithersburg, MD Economic Devel. (Asbury Maryland)1		5.000		01/01/2033		01/01/2024	A		2,230,160
										5,336,067
Massachusetts—0.5%
130,000	MA Devel. Finance Agency (Partners Healthcare System)		5.000		07/01/2031		07/01/2021	A		139,625

15       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Massachusetts (Continued)
$120,000	MA Devel. Finance Agency (Partners Healthcare System)1		5.000	%		07/01/2031		07/01/2021	A	$	128,233
700,000	MA H&EFA (Milford Regional Medical Center)1		5.000			07/15/2027		04/29/2019	A		706,244
200,000	MA H&EFA (Milford Regional Medical Center)1		5.000			07/15/2032		04/29/2019	A		201,760
											1,175,862
Michigan—2.7%
65,000	Charyl Stockwell Academy, MI Public School Academy		4.875			10/01/2023		11/04/2021	B		65,508
100,000	Grand Rapids, MI Building Authority1		5.000			10/01/2028		04/29/2019	A		100,267
1,000,000	MI Finance Authority (Detroit Water & Sewer)1		5.000			07/01/2026		07/01/2024	A		1,140,520
1,000,000	MI Finance Authority (Detroit Water & Sewer)1		5.000			07/01/2027		07/01/2024	A		1,137,150
750,000	MI Finance Authority (Detroit Water & Sewer)1		5.000			07/01/2029		07/01/2025	A		866,318
245,000	MI Finance Authority (Sparrow Health)1		5.000			11/15/2032		05/15/2025	A		277,529
1,805,000	Romulus, MI Tax Increment Financing Authority1		5.000			11/01/2026		05/07/2026	B		2,128,149
											5,715,441
Minnesota—2.1%
500,000	Dakota County, MN Community Devel. Agency (Sanctuary at West St. Paul)		5.750			08/01/2030		08/11/2023	A		505,205
320,000	Duluth, MN Hsg. & Redevel. Authority (Public Schools Academy)1		4.250			11/01/2028		12/03/2026	B		328,358
205,000	Duluth, MN Hsg. & Redevel. Authority (Public Schools Academy)1		5.000			11/01/2033		11/01/2028	A		217,487
2,320,000	St. Paul, MN Hsg. & Redevel. Authority (Legends Berry Senior Apartments)		3.750	3		09/01/2021		03/01/2020	A		2,326,983
1,040,000	St. Paul, MN Hsg. & Redevel. Authority (Millberry Apartments)		3.750	3		03/01/2021		08/01/2019	A		1,040,978
											4,419,011
Mississippi—0.3%
545,000	Ridgeland, MS Tax Increment (Colony Park)1		5.875			04/01/2026		04/01/2021	A		574,326
Missouri—1.0%
15,000	Kansas City, MO IDA (Sales Tax)4		4.250			04/01/2026		03/10/2023	B		15,291

16       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Missouri (Continued)
$5,000	MO Environmental Improvement & Energy Resources Authority1		5.000	%		01/01/2020		04/29/2019	A	$	5,014
65,000	MO Environmental Improvement & Energy Resources Authority1		5.125			01/01/2020		04/29/2019	A		65,184
40,000	MO Environmental Improvement & Energy Resources Authority1		5.500			07/01/2019		04/29/2019	A		40,121
805,000	Saint Charles County, MO IDA(Suemandy/Mid-Rivers Community Improvement District)4		4.000			10/01/2028		10/01/2028			790,639
1,000,000	St. Louis, MO Municipal Finance Corp.1		5.000			07/15/2030		07/15/2024	A		1,142,940
											2,059,189
Nevada—0.1%
55,000	Las Vegas, NV Special Improvement District No. 607		5.000			06/01/2024		06/01/2024			58,703
255,000	North Las Vegas, NV Wastewater Reclamation System1		5.000			10/01/2023		04/29/2019	A		255,411
											314,114
New Hampshire—0.1%
250,000	NH H&EFA (Hillside Village)		3.500			07/01/2022		07/01/2019	A		250,638
New Jersey—8.4%
250,000	Atlantic City, NJ GO1		5.000			03/01/2032		03/01/2027	A		288,635
15,000	Burlington County, NJ Bridge Commission1		4.500			10/15/2022		04/29/2019	A		15,035
1,000,000	Casino Reinvestment Devel. Authority of NJ (Luxury Tax)1		5.000			11/01/2027		11/01/2024	A		1,116,480
1,000,000	NJ EDA1		5.000			06/15/2022		06/15/2022			1,088,440
2,000,000	NJ EDA1		5.000			06/15/2025		06/15/2025			2,245,240
125,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2037		12/14/2029	B		142,639
250,000	NJ EDA (Provident Group-Rowan Properties)1		5.000			01/01/2030		01/01/2025	A		272,072
305,000	NJ EDA (School Facilities Construction)1		5.000			03/01/2026		03/01/2023	A		330,501
1,000,000	NJ Educational Facilities Authority (Higher Education)1		5.000			06/15/2026		06/15/2024	A		1,103,740
395,000	NJ Educational Facilities Authority (Rider University)1		5.000			07/01/2032		07/01/2027	A		443,905
415,000	NJ Educational Facilities Authority (Rider University)1		5.000			07/01/2033		07/01/2027	A		464,576
1,000,000	NJ Educational Facilities Authority (Rider University)1		5.000			07/01/2035		07/01/2027	A		1,111,780
50,000	NJ Higher Education Student Assistance Authority (Student Loans)1		5.000			12/01/2025		12/01/2019	A		51,063

