Oppenheimer Rochester Intermediate Term Municipal Fund

N-CSR 1 d483868dncsr.htm OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND Oppenheimer Rochester Intermediate Term Municipal Fund

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)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 9/30/2017

Item 1. Reports to Stockholders.

LOGO

Table of Contents



Fund Performance Discussion			3

Top Holdings and Allocations			10

Fund Expenses			14

Statement of Investments			16

Statement of Assets and Liabilities			31

Statement of Operations			32

Statements of Changes in Net Assets			33

Financial Highlights			34

Notes to Financial Statements			40

Report of Independent Registered Public Accounting Firm			53

Federal Income Tax Information			54

Board Approval of the Fund’s Investment Advisory and Sub- Advisory Agreements			55

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			58

Trustees and Officers			59

Privacy Policy Notice			66

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/17


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond 5-Year (4-6) Index
1-Year	0.44%	-1.82%	1.14%
5-Year	2.93	2.46	1.93
Since Inception (12/6/10)	3.93	3.58	2.73

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

Our Twitter handle is @RochesterFunds.

2 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Fund Performance Discussion

Oppenheimer Rochester Intermediate Term Municipal Fund continued to generate attractive levels of tax-free income during the most recent reporting period. As of September 30, 2017, the Class A shares provided a distribution yield at net asset value (NAV) of 2.16%. Falling bond prices at the outset and end of the reporting period caused the Fund’s NAVs to decline and the 12-month total return of the Fund’s Class A shares was 0.44% at NAV as of September 30, 2017. Tax-free income comprised 100% of the total return this reporting period.

MARKET OVERVIEW

U.S. equities extended their rally during this reporting period, repeatedly topping previous record high closes, and yields on AAA-rated municipal bonds and Treasury securities improved. Prices in the municipal bond market declined sharply after Election Day, rebounded thereafter and then declined slightly during the final three months of this reporting period. The fluctuations in bond prices served to limit the total return of the Bloomberg Barclays Municipal Bond Index, which a widely used index of the performance of the general muni market, and the total return of the Bloomberg Barclays Municipal 5 Year (4-6) Index, this Fund’s benchmark.

At its September meeting, the Federal Reserve Open Market Committee (FOMC) held the Fed Funds target rate to a range of 0.75% to 1.00%. The FOMC, noting that it expects economic conditions to “evolve in a manner that will warrant gradual increases” in the Fed Funds rate, continued to signal its intent to increase the rate once more in 2017 and three times in 2018. As had been previewed in the second quarter of 2017, the Fed’s $4.5 trillion balance sheet will begin to be “normalized.” Reductions of $10 billion a month, it was announced, would commence in October 2017 and rise to $50 billion a month over the next year.





YIELDS & DISTRIBUTIONS FOR CLASS A SHARES

Dividend Yield w/o sales charge		2.16%

Dividend Yield with sales charge		2.11

Standardized Yield		1.59

Taxable Equivalent Yield		2.81

Last distribution (9/26/17)	$	0.008

Total distributions (10/1/16 to 9/30/17)	$	0.087

Endnotes for this discussion begin on page 12 of this report.

3 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

The benchmark interest rate was raised in December 2016, March 2017 and June 2017, each time by one-quarter of 1 percentage point. From December 2008 until December 2015, the key rate was held to a range of zero to 0.25%.

We remind investors that a change in the Fed Funds rate does not automatically translate into a change in longer-term interest rates, which are determined by the marketplace. During this reporting period, the muni market’s reactions to the Fed’s moves did not appear to be especially significant or lasting. This Fund’s portfolio managers do not adjust their investment style in response to Fed actions.

At the end of this reporting period, the BofA Merrill Lynch AAA Municipal Securities Index, which is the AAA subset of the broader BofA Merrill Lynch US Municipal Securities Index – was 1.83, 39 basis points higher than on September 30, 2016. Additionally, the entire yield curve for high-grade municipal bonds was higher at the end of this reporting period than on September 30, 2016.

The Treasury yield curve also was higher at the end of the reporting period than at its outset: Yields at the shorter end of the Treasury curve rose slightly more than yields at the curve’s longer end, and the Treasury curve largely maintained its shape.

The muni yield curve, by contrast, steepened as the yields on longer-term munis rose more than the yields on shorter-term munis. While

a steepening yield curve reflects investors’ expectations for a stronger economy and, perhaps, rising inflation, we note that some longer-term, high-grade munis offered higher nominal yields than Treasury securities with comparable maturities.

On an after-tax basis, munis of all maturities provided taxpayers in the top four federal tax brackets more favorable after-tax yields than Treasury securities with comparable maturities; Treasury bonds are backed by the full faith and credit of the U.S. government.

This reporting period was also characterized by credit spread tightening, which occurs when the difference between yields on low-rated municipal bonds and higher-rated bonds decreases. As credit spreads tighten, investments in BBB-rated, lower-rated and unrated securities typically outperform municipal securities with higher credit ratings.

The Commonwealth of Puerto Rico remained in the headlines throughout this reporting period, and more detailed information can be found on our online PR Roundup (oppenheimerfunds.com/puerto-rico). Investors should note that on May 3, the federal oversight board established under the Puerto Rico Oversight, Management and Economic Stability Act (aka PROMESA) announced a restructuring of Puerto Rico’s public debt. This restructuring was undertaken through a court filing similar to a bankruptcy filing, under Title III of PROMESA. (As of September 30, 2017, this Fund’s investments

4 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

in Puerto Rico paper represented 1% of total assets.)

In late September, two hurricanes – Irma and Maria – caused damage on Puerto Rico. Irma passed to the north of the Commonwealth, and Maria made landfall: According to preliminary government reports, nearly 50 people died, structural damage was extensive, and millions were left without power or drinking water. Military personnel and representatives of FEMA (the Federal Emergency Management Agency) were deployed. (Damage from Maria was also significant on the U.S. Virgin Islands.)

Developments after September 30: Following his visit to Puerto Rico, President Donald J. Trump spoke of wiping out Puerto Rico’s debt, a comment that led to steep declines in securities issued by the Commonwealth of Puerto Rico on October 4. Mick Mulvaney, Mr. Trump’s budget director, later explained that “what you heard the president say is that Puerto Rico is going to have to figure out a way to solve its debt problems.”

The U.S. Congress passed a $36.5 billion disaster relief package in late October, its second such package for areas affected by Hurricanes Harvey, Irma and Maria. Significant portions of the island remained without power as of mid-November amid a controversy that led to the cancellation of a $300 million contract that had been awarded to Whitefish Energy Holdings, a small Montana-based company. Parts of the island do not have running water. The

Trump administration has agreed to release FEMA aid faster than is typical, and FEMA will cover 90% of the costs to rebuild public infrastructure, up from the standard 75%.

Meanwhile, the administration of Ricardo Rosselló Nevares, the federal oversight board and various bondholders remained at odds about the extent of the board’s authority. Officials seeking to resolve these disputes appeared before Congressional hearings in the first half of November. On November 13, 2017, the governor submitted a request for $94.4 billion in hurricane relief and Judge Swain ruled that the oversight board was not authorized to replace PREPA’s executive director with a chief transformation officer of its choosing.

FUND PERFORMANCE

Oppenheimer Rochester Intermediate Term Municipal Fund held more than 270 securities as of September 30, 2017. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

The Fund’s dividend trend this reporting period shows the positive impact a yield-driven approach can have amid challenging market conditions. This Fund’s Class A dividend, which was 0.7 cents per share at the outset of the reporting period, increased to 0.8 cents per share beginning with the July 2017 payout. In all, the Fund distributed 8.7 cents per Class A share this reporting period.

5 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


The Rochester Portfolio Managers


Scott Cottier, CFA Team Leader and Senior Portfolio Manager	Troy Willis, JD, CFA Team Leader and Senior Portfolio Manager	Mark DeMitry, CFA Senior Portfolio Manager	Michael Camarella, CFA Senior Portfolio Manager



Charlie Pulire, CFA Senior Portfolio Manager	Elizabeth Mossow, CFA Senior Portfolio Manager

Seven of the Fund’s eight largest sectors were among the seven strongest contributors to the Fund’s performance during this reporting period. General obligation bonds (G.O.s) constituted the Fund’s largest sector as of September 30, 2017 and contributed the most to the Fund’s total return. The Fund’s second- to fourth-largest sectors (higher education, highways/commuter facilities and Special Tax, respectively) and its sixth- through eighth-largest sectors (hospital/healthcare, water utilities, and tobacco bonds) were also

ranked among the seven best-performing sectors.

Research-based security selection continued to be a factor in the strong performance of these sectors. The higher education sector, which offered the fourth-strongest performance this reporting period, has regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest. The highway/commuter sector, which

6 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


The Rochester Credit Research Team


Rich Stein, CFA Director of Credit Research	Chris Weiler, CFA Senior Credit Analyst	Bob Bertucci, CFA Senior Credit Analyst	Angela Uttaro Senior Credit Analyst



Matt Torpey, CFA Senior Credit Analyst	René Vecka, CFA Senior Credit Analyst	Jon Hagen, CFA Senior Credit Analyst	Alen Kreso, CFA Senior Credit Analyst



Chris Meteyer, CFA Senior Credit Analyst	Clara Sanguinetti Credit Analyst	Chad Osterhout Credit Analyst

7 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

includes securities that are used to build and maintain roadways and highway amenities, was the second-strongest performer this reporting period. The Special Tax sector, which consists of bonds backed by various taxes, was the fifth-best performer as of September 30, 2017. The largely investment-grade bonds in the water utilities and hospitals/healthcare sectors were ranked third and seventh in terms of performance. Also among the seven best performers were the high-yielding securities backed by proceeds from the landmark 1998 tobacco Master Settlement Agreement (MSA).

