N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-22142

Oppenheimer Rochester Intermediate Term Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Arthur S. Gabinet
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 3/30/2012

Item 1. Reports to Stockholders.

March 31, 2012 Oppenheimer            Management Rochester            Commentary Intermediate Term            Semiannual and Municipal Fund            Report M A N A G E M E N T C O M M E N TA R Y An Interview with Your Fund’s Portfolio Managers S E M I A N N U A L R E P O RT Listing of Top Holdings Financial Statements “We hope that the recent strength of the municipal bond market has renewed investors’ confidence in the market’s powerful ability to help investors earn tax-advantaged income.” Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
General Obligation	16.8	%
Hospital/Health Care	15.0
Municipal Leases	13.1
Higher Education	8.6
Sales Tax Revenue	7.4
Education	6.7
Government Appropriation	6.3
Highways/Commuter Facilities	5.6
Water Utilities	4.8
Marine/Aviation Facilities	4.5

Portfolio holdings are subject to change. Percentages are as of March 30, 2012, and are based on total assets.

Credit Rating Breakdown	NRSRO Only Total
AAA		2.1	%
AA		19.3
A		55.0
BBB		20.0
Unrated		3.6
Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of March 30, 2012, and are subject to change. All securities except for those labeled “unrated” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Manager”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality.

For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

9 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

This semiannual report must be preceded or accompanied by the current prospectus of Oppenheimer Rochester^® Intermediate Term Municipal Fund. 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.

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

Class A shares of the Fund were first publicly offered on 12/6/10. Unless otherwise noted, Class A returns include the maximum initial sales charge of 3.50% that was in place prior to April 1, 2012. Effective April 1, 2012, the maximum ititial sales charge for Class A shares of the Fund is 2.25%.

Class C shares of the Fund were first publicly offered on 12/6/10. Unless otherwise noted, Class C returns include the applicable 1% contingent deferred sales charge. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class Y shares of the Fund were first publicly offered on 12/6/10. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

10 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 30, 2012.

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

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

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

11 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FUND EXPENSES Continued

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	October 1, 2011		March 30, 2012		March 30, 2012
Actual
Class A	$	1,000.00	$	1,035.00	$	4.92
Class C		1,000.00		1,030.90		8.87
Class Y		1,000.00		1,036.10		3.80
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.04		4.88
Class C		1,000.00		1,016.16		8.81
Class Y		1,000.00		1,021.13		3.78

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended March 30, 2012 are as follows:

Class	Expense Ratios
Class A		0.97	%
Class C		1.75
Class Y		0.75

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

12 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS March 30, 2012* / Unaudited

Principal								Effective
Amount			Coupon			Maturity		Maturity**			Value
Municipal Bonds and Notes—93.0%
Alabama—0.4%
$	115,000	Birmingham, AL Baptist Medical Centers (Baptist Health System)		5.875	%		11/15/2024		11/15/2012	A	$	115,759
Arizona—5.2%
	20,000	AZ Capital Facilities Finance Corp. (Arizona State University)		6.000			09/01/2015		04/26/2012	A		20,084
	50,000	AZ Health Facilities Authority (Banner Health System)		5.000			01/01/2022		01/01/2017	A		55,293
	500,000	Glendale, AZ Western Loop Public Facilities		7.000			07/01/2033		01/01/2014	A		545,690
	120,000	Mesa, AZ IDA (Banner Health System)		5.000			01/01/2019		04/30/2012	A		120,367
	140,000	Mohave County, AZ IDA (Mohave Prison)		7.500			05/01/2019		11/27/2017	B		154,685
	175,000	Phoenix, AZ IDA Government Office Lease (Capital Mall)		5.250			09/15/2016		04/30/2012	A		175,562
	250,000	Pima County, AZ IDA (Tucson Electric Power Company)		5.750			09/01/2029		01/12/2015	A		265,053
												1,336,734
California—23.8%
	10,000	Adelanto, CA Public Utility Authority		6.000			07/01/2023		07/01/2019	A		10,765
	25,000	Bay Area, CA Toll Authority (San Francisco Bay Area)		5.000			04/01/2022		04/01/2016	A		28,495
	45,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2029		06/01/2012	A		44,993
	45,000	CA Dept. of Transportation COP		5.250			03/01/2016		04/30/2012	A		45,180
	420,000	CA Educational Facilities Authority (Chapman University)		5.000			04/01/2025		04/01/2021	A		468,119
	75,000	CA GO		5.000			09/01/2019		09/01/2016	A		83,991
	5,000	CA GO		6.000			08/01/2012		08/01/2012			5,095
	5,000	CA GO		6.000			08/01/2020		08/01/2012	A		5,079
	410,000	CA GO		6.500			04/01/2033		04/01/2019	A		499,306
	200,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2021		04/30/2012	A		200,126
	500,000	CA Health Facilities Financing Authority (CHCW)		5.250			03/01/2024		03/01/2016	A		529,515
	500,000	CA Health Facilities Financing Authority (Children’s Hospital)		5.000			11/01/2024		11/01/2021	A		551,615
	85,000	CA Health Facilities Financing Authority (CHW/CMF Obligated Group)		5.125			07/01/2022		03/26/2014	A		90,919
	125,000	CA Public Works (California Community Colleges)		5.500			06/01/2022		06/01/2014	A		130,423
	90,000	CA Public Works (California State University)		5.400			12/01/2016		04/30/2012	A		90,266
	50,000	CA Public Works (California State University)		5.500			09/01/2015		04/30/2012	A		50,200
	250,000	CA Public Works (Dept. of General Services)		5.250			12/01/2019		12/01/2012	A		255,525