17       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
New Jersey (Continued)
$3,575,000	NJ Tobacco Settlement Financing Corp.1		3.200	%		06/01/2027		07/11/2021	B	$	3,686,969
900,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2031		06/01/2028	A		1,046,439
335,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2032		06/01/2028	A		387,180
2,000,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2023		06/15/2023			2,207,260
250,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2027		06/15/2021	A		263,230
710,000	NJ Transportation Trust Fund Authority1		5.250			06/15/2030		06/15/2023	A		772,352
250,000	NJ Transportation Trust Fund Authority1		5.250			06/15/2032		12/15/2024	A		274,837
500,000	South Jersey, NJ Transportation Authority1		5.000			11/01/2028		11/01/2024	A		550,210
											17,862,583
New Mexico—0.3%
625,000	Farmington, NM Hospital (San Juan Regional Medical Center)1		5.000			06/01/2023		04/29/2019	A		626,875
New York—7.8%
500,000	Buffalo & Erie County, NY Industrial Land Devel. (Medaille College)1		5.000			10/01/2038		10/01/2028	A		513,700
1,000,000	L.I., NY Power Authority1		5.000			09/01/2029		09/01/2028	A		1,246,110
500,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.250	2		06/01/2026		04/14/2019	A		500,115
350,000	New Rochelle, NY Corp. Devel. (Iona College)1		5.000			07/01/2035		07/01/2025	A		388,297
280,000	NY Counties Tobacco Trust VI (TASC)1		5.000			06/01/2027		06/01/2026	A		319,861
270,000	NY Counties Tobacco Trust VI (TASC)1		5.000			06/01/2030		06/01/2026	A		302,195
250,000	NY Counties Tobacco Trust VI (TASC)1		5.000			06/01/2031		06/01/2026	A		278,012
1,875,000	NY MTA, SeriesC-11		5.000			11/15/2031		11/15/2025	A		2,162,681
2,500,000	NY MTA, SeriesC-11		5.250			11/15/2031		11/15/2025	A		2,928,175
1,000,000	NYC GO1		5.000			08/01/2029		02/01/2025	A		1,169,320
2,250,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		04/29/2019	A		2,260,597
300,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2024		12/01/2024			342,234
35,000	NYS DA (Ozanam Hall of Queens Nursing Home)1		5.000			11/01/2026		04/29/2019	A		35,063
2,055,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2032		02/15/2025	A		2,386,615

18       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
New York (Continued)
$500,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000%		10/01/2030		10/01/2025	A	$	514,230
1,230,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500		12/01/2028		04/29/2019	A		1,283,690
										16,630,895
Ohio—1.9%
3,330,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.875		06/01/2030		06/01/2030			3,259,237
380,000	OH Higher Educational Facility Commission (Hiram College)1		6.000		10/01/2021		04/29/2019	A		380,532
350,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)1		5.500		12/01/2029		12/01/2024	A		392,378
										4,032,147
Oklahoma—0.5%
1,000,000	OK Devel. Finance Authority (OU Medicine)1		5.000		08/15/2033		08/15/2028	A		1,144,090
Oregon—0.6%
200,000	Clackamas County, OR Hospital Facilities Authority (Mary’s Woods at Marylhurst)1		2.800		05/15/2024		11/15/2019	A		200,058
135,000	Clackamas County, OR Hospital Facilities Authority (Mary’s Woods at Marylhurst)1		3.200		05/15/2025		05/15/2020	A		135,321
250,000	Forest Grove, OR Revenue (Pacific University)1		5.000		05/01/2036		05/01/2025	A		272,777
295,000	Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)1		5.000		12/01/2025		12/01/2025			338,424
250,000	Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)1		5.000		12/01/2030		12/01/2026	A		280,188
										1,226,768
Pennsylvania—13.1%
1,000,000	Chester County, PA H&EFA (SSS / SRC / SMSvcs / TCS / JP / SM / SHouse Obligated Group)		5.000		12/01/2030		12/01/2025	A		1,034,860
385,000	Coatesville, PA Area School District1		5.000		12/01/2025		06/01/2023	A		422,649
335,000	Coatesville, PA Area School District1		5.000		12/01/2026		06/01/2023	A		366,383
360,000	Coatesville, PA Area School District1		5.000		12/01/2027		06/01/2023	A		392,249