Three sectors were slight detractors from the Fund’s total return during the reporting period: municipal leases, sports facility revenue and electric utilities. The latter includes one insured PREPA bond, issued by Puerto Rico’s electric utility authority.

In aggregate, the Fund’s few investments in securities issued in the Commonwealth of Puerto Rico contributed favorably to performance this reporting period. The securities are exempt from federal, state and local income taxes. The Fund’s three Puerto Rico holdings are insured. A complete listing of securities held by this Fund can be found in this report’s Statement of Investments.

INVESTMENT STRATEGY

This “maturity managed” Fund uses a dollar-weighted approach to measuring the average maturity of its securities and seeks an average effective maturity of between 3 and 7 years for its portfolio. While the Fund invests primarily in investment-grade municipal securities, it may invest up to 10% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase as is the credit quality of the securities. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings. Prior to April 3, 2017, the Fund’s threshold for below-investment-grade securities was 5%.

While market conditions can and do fluctuate, the Fund’s portfolio management team adheres to a consistent investment approach based on its belief that tax-free yield can help investors achieve their long-term financial objectives. The team does not manage its funds based on predictions of interest rate changes. Further details about the Rochester team’s investment approach can be found on our landing page, oppenheimerfunds.com/rochesterway.

8 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

In closing, we believe that the structure and sector composition of this Fund and the team’s use of time-tested strategies will

continue to benefit fixed income investors through interest rate and economic cycles.

LOGO

Scott S. Cottier, CFA

Senior Vice President, Senior

Portfolio Manager and Team

Leader

LOGO

Troy E. Willis, CFA, J.D.

Senior Vice President, Senior

Portfolio Manager and Team

Leader

On behalf of the rest of the Rochester portfolio managers: Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.

9 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES


General Obligation			18.0%
Higher Education			11.2
Highways/Commuter Facilities			7.2
Special Tax			6.0
Municipal Leases			6.0
Hospital/Healthcare			5.8
Water Utilities			5.4
Tobacco Master Settlement Agreement			5.2
Sales Tax Revenue			5.1
Tax Increment Financing (TIF)			4.2

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2017 and are based on total assets.

CREDIT ALLOCATION


	NRSRO- Rated	Sub- Adviser- Rated	Total
AAA	2.5%	0.1%	2.6%
AA	41.7	0.0	41.7
A	32.2	2.3	34.5
BBB	11.4	4.8	16.2
BB or lower	3.6	1.4	5.0
Total	91.4%	8.6%	100.0%

The percentages above are based on the market value of the securities as of September 30, 2017 and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

10 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Performance

DISTRIBUTION YIELDS

As of 9/30/17


	Without Sales Charge		With Sales Charge
Class A		2.16%		2.11%
Class C		1.27		N/A
Class Y		2.42		N/A

STANDARDIZED YIELDS

For the 30 Days Ended 9/30/17


Class A			1.59%
Class C			0.85
Class Y			1.85

TAXABLE EQUIVALENT YIELDS

As of 9/30/17


Class A			2.81%
Class C			1.51
Class Y			3.27

UNSUBSIDIZED STANDARDIZED YIELDS

For the 30 Days Ended 9/30/17


Class A			1.53%
Class C			0.79
Class Y			1.79

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/17


	Inception Date	1-Year	5-Year	Since Inception
Class A (ORRWX)	12/6/10	0.44%	2.93%	3.93%
Class C (ORRCX)	12/6/10	-0.34	2.12	3.09
Class Y (ORRYX)	12/6/10	0.66	3.16	4.15

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/17


	Inception Date	1-Year	5-Year	Since Inception
Class A (ORRWX)	12/6/10	-1.82%	2.46%	3.58%
Class C (ORRCX)	12/6/10	-1.33	2.12	3.09
Class Y (ORRYX)	12/6/10	0.66	3.16	4.15

11 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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

LOGO

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 2.25%; for Class C, the contingent deferred sales charge of 1% for the 1-year period. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%. There is no sales charge for Class Y shares.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Municipal 5 Year (4-6) Index, which is the 4-to 6-year component of the Bloomberg Barclays Municipal Bond Index. The latter is an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.008 for the 35-day accrual period ended September 26, 2017. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on September 26, 2017; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B and Y are annualized based on

12 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

dividends of $0.0047 and $0.0089, respectively, for the 35-day accrual period ended September 26, 2017 and on the corresponding net asset values on that date.

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended September 30, 2017 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended September 30, 2017. The calculation excludes any expense reimbursements and thus may result in a lower yield.

Taxable equivalent yield is based on the standardized yield and the 2017 top federal tax rate of 43.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

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

The BofA Merrill Lynch AAA Municipal Securities index is the AAA subset of the BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of dollar-denominated, investment-grade, tax-exempt debt issued by U.S. states and territories and their political subdivisions; index constituents are weighted based on capitalization, and accrued interest is calculated assuming next-day settlement.

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

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

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

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2017.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended September 30, 2017” to estimate the expenses you paid on your account during this period.

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

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

14 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


Actual	Beginning Account Value April 1, 2017	Ending Account Value September 30, 2017	Expenses Paid During 6 Months Ended September 30, 2017
Class A	$ 1,000.00	$ 1,038.50	$ 5.38
Class C	1,000.00	1,032.10	9.36
Class Y	1,000.00	1,037.20	4.25

Hypothetical (5% return before expenses)
Class A	1,000.00	1,019.80	5.33
Class C	1,000.00	1,015.89	9.29
Class Y	1,000.00	1,020.91	4.21

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2017 are as follows:


Class		Expense Ratios
Class A		1.05%
Class C		1.83
Class Y		0.83

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

15 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS September 30, 2017


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Municipal Bonds and Notes—98.0%
	Alabama—1.6%
	$230,000	AL Health Care Authority for Baptist Health of Alabama¹		5.000%		11/15/2021		10/29/2017	^A	$	230,791
	2,700,000	Homewood, AL GO Warrants¹		5.000		09/01/2030		09/01/2026	^A		3,231,198
	10,000	Lee County, AL Public Building Authority (DHR Building)¹		4.375		09/01/2025		10/29/2017	^A		10,027
											3,472,016


	Alaska—0.2%
	335,000	AK International Airports		5.000		10/01/2022		10/29/2017	^A		336,126


	Arizona—2.2%
	20,000	AZ Board of Regents COP (University of Arizona & Arizona State University BioMed)		4.500		06/01/2031		10/29/2017	^A		20,046
	1,000,000	Glendale, AZ Transportation Excise Tax¹		5.000		07/01/2029		07/01/2025	^A		1,183,350
	250,000	Greater AZ Devel. Authority (Santa Cruz County Jail)¹		5.250		08/01/2031		08/01/2018	^A		259,037
	725,000	Navajo Nation, AZ¹		5.500		12/01/2030		12/01/2025	^A		793,041
	250,000	Northern Arizona University¹		5.000		06/01/2032		06/01/2025	^A		291,480
	75,000	Pima County, AZ IDA (Excalibur Charter School)		5.000		09/01/2026		01/06/2023	^B		74,201
	2,000,000	Westpark, AZ Community Facilities District		5.000		07/15/2032		07/15/2026	^A		2,104,480
											4,725,635


	California—20.1%
	10,000	Adelanto, CA Public Utility Authority		6.000		07/01/2023		07/01/2019	^A		10,584
	100,000	Atwater, CA Wastewater¹		5.000		05/01/2033		05/01/2027	^A		116,829
	1,000,000	Baldwin Park, CA Unified School District¹		5.000		08/01/2029		08/01/2026	^A		1,201,970
	1,550,000	Beaumont, CA Financing Authority, Series B		5.000		09/01/2028		09/01/2023	^A		1,719,089
	420,000	CA Educational Facilities Authority (Chapman University)¹		5.000		04/01/2025		04/01/2021	^A		471,282
	2,000,000	CA GO¹		5.000		08/01/2031		02/01/2025	^A		2,359,720
	5,000	CA GO¹		6.000		08/01/2020		02/01/2018	^A		5,087
	2,000,000	CA GO¹		6.000		11/01/2039		11/01/2019	^A		2,200,560
	410,000	CA GO¹		6.500		04/01/2033		04/01/2019	^A		443,468
	3,000,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.000		06/01/2033		05/30/2030	^B		2,996,700
	500,000	CA Health Facilities Financing Authority (Children’s Hospital)¹		5.000		11/01/2024		11/01/2021	^A		557,625
	1,000,000	CA Municipal Finance Authority (Harbor Regional Center)¹		5.000		11/01/2032		11/01/2025	^A		1,139,590
	125,000	CA Public Works (California Community Colleges)		5.500		06/01/2022		10/29/2017	^A		125,475

