0001193125-19-153936.txt : 20190522 0001193125-19-153936.hdr.sgml : 20190522 20190522150908 ACCESSION NUMBER: 0001193125-19-153936 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190522 DATE AS OF CHANGE: 20190522 EFFECTIVENESS DATE: 20190522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND CENTRAL INDEX KEY: 0001417386 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22142 FILM NUMBER: 19845378 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND DATE OF NAME CHANGE: 20100930 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER ROCHESTER GENERAL MUNICIPAL FUND DATE OF NAME CHANGE: 20071102 0001417386 S000020673 Oppenheimer Intermediate Term Municipal Fund C000057708 A C000057709 Y C000057710 C N-CSRS 1 d645566dncsrs.htm OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND Oppenheimer 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 Intermediate Term Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 3/31/2019


Item 1.  Reports to Stockholders.


LOGO

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


Important Updates

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

Update to Shareholder Report Document Delivery

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

How do you update your delivery preferences?

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

If your accounts are held through OppenheimerFunds and you receive statements, confirms, and other documents directly from us, you can enroll in our eDocs DirectSM service at oppenheimerfunds.com or by calling us. Once you’re enrolled, you’ll begin to receive email notifications of updated documents when they become available. If you have any questions, feel free to call us at 1.800.225.5677.


Table of Contents

 

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

 

 

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/31/19

 

    

 

Class A Shares of the Fund

   
     Without Sales Charge   With Sales Charge  

Bloomberg Barclays    
Municipal 5 Yr (4-6)
Index    

 

6-Month    3.81%   1.47%   3.72%
1-Year    4.56      2.21      4.42   
5-Year    3.70      3.23      2.23   
Since Inception (12/6/10)    3.70      3.42      2.61   

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

 

3       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


Top Holdings and Allocations

 

TOP TEN CATEGORIES

 

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

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

CREDIT ALLOCATION

 

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

The percentages above are based on the market value of the securities as of March 31, 2019 and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, 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.

 

 

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

 

4       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


Performance

 

DISTRIBUTION YIELDS

As of 3/31/19

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

 

 

TAXABLE EQUIVALENT YIELDS

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

 

STANDARDIZED YIELDS

 

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

UNSUBSIDIZED STANDARDIZED YIELDS

 

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

 

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/31/19  
   

Inception

Date

  6-Month       1-Year       5-Year      

Since    

Inception    

Class A (ORRWX)   12/6/10   3.81%   4.56%   3.70%   3.70%
Class C (ORRCX)   12/6/10   3.65      3.75      2.93      2.90   
Class Y (ORRYX)   12/6/10   4.16      5.02      3.97      3.95   

 

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/19  
   

Inception

Date

  6-Month       1-Year       5-Year      

Since    

Inception    

Class A (ORRWX)   12/6/10   1.47%   2.21%   3.23%   3.42%
Class C (ORRCX)   12/6/10   2.65      2.75      2.93      2.90   
Class Y (ORRYX)   12/6/10   4.16      5.02      3.97      3.95   

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. Returns for periods of less than one year are not annualized. For performance data current to the most 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. 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 an index of a broad range of investment-grade municipal bonds and is the 4- to 6- year component of the Bloomberg Barclays Municipal Index, itself a measure of the general municipal bond market. The index is unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for

 

5       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.009 for the 35-day accrual period ended March 26, 2019. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on March 26, 2019; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0057 and $0.0010, respectively, for the 35-day accrual period ended March 26, 2019 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 March 31, 2019 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended March 31, 2019. The calculation excludes any expense reimbursements and thus may result in a lower yield.

Taxable equivalent yield is based on the standardized yield and the 2019 top federal tax rate of 40.8%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. This Report must be preceded or accompanied by a prospectus.

Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments 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.

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

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

 

6       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


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

 

 

7       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 31, 2019.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such 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.

 

8       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


Actual   

Beginning

Account

Value

October 1, 2018

  

Ending

Account

Value

March 31, 2019

  

Expenses            

Paid During            

6 Months Ended            

March 31, 2019            

Class A    $    1,000.00    $    1,038.10    $          5.60            
Class C          1,000.00          1,036.50                9.59            
Class Y          1,000.00          1,041.60                4.49            

Hypothetical

(5% return before expenses)

           
Class A          1,000.00        1,019.45              5.55            
Class C          1,000.00        1,015.56              9.49            
Class Y          1,000.00        1,020.54              4.44            

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 31, 2019 are as follows:

 

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

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

 

9       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF INVESTMENTS March 31, 2019 Unaudited

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
Municipal Bonds and Notes—100.1%

 

                       
Alabama—1.4%

 

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

 

10       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
California (Continued)

 

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

 

11       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF INVESTMENTS Unaudited / Continued

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
California (Continued)

 

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

 

12       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
Florida—5.4%

 

     
$500,000   FL Capital Trust Agency (Sarasota-Manatee Jewish Hsg. Council)     5.000%       07/01/2032       07/01/2027 A    $ 534,075  
510,000   FL Capital Trust Agency (Viera Charter School)1     5.000       10/15/2037       10/15/2027 A      521,725  
745,000   FL HFC (Homeowner Mtg.)1     3.650       07/01/2041       11/01/2020 A      752,472  
325,000   Halifax, FL Hospital Medical Center1     5.000       06/01/2035       06/01/2025 A      357,897  
600,000   Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)     5.000       07/15/2028       08/09/2025 B      625,536  
1,000,000   Lee County, FL IDA (VOA Lee County Health Care Facility)     5.375       12/01/2032       12/01/2027 A      1,019,690  
1,000,000   Miami, FL Special Obligation1     5.000       03/01/2030       03/01/2023 A      1,107,510  
1,000,000   Miami-Dade County, FL Public Facilities (Jackson Health System)1     5.000       06/01/2033       06/01/2025 A      1,139,630  
1,900,000   Miami-Dade County, FL School Board1     5.000       05/01/2032       05/01/2025 A      2,167,919  
220,000   Mirabella, FL Community Devel. District     6.000       11/01/2026       02/22/2023 A      235,110  
500,000   Orlando, FL Community Redevel. Agency (Conroy