19       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Pennsylvania (Continued)
$500,000	East Hempfield Township, PA IDA (Millersville University Student Services)1		5.000%		07/01/2025		09/25/2022	B	$	533,520
845,000	Erie County, PA Hospital Authority (St. Vincent’s Health)		7.000		07/01/2027		07/01/2020	A		900,990
1,500,000	Lancaster County, PA Hospital Authority (Masonic Villages of Grand Lodge of Pennyslvania)1		5.000		11/01/2029		05/01/2025	A		1,689,525
500,000	Luzerne County, PA GO1		5.000		11/15/2029		11/15/2025	A		577,980
190,000	Luzerne County, PA GO1		6.750		11/01/2023		11/01/2019	A		195,291
1,190,000	Luzerne County, PA GO1		7.000		11/01/2026		11/01/2019	A		1,224,915
2,000,000	PA Commonwealth Financing Authority1		5.000		06/01/2033		06/01/2028	A		2,336,360
1,500,000	PA GO1		5.000		03/15/2031		03/15/2025	A		1,719,135
3,000,000	PA State Public School Building Authority (Philadelphia School District)1		5.000		06/01/2030		12/01/2026	A		3,530,310
1,055,000	PA Turnpike Commission1		5.000		12/01/2028		06/01/2025	A		1,224,000
3,000,000	PA Turnpike Commission1		5.000		12/01/2034		12/01/2027	A		3,478,110
1,000,000	PA Turnpike Commission1		5.000		12/01/2041		12/01/2025	A		1,099,090
250,000	PA Turnpike Commission1		5.250		12/01/2034		12/01/2025	A		288,542
1,000,000	Philadelphia, PA Authority for Industrial Devel. (City Service Agreement)1		5.000		12/01/2035		06/01/2027	A		1,146,060
1,310,000	Philadelphia, PA Authority for Industrial Devel. (City Service Agreement)1		5.000		12/01/2037		06/01/2027	A		1,489,457
1,000,000	Philadelphia, PA Authority for Industrial Devel. (La Salle University)1		5.000		05/01/2034		11/01/2027	A		1,094,740
40,000	Philadelphia, PA Hsg. Authority1		5.500		12/01/2019		04/29/2019	A		40,126
745,000	Philadelphia, PA School District1		5.000		09/01/2025		09/01/2025			863,366
510,000	Philadelphia, PA School District1		5.000		09/01/2032		09/01/2028	A		596,210
30,000	Reading, PA School District1		5.000		03/01/2035		03/01/2027	A		34,756
25,000	Reading, PA School District1		5.000		03/01/2036		03/01/2027	A		28,854
110,000	Scranton, PA School District1		5.000		12/01/2032		12/01/2027	A		127,826
90,000	Scranton, PA School District1		5.000		12/01/2033		12/01/2027	A		104,227
225,000	Washington County, PA Redevel. Authority1		5.000		07/01/2028		02/22/2026	A		234,943
500,000	West Shore, PA Area Authority (ML/MFS/MLCSS/Mhome/CAHA Obligated Group)1		5.000		07/01/2030		07/01/2025	A		535,930
500,000	Wilkes-Barre, PA Area School District1		5.000		08/01/2028		02/01/2027	A		589,670
										27,900,074
Rhode Island—0.3%
500,000	Providence, RI Public Building Authority, Series A1		5.875		06/15/2026		06/15/2021	A		539,615

20       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Rhode Island (Continued)
$35,000	RI Clean Water Protection Finance Agency1		5.125%		10/01/2019		04/29/2019	A	$	35,100
										574,715
South Carolina—1.3%
500,000	Greenville, SC Hospital System1		5.000		05/01/2024		05/01/2022	A		542,475
2,000,000	Piedmont, SC Municipal Power Agency1		5.000		01/01/2030		01/01/2025	A		2,269,920
										2,812,395
South Dakota—0.3%
550,000	SD Educational Enhancement Funding Corp. Tobacco Settlement1		5.000		06/01/2026		06/01/2023	A		608,691
Tennessee—1.5%
1,305,000	Chattanooga-Hamilton County, TN Hospital Authority1		5.000		10/01/2039		10/01/2024	A		1,421,954
500,000	Knox County, TN HE&HFB (Covenant Health)1		5.000		01/01/2025		01/01/2023	A		557,155
815,000	Nashville, TN Metropolitan Development & Hsg. Agency (Fifth & Broadway Devel. District)		4.500		06/01/2028		12/12/2025	B		866,753
300,000	TN Energy Acquisition Gas Corp.1		5.250		09/01/2020		09/01/2020			312,087
										3,157,949
Texas—9.5%
1,500,000	Arlington, TX Higher Education Finance Corp. (Harmony Public Schools)1		5.000		02/15/2032		02/15/2025	A		1,709,115
125,000	Arlington, TX Higher Education Finance Corp. (UMEP)		4.550		08/15/2028		12/08/2025	A		126,034
115,000	Arlington, TX Higher Education Finance Corp. (UMEP)		5.000		08/15/2038		08/15/2027	A		115,697
1,000,000	Dallas County, TX Flood Control District		5.000		04/01/2028		04/01/2023	A		1,059,400
125,000	Dallas-Fort Worth, TX International Airport1		5.000		11/01/2025		11/01/2020	A		132,137
125,000	Dallas-Fort Worth, TX International Airport1		5.000		11/01/2026		11/01/2020	A		131,975
2,000,000	Grand Parkway, TX Transportation Corp.1		5.000		10/01/2038		04/01/2028	A		2,379,160
40,000	Greenville, TX Electric Utility System1		4.650		02/15/2029		04/29/2019	A		40,090
1,000,000	Harris County-Houston, TX Sports Authority1		5.000		11/15/2030		11/15/2024	A		1,135,570
250,000	Houston, TX Higher Education Finance Corp. (Kipp)1		5.000		08/15/2029		08/15/2025	A		290,897
20,000	Huntsville, TX GO COP1		5.000		08/15/2023		04/29/2019	A		20,055