16 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	California (Continued)
	$30,000	CA Public Works (Various Community Colleges)¹		5.625%		03/01/2019		10/29/2017	^A	$	30,202
	340,000	CA Statewide CDA (Bakersfield Reassessment District)¹		5.000		09/02/2022		07/03/2020	^B		366,336
	1,250,000	CA Statewide CDA (CHF-Irvine)¹		5.000		05/15/2032		05/15/2026	^A		1,453,200
	10,000	Central, CA Unified School District		5.000		08/01/2022		11/01/2017	^A		10,034
	100,000	Cerritos, CA Public Financing Authority¹		5.000		11/01/2018		11/01/2017	^A		102,351
	1,500,000	Chula Vista, CA Municipal Financing Authority¹		5.000		09/01/2026		09/01/2025	^A		1,807,005
	100,000	Compton, CA Community College District¹		5.000		07/01/2018		07/01/2018			103,048
	100,000	Compton, CA Community College District¹		5.000		07/01/2019		07/01/2019			106,960
	100,000	El Centro, CA Financing Authority (El Centro Redevel.)¹		6.625		11/01/2025		05/01/2021	^A		118,045
	500,000	El Dorado County, CA Special Tax Community Facilities District No. 9288¹		5.000		09/01/2024		09/01/2022	^A		572,830
	380,000	El Monte, CA Union High School District¹		5.000		06/01/2028		06/01/2026	^A		467,172
	995,000	Indio, CA Community Facilities District Special Tax		5.000		09/01/2035		09/01/2025	^A		1,112,291
	500,000	Jurupa, CA Community Services District Special Tax Community
		Facilities District No. 43		5.000		09/01/2030		09/01/2026	^A		578,465
	500,000	Lancaster, CA Redevel. Agency¹		5.500		12/01/2028		12/01/2020	^A		558,995
	500,000	Lodi, CA Public Financing Authority¹		5.250		10/01/2026		04/01/2022	^A		566,680
	250,000	Madera, CA Irrigation Financing Authority¹		5.750		01/01/2026		01/01/2020	^A		276,592
	1,595,000	Modesto, CA Irrigation District Financing Authority (Electric System)¹		5.000		10/01/2028		10/01/2025	^A		1,881,414
	100,000	Monrovia, CA Redevel. Agency Tax Allocation (Central Redevel. Project Area No. 1)¹		6.500		05/01/2026		05/01/2021	^A		118,990
	500,000	Palomar, CA Health¹		5.000		11/01/2031		11/01/2026	^A		569,635
	495,000	Redwood City, CA Special Tax		5.000		09/01/2026		09/01/2022	^A		551,806
	1,880,000	Richmond, CA Joint Powers Financing Authority¹		5.500		11/01/2029		12/03/2024	^A		2,161,380
	500,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000		09/01/2028		09/01/2022	^A		548,390
	250,000	Riverside County, CA Public Financing Authority¹		5.000		05/01/2025		05/01/2022	^A		282,458
	250,000	Riverside County, CA Public Financing Authority¹		5.000		05/01/2026		05/01/2022	^A		280,510
	1,375,000	Riverside County, CA Public Financing Authority¹		5.000		10/01/2029		10/01/2025	^A		1,638,670

17 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	California (Continued)
	$100,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)¹		5.750%		10/01/2020		10/01/2020		$	113,424
	400,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Assessment District)		5.250		09/02/2026		03/02/2018	^A		416,212
	1,000,000	Sacramento, CA City Unified School District¹		5.000		07/01/2030		07/01/2024	^A		1,165,640
	150,000	San Bernardino, CA Joint Powers Financing Authority¹		5.750		10/01/2017		10/01/2017			150,039
	45,000	San Bernardino, CA Joint Powers Financing Authority¹		5.750		10/01/2018		10/01/2018			46,872
	200,000	San Bernardino, CA Joint Powers Financing Authority¹		5.750		10/01/2018		10/01/2018			208,318
	245,000	San Bernardino, CA Joint Powers Financing Authority¹		5.750		10/01/2019		10/01/2019			264,862
	350,000	San Bernardino, CA Joint Powers Financing Authority¹		5.750		10/01/2020		10/01/2020			389,886
	520,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2024		09/01/2023	^A		597,714
	250,000	San Diego, CA Public Facilities Financing Authority¹		5.000		08/01/2028		08/01/2022	^A		290,015
	1,010,000	San Gorgonio, CA Memorial Health Care District¹		5.000		08/01/2025		08/01/2020	^A		1,098,819
	520,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2022		11/15/2022			586,227
	500,000	South Gate, CA Utility Authority¹		5.250		10/01/2026		10/01/2022	^A		585,615
	2,080,000	South Tahoe, CA Joint Powers Financing Authority¹		5.000		10/01/2028		10/01/2025	^A		2,444,853
	2,500,000	University of California¹		5.000		05/15/2031		05/15/2025	^A		2,983,200
	120,000	Vernon, CA Electric System¹		5.125		08/01/2021		05/03/2019	^A		128,304
	50,000	Vernon, CA Electric System		5.125		08/01/2021		05/22/2019	^C		52,967
	1,470,000	West Kern, CA Community College District¹		5.000		11/01/2026		11/01/2025	^A		1,791,269
	100,000	Westlands, CA Water District¹		5.000		09/01/2026		09/01/2022	^A		115,585
	20,000	Westlands, CA Water District¹		5.000		09/01/2027		09/01/2022	^A		23,066
	80,000	Westlands, CA Water District¹		5.000		09/01/2027		09/01/2022	^A		93,859
	1,045,000	William S. Hart CA Union High School District		5.000		09/01/2032		03/01/2025	^A		1,174,235
											44,332,419


	Colorado—0.3%
	500,000	Plaza, CO Metropolitan District No. 1		5.000		12/01/2022		12/01/2022			545,305


	Connecticut—1.4%
	245,000	CT H&EFA (Yale University)¹		5.000		07/01/2040		07/01/2018	^A		252,269

18 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Connecticut (Continued)
	$2,500,000	University of Connecticut¹		5.000%		03/15/2029		03/15/2026	^A	$	2,931,475
											3,183,744


	District of Columbia—0.1%
	300,000	District of Columbia Student Dorm (Provident Group-Howard Properties)¹		5.000		10/01/2030		10/01/2022	^A		310,185


	Florida—3.4%
	175,000	FL Board of Governors (State University System of Florida)¹		6.250		07/01/2028		07/01/2018	^A		183,605
	865,000	FL HEFFA (Bethune-Cookman University)¹		5.375		07/01/2032		07/01/2020	^A		896,832
	250,000	Halifax, FL Hospital Medical Center¹		5.000		06/01/2035		06/01/2025	^A		280,208
	5,000	Jea, FL St. John’s River Power Park System¹		5.000		10/01/2021		10/29/2017	^A		5,017
	40,000	Miami Beach, FL Water & Sewer¹		5.000		09/01/2030		10/29/2017	^A		41,001
	75,000	Miami Beach, FL Water & Sewer¹		5.500		09/01/2027		10/29/2017	^A		77,132
	1,000,000	Miami, FL Special Obligation¹		5.000		03/01/2030		03/01/2023	^A		1,108,450
	1,000,000	Miami-Dade County, FL Public Facilities (Jackson Health System)¹		5.000		06/01/2033		06/01/2025	^A		1,135,380
	1,900,000	Miami-Dade County, FL School Board¹		5.000		05/01/2032		05/01/2025	^A		2,212,170
	295,000	Mirabella, FL Community Devel. District		6.000		11/01/2026		05/28/2022	^A		322,544
	500,000	Orlando, FL Community Redevel. Agency (Conroy Road District)¹		5.000		04/01/2023		04/01/2022	^A		555,155
	175,000	Pinellas County, FL Sewer¹		5.000		10/01/2032		10/29/2017	^A		175,558
	500,000	Tampa, FL Health System (Baycare Health System)¹		5.000		11/15/2026		05/15/2022	^A		565,565
											7,558,617


	Georgia—1.5%
	40,000	Atlanta, GA HDC (Bedford Tower)¹		6.350		01/01/2023		05/21/2018	^A		41,479
	1,000,000	Augusta, GA Water & Sewer¹		5.000		10/01/2021		10/29/2017	^A		1,013,490
	15,000	College Park, GA (Atlanta International Airport)¹		4.500		01/01/2031		10/29/2017	^A		15,037
	380,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)¹		5.125		03/15/2031		03/15/2021	^A		389,876
	180,000	GA HEFA (USG Real Estate Foundation)		6.000		06/15/2034		06/15/2018	^A		186,543
	10,000	GA Municipal Assoc. (Atlanta Detention Center)¹		5.000		12/01/2018		10/29/2017	^A		10,033
	40,000	GA Municipal Assoc. (Atlanta Detention Center)		5.000		12/01/2023		10/29/2017	^A		40,129
	875,000	GA Municipal Electric Authority¹		5.000		01/01/2032		01/01/2025	^A		1,013,005

19 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Georgia (Continued)
	$500,000	Randolph County, GA GO¹		5.000%		04/01/2030		04/01/2022	^A	$	541,850
											3,251,442