13 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity**			Value
California Continued
$	125,000	CA Public Works (Dept. of Mental Health)		5.500	%		06/01/2020		06/01/2014	A	$	133,578
	35,000	CA Public Works (Various Community Colleges)		5.625			03/01/2016		04/30/2012	A		35,113
	50,000	CA Public Works (Various Community Colleges)		5.625			03/01/2019		04/30/2012	A		50,146
	50,000	CA Public Works (Various State Universities)		5.250			12/01/2013		04/30/2012	A		50,183
	250,000	CA Statewide CDA (Memorial Health Services/Long Beach Memorial Medical Center Obligated Group)		5.500			10/01/2033		04/01/2013	A		259,000
	25,000	Carson, CA Redevel. Agency Tax Allocation		5.250			10/01/2022		10/01/2013	A		25,320
	25,000	Central CA Unified School District COP		5.000			08/01/2022		08/01/2017	A		27,893
	10,000	Corona, CA COP		5.500			08/01/2015		04/30/2012	A		10,036
	100,000	El Centro, CA Financing Authority (El Centro Redevel.)		6.625			11/01/2025		05/01/2021	A		111,127
	20,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 17		5.000			09/01/2019		09/01/2012	A		20,704
	25,000	Los Angeles, CA State Building Authority		5.500			10/01/2016		04/30/2012	A		25,070
	250,000	Madera, CA Irrigation Financing Authority		5.750			01/01/2026		01/01/2020	A		266,120
	100,000	Monrovia, CA Redevel. Agency Tax Allocation (Central Redevel. Project Area No. 1)		6.500			05/01/2026		05/01/2021	A		112,309
	190,000	Palm Desert, CA Financing Authority		5.000			04/01/2019		04/01/2014	A		193,036
	100,000	Rancho Cucamonga, CA Community Facilities District Special Tax No. 2004-1		5.100			09/01/2017		09/01/2012	A		103,509
	50,000	Riverside County, CA Asset Leasing Corp. (Riverside County Hospital)		5.700			06/01/2016		06/01/2012	A		50,831
	70,000	Riverside County, CA Public Financing Authority (Jurupa Valley Desert & Interstate 215 Corridor Redevel.)		5.000			10/01/2021		10/01/2016	A		71,193
	100,000	Riverside County, CA Public Financing Authority (Jurupa Valley Desert & Interstate 215 Corridor)		5.000			10/01/2022		10/01/2016	A		101,116
	100,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		5.750			10/01/2020		10/01/2020			107,944
	400,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Assessment District)		5.250			09/02/2026		09/02/2012	A		412,664
	50,000	Rohnert Park, CA COP		5.000			07/01/2024		04/30/2012	A		50,061
	200,000	San Diego, CA Public Facilities Financing Authority (Ballpark)		5.250			02/15/2021		02/15/2017	A		215,748
	25,000	San Juan, CA Unified School District		5.000			08/01/2020		08/01/2015	A		27,671
	85,000	San Mateo, CA (Library Improvement)		5.625			08/01/2030		04/30/2012	A		85,329
	200,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)		5.250			06/01/2019		06/01/2012	A		201,342

14 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity**			Value
California Continued
$	50,000	Saugus, CA Union School District Community Facilities District No. 2006		6.250	%		09/01/2027		09/01/2012	A	$	51,674
	250,000	Vernon, CA Electric System		5.125			08/01/2021		08/01/2019	A		267,223
												6,155,552
Colorado—1.4%
	10,000	CO Health Facilities Authority (Evangelical Lutheran Good Samaritan Society)		6.800			12/01/2020		04/30/2012	A		10,127
	255,000	Foothills, CO Park & Recreation District Building Authority COP		5.000			12/01/2022		12/01/2012	A		258,024
	100,000	Montrose County, CO Memorial Hospital		5.250			12/01/2017		04/30/2012	A		100,216
												368,367
Connecticut—1.2%
	50,000	CT H&EFA (Bridgeport Hospital)		6.625			07/01/2018		04/30/2012	A		50,382
	250,000	CT H&EFA (University of Hartford)		5.500			07/01/2022		07/01/2012	A		253,360
												303,742
District of Columbia—0.4%
	100,000	District of Columbia Ballpark		5.000			02/01/2022		02/01/2016	A		104,594
Florida—2.8%
	65,000	Dade County, FL GO (Seaport)		5.500			10/01/2026		04/30/2012	A		65,236
	75,000	FL Municipal Loan Council		5.250			12/01/2019		12/01/2013	A		77,942
	50,000	FL State Board of Education		5.250			01/01/2020		01/01/2013	A		52,165
	100,000	Hillsborough County, FL Community Investment Tax		5.000			11/01/2025		11/01/2013	A		106,645
	25,000	Jacksonville, FL Capital Improvement (Gator Bowl)		5.250			10/01/2017		04/30/2012	A		25,088
	10,000	Jacksonville, FL Transit		5.125			10/01/2021		04/30/2012	A		10,035
	265,000	Miami-Dade County, FL Aviation (Miami International Airport)		5.750			10/01/2024		04/30/2012	A		267,311
	25,000	Miami-Dade County, FL Stormwater Utility		5.000			04/01/2024		04/30/2012	A		25,070
	10,000	Palm Beach County, FL Health Facilities Authority (Jupiter Medical Center)		5.250			08/01/2013		04/30/2012	A		10,032
	20,000	St. Johns County, FL IDA (World Golf Foundation)		5.500			03/01/2017		04/30/2012	A		20,043
	55,000	Tallahassee, FL Health Facilities (Tallahassee Memorial Medical Center)		6.000			12/01/2015		04/30/2012	A		55,250
												714,817
Georgia—0.2%
	50,000	Atlanta, GA Water & Wastewater Authority		5.000			11/01/2023		04/30/2012	A		50,106