21       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Texas (Continued)
$350,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.000%		11/15/2026		03/20/2025	B	$	356,129
670,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University-Collegiate Hsg. Corpus Christi II)1		5.000		04/01/2031		04/01/2026	A		687,085
225,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		3.875		11/15/2022		05/15/2019	A		225,059
1,000,000	Temple, TX Tax Increment1		5.000		08/01/2038		08/01/2025	A		1,068,380
500,000	TX Municipal Gas Acquisition & Supply Corp.1		5.000		12/15/2026		12/15/2022	A		548,515
3,650,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250		12/15/2026		12/10/2023	B		4,240,862
2,000,000	TX SA Energy Acquisition Public Facility Corp. (Gas Supply)1		5.500		08/01/2025		08/01/2025			2,326,880
1,005,000	Viridian, TX Municipal Management District1		6.000		12/01/2029		12/01/2024	A		1,219,718
665,000	Viridian, TX Municipal Management District1		6.000		12/01/2029		12/01/2024	A		807,077
500,000	Viridian, TX Municipal Management District1		6.000		12/01/2030		12/01/2024	A		607,425
920,000	Viridian, TX Municipal Management District1		6.000		12/01/2030		12/01/2024	A		1,117,662
										20,344,922
Utah—0.6%
1,000,000	Salt Lake City, UT Airport1		5.000		07/01/2038		07/01/2028	A		1,188,740
Vermont—1.0%
1,000,000	Burlington, VT Airport, Series A1		5.000		07/01/2030		07/01/2024	A		1,122,790
250,000	Burlington, VT GO1		5.000		11/01/2021		11/01/2021			269,395
250,000	Burlington, VT GO1		5.000		11/01/2027		11/01/2022	A		275,105
500,000	VT Educational & Health Buildings Financing Agency (Middlebury College)1		5.000		11/01/2028		11/01/2022	A		554,765
										2,222,055
Virginia—0.5%
1,000,000	Farmville, VA IDA (Longwood Hsg. Foundation)1		5.000		01/01/2038		01/01/2029	A		1,099,500
Washington—1.1%
20,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600		03/01/2028		04/29/2019	A		20,004

22       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Washington (Continued)
$525,000	WA Health Care Facilities Authority (Catholic Health Initiatives)1		6.375%		10/01/2033		04/29/2019	A	$	527,174
500,000	WA Health Care Facilities Authority (Central Washington Health Services Association)1		5.000		07/01/2030		07/01/2025	A		565,605
500,000	WA Hsg. Finance Commission (Heron’s Key)		6.000		07/01/2025		08/13/2023	B		546,670
465,000	WA Hsg. Finance Commission (Lutheran Retirement Home of Greater Seattle)		3.125		07/01/2023		07/01/2019	A		465,079
100,000	WA Kalispel Tribe Indians Priority District		5.000		01/01/2032		09/09/2027	A		109,634
100,000	WA Kalispel Tribe Indians Priority District		5.000		01/01/2032		09/16/2027	A		109,634
										2,343,800
Wisconsin—3.5%
2,000,000	WI H&EFA (Ascension Health Credit Group)1		4.000		11/15/2036		05/15/2026	A		2,124,560
500,000	WI H&EFA (Marshfield Clinic)1		5.000		02/15/2028		02/15/2022	A		534,520
2,000,000	WI Public Finance Authority (City of Boynton Beach Florida)1		5.000		07/01/2035		07/01/2028	A		2,327,580
390,000	WI Public Finance Authority (Community School of Davidson)		5.000		10/01/2033		12/02/2027	A		411,103
1,000,000	WI Public Finance Authority Educational Facility (Wingate University)1		5.250		10/01/2038		10/01/2028	A		1,126,510
800,000	WI Public Finance Authority Student Hsg. (Appalachian State University)1		5.000		07/01/2034		07/01/2028	A		914,592
										7,438,865
Total Investments, at Value (Cost $206,899,952)—100.1%										213,877,726
Net Other Assets (Liabilities)—(0.1)										(184,094)
Net Assets—100.0%									$	213,693,632

Footnotes to Statement of Investments

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

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

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

1.All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 9 of the accompanying Notes.

2.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

23       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Footnotes to Statement of Investments (Continued)

3.This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

4.All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.

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

AMS	ACTS Management Services, Inc.
ARLC	ACTS Retirement-Life Communities, Inc.
ASCS	ACTS Signature Community Services, Inc.
ASU	Arizona State University
AT	Azalea Trace, Inc.
BMH	Bakersfield Memorial Hospital
CAHA	Capital Area Health Associates
CASvcs	Children’s Anesthesia Services
CDA	Communities Devel. Authority
CHA	Children’s Healthcare of Atlanta
CHAF	Children’s Healthcare of Atlanta Foundation
CHF	City Hospital Foundation
CMF	CHCW Medical Foundation
CmntyHOSB	Community Hospital of San Bernardino
COP	Certificates of Participation
CSS	Children’s Sedation Services
DA	Dormitory Authority
DHlth	Dignity Health
DHR	Department of Human Resources
EAS	Egleston Affiliated Services
ECHEU	Egleston Children’s Hospital at Emory University
EDA	Economic Devel. Authority
EDFA	Economic Devel. Finance Authority
EPG	Egleston Pediatric Group
GO	General Obligation
H&EFA	Health and Educational Facilities Authority
HE&HFB	Higher Educational and Housing Facility Board
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
IDA	Industrial Devel. Agency
JFK	John Fitzgerald Kennedy
JP	Jenner’s Pond
L.I.	Long Island
LVE	Lanier Village Estates, Inc.
MFS	Messiah Family Services
Mhome	Messiah Home
ML	Messiah Lifeways
MLCSS	Messiah Lifeways Community Support Services
MRC	Methodist Retirement Communities
MSrH	Mercy Senior Housing
MTA	Metropolitan Transportation Authority
NY/NJ	New York/New Jersey
NYC	New York City