	Illinois—7.8%
	720,000	Berwyn, IL GO¹		5.000		12/01/2028		12/01/2018	^A		742,810
	100,000	Chicago, IL Board of Education¹		5.000		12/01/2021		10/29/2017	^A		101,163
	715,000	Chicago, IL Board of Education¹		5.000		12/01/2022		12/01/2017	^A		719,133
	1,000,000	Chicago, IL Board of Education¹		5.750		04/01/2035		04/01/2027	^A		1,130,410
	770,000	Chicago, IL Board of Education¹		6.000		01/01/2020		01/15/2019	^B		798,290
	200,000	Chicago, IL GO¹		5.000		01/01/2019		10/29/2017	^A		200,788
	35,000	Chicago, IL GO¹		5.000		01/01/2023		10/29/2017	^A		35,248
	40,000	Chicago, IL GO¹		5.000		01/01/2034		10/29/2017	^A		40,153
	100,000	Chicago, IL GO¹		5.000		01/01/2035		10/29/2017	^A		100,383
	3,000,000	Chicago, IL O’Hare International Airport¹		5.000		01/01/2031		01/01/2025	^A		3,486,090
	2,000,000	Chicago, IL Sales Tax¹		5.000		01/01/2026		10/29/2017	^A		2,020,500
	45,000	Chicago, IL State University (Auxiliary Facilities System)¹		5.000		12/01/2018		10/29/2017	^A		45,146
	500,000	Cook County, IL Community College District No. 508 (City Colleges Chicago)¹		5.250		12/01/2026		12/01/2023	^A		555,935
	350,000	Cook County, IL GO¹		5.250		11/15/2033		11/15/2020	^A		375,497
	175,000	Franklin Park, IL GO¹		6.250		07/01/2030		07/01/2021	^A		196,240
	1,000,000	IL Educational Facilities Authority (Robert Morris College)¹		5.800		06/01/2030		10/29/2017	^A		1,010,730
	150,000	IL Finance Authority (ABHS/ ABMC/AVM/AVT/ABSJ/ABBHH/ ABHN/SP/StAMC Obligated Group)¹		5.250		01/01/2022		04/14/2018	^A		153,445
	150,000	IL Finance Authority (OSF Healthcare System)¹		7.000		11/15/2029		05/15/2019	^A		164,366
	50,000	IL Finance Authority (RUMC/ RNSMC/RCMC Obligated Group)¹		5.250		11/01/2035		11/01/2018	^A		52,284
	2,000,000	IL Metropolitan Pier & Exposition Authority¹		5.500		06/15/2029		12/11/2026	^B		2,367,420
	35,000	Markham, IL GO¹		5.250		01/01/2023		10/29/2017	^A		35,086
	35,000	Northern IL Municipal Power Agency (Prarie Street)¹		5.000		01/01/2019		01/01/2018	^A		35,371
	300,000	Railsplitter, IL Tobacco Settlement Authority¹		6.250		06/01/2024		10/29/2017	^A		306,117
	2,085,000	University of Illinois (Health Services Facilities System)¹		6.000		10/01/2030		10/01/2023	^A		2,449,250
											17,121,855


	Indiana—0.1%
	200,000	Michigan City, IN Multifamily Hsg. (Silver Birch Project)		4.500		01/01/2026		08/17/2023	^B		197,410

20 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Iowa—0.1%
	$250,000	IA Tobacco Settlement Authority (TASC)¹		5.600%²		06/01/2034		10/29/2017	^A	$	251,488


	Kentucky—2.3%
	1,000,000	Fayette County, KY School District¹		5.000		08/01/2031		08/01/2025	^A		1,163,780
	100,000	KY EDFA (Ashland Hospital)¹		6.000		02/01/2033		02/01/2018	^A		100,867
	1,345,000	KY Municipal Power Agency¹		5.000		09/01/2028		09/01/2025	^A		1,553,542
	2,000,000	Louisville & Jefferson County, KY (Catholic Health Initiatives)¹		5.000		12/01/2028		06/01/2022	^A		2,148,320
											4,966,509


	Louisiana—1.8%
	1,405,000	LA Public Facilities Authority (Nineteenth Judicial District Court Building)¹		5.000		06/01/2036		06/01/2025	^A		1,559,634
	250,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)¹		5.000		07/01/2028		07/01/2027	^A		288,917
	400,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)¹		5.000		07/01/2029		07/01/2027	^A		458,828
	500,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)¹		5.000		07/01/2030		07/01/2027	^A		570,165
	90,000	LA Tobacco Settlement Financing Corp. (TASC)¹		5.000		05/15/2026		05/15/2018	^B		89,739
	500,000	New Orleans, LA Sewage Service¹		5.000		06/01/2026		06/01/2024	^A		579,645
	470,000	St. John the Baptist Parish, LA Revenue (Marathon Oil Corp.)¹		5.125		06/01/2037		10/29/2017	^A		471,166
											4,018,094


	Maryland—1.6%
	325,000	Baltimore, MD Convention Center		5.000		09/01/2019		10/29/2017	^A		326,053
	2,500,000	Baltimore, MD Water¹		5.000		07/01/2033		01/01/2027	^A		2,961,275
	230,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)¹		5.125		09/01/2030		03/01/2021	^A		244,789
											3,532,117


	Massachusetts—0.2%
	250,000	MA Devel. Finance Agency (Avon Association)¹		5.000		04/01/2018		04/01/2018			253,838
	250,000	MA Devel. Finance Agency (Partners Healthcare System)¹		5.000		07/01/2031		07/01/2021	^A		278,052
											531,890


	Michigan—4.5%
	75,000	Charyl Stockwell Academy, MI Public School Academy³		4.875		10/01/2023		12/08/2020	^B		77,002

21 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Michigan (Continued)
	$500,000	Detroit, MI Sewer Disposal System¹		5.250%		07/01/2023		10/29/2017	^A	$	501,710
	15,000	Ecorse Creek, MI Public School District¹		5.000		05/01/2027		10/29/2017	^A		15,050
	100,000	Grand Rapids, MI Building Authority¹		5.000		10/01/2028		10/29/2017	^A		100,320
	3,120,000	Great Lakes, MI Water Authority Sewage Disposal System¹		5.000		07/01/2030		07/01/2026	^A		3,632,491
	1,000,000	MI Finance Authority (Detroit Water & Sewer)¹		5.000		07/01/2026		07/01/2024	^A		1,154,490
	1,000,000	MI Finance Authority (Detroit Water & Sewer)¹		5.000		07/01/2027		07/01/2024	^A		1,147,790
	750,000	MI Finance Authority (Detroit Water & Sewer)¹		5.000		07/01/2029		07/01/2025	^A		863,722
	245,000	MI Finance Authority (Sparrow Health)¹		5.000		11/15/2032		05/15/2025	^A		280,515
	10,000	MI Municipal Bond Authority¹		6.000		11/01/2020		10/29/2017	^A		10,041
	1,805,000	Romulus, MI Tax Increment Financing Authority¹		5.000		11/01/2026		05/07/2026	^B		2,190,765
											9,973,896


	Minnesota—0.2%
	500,000	Dakota County, MN Community Devel. Agency (Sanctuary at West St. Paul)		5.750		08/01/2030		08/11/2023	^A		505,725


	Mississippi—0.6%
	560,000	MS Business Finance Corp. (Mississippi Power Company)¹		5.150 ⁴		09/01/2028		10/29/2017	^A		561,462
	245,000	MS Business Finance Corp. (System Energy Resources)¹		5.875		04/01/2022		10/29/2017	^A		247,259
	545,000	Ridgeland, MS Tax Increment (Colony Park)¹		5.875		04/01/2026		04/01/2021	^A		602,459
											1,411,180


	Missouri—2.1%
	1,540,000	Jackson County, MO Special Obligation (Truman Sports Complex)¹		5.000		12/01/2031		12/01/2024	^A		1,796,810
	115,000	Kansas City, MO IDA (Sales Tax)		4.250		04/01/2026		12/25/2022	^B		110,392
	20,000	MO Environmental Improvement & Energy Resources Authority		5.000		01/01/2020		10/29/2017	^A		20,068
	65,000	MO Environmental Improvement & Energy Resources Authority		5.125		01/01/2020		10/29/2017	^A		65,230
	40,000	MO Environmental Improvement & Energy Resources Authority¹		5.500		07/01/2019		10/29/2017	^A		41,192
	5,000	MO Monarch-Chesterfield Levee District¹		5.750		03/01/2019		10/29/2017	^A		5,019

22 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Missouri (Continued)
	$1,515,000	Saint Charles County, MO IDA (Suemandy/Mid-Rivers Community Improvement District)³		4.000%		10/01/2028		10/01/2028		$	1,463,475
	1,000,000	St. Louis, MO Municipal Finance Corp.¹		5.000		07/15/2030		07/15/2024	^A		1,162,970
											4,665,156


	Montana—0.0%
	55,000	Kalispell, MT Hsg. & Healthcare (Immanuel Lutheran Corp.)		3.400		11/15/2022		11/15/2018	^A		55,166