15 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity**			Value
Illinois—3.0%
$	100,000	Chicago, IL Midway Airport, Series B		5.000	%		01/01/2022		04/30/2012	A	$	100,326
	60,000	Chicago, IL Midway Airport, Series B		5.375			01/01/2016		04/30/2012	A		60,216
	20,000	Cook County, IL GO		5.250			11/15/2020		11/15/2012	A		20,574
	25,000	IL Devel. Finance Authority Pollution Control (Amerencips)		5.500			03/01/2014		04/30/2012	A		25,017
	150,000	IL Finance Authority (ABHS/ABMC/AVM/AVT/ABSJ Obligated Group)		5.250			01/01/2022		04/14/2018	A		167,067
	15,000	IL Finance Authority (CF/TCFH/CaHC/CaRC Obligated Group)		5.250			02/15/2019		02/15/2014	A		15,621
	200,000	IL GO		5.000			06/01/2020		06/01/2013	A		207,776
	100,000	IL GO		5.250			04/01/2027		04/30/2012	A		100,091
	35,000	IL Sales Tax		5.375			06/15/2015		04/30/2012	A		35,129
	35,000	Northern IL Municipal Power Agency (Prarie Street)		5.000			01/01/2019		01/01/2018	A		39,331
												771,148
Indiana—0.5%
	80,000	Delaware County, IN Redevel. District		6.875			02/01/2018		04/30/2012	A		80,178
	50,000	Manchester Township, IN High School Building		4.950			01/15/2015		04/30/2012	A		50,183
												130,361
Louisiana—1.9%
	235,000	New Orleans, LA Exhibit Hall Special Tax (Ernest N. Morial)		5.500			07/15/2018		04/30/2012	A		235,360
	250,000	New Orleans, LA GO		5.125			09/01/2021		09/01/2012	A		253,573
												488,933
Maryland—1.0%
	250,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)		5.125			09/01/2030		03/01/2021	A		270,333
Massachusetts—1.6%
	250,000	MA Devel. Finance Agency (Partners Healthcare System)		5.000			07/01/2031		07/01/2021	A		278,885
	130,000	MA Industrial Finance Agency (Avon Associates)		5.375			04/01/2020		04/29/2012	A		130,216
												409,101
Michigan—3.8%
	100,000	Detroit, MI GO		5.375			04/01/2015		04/30/2012	A		100,113
	50,000	Detroit, MI Wayne County Stadium Authority		5.500			02/01/2017		04/30/2012	A		50,124
	25,000	MI Hsg. Devel. Authority (Charter Square)		5.500			01/15/2021		04/30/2012	A		25,046
	40,000	MI Municipal Bond Authority		6.000			11/01/2020		04/30/2012	A		40,086
	175,000	MI Strategic Fund Limited Obligation (NSF International)		5.125			08/01/2019		08/01/2013	A		178,948

16 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity**			Value
Michigan Continued
$	250,000	West Bloomfield, MI School District		5.500	%		05/01/2017		05/01/2012	A	$	250,888
	325,000	West Bloomfield, MI School District		5.500			05/01/2018		05/01/2012	A		326,128
												971,333
Minnesota—2.1%
	500,000	MN Tobacco Securitization Authority		5.250			03/01/2025		03/01/2022	A		553,725
Mississippi—1.7%
	200,000	MS Business Finance Corp. (System Energy Resources)		5.875			04/01/2022		04/30/2012	A		200,640
	250,000	MS Business Finance Corp. (System Energy Resources)		5.900			05/01/2022		04/30/2012	A		250,800
												451,440
Missouri—0.4%
	10,000	MO Environmental Improvement & Energy Resources Authority		5.900			01/01/2019		04/30/2012	A		10,045
	40,000	MO Environmental Improvement & Energy Resources Authority		7.200			07/01/2016		04/30/2012	A		41,916
	50,000	MO Monarch-Chesterfield Levee District		5.750			03/01/2019		04/30/2012	A		50,179
												102,140
Nebraska—0.4%
	100,000	Grand Island, NE Electric		5.125			08/15/2016		04/18/2012	A		100,248
Nevada—0.8%
	200,000	Washoe County, NV Hospital Facility (Renown Regional Medical Center/Renown Network Services Obligated Group)		5.000			06/01/2021		04/30/2012	A		200,260
New Hampshire—0.3%
	90,000	NH HE&HFA (Cheshire Medical Center)		5.125			07/01/2018		04/30/2012	A		90,176
New Jersey—2.3%
	50,000	NJ EDA (University of Medicine and Dentistry of New Jersey)		5.750			06/01/2017		04/30/2012	A		50,117
	250,000	NJ Health Care Facilities Financing Authority (Atlanticare Regional Medical Center)		6.250			07/01/2017		07/01/2012	A		261,963
	250,000	NJ Transportation Trust Fund Authority		5.000			06/15/2027		06/15/2021	A		280,880
												592,960
New York—4.1%
	100,000	L.I., NY Power Authority		5.000			04/01/2023		04/01/2019	A		113,006
	250,000	L.I., NY Power Authority, Series A		5.125			09/01/2029		04/30/2012	A		250,768
	150,000	NYC GO		5.250			09/01/2022		09/01/2018	A		175,212
	250,000	NYC IDA (New York Institute of Technology)		5.250			03/01/2018		03/01/2013	A		255,680
	15,000	NYC Trust for Cultural Resources (Museum of Modern Art)		5.500			01/01/2016		04/30/2012	A		15,299
	20,000	NYS DA (Special Act School Districts)		5.250			07/01/2012		04/30/2012	A		20,079