24       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

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

NYS	New York State
OU	Oklahoma University
PHS	Pinnacle Health System
SFMH	St. Francis Memorial Hospital
SHouse	Simpson House
SM	Simpson Meadows
SMSvcs	Simpson Management Services
SNVMMH	Sierra Nevada Memorial-Miners Hospital
SRC	Simpson Retirement Communities
SRCMC	Scottish Rite Children’s Medical Center
SSS	Simpson Senior Services
TASC	Tobacco Settlement Asset-Backed Bonds
TCS	Third Century Services
UMEP	UME Preparatory Academy
VOA	Volunteers of America

See accompanying Notes to Financial Statements.

25       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIESMarch 31, 2019 Unaudited

Assets
Investments, at value (cost $206,899,952) —see accompanying statement of investments	$	213,877,726
Cash		314,488
Receivables and other assets:
Interest		3,063,141
Investments sold on a when-issued or delayed delivery basis		2,725,234
Shares of beneficial interest sold		87,680
Other		26,099
Total assets		220,094,368
Liabilities
Payables and other liabilities:
Payable for borrowings (See Note 9)		6,100,000
Shares of beneficial interest redeemed		132,761
Dividends		75,124
Distribution and service plan fees		33,973
Interest expense on borrowings		9,102
Shareholder communications		6,721
Trustees’ compensation		4,622
Other		38,433
Total liabilities		6,400,736
Net Assets	$	213,693,632
Composition of Net Assets
Par value of shares of beneficial interest	$	47,976
Additionalpaid-in capital		209,397,248
Total distributable earnings		4,248,408
Net Assets	$	213,693,632
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $125,869,764 and 28,254,462 shares of beneficial interest outstanding)		$ 4.45
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)		$ 4.55
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $35,268,625 and 7,928,869 shares of beneficial interest outstanding)		$ 4.45
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $ 52,555,243 and 11,792,618 shares of beneficial interest outstanding)		$ 4.46

See accompanying Notes to Financial Statements.

26       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF

OPERATIONSFor the Six Months Ended March 31, 2019 Unaudited

Investment Income
Interest	$	3,905,546
Expenses
Management fees		624,346
Distribution and service plan fees:
Class A		154,490
Class C		175,256
Transfer and shareholder servicing agent fees:
Class A		61,950
Class C		17,528
Class Y		24,974
Shareholder communications:
Class A		4,217
Class C		2,344
Class Y		2,299
Borrowing fees		95,121
Interest expense on borrowings		58,860
Trustees’ compensation		1,580
Custodian fees and expenses		847
Other		32,556
Total expenses		1,256,368
Less waivers and reimbursements of expenses		(28,321)
Net expenses		1,228,047
Net Investment Income		2,677,499
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(129,376)
Net change in unrealized appreciation/(depreciation) on investment transactions		5,647,266
Net Increase in Net Assets Resulting from Operations	$	8,195,389

See accompanying Notes to Financial Statements.

27       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 20181
Operations
Net investment income	$	2,677,499		$	5,421,166
Net realized loss		(129,376	)		(1,019,264)
Net change in unrealized appreciation/(depreciation)		5,647,266			(4,349,344)
Net increase in net assets resulting from operations		8,195,389			52,558
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class A		(1,541,783	)		(3,017,421)
Class C		(300,537	)		(599,683)
Class Y		(677,012	)		(1,481,102)
Total dividends and distributions declared		(2,519,332	)		(5,098,206)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(2,286,695	)		3,795,674
Class C		(2,115,454	)		207,371
Class Y		1,846,804			(8,596,200)
Total beneficial interest transactions		(2,555,345	)		(4,593,155)
Net Assets
Total increase (decrease)		3,120,712			(9,638,803)
Beginning of period		210,572,920			220,211,723
End of period	$	213,693,632		$	210,572,920

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note

2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

28       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 20151			Year Ended September 30, 20141
Per Share Operating Data
Net asset value, beginning of period		$4.34		$4.43		$4.50		$4.29		$4.28			$4.08
Income (loss) from investment operations:
Net investment income2		0.06		0.11		0.10		0.09		0.10			0.13
Net realized and unrealized gain (loss)		0.10		(0.10)		(0.08)		0.21		0.02			0.19
Total from investment operations		0.16		0.01		0.02		0.30		0.12	��		0.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.10)		(0.09)		(0.09)		(0.11)			(0.12)
Net asset value, end of period		$4.45		$4.34		$4.43		$4.50		$4.29			$4.28
Total Return, at Net Asset Value3		3.81%		0.22%		0.44%		7.10%		2.94%			7.78%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$125,870		$124,789		$123,839		$166,994		$93,966			$43,489
Average net assets (in thousands)		$124,246		$133,054		$135,493		$135,238		$55,240			$46,841
Ratios to average net assets:4
Net investment income		2.64%		2.41%		2.36%		2.00%		2.42%			3.00%
Expenses excluding specific expenses listed below		0.98%		0.98%		0.99%		0.99%		1.03%			1.06%
Interest and fees from borrowings		0.15%		0.12%		0.10%		0.07%		0.15%			0.14%
Total expenses		1.13%		1.10%		1.09%		1.06%		1.18%			1.20%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.10%		1.07%		1.05%		1.02%		1.09%			1.09%
Portfolio turnover rate		6%		45%		25%		24%		56%			40%

29       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Fund’s holdings and total value of shareholders’ investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.