	Nevada—0.4%
	70,000	Las Vegas, NV Special Improvement District No. 607		5.000		06/01/2024		06/01/2024			75,837
	200,000	North Las Vegas, NV GO¹		5.000		05/01/2024		10/29/2017	^A		200,104
	500,000	North Las Vegas, NV Wastewater Reclamation System¹		5.000		10/01/2023		10/29/2017	^A		500,320
											776,261


	New Jersey—7.1%
	250,000	Atlantic City, NJ GO¹		5.000		03/01/2032		03/01/2027	^A		288,990
	15,000	Burlington County, NJ Bridge Commission¹		4.500		10/15/2022		10/29/2017	^A		15,043
	1,000,000	Casino Reinvestment Devel. Authority of NJ (Luxury Tax)¹		5.000		11/01/2027		11/01/2024	^A		1,126,710
	1,000,000	NJ EDA¹		5.000		06/15/2022		06/15/2022			1,116,510
	2,000,000	NJ EDA¹		5.000		06/15/2025		06/15/2025			2,261,180
	250,000	NJ EDA (Provident Group-Rowan Properties)¹		5.000		01/01/2030		01/01/2025	^A		274,335
	305,000	NJ EDA (School Facilities Construction)¹		5.000		03/01/2026		03/01/2023	^A		334,039
	1,000,000	NJ Educational Facilities Authority (Higher Education)¹		5.000		06/15/2026		06/15/2024	^A		1,107,610
	50,000	NJ Educational Facilities Authority (Richard Stockton College)¹		5.125		07/01/2028		07/01/2018	^A		51,551
	1,000,000	NJ Educational Facilities Authority (Stockton University)¹		5.000		07/01/2027		07/01/2026	^A		1,155,480
	65,000	NJ Higher Education Assistance Authority¹		5.000		12/01/2025		12/01/2019	^A		69,259
	2,000,000	NJ Tobacco Settlement Financing Corp.¹		5.000		06/01/2029		10/29/2017	^A		2,000,100
	6,480,000	NJ Tobacco Settlement Financing Corp.		5.300 ⁵		06/01/2041		10/29/2017	^A		1,788,480
	2,000,000	NJ Transportation Trust Fund Authority¹		5.000		06/15/2023		06/15/2023			2,239,240
	250,000	NJ Transportation Trust Fund Authority¹		5.000		06/15/2027		06/15/2021	^A		264,575
	710,000	NJ Transportation Trust Fund Authority¹		5.250		06/15/2030		06/15/2023	^A		778,856

23 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New Jersey (Continued)
	$250,000	NJ Transportation Trust Fund Authority¹		5.250%		06/15/2032		12/15/2024	^A	$	277,655
	500,000	South Jersey, NJ Transportation Authority¹		5.000		11/01/2028		11/01/2024	^A		566,200
											15,715,813


	New Mexico—0.3%
	625,000	Farmington, NM Hospital (San Juan Regional Medical Center)¹		5.000		06/01/2023		10/29/2017	^A		627,081


	New York—8.5%
	100,000	L.I., NY Power Authority¹		5.000		04/01/2023		04/01/2019	^A		104,912
	500,000	Nassau County, NY Tobacco Settlement Corp. (TASC)¹		5.250 ²		06/01/2026		12/01/2017	^A		499,960
	350,000	New Rochelle, NY Corp. Devel. (Iona College)¹		5.000		07/01/2035		07/01/2025	^A		384,870
	280,000	NY Counties Tobacco Trust VI (TASC)¹		5.000		06/01/2027		06/01/2026	^A		326,721
	270,000	NY Counties Tobacco Trust VI (TASC)¹		5.000		06/01/2030		06/01/2026	^A		303,693
	250,000	NY Counties Tobacco Trust VI (TASC)¹		5.000		06/01/2031		06/01/2026	^A		278,225
	1,875,000	NY MTA, Series C-1¹		5.000		11/15/2031		11/15/2025	^A		2,245,219
	2,500,000	NY MTA, Series C-1¹		5.250		11/15/2031		11/15/2025	^A		3,054,175
	1,000,000	NYC GO¹		5.000		08/01/2029		02/01/2025	^A		1,188,400
	150,000	NYC GO¹		5.250		09/01/2022		09/01/2018	^A		155,935
	300,000	NYS DA (Orange Regional Medical Center)¹		5.000		12/01/2024		12/01/2024			341,802
	35,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000		11/01/2026		10/29/2017	^A		35,036
	2,055,000	NYS DA (State Personal Income Tax Authority)¹		5.000		02/15/2032		02/15/2025	^A		2,437,148
	3,000,000	NYS DA (State University of New York)¹		5.000		07/01/2034		07/01/2025	^A		3,488,910
	500,000	Otsego County, NY Capital Resource Corp. (Hartwick College)¹		5.000		10/01/2030		10/01/2025	^A		518,690
	2,000,000	Oyster Bay, NY GO		4.000		06/01/2018		06/01/2018			2,017,680
	1,230,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.500		12/01/2028		10/29/2017	^A		1,279,200
											18,660,576


	Ohio—2.2%
	2,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹		5.875		06/01/2030		06/01/2030			1,945,200
	460,000	OH Higher Educational Facility Commission (Hiram College)^1,3		6.000		10/01/2021		09/15/2018	^A		464,770
	250,000	Ross County, OH Hospital (Adena Health System)¹		5.750		12/01/2028		12/01/2018	^A		263,938

24 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Ohio (Continued)
	$350,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)¹		5.500%		12/01/2029		12/01/2024	^A	$	379,050
	1,500,000	Toledo, OH Waterworks¹		5.000		11/15/2031		05/15/2023	^A		1,739,220
											4,792,178


	Oregon—0.4%
	250,000	Forest Grove, OR Revenue (Pacific University)¹		5.000		05/01/2036		05/01/2025	^A		275,495
	295,000	Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)¹		5.000		12/01/2025		12/01/2025			346,374
	250,000	Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)¹		5.000		12/01/2030		12/01/2026	^A		285,175
	5,000	OR GO (Elderly & Disabled Hsg.)¹		5.150		08/01/2030		10/29/2017	^A		5,015
											912,059


	Pennsylvania—9.2%
	1,000,000	Chester County, PA H&EFA (SSS / SRC / SMSvcs / TCS / JP / SM / SHouse Obligated Group)		5.000		12/01/2030		12/01/2025	^A		1,029,850
	1,440,000	Crawford County, PA IDA (Allegheny College)¹		5.000		05/01/2029		05/01/2026	^A		1,650,758
	1,465,000	Crawford County, PA IDA (Allegheny College)¹		5.000		05/01/2031		05/01/2026	^A		1,659,274
	500,000	East Hempfield Township, PA IDA (Millersville University Student Services)¹		5.000		07/01/2025		09/25/2022	^B		566,495
	845,000	Erie County, PA Hospital Authority (St. Vincent’s Health)¹		7.000		07/01/2027		07/01/2020	^A		869,792
	1,500,000	Lancaster County, PA Hospital Authority (Masonic Villages of Grand Lodge of Pennyslvania)¹		5.000		11/01/2029		05/01/2025	^A		1,733,025
	500,000	Luzerne County, PA GO¹		5.000		11/15/2029		11/15/2025	^A		563,855
	190,000	Luzerne County, PA GO^1,3		6.750		11/01/2023		11/01/2019	^A		209,129
	1,190,000	Luzerne County, PA GO¹		7.000		11/01/2026		11/01/2019	^A		1,310,452
	1,500,000	PA GO¹		5.000		03/15/2031		03/15/2025	^A		1,731,705
	285,000	PA HEFA (University of the Arts)¹		5.000		09/15/2033		10/29/2017	^A		285,889
	2,000,000	PA Public School Building Authority (Philadelphia Community College)¹		5.000		06/15/2026		06/15/2025	^A		2,396,720
	3,000,000	PA State Public School Building Authority (Philadelphia School District)¹		5.000		06/01/2030		12/01/2026	^A		3,451,710
	1,055,000	PA Turnpike Commission¹		5.000		12/01/2028		06/01/2025	^A		1,249,036
	250,000	PA Turnpike Commission¹		5.250		12/01/2034		12/01/2025	^A		287,363
	40,000	Philadelphia, PA Hsg. Authority		5.500		12/01/2019		10/29/2017	^A		40,108
	30,000	Reading, PA School District¹		5.000		03/01/2035		03/01/2027	^A		34,785

25 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Pennsylvania (Continued)
	$25,000	Reading, PA School District¹		5.000%		03/01/2036		03/01/2027	^A	$	28,899
	500,000	West Shore, PA Area Authority (ML/MFS/MLCSS/Mhome/CAHA Obligated Group)¹		5.000		07/01/2030		07/01/2025	^A		545,745
	500,000	Wilkes-Barre, PA Area School District¹		5.000		08/01/2028		02/01/2027	^A		582,635
											20,227,225


	Rhode Island—1.7%
	500,000	Providence, RI Public Building Authority, Series A¹		5.875		06/15/2026		06/15/2021	^A		556,855
	35,000	RI Clean Water Protection Finance Agency		5.125		10/01/2019		10/29/2017	^A		35,124
	3,175,000	RI Economic Devel. Corp. (Rhode Island Dept. of Transportation)		5.000		06/15/2025		10/29/2017	^A		3,185,287
											3,777,266