17 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity**			Value
New York Continued
$	10,000	NYS HFA (Hospital & Nursing Home)		5.150	%		11/01/2016		04/30/2012	A	$	10,047
	10,000	NYS Municipal Bond Bank Agency (Buffalo)		5.000			05/15/2016		04/30/2012	A		10,029
	200,000	Port Authority NY/NJ (JFK International Air Terminal)		6.500			12/01/2028		12/01/2015	A		215,866
												1,065,986
North Carolina—0.3%
	20,000	NC Eastern Municipal Power Agency, Series B		5.500			01/01/2017		04/30/2012	A		20,067
	50,000	NC Eastern Municipal Power Agency, Series B		5.500			01/01/2021		04/30/2012	A		50,125
												70,192
Ohio—1.0%
	200,000	Hamilton County, OH Sales Tax		5.000			12/01/2020		12/01/2016	A		224,216
	30,000	Portsmouth, OH		5.200			09/01/2014		04/30/2012	A		30,392
												254,608
Oklahoma—0.3%
	85,000	McAlester, OK Public Works Authority		5.750			02/01/2020		08/01/2012	A		86,951
Oregon—0.1%
	20,000	OR Alternate Energy		5.000			01/01/2028		04/30/2012	A		20,018
Pennsylvania—7.4%
	50,000	Allegheny County, PA HEBA (Carlow University)		4.500			11/01/2016		11/01/2016			50,660
	200,000	Delaware River Port Authority PA/NJ		5.625			01/01/2026		04/30/2012	A		200,356
	200,000	Northampton County, PA General Purpose Authority		5.250			10/01/2030		10/01/2012	A		203,598
	500,000	Northampton County, PA General Purpose Authority (Moravian College)1		5.000			07/01/2031		07/01/2022	A		536,680
	250,000	PA EDFA (Albert Einstein Healthcare)		6.250			10/15/2023		02/25/2019	A		277,813
	500,000	PA IDA (Economic Devel.)		5.500			07/01/2016		07/01/2012	A		510,885
	125,000	Philadelphia, PA Redevel. Authority (Neighborhood Transformation)		5.500			04/15/2017		04/30/2012	A		125,455
												1,905,447
Rhode Island—3.1%
	100,000	Providence, RI Public Building Authority, Series A		5.125			12/15/2014		04/30/2012	A		100,205
	300,000	Providence, RI Public Building Authority, Series A		5.875			06/15/2026		06/15/2021	A		329,181
	50,000	Providence, RI Public Building Authority, Series B		5.375			12/15/2016		04/30/2012	A		50,098
	35,000	RI Clean Water Protection Finance Agency		5.125			10/01/2019		10/01/2012	A		35,794
	235,000	RI Health & Educational Building Corp. (RIH/MHF/TMH Obligated Group)		6.375			08/15/2021		08/15/2012	A		237,479
	50,000	RI Health & Educational Building Corp. (RIH/TMH Obligated Group)		5.500			05/15/2016		04/30/2012	A		50,142
												802,899