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

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

4. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

30       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Class C	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018		Year Ended September 30, 2017			Year Ended September 30, 2016		Year Ended September 30, 20151		Year Ended September 30, 20141
Per Share Operating Data
Net asset value, beginning of period		$4.33		$4.42		$4.49	��		$4.29		$4.28		$4.08
Income (loss) from investment operations:
Net investment income2		0.04		0.07		0.07			0.05		0.07		0.09
Net realized and unrealized gain (loss)		0.12		(0.10)		(0.09)			0.21		0.02		0.19
Total from investment operations		0.16		(0.03)		(0.02)			0.26		0.09		0.28
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.04)		(0.06)		(0.05)			(0.06)		(0.08)		(0.08)
Net asset value, end of period		$4.45		$4.33		$4.42			$4.49		$4.29		$4.28
Total Return, at Net Asset Value3		3.65%		(0.56)%		(0.34)%			6.04%		2.23%		6.95%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$35,269		$36,446		$37,126			$48,103		$25,703		$12,842
Average net assets (in thousands)		$35,143		$40,207		$39,435			$38,334		$16,536		$11,648
Ratios to average net assets:4
Net investment income		1.86%		1.63%		1.57%			1.22%		1.66%		2.21%
Expenses excluding specific expenses listed below		1.74%		1.73%		1.75%			1.74%		1.79%		1.85%
Interest and fees from borrowings		0.15%		0.12%		0.10%			0.07%		0.15%		0.14%
Total expenses		1.89%		1.85%		1.85%			1.81%		1.94%		1.99%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.88%		1.85%5		1.83%			1.80%		1.87%		1.87%
Portfolio turnover rate		6%		45%		25%			24%		56%		40%

31       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Fund’s holdings and total value of shareholders’ investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.

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

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

4. Annualized for periods less than one full year.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

32       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Class Y	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 20151		Year Ended September 30, 20141
Per Share Operating Data
Net asset value, beginning of period		$4.34		$4.43		$4.50		$4.30		$4.28		$4.08
Income (loss) from investment operations:
Net investment income2		0.06		0.12		0.11		0.10		0.12		0.13
Net realized and unrealized gain (loss)		0.12		(0.10)		(0.08)		0.20		0.02		0.19
Total from investment operations		0.18		0.02		0.03		0.30		0.14		0.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.11)		(0.10)		(0.10)		(0.12)		(0.12)
Net asset value, end of period		$4.46		$4.34		$4.43		$4.50		$4.30		$4.28
Total Return, at Net Asset Value3		4.16%		0.44%		0.66%		7.08%		3.41%		8.01%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$52,555		$49,338		$59,247		$54,109		$20,589		$7,719
Average net assets (in thousands)		$50,102		$59,658		$51,840		$35,292		$9,772		$4,089
Ratios to average net assets:4
Net investment income		2.86%		2.63%		2.60%		2.19%		2.69%		3.17%
Expenses excluding specific expenses listed below		0.74%		0.73%		0.75%		0.74%		0.80%		0.80%
Interest and fees from borrowings		0.15%		0.12%		0.10%		0.07%		0.15%		0.14%
Total expenses		0.89%		0.85%		0.85%		0.81%		0.95%		0.94%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.88%		0.85%5		0.83%		0.80%		0.87%		0.87%
Portfolio turnover rate		6%		45%		25%		24%		56%		40%

33       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Fund’s holdings and total value of shareholders’ investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.

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

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

4. Annualized for periods less than one full year.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

34       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSMarch 31, 2019 Unaudited

1. Organization

Oppenheimer Intermediate Term Municipal Fund (the “Fund”) is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seektax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the“Sub-Adviser”). The Manager has entered into asub-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 afront-end sales charge. Class C shares are sold without afront-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 afront-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation.All investments in securities are recorded at their estimated fair value, as described in Note 3.

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on theex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

35       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited /Continued

2. Significant Accounting Policies (Continued)

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

Indemnifications.The 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.

Federal Taxes.The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2018, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended September 30, 2018, the Fund did not utilize anycapital loss carryforwards to offset capital gains realized in that fiscal year.Capital losses with no expiration will be carried forward to future years if not offset by gains.

At period end, it is estimated that the capital loss carryforwards would be $3,977,042, which will not expire.The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year

36       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

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

Federal tax cost of securities	$	206,899,952
Gross unrealized appreciation	$	7,314,921
Gross unrealized depreciation		(337,147	)
Net unrealized appreciation	$	6,977,774

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager has evaluated the impacts of these changes on the financial statements and there are no material impacts.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule ReleaseNo. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule6-04.17 of RegulationS-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule6-09 of RegulationS-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.