	South Carolina—1.3%
	500,000	Greenville, SC Hospital System¹		5.000		05/01/2024		05/01/2022	^A		577,245
	2,000,000	Piedmont, SC Municipal Power Agency¹		5.000		01/01/2030		01/01/2025	^A		2,281,380
											2,858,625


	South Dakota—0.3%
	550,000	SD Educational Enhancement Funding Corp. Tobacco Settlement¹		5.000		06/01/2026		06/01/2023	^A		615,873


	Tennessee—0.4%
	500,000	Knox County, TN HE&HFB (Covenant Health)¹		5.000		01/01/2025		01/01/2023	^A		570,975
	300,000	TN Energy Acquisition Gas Corp.¹		5.250		09/01/2020		09/01/2020			331,407
											902,382


	Texas—9.5%
	1,500,000	Arlington, TX Higher Education Finance Corp. (Harmony Public Schools)¹		5.000		02/15/2032		02/15/2025	^A		1,740,225
	70,000	Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital (GRMC)¹		5.500		08/15/2036		08/15/2018	^A		72,752
	1,000,000	Dallas County, TX Flood Control District		5.000		04/01/2028		04/01/2023	^A		1,032,510
	125,000	Dallas-Fort Worth, TX International Airport¹		5.000		11/01/2025		11/01/2020	^A		138,769
	125,000	Dallas-Fort Worth, TX International Airport¹		5.000		11/01/2026		11/01/2020	^A		138,689
	30,000	Greenville, TX Electric Utility System¹		4.650		02/15/2029		10/29/2017	^A		30,092

26 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Texas (Continued)
	$500,000	Harris County-Houston, TX Sports Authority¹		5.000%		11/15/2027		11/15/2024	^A	$	591,250
	1,000,000	Harris County-Houston, TX Sports Authority¹		5.000		11/15/2030		11/15/2024	^A		1,152,840
	250,000	Houston, TX Higher Education Finance Corp. (Kipp)¹		5.000		08/15/2029		08/15/2025	^A		294,757
	20,000	Huntsville, TX GO COP¹		5.000		08/15/2023		10/29/2017	^A		20,066
	1,410,000	Lancaster, TX Independent School District¹		5.000		02/15/2032		02/15/2025	^A		1,645,075
	350,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.000		11/15/2026		03/20/2025	^B		352,082
	335,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University-Collegiate Hsg. Corpus Christi II)¹		5.000		04/01/2031		04/01/2026	^A		372,470
	500,000	North TX Tollway Authority¹		5.000		01/01/2031		01/01/2024	^A		575,075
	100,000	St. George Place, TX Redevel. Authority¹		5.350		09/01/2018		10/29/2017	^A		100,347
	225,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		3.875		11/15/2022		05/15/2019	^A		228,960
	635,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (CHlth/CSHSC/CHGC/ CHST/CSRHCC/CHALT Obligated Group)¹		6.250		07/01/2028		01/01/2019	^A		670,719
	500,000	TX Municipal Gas Acquisition & Supply Corp.¹		5.000		12/15/2026		12/15/2022	^A		568,295
	45,000	TX Municipal Gas Acquisition & Supply Corp.¹		5.625		12/15/2017		12/15/2017			45,367
	3,800,000	TX Municipal Gas Acquisition & Supply Corp.¹		6.250		12/15/2026		08/04/2023	^B		4,643,334
	150,000	TX Public Finance Authority (Texas Southern University)¹		5.500		05/01/2018		05/01/2018			152,801
	2,000,000	TX SA Energy Acquisition Public Facility Corp. (Gas Supply)¹		5.500		08/01/2025		08/01/2025			2,424,640
	665,000	Viridian, TX Municipal Management District¹		6.000		12/01/2029		12/01/2024	^A		834,555
	1,005,000	Viridian, TX Municipal Management District¹		6.000		12/01/2029		12/01/2024	^A		1,261,245
	920,000	Viridian, TX Municipal Management District¹		6.000		12/01/2030		12/01/2024	^A		1,156,606
	500,000	Viridian, TX Municipal Management District¹		6.000		12/01/2030		12/01/2024	^A		628,590
											20,872,111

27 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Vermont—1.0%
	$1,000,000	Burlington, VT Airport, Series A¹		5.000%		07/01/2030		07/01/2024	^A	$	1,131,560
	250,000	Burlington, VT GO¹		5.000		11/01/2021		11/01/2021			284,142
	250,000	Burlington, VT GO¹		5.000		11/01/2027		11/01/2022	^A		279,008
	500,000	VT Educational & Health Buildings Financing Agency (Middlebury College)¹		5.000		11/01/2028		11/01/2022	^A		579,745
											2,274,455


	Virginia—0.1%
	260,000	Suffolk, VA Economic Devel. Authority (United Church Homes & Services/Lake Prince Center Obligated Group)		5.000		09/01/2026		09/01/2024	^A		287,817
	Washington—2.2%
	25,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600		03/01/2028		10/29/2017	^A		25,006
	3,000,000	WA GO¹		5.000		08/01/2030		08/01/2026	^A		3,631,770
	500,000	WA Health Care Facilities Authority (Central Washington Health Services Association)¹		5.000		07/01/2030		07/01/2025	^A		567,795
	500,000	WA Hsg. Finance Commission (Heron’s Key)		6.000		07/01/2025		08/13/2023	^B		500,865
											4,725,436


	Wisconsin—0.3%
	500,000	WI H&EFA (Marshfield Clinic)1		5.000		02/15/2028		02/15/2022	^A		553,735


	U.S. Possessions—1.0%
	420,000	Puerto Rico Electric Power Authority, Series PP, NPFGC		5.000		07/01/2024		10/29/2017	^A		420,748
	1,190,000	Puerto Rico Highway & Transportation Authority, NPFGC¹		5.000		07/01/2029		10/29/2017	^A		1,191,666
	640,000	Puerto Rico Municipal Finance Agency, Series A, AGC¹		5.000		08/01/2027		10/29/2017	^A		650,470
											2,262,884

	Total Investments, at Value (Cost $210,107,900)—98.0%										215,787,752
	Net Other Assets (Liabilities)—2.0										4,423,971
	Net Assets—100.0%									$	220,211,723

Footnotes to Statement of Investments

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

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

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

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

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

28 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

Footnotes to Statement of Investments (Continued)

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

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

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

5. Zero coupon bond reflects effective yield on the original acquisition date.

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


ABBHH		Alexian Brothers Behavioral Health Hospital
ABHN		Alexian Brothers Hospital Network
ABHS		Alexian Brothers Health System
ABMC		Alexian Brothers Medical Center
ABSJ		Alexian Brothers of San Jose
AGC		Assured Guaranty Corp.
AVM		Alexian Village of Milwaukee
AVT		Alexian Village of Tennessee
CAHA		Capital Area Health Associates
CDA		Communities Devel. Authority
CHALT		Christus Health Ark-La-Tex
CHF		City Hospital Foundation
CHGC		Christus Health Gulf Coast
CHlth		Christus Health
CHST		Christus Health Southeast Texas
COP		Certificates of Participation
CSHSC		Christus Spohn Health System Corporation
CSRHCC		Christus Santa Rosa Health Care Corporation
DA		Dormitory Authority
DHR		Department of Human Resources
EDA		Economic Devel. Authority
EDFA		Economic Devel. Finance Authority
GO		General Obligation
GRMC		Guadalupe Regional Medical Center
H&EFA		Health and Educational Facilities Authority
HDC		Housing Devel. Corp.
HE&HFB		Higher Educational and Housing Facility Board
HEFA		Higher Education Facilities Authority
HEFFA		Higher Educational Facilities Finance Authority
IDA		Industrial Devel. Agency
JFK		John Fitzgerald Kennedy
JP		Jenner’s Pond
L.I.		Long Island
MFS		Messiah Family Services
Mhome		Messiah Home
ML		Messiah Lifeways
MLCSS		Messiah Lifeways Community Support Services
MRC		Methodist Retirement Communities
MTA		Metropolitan Transportation Authority
NPFGC		National Public Finance Guarantee Corp.

29 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

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


NY/NJ		New York/New Jersey
NYC		New York City
NYS		New York State
RCMC		Rush-Copley Medical Center
RNSMC		Rush North Shore Medical Center
RUMC		Rush University Medical Center
SHouse		Simpson House
SM		Simpson Meadows
SMSvcs		Simpson Management Services
SP		Savelli Properties
SRC		Simpson Retirement Communities
SSS		Simpson Senior Services
StAMC		St. Alexius Medical Center
TASC		Tobacco Settlement Asset-Backed Bonds
TCS		Third Century Services

See accompanying Notes to Financial Statements.