18 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity**			Value
South Carolina—1.1%
$	250,000	Greenwood County, SC Hospital (Self Regional Healthcare)		5.500	%		10/01/2021		04/24/2012	A	$	250,433
	15,000	SC Coastal Carolina University		5.300			06/01/2022		04/30/2012	A		15,051
	25,000	SC Hsg. Finance & Devel. Authority, Series A-2		5.800			07/01/2027		04/30/2012	A		25,035
												290,519
South Dakota—3.0%
	715,000	SD Educational Enhancement Funding Corp. Tobacco Settlement		6.500			06/01/2032		06/01/2012	A		728,814
	45,000	SD H&EFA (AM/ASL/AQP Obligated Group)		5.250			07/01/2022		07/01/2012	A		45,642
												774,456
Tennessee—1.5%
	65,000	Lafollette, TN Electric System		4.900			03/01/2019		04/30/2012	A		65,140
	300,000	TN Energy Acquisition Gas Corp.		5.250			09/01/2020		09/01/2020			334,107
												399,247
Texas—4.6%
	200,000	Alvin, TX Independent School District (Schoolhouse)		5.000			02/15/2027		02/15/2015	A		220,664
	55,000	Corpus Christi, TX Business & Job Devel. Corp. (Seawall)		5.000			03/01/2022		04/30/2012	A		55,145
	200,000	Corpus Christi, TX Business & Job Devel. Corp. (Seawall)		5.375			03/01/2019		04/30/2012	A		200,622
	50,000	Newark, TX Cultural Education Facilities Finance Corp.		7.250			08/15/2021		03/24/2016	A		52,712
	100,000	TX GO		5.250			08/01/2035		04/30/2012	A		100,340
	15,000	TX Lower Colorado River Authority		5.000			05/15/2026		04/30/2012	A		15,021
	5,000	TX Lower Colorado River Authority		5.875			05/15/2016		04/30/2012	A		5,022
	220,000	TX Municipal Gas Acquisition & Supply Corp.		5.625			12/15/2017		10/01/2015	B		244,666
	100,000	TX Municipal Gas Acquisition & Supply Corp.		6.250			12/15/2026		08/04/2023	B		118,590
	150,000	TX Public Finance Authority (Texas Southern University)		5.500			05/01/2018		05/01/2018			164,160
												1,176,942
U.S. Possessions—7.0%
	250,000	Puerto Rico Aqueduct & Sewer Authority		5.500			07/01/2028		07/01/2022	A		262,883
	750,000	Puerto Rico Electric Power Authority, Series ZZ		5.250			07/01/2026		07/01/2020	A		813,909
	45,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2019		07/01/2013	A		46,811
	70,000	Puerto Rico Municipal Finance Agency, Series A		5.500			07/01/2017		04/30/2012	A		70,197
	170,000	Puerto Rico Public Buildings Authority		5.250			07/01/2017		07/01/2017			186,720
	390,000	Puerto Rico Sales Tax Financing Corp., Series A		5.750			08/01/2037		08/01/2019	A		430,521
												1,811,041

19 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity**			Value
Vermont—0.6%
$	150,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)		5.000	%		10/01/2023		04/30/2012	A	$	150,105
Virginia—0.1%
	25,000	Alexandria, VA IDA Pollution Control (Potomac Electric Power Company)		5.375			02/15/2024		04/30/2012	A		25,108
Washington—2.6%
	350,000	Energy Northwest WA Electric		6.000			07/01/2016		07/01/2012	A		354,970
	125,000	Ocean Shores, WA GO		5.500			12/01/2017		06/01/2012	A		125,879
	135,000	Ocean Shores, WA GO		5.500			12/01/2020		06/01/2012	A		135,879
	45,000	University Place, WA		5.000			12/01/2021		04/30/2012	A		45,095
												661,823
Wisconsin—1.0%
	250,000	WI H&EFA (WMA/MHCC/MVS Obligated Group)		5.600			08/15/2023		08/15/2013	A		254,985
Total Investments, at Value (Cost $23,476,417)—93.0%												24,032,156
Other Assets Net of Liabilities—7.0												1,810,684
Net Assets—100.0%											$	25,842,840

Footnotes to Statement of Investments

*	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
**	Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.
A.	Optional call date; corresponds to the most conservative yield calculation.
B.	Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.
1.	All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 30, 2012. See Note 1 of the accompanying Notes.

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

ABHS	Alexian Brothers Health System
ABMC	Alexian Brothers Medical Center
ABSJ	Alexian Brothers of San Jose
AM	Avera McKennan
AQP	Avera Queen of Peace
ASL	Avera St. Lukes
AVM	Alexian Village of Milwaukee
AVT	Alexian Village of Tennessee
CDA	Communities Devel. Authority
CF	Carle Foundation
CHCW	Catholic Healthcare West
CHW	Catholic Healthcare West
CMF	CHW Medical Foundation
COP	Certificates of Participation
CaHC	Carle Health Care
CaRC	Carle Retirement Centers
DA	Dormitory Authority
EDA	Economic Devel. Authority
EDFA	Economic Devel. Finance Authority
GO	General Obligation

20 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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

H&EFA	Health and Educational Facilities Authority
HE&HFA	Higher Education and Health Facilities Authority
HEBA	Higher Education Building Authority
HFA	Housing Finance Agency
IDA	Industrial Devel. Agency
JFK	John Fitzgerald Kennedy
L.I.	Long Island
MHCC	Masonic Health Care Center
MHF	Miriam Hospital Foundation
MVS	Masonic Village on the Square
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PA/NJ	Pennsylvania/New Jersey
RIH	Rhode Island Hospital
TASC	Tobacco Settlement Asset-Backed Bonds
TCFH	The Carle Foundation Hospital
TMH	The Miriam Hospital
WMA	Wisconsin Masonic Home

See accompanying Notes to Financial Statements.

21 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

March 30, 2012¹

Assets
Investments, at value (cost $23,476,417)—see accompanying statement of investments	$	24,032,156
Cash		1,506,613
Receivables and other assets:
Interest		355,373
Investments sold		260,112
Shares of beneficial interest sold		247,007
Other		6,077
Total assets		26,407,338
Liabilities
Payables and other liabilities:
Investments purchased on a when-issued or delayed delivery basis		531,270
Dividends		9,408
Distribution and service plan fees		5,939
Shares of beneficial interest redeemed		1,500
Shareholder communications		1,478
Transfer and shareholder servicing agent fees		789
Trustees’ compensation		69
Other		14,045
Total liabilities		564,498
Net Assets	$	25,842,840
Composition of Net Assets
Par value of shares of beneficial interest	$	2,031
Additional paid-in capital		25,233,701
Accumulated net investment income		53,381
Accumulated net realized loss on investments		(2,012	)
Net unrealized appreciation on investments		555,739
Net Assets	$	25,842,840

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

22 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $20,298,926 and 1,595,081 shares of beneficial interest outstanding)	$	12.73
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	13.19
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $4,335,406 and 341,028 shares of beneficial interest outstanding)	$	12.71
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,208,508 and 94,928 shares of beneficial interest outstanding)	$	12.73

See accompanying Notes to Financial Statements.