37       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

2. Significant Accounting Policies (Continued)

The requirements of the Rule were effective November 5, 2018, and the Fund’s Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within the Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange” or “NYSE”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated theday-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 least quarterly or more frequently, if necessary.

Valuation Methods and Inputs

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

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the 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. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at

38       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

3. Securities Valuation (Continued)

the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end.

These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level2-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) Level3-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 at period end based on valuation input level:

	Level 1— Unadjusted         Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant         Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama	$	—	$	2,949,283	$	—	$	2,949,283
Arizona		—		9,675,149		—		9,675,149
California		—		30,589,558		—		30,589,558
Colorado		—		1,746,451		—		1,746,451
District of Columbia		—		310,095		—		310,095
Florida		—		11,547,418		—		11,547,418
Georgia		—		2,983,176		—		2,983,176
Hawaii		—		1,519,710		—		1,519,710
Illinois		—		10,945,581		—		10,945,581

39       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted         Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant         Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
Indiana	$	—	$	897,634	$	—	$	897,634
Iowa		—		377,446		—		377,446
Kentucky		—		1,723,487		—		1,723,487
Louisiana		—		7,553,026		—		7,553,026
Maryland		—		5,336,067		—		5,336,067
Massachusetts		—		1,175,862		—		1,175,862
Michigan		—		5,715,441		—		5,715,441
Minnesota		—		4,419,011		—		4,419,011
Mississippi		—		574,326		—		574,326
Missouri		—		2,059,189		—		2,059,189
Nevada		—		314,114		—		314,114
New Hampshire		—		250,638		—		250,638
New Jersey		—		17,862,583		—		17,862,583
New Mexico		—		626,875		—		626,875
New York		—		16,630,895		—		16,630,895
Ohio		—		4,032,147		—		4,032,147
Oklahoma		—		1,144,090		—		1,144,090
Oregon		—		1,226,768		—		1,226,768
Pennsylvania		—		27,900,074		—		27,900,074
Rhode Island		—		574,715		—		574,715
South Carolina		—		2,812,395		—		2,812,395
South Dakota		—		608,691		—		608,691
Tennessee		—		3,157,949		—		3,157,949
Texas		—		20,344,922		—		20,344,922
Utah		—		1,188,740		—		1,188,740
Vermont		—		2,222,055		—		2,222,055
Virginia		—		1,099,500		—		1,099,500
Washington		—		2,343,800		—		2,343,800
Wisconsin		—		7,438,865		—		7,438,865
Total Assets	$	—	$	213,877,726	$	—	$	213,877,726

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.

For the reporting period, there were no transfers between levels.

4. Investments and Risks

Securities on a When-Issued or Delayed Delivery Basis.The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for

40       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

4. Investments and Risks (Continued)

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.

At period end, the Fund had sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$2,725,234

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

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk.Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk.Interest rate risk refers to the fluctuations in value of fixed-income

41       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

5. Market Risk Factors (Continued)

securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk.Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Shares of Beneficial Interest

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

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		2,398,768		$	10,457,631			8,746,996		$	38,586,519
Dividends and/or distributions reinvested		341,888			1,492,708			663,911			2,906,723
Redeemed		(3,267,788	)		(14,237,034	)		(8,590,172	)		(37,697,568	)
Net increase (decrease)		(527,132	)	$	(2,286,695	)		820,735		$	3,795,674
Class C
Sold		574,583		$	2,504,603			2,794,760		$	12,331,656
Dividends and/or distributions reinvested		66,341			289,244			130,582			571,039
Redeemed		(1,130,237	)		(4,909,301	)		(2,901,908	)		(12,695,324	)
Net increase (decrease)		(489,313	)	$	(2,115,454	)		23,434		$	207,371
Class Y
Sold		2,211,744		$	9,640,032			5,402,879		$	23,826,189
Dividends and/or distributions reinvested		154,036			672,645			335,326			1,469,872
Redeemed		(1,947,282	)		(8,465,873	)		(7,734,688	)		(33,892,261	)
Net increase (decrease)		418,498		$	1,846,804			(1,996,483	)	$	(8,596,200	)

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	12,206,151	$	17,428,306

42       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates

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

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

The Fund’s effective management fee for the reporting period was 0.60% of average annual net assets before any applicable waivers.

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

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

Sub-Transfer Agent Fees.The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the“Sub-Transfer Agent”), to provide theday-to-day transfer agent and shareholder servicing of the Fund. Under theSub-Transfer Agency Agreement, the Transfer Agent pays theSub-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 theSub-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 Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included

43       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited /Continued

8. Fees and Other Transactions with Affiliates (Continued)

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 Rule12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plan for Class C Shares.The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class C shares pursuant to Rule12b-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 votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

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

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred     Sales Charges Retained by Distributor		Class C Contingent Deferred     Sales Charges Retained by Distributor
March 31, 2019		$4,613		$—		$21

44       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses.The Manager has voluntary agreed to waive fees and/or reimburse the Fund for certain expenses so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses,” excluding interest and fees from borrowings, will not exceed 0.95% of average annual net assets for Class A shares, 1.73% of average annual net assets for Class C shares and 0.73% of average annual net assets for Class Y shares.