30 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES September 30, 2017



Assets
Investments, at value (cost $210,107,900)—see accompanying statement of investments	$	215,787,752

Cash		393,810

Receivables and other assets:
Interest		2,920,918
Investments sold on a when-issued or delayed delivery basis		955,332
Shares of beneficial interest sold		760,780
Other		50,098

Total assets		220,868,690


Liabilities
Payables and other liabilities:
Payable for borrowings (See Note 9)		400,000
Shares of beneficial interest redeemed		120,467
Dividends		54,942
Distribution and service plan fees		33,021
Shareholder communications		6,047
Trustees’ compensation		3,421
Interest expense on borrowings		340
Other		38,729

Total liabilities		656,967


Net Assets	$	220,211,723



Composition of Net Assets
Par value of shares of beneficial interest	$	49,726

Additional paid-in capital		216,543,998

Accumulated net investment income		766,550

Accumulated net realized loss on investments		(2,828,403)

Net unrealized appreciation on investments		5,679,852

Net Assets	$	220,211,723



Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $123,838,562 and 27,960,859 shares of beneficial interest outstanding)		$4.43

Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)		$4.53


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $37,126,355 and 8,394,748 shares of beneficial interest outstanding)		$4.42


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $59,246,806 and 13,370,603 shares of beneficial interest outstanding)		$4.43

See accompanying Notes to Financial Statements.

31 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENT OF

OPERATIONS For the Year Ended September 30, 2017



Investment Income
Interest	$	7,739,116

Expenses
Management fees		1,347,991

Distribution and service plan fees:
Class A		337,025
Class C		394,548

Transfer and shareholder servicing agent fees:
Class A		135,622
Class C		39,472
Class Y		51,813

Shareholder communications:
Class A		11,896
Class C		8,250
Class Y		8,620

Borrowing fees		183,700

Interest expense on borrowings		45,973

Trustees’ compensation		3,349

Custodian fees and expenses		1,793

Other		83,149

Total expenses		2,653,201
Less waivers and reimbursements of expenses		(74,014)

Net expenses		2,579,187

Net Investment Income		5,159,929

Realized and Unrealized Loss
Net realized loss on investment transactions		(1,601,976)

Net change in unrealized appreciation/depreciation on investment transactions		(4,398,830)

Net Decrease in Net Assets Resulting from Operations	$	(840,877)

See accompanying Notes to Financial Statements.

32 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended September 30, 2017		Year Ended September 30, 2016

Operations
Net investment income	$	5,159,929		$ 3,948,060

Net realized gain (loss)		(1,601,976)		723,147

Net change in unrealized appreciation/depreciation		(4,398,830)		7,828,547

Net increase (decrease) in net assets resulting from operations		(840,877)		12,499,754

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(2,712,234)		(2,777,835)
Class C		(483,065)		(491,093)
Class Y		(1,153,393)		(788,874)

		(4,348,692)		(4,057,802)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(39,765,813)		67,399,548
Class C		(9,950,325)		20,847,332
Class Y		5,911,425		32,259,548

		(43,804,713)		120,506,428


Net Assets
Total increase (decrease)		(48,994,282)		128,948,380

Beginning of period		269,206,005		140,257,625

End of period (including accumulated net investment income (loss) of $766,550 and $(44,687), respectively)	$	220,211,723		$ 269,206,005

See accompanying Notes to Financial Statements.

33 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015¹		Year Ended September 30, 2014¹		Year Ended September 30, 2013¹
Per Share Operating Data
Net asset value, beginning of period		$4.50		$4.29		$4.28		$4.08		$4.33
Income (loss) from investment operations:
Net investment income²		0.10		0.09		0.10		0.13		0.12
Net realized and unrealized gain (loss)		(0.08)		0.21		0.02		0.19		(0.25)
Total from investment operations		0.02		0.30		0.12		0.32		(0.13)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.09)		(0.11)		(0.12)		(0.12)
Net asset value, end of period		$4.43		$4.50		$4.29		$4.28		$4.08



Total Return, at Net Asset Value³		0.44%		7.10%		2.94%		7.78%		(3.18)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$123,839		$166,994		$93,966		$43,489		$47,315
Average net assets (in thousands)		$135,493		$135,238		$55,240		$46,841		$49,397
Ratios to average net assets:⁴
Net investment income		2.36%		2.00%		2.42%		3.00%		2.78%
Expenses excluding specific expenses listed below		0.99%		0.99%		1.03%		1.06%		1.05%
Interest and fees from borrowings		0.10%		0.07%		0.15%		0.14%		0.05%
Total expenses		1.09%		1.06%		1.18%		1.20%		1.10%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.02%		1.09%		1.09%		1.00%
Portfolio turnover rate		25%		24%		56%		40%		33%

34 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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

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

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

4. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

35 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class C	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015¹		Year Ended September 30, 2014¹		Year Ended September 30, 2013¹
Per Share Operating Data
Net asset value, beginning of period		$4.49		$4.29		$4.28		$4.08		$4.33
Income (loss) from investment operations:
Net investment income²		0.07		0.05		0.07		0.09		0.09
Net realized and unrealized gain (loss)		(0.09)		0.21		0.02		0.19		(0.25)
Total from investment operations		(0.02)		0.26		0.09		0.28		(0.16)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.06)		(0.08)		(0.08)		(0.09)
Net asset value, end of period		$4.42		$4.49		$4.29		$4.28		$4.08



Total Return, at Net Asset Value³		(0.34)%		6.04%		2.23%		6.95%		(3.86)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$37,126		$48,103		$25,703		$12,842		$11,010
Average net assets (in thousands)		$39,435		$38,334		$16,536		$11,648		$13,360
Ratios to average net assets:⁴
Net investment income		1.57%		1.22%		1.66%		2.21%		2.00%
Expenses excluding specific expenses listed below		1.75%		1.74%		1.79%		1.85%		1.85%
Interest and fees from borrowings		0.10%		0.07%		0.15%		0.14%		0.05%
Total expenses		1.85%		1.81%		1.94%		1.99%		1.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.83%		1.80%		1.87%		1.87%		1.78%
Portfolio turnover rate		25%		24%		56%		40%		33%

36 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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

4. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

37 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015¹		Year Ended September 30, 2014¹		Year Ended September 30, 2013¹
Per Share Operating Data
Net asset value, beginning of period		$4.50		$4.30		$4.28		$4.08		$4.33
Income (loss) from investment operations:
Net investment income²		0.11		0.10		0.12		0.13		0.13
Net realized and unrealized gain (loss)		(0.08)		0.20		0.02		0.19		(0.25)
Total from investment operations		0.03		0.30		0.14		0.32		(0.12)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.10)		(0.12)		(0.12)		(0.13)
Net asset value, end of period		$4.43		$4.50		$4.30		$4.28		$4.08



Total Return, at Net Asset Value³		0.66%		7.08%		3.41%		8.01%		(2.95)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$59,247		$54,109		$20,589		$7,719		$3,543
Average net assets (in thousands)		$51,840		$35,292		$9,772		$4,089		$3,326
Ratios to average net assets:⁴
Net investment income		2.60%		2.19%		2.69%		3.17%		3.02%
Expenses excluding specific expenses listed below		0.75%		0.74%		0.80%		0.80%		0.78%
Interest and fees from borrowings		0.10%		0.07%		0.15%		0.14%		0.05%
Total expenses		0.85%		0.81%		0.95%		0.94%		0.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.83%		0.80%		0.87%		0.87%		0.78%
Portfolio turnover rate		25%		24%		56%		40%		33%

38 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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

4. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

39 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS September 30, 2017

1. Organization

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

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

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

2. Significant Accounting Policies

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

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

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

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.

40 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

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

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, 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 remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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

Undistributed

Net Investment

Income

Undistributed
Long-Term
Gain

Accumulated
Loss
Carryforward^1,2,3

Net Unrealized
Appreciation
Based on cost of
Securities and
Other Investments
for Federal Income
Tax Purposes

$824,181

$—

$2,828,402

$5,679,852

1. At period end, the Fund had $2,828,402 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included

41 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.


Expiring
No expiration			$2,828,402

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3. During the previous reporting period, the Fund utilized $723,147 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

The tax character of distributions paid during the reporting periods:


	Year Ended September 30, 2017		Year Ended September 30, 2016
Distributions paid from:
Exempt-interest dividends	$	4,345,900	$	4,038,790
Ordinary income		2,792		19,012

Total	$	4,348,692	$	4,057,802

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


Federal tax cost of securities	$	210,107,900

Gross unrealized appreciation	$	6,535,794
Gross unrealized depreciation		(855,942)

Net unrealized appreciation	$	5,679,852

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

42 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

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

Securities for which market quotations are not readily available or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation 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

43 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

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

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

1) 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 at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama	$	—	$	3,472,016	$	—	$	3,472,016
Alaska		—		336,126		—		336,126
Arizona		—		4,725,635		—		4,725,635
California		—		44,332,419		—		44,332,419
Colorado		—		545,305		—		545,305
Connecticut		—		3,183,744		—		3,183,744
District of Columbia		—		310,185		—		310,185
Florida		—		7,558,617		—		7,558,617
Georgia		—		3,251,442		—		3,251,442
Illinois		—		17,121,855		—		17,121,855
Indiana		—		197,410		—		197,410
Iowa		—		251,488		—		251,488
Kentucky		—		4,966,509		—		4,966,509
Louisiana		—		4,018,094		—		4,018,094
Maryland		—		3,532,117		—		3,532,117
Massachusetts		—		531,890		—		531,890
Michigan		—		9,973,896		—		9,973,896

44 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

3. Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
Minnesota	$	—	$	505,725	$	—	$	505,725
Mississippi		—		1,411,180		—		1,411,180
Missouri		—		4,665,156		—		4,665,156
Montana		—		55,166		—		55,166
Nevada		—		776,261		—		776,261
New Jersey		—		15,715,813		—		15,715,813
New Mexico		—		627,081		—		627,081
New York		—		18,660,576		—		18,660,576
Ohio		—		4,792,178		—		4,792,178
Oregon		—		912,059		—		912,059
Pennsylvania		—		20,227,225		—		20,227,225
Rhode Island		—		3,777,266		—		3,777,266
South Carolina		—		2,858,625		—		2,858,625
South Dakota		—		615,873		—		615,873
Tennessee		—		902,382		—		902,382
Texas		—		20,872,111		—		20,872,111
Vermont		—		2,274,455		—		2,274,455
Virginia		—		287,817		—		287,817
Washington		—		4,725,436		—		4,725,436
Wisconsin		—		553,735		—		553,735
‘U.S. Possessions		—		2,262,884		—		2,262,884

Total Assets	$	—	$	215,787,752	$	—	$	215,787,752

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

4. Investments and Risks

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

45 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

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


	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$955,332

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

5. Market Risk Factors

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

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

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

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

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

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

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period.