23 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 30, 2012¹

Investment Income
Interest	$	401,324
Expenses
Management fees		58,483
Distribution and service plan fees:
Class A		14,392
Class C		12,455
Transfer and shareholder servicing agent fees:
Class A		2,451
Class C		1,241
Class Y		250
Shareholder communications:
Class A		5,782
Class C		2,660
Class Y		1,003
Legal, auditing and other professional fees		23,198
Borrowing fees		2,246
Administration service fees		750
Interest expense on borrowings		193
Custodian fees and expenses		117
Trustees’ compensation		91
Other		3,569
Total expenses		128,881
Less waivers and reimbursements of expenses		(24,318	)
Net expenses		104,563
Net Investment Income		296,761
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(1,881	)
Net change in unrealized appreciation/depreciation on investments		351,123
Net Increase in Net Assets Resulting from Operations	$	646,003

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

24 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Period
	Ended			Ended
	March 30, 20121			September 30,
	(Unaudited)			20112
Operations
Net investment income	$	296,761		$	214,133
Net realized gain (loss)		(1,881	)		27,218
Net change in unrealized appreciation/depreciation		351,123			204,616
Net increase in net assets resulting from operations		646,003			445,967
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(259,550	)		(155,674	)
Class C		(28,908	)		(6,881	)
Class Y		(7,050	)		(3,638	)
		(295,508	)		(166,193	)
Distributions from net realized gain:
Class A		(21,652	)		—
Class C		(2,836	)		—
Class Y		(411	)		—
		(24,899	)		—
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		7,885,755			11,780,097
Class C		3,292,276			985,223
Class Y		960,912			231,207
		12,138,943			12,996,527
Net Assets
Total increase		12,464,539			13,276,301
Beginning of period		13,378,301			102,000	3
End of period (including accumulated net investment income of $53,381 and $52,128, respectively)	$	25,842,840		$	13,378,301

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	For the period from December 6, 2010 (commencement of operations) to September 30, 2011.
3.	Reflects the value of the Manager’s initial seed money invested on November 17, 2010.

See accompanying Notes to Financial Statements.

25 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

	Six Month Ended			Period Ended
	March 30, 20121			September 30,
Class A	(Unaudited)			20112
Per Share Operating Data
Net asset value, beginning of period	$	12.51		$	12.17
Income (loss) from investment operations:
Net investment income3		.20			.33
Net realized and unrealized gain		.24			.26
Total from investment operations		.44			.59
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.20	)		(.25	)
Distributions from net realized gain		(.02	)		—
Total dividends and/or distributions to shareholders		(.22	)		(.25	)
Net asset value, end of period	$	12.73		$	12.51
Total Return, at Net Asset Value4		3.50	%		4.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,299		$	12,132
Average net assets (in thousands)	$	16,600		$	7,370
Ratios to average net assets:5
Net investment income		3.14	%		3.32	%
Expenses excluding interest and fees from borrowings		1.16	%		1.46	%
Interest and fees from borrowings		0.02	%		0.01	%
Total expenses		1.18	%		1.47	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.97	%		0.96	%
Portfolio turnover rate		6	%		84	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	For the period from December 6, 2010 (commencement of operations) to September 30, 2011.
3.	Per share amounts calculated based on the average shares outstanding during the period.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

26 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

	Six Month Ended			Period Ended
	March 30, 20121			September 30,
Class C	(Unaudited)			20112
Per Share Operating Data
Net asset value, beginning of period	$	12.49		$	12.17
Income (loss) from investment operations:
Net investment income3		.14			.26
Net realized and unrealized gain		.25			.23
Total from investment operations		.39			.49
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.15	)		(.17	)
Distributions from net realized gain		(.02	)		—
Total dividends and/or distributions to shareholders		(.17	)		(.17	)
Net asset value, end of period	$	12.71		$	12.49
Total Return, at Net Asset Value4		3.09	%		4.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,335		$	1,005
Average net assets (in thousands)	$	2,509		$	418
Ratios to average net assets:5
Net investment income		2.29	%		2.61	%
Expenses excluding interest and fees from borrowings		2.20	%		3.74	%
Interest and fees from borrowings		0.02	%		0.01	%
Total expenses		2.22	%		3.75	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.75	%		1.74	%
Portfolio turnover rate		6	%		84	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	For the period from December 6, 2010 (commencement of operations) to September 30, 2011.
3.	Per share amounts calculated based on the average shares outstanding during the period.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