During the reporting period, the Manager reimbursed the Fund as follows:

Class A	$	23,151
Class C		2,535
Class Y		2,635

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Borrowings.The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the 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 2.5495% at period end. The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated itspro-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

45       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

9. Borrowings and Other Financing (Continued)

Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.13% 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.

At period end, the Fund had borrowings outstanding at an interest rate of 2.5495%.

Details of the borrowings for the reporting period are as follows:

Average Daily Loan Balance	$	4,691,209
Average Daily Interest Rate		2.496%
Fees Paid	$	50,478
Interest Paid	$	61,215

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 itspro-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 reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.02% 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

46       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

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 reporting period.

Details of reverse repurchase agreement transactions for the reporting period are as follows:

Fees Paid $                         13,503

10. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of theSub-Adviser and the Manager, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire theSub-Adviser (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Fund’s Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of the Fund to a corresponding, newly formed fund (the “Acquiring Fund”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the Fund as of the close of business on the closing date. Although the Acquiring Fund will be managed by Invesco Advisers, Inc., the Acquiring Fund will, as of the closing date, have the same investment objective and substantially similar principal investment strategies and risks as the Fund. After the Reorganization, Invesco Advisers, Inc. will be the investment adviser to the Acquiring Fund, and the Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. The Reorganization is expected to be atax-free reorganization for U.S. federal income tax purposes.

Each Reorganization is subject to the approval of shareholders of each Fund. Shareholders of record of each Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Trusts’ Board of Trustees considered in approving the Agreement. The combined prospectus and proxy statement was distributed to shareholders of record on or about February 28, 2019.

Each Fund was expected to hold a shareholder meeting on April 12, 2019, at which shareholders of record (as of January 14, 2019) of each Fund would have been entitled to vote on the Reorganization. However, as of April 12, 2019, quorum had not yet been obtained with respect to each Fund; therefore, the shareholder meeting with respect to each Fund has been adjourned to May 17, 2019 for the purpose of providing additional time for shareholders to vote. The meeting may be adjourned or postponed further, as necessary.

If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, the Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.

47       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTSUnaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the 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 FormN-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 FormN-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 FormN-Q. The Fund’s FormN-Q filings are available on the SEC’s website at www.sec.gov. Beginning in April 2019, the Fund will no longer file FormN-Qs and will instead disclose its portfolio holdings monthly on FormN-PORT, which will also be available on the SEC’s website at www.sec.gov.

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 at1.800.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.

48       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

DISTRIBUTION SOURCESUnaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on aper-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. If the Fund (or an underlying fund in which the Fund invests) invests in real estate investment trusts (REITs) and/or master limited partnerships (MLPs), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and/or MLPs in which the Fund (or underlying fund) invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable andnon-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’.

Fund Name	Pay         Date		Net Income		Net Profit         from Sale		Other Capital         Sources
Oppenheimer Intermediate Term Municipal Fund		10/23/18		95.8%		0.0%		4.2%
Oppenheimer Intermediate Term Municipal Fund		1/22/19		76.8%		0.0%		23.2%
Oppenheimer Intermediate Term Municipal Fund		2/19/19		97.9%		0.0%		2.1%

49       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Trustees and Officers	Joel W. Motley, Chairman of the Board of Trustees and Trustee
	Beth Ann Brown, Trustee
	Edmund P. Giambastiani, Jr., Trustee
	Elizabeth Krentzman, Trustee
	Mary F. Miller, Trustee
	Joanne Pace, Trustee
	Daniel Vandivort, Trustee
	Brian F. Wruble, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Scott S. Cottier, Vice President
	Troy E. Willis, Vice President
	Mark R. DeMitry, Vice President
	Michael L. Camarella, Vice President
	Charles S. Pulire, Vice President
	Elizabeth S. Mossow, Vice President
	Richard A. Stein, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
	Laundering Officer
	Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OFI Global Asset Management, Inc.
Servicing Agent
Sub-Transfer Agent	Shareholder Services, Inc.
	DBA OppenheimerFunds Services
Independent Registered	KPMG LLP
Public Accounting Firm
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

© 2019 OppenheimerFunds, Inc. All rights reserved.

50       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

PRIVACY NOTICE

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 obtainnon-public personal information about our shareholders from the following sources:

● Applications or other forms.

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

● When you enroll in eDocs Direct,^SM our electronic document delivery service.

● Your transactions with us, our affiliates or others.

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

51       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

PRIVACY NOTICEContinued

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

● All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www.oppenheimerfunds.com/security.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on theContact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at800 CALL OPP (225 5677).

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55        OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

Visit us at oppenheimerfunds.com for24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for24-hr automated information and automated transactions. Representatives also available Mon–Fri8am-8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2019 OppenheimerFunds Distributor, Inc. All rights reserved. RS 0636.001.0319 May 15, 2019

Item 2.  Code of Ethics.

Not applicable to semiannual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6.  Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

Item 8.  Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities byClosed-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 rule30a-3(c) under the Investment Company Act of 1940 (17 CFR270.30a-3(c)) as of 3/31/2019, 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 most recent fiscal half-year 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.  Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13.  Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

SIGNATURES

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

Oppenheimer Intermediate Term Municipal Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	5/17/2019

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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	5/17/2019

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	5/17/2019