46 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

5. Market Risk Factors (Continued)

Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Shares of Beneficial Interest

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


	Year Ended September 30, 2017				Year Ended September 30, 2016
	Shares		Amount		Shares		Amount
Class A
Sold		6,562,323	$	28,586,920		26,287,881	$	116,405,956
Dividends and/or distributions reinvested		586,953		2,557,792		579,736		2,568,766
Redeemed		(16,337,110)		(70,910,525)		(11,609,870)		(51,575,174)

Net increase (decrease)		(9,187,834)	$	(39,765,813)		15,257,747	$	67,399,548


Class C
Sold		1,410,329	$	6,130,177		7,180,414	$	31,789,197
Dividends and/or distributions reinvested		104,829		456,317		103,276		457,282
Redeemed		(3,835,876)		(16,536,819)		(2,563,544)		(11,399,147)

Net increase (decrease)		(2,320,718)	$	(9,950,325)		4,720,146	$	20,847,332


Class Y
Sold		6,201,119	$	27,031,334		9,866,785	$	43,958,473
Dividends and/or distributions reinvested		260,766		1,138,287		173,942		773,390
Redeemed		(5,120,740)		(22,258,196)		(2,804,840)		(12,472,315)

Net increase		1,341,145	$	5,911,425		7,235,887	$	32,259,548

7. Purchases and Sales of Securities

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


	Purchases		Sales
Investment securities	$	57,071,170	$	104,103,902

8. Fees and Other Transactions with Affiliates

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

47 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)


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

The Fund’s effective management fee for the reporting period was 0.59% of average annual net assets before any applicable waivers.

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

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

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

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included 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.

48 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

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

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


		Class A		Class C
	Class A	Contingent		Contingent
	Front-End	Deferred		Deferred
	Sales Charges	Sales Charges		Sales Charges
	Retained by	Retained by		Retained by
Year Ended	Distributor	Distributor		Distributor
September 30, 2017	$11,600		$3,209		$4,188

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

49 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

assets for Class Y shares.

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


Class A	$	54,221
Class C		9,039
Class Y		10,754

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

9. Borrowings and Other Financing

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

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

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (1.2596% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated 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 reporting period equal 0.08% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 1.2596%.

50 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

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


Average Daily Loan Balance	$	4,687,945
Average Daily Interest Rate		0.9821	%
Fees Paid	$	129,747
Interest Paid	$	47,441

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

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.02% of the Fund’s average net assets on an annualized basis.

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

51 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

The Fund executed no transactions under the Facility during the reporting period.

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


Fees Paid		$	48,564

52 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester Intermediate Term Municipal Fund (the Fund), including the statement of investments, as of September 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester Intermediate Term Municipal Fund as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

November 22, 2017

53 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2017, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2016.

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

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

54 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited

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

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

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

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

55 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Scott Cottier, Troy Willis, Mark DeMitry, Michael Camarella, Charles Pulire, and Elizabeth Mossow, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the muni national intermediate category. The Board noted that the Fund’s one-year, three-year and five-year performance was better than its category median.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load muni national intermediate funds with comparable asset levels and distribution features. After discussions with the Board, the Adviser has agreed to contractually waive fees and/or reimburse the Fund for certain expenses so that the total annual fund operating expenses as a percentage of average daily net assets will not exceed the following annual rates: 0.95% for Class A shares, 1.73% for Class C shares and 0.73% for Class Y shares. This contractual fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the prospectus, unless approved by the Board. The Board noted that the Fund’s contractual management fees and total expenses were higher than its peer group median and category median.

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

56 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

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

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

57 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800. CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file 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.

58 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the Fund, Length of Service, Year of Birth		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2008) Year of Birth: 1943		Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub- Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968		Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit) (since 2012); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948		Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010);

59 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Edmund P. Giambastiani, Jr., Continued		Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (on-line career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (on-line career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 57 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.

Elizabeth Krentzman, Trustee (since 2014)\| Year of Birth: 1959		Member of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida College of Law Association Board of Trustees and Audit Committee Member (since April 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

60 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND



Mary F. Miller, Trustee (since 2008) Year of Birth: 1942		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joel W. Motley, Trustee (since 2008) Year of Birth: 1952		Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joanne Pace, Trustee (since 2012) Year of Birth: 1958		Advisory Board Director of Massey Quick and Company, LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Board Member (since January 2015), Board Member of 100 Women in Hedge Funds (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003- 2004); held the following positions at Morgan Stanley: Managing Director (1997- 2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008- 2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 57 portfolios in the OppenheimerFunds

61 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Joanne Pace, Continued)		complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.

Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954		Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013) and Treasurer, Chairman of the Audit and Finance Committee (since January 2016); Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEES		Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009).An officer of 101 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

62 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND



Scott S. Cottier, Vice President (since 2008) Year of Birth: 1971		Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since September 2002). Vice President of the Sub-Adviser (September 2002-January 2017). Portfolio Manager and trader at Victory Capital Management (1999-2002). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Troy E. Willis, Vice President (since 2008) Year of Birth: 1972		Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since January 2006); Vice President of the Sub-Adviser (July 2009-January 2017); Assistant Vice President of the Sub-Adviser (July 2005- June 2009). Portfolio Manager of the Sub-Adviser (June 2002-December 2005). Corporate Attorney for Southern Resource Group (June 1999-July 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Mark R. DeMitry, Vice President (since 2008) Year of Birth: 1976		Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Michael L. Camarella, Vice President (since 2008) Year of Birth: 1976		Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977		Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Elizabeth S. Mossow, Vice President (since 2016) Year of Birth: 1978		Vice President of the Sub-Adviser (since January 2016) and Senior Portfolio Manager of the Sub-Adviser (since January 2017); Portfolio Manager of the Sub- Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016). Associate Portfolio Manager (June 2013-January 2016). Research Analyst of the Sub-Adviser (June 2011-June 2013) and was a Credit Analyst of the Sub-Adviser (May 2007-May 2011). She was a Risk Management Analyst at Manning & Napier Associates (September 2006-May 2007); Analyst/Trading Assistant at The Baupost Group (August 2000-March 2006). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard A. Stein, Vice President (since 2008) Year of Birth: 1957		Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub- Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993).

63 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 101 portfolios in the OppenheimerFunds complex.

Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969		Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 101 portfolios in the OppenheimerFunds complex.

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973		Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 101 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 1999) Year of Birth: 1970		Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 portfolios in the OppenheimerFunds complex.

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

64 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND


Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

65 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

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,^SM our electronic document delivery service

●

Your transactions with us, our affiliates or others

●

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

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

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

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

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

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

Right of Refusal

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

66 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.

●

All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-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, safeguard that information. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2016. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, 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).

67 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

68 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

69 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

70 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

71 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND

LOGO

Visit us at oppenheimerfunds.com for 24-hr access to

account information and transactions or call us at 800.CALL

OPP (800.225.5677) for 24-hr automated information and

automated transactions. Representatives also available

Mon–Fri 8am-8pm ET.

Visit Us

oppenheimerfunds.com

Call Us

800 225 5677

Follow Us

LOGO

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

225 Liberty Street, New York, NY 10281-1008

RA0636.001.0917 November 21, 2017

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that Joanne Pace, the Board’s Audit Committee Chairwoman, is an audit committee financial expert and that Ms. Pace is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $41,700 in fiscal 2017 and $40,400 in fiscal 2016.

(b)	Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $4,050 in fiscal 2017 and $3,929 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $386,986 in fiscal 2017 and $598,285 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, custody audits, and additional audit services

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $286,402 in fiscal 2017 and $45,432 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

(d)	All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

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

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

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

(2) 0%

(f)	Not applicable as less than 50%.

(g)

The principal accountant for the audit of the registrant’s annual financial statements billed $677,438 in fiscal 2017 and $647,646 in fiscal 2016 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/30/2017, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that

have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b)	Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Rochester Intermediate Term Municipal Fund


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		11/14/2017

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


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		11/14/2017


By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		11/14/2017