27 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

	Six Month Ended			Period Ended
	March 30, 20121			September 30,
Class Y	(Unaudited)			20112
Per Share Operating Data
Net asset value, beginning of period	$	12.51		$	12.17
Income (loss) from investment operations:
Net investment income3		.20			.37
Net realized and unrealized gain		.25			.23
Total from investment operations		.45			.60
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.21	)		(.26	)
Distributions from net realized gain		(.02	)		—
Total dividends and/or distributions to shareholders		(.23	)		(.26	)
Net asset value, end of period	$	12.73		$	12.51
Total Return, at Net Asset Value4		3.61	%		5.07	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,209		$	241
Average net assets (in thousands)	$	430		$	149
Ratios to average net assets:5
Net investment income		3.25	%		3.65	%
Expenses excluding interest and fees from borrowings		1.46	%		2.78	%
Interest and fees from borrowings		0.02	%		0.01	%
Total expenses		1.48	%		2.79	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75	%		0.74	%
Portfolio turnover rate		6	%		84	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	For the period from December 6, 2010 (commencement of operations) to September 30, 2011.
3.	Per share amounts calculated based on the average shares outstanding during the period.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

28 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Rochester Intermediate Term Municipal Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek current interest income exempt from federal individual income tax. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”). As of March 30, 2012, approximately 21% of the shares of the Fund were owned by the Manager, other funds advised or sub-advised by the Manager or an affiliate of the Manager.

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

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

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

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

29 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of March 30, 2012, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:

	When-Issued or Delayed
	Delivery Basis Transactions
|
Purchased securities	$	531,270

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

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

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

During the fiscal year ended September 30, 2011, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates.

No expiration $ 1,881

Capital losses with no expiration will be carried forward to future years if not offset by gains in the remaining six months of the Fund’s fiscal year. When increased by capital loss carryforwards in existence at March 30, 2012, the Fund had estimated capital loss carryforwards of $1,881 which will not expire. During the six months ended March 30, 2012, it is estimated that the Fund will not utilize any of capital loss carryforward to offset realized capital gains.

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

30 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 30, 2012 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	$	23,476,417
Gross unrealized appreciation	$	584,139
Gross unrealized depreciation		(28,400	)
Net unrealized appreciation	$	555,739

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

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

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

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

31 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

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

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

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

2. Securities Valuation

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

Valuation Methods and inputs

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

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

     Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange but not listed on a

32 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

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

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

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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and

33 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

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

Classifications

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

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 30, 2012 based on valuation input level:

					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama	$	—	$	115,759	$	—	$	115,759
Arizona		—		1,336,734		—		1,336,734
California		—		6,155,552		—		6,155,552
Colorado		—		368,367		—		368,367
Connecticut		—		303,742		—		303,742

34 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value Continued
District of Columbia	$	—	$	104,594	$	—	$	104,594
Florida		—		714,817		—		714,817
Georgia		—		50,106		—		50,106
Illinois		—		771,148		—		771,148
Indiana		—		130,361		—		130,361
Louisiana		—		488,933		—		488,933
Maryland		—		270,333		—		270,333
Massachusetts		—		409,101		—		409,101
Michigan		—		971,333		—		971,333
Minnesota		—		553,725		—		553,725
Mississippi		—		451,440		—		451,440
Missouri		—		102,140		—		102,140
Nebraska		—		100,248		—		100,248
Nevada		—		200,260		—		200,260
New Hampshire		—		90,176		—		90,176
New Jersey		—		592,960		—		592,960
New York		—		1,065,986		—		1,065,986
North Carolina		—		70,192		—		70,192
Ohio		—		254,608		—		254,608
Oklahoma		—		86,951		—		86,951
Oregon		—		20,018		—		20,018
Pennsylvania		—		1,905,447		—		1,905,447
Rhode Island		—		802,899		—		802,899
South Carolina		—		290,519		—		290,519
South Dakota		—		774,456		—		774,456
Tennessee		—		399,247		—		399,247
Texas		—		1,176,942		—		1,176,942
U.S. Possessions		—		1,811,041		—		1,811,041
Vermont		—		150,105		—		150,105
Virginia		—		25,108		—		25,108
Washington		—		661,823		—		661,823
Wisconsin		—		254,985		—		254,985
Total Assets	$	—	$	24,032,156	$	—	$	24,032,156

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

     There have been no significant changes to the fair valuation methodologies of the Fund during the period.

35 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Shares of Beneficial Interest

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

	Six Months Ended March 30, 2012						Period Ended September 30, 20111,2
	Shares			Amount			Shares			Amount
Class A
Sold		1,011,781		$	12,775,946			1,001,923		$	12,272,361
Dividends and/or distributions reinvested		13,192			166,989			2,854			35,281
Redeemed		(399,926	)		(5,057,180	)		(42,960	)		(527,545	)
Net increase		625,047		$	7,885,755			961,817		$	11,780,097
Class C
Sold		293,293		$	3,708,677			92,237		$	1,129,019
Dividends and/or distributions reinvested		2,080			26,343			334			4,138
Redeemed		(34,799	)		(442,744	)		(12,199	)		(147,934	)
Net increase		260,574		$	3,292,276			80,372		$	985,223
Class Y
Sold		81,655		$	1,037,417			35,563		$	434,268
Dividends and/or distributions reinvested		532			6,743			205			2,545
Redeemed		(6,544	)		(83,248	)		(16,565	)		(205,606	)
Net increase		75,643		$	960,912			19,203		$	231,207

1.	For the period from December 6, 2010 (commencement of operations) to September 30, 2011.
2.	The Fund sold 8,217 shares of Class A at a value of $100,000 and 82 shares each of Class C and Class Y at a value of $1,000, respectively, to the Manager upon seeding of the Fund on November 17, 2010. These amounts are not reflected in the table above.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended March 30, 2012, were as follows:

	Purchases		Sales
Investment securities	$	6,090,703	$	684,720

5. Fees and Other Transactions with Affiliates

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

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

36 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended March 30, 2012, the Fund paid $3,412 to OFS for services to the Fund.

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

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an 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. The Fund has adopted Distribution and Service Plan (the “Plan”) for Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plan, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under the plan. If the Class C plan is terminated by the Fund or by the shareholders of this class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plan at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plan at March 30, 2012 were as follows:

Class C $ 17,116

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

37 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates Continued

CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

			Class A		Class C
	Class A		Contingent		Contingent
	Front-End		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by
Six Months Ended	Distributor		Distributor		Distributor
March 30, 2012	$	11,052	$	—	$	1,186

Waivers and Reimbursements of Expenses. The Manager has voluntary agreed to waive fees and/or reimburse the Fund for certain expenses so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses”, excluding interest and fees from borrowings, will not exceed 0.95% of average annual net assets for Class A shares, 1.73% of average annual net assets for Class C shares and 0.73% of average annual net assets for Class Y shares. During the six months ended March 30, 2012, the Manager reimbursed $16,962, $5,791 and $1,565 for Class A, Class C and Class Y shares, respectively.

     OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes C and Y shares to 0.35% of average annual net assets per class; this limit also applied to Class A shares prior to December 1, 2011. Effective December 1, 2011, OFS has voluntarily agreed to limit its fees for Class A shares to 0.30% of average annual net assets of the class.

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

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings. 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.

     The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement.

38 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.2824% as of March 30, 2012). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended March 30, 2012 equal 0.02% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of March 30, 2012, the Fund had no borrowings outstanding. Details of the borrowings for the six months ended March 30, 2012 are as follows:

Average Daily Loan Balance	$	159,016
Average Daily Interest Rate		0.233	%
Fees Paid	$	4,163
Interest Paid	$	193

7. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities laws and various states’ securities, consumer protection and common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses.

     Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in

39 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Pending Litigation Continued

any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

     On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

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

40 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

CREDIT ALLOCATION Unaudited

This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.

     The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.

     The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, the Manager converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used.

     The credit allocations below are as of March 30, 2012 and are subject to change. The percentages are based on total assets and the market value of the Fund’s securities as of March 30, 2012 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.

				Unrated by
				a NRSRO;
				Internally
				Rated by
	NRSRO-Rated			the Manager			Total
AAA		2.1	%		0.0	%		2.1	%
AA		19.3			0.0			19.3
A		55.0			0.8			55.8
BBB		20.0			2.8			22.8
Total		96.4	%		3.6	%		100.0	%

41 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

42 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

OPPENHEIMER ROCHESTER^®  INTERMEDIATE TERM MUNICIPAL FUND

A Series of Oppenheimer Municipal Fund

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	David K. Downes, Trustee
	Matthew P. Fink, Trustee
	Phillip A. Griffiths, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Mary Ann Tynan, Trustee
	Joseph M. Wikler, Trustee
	Peter I. Wold, Trustee
	William F. Glavin, Jr., President and Principal Executive Officer
	Daniel G. Loughran, Vice President
	Scott S. Cottier, Vice President
	Troy E. Willis, Vice President
	Mark R. DeMitry, Vice President
	Michael L. Camarella, Vice President
	Charles S. Pulire, Vice President
	Richard Stein, Vice President
	Arthur S. Gabinet, Secretary and Chief Legal Officer
	Christina M. Nasta, Vice President and Chief Business Officer
	Mark S. Vandehey, Vice President and Chief Compliance Officer
	Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OppenheimerFunds Services
Servicing Agent
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.

©2012 OppenheimerFunds, Inc. All rights reserved.

43 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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

• Applications or other forms

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

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

• Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

44 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Internet Security and Encryption

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

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

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

45 | OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

1. The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its

subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/30/2012, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a)	(1) Not applicable to semiannual reports.
	(2) Exhibits attached hereto.
	(3) Not applicable.
(b)	Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Rochester Intermediate Term Municipal Fund

By:	/s/ William F. Glavin, Jr. William F. Glavin, Jr.
	Principal Executive Officer
Date:	5/8/2012

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

By:	/s/ William F. Glavin, Jr. William F. Glavin, Jr.
	Principal Executive Officer
Date:	5/8/2012
By:	/s/ Brian W. Wixted Brian W. Wixted
	Principal Financial Officer
Date:	5/8/2012

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Rochester Intermediate Term Municipal Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this

report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 5/8/2012

/s/ William F. Glavin, Jr. William F. Glavin, Jr.

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Rochester Intermediate Term Municipal Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 5/8/2012

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

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

William F. Glavin, Jr., Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Rochester Intermediate Term Municipal Fund (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended 3/30/2012 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Oppenheimer Rochester Intermediate Term Municipal Fund	Oppenheimer Rochester Intermediate Term Municipal Fund
/s/ William F. Glavin, Jr.	/s/ Brian W. Wixted
William F. Glavin, Jr.	Brian W. Wixted
Date: 5/8/2012	Date: 5/8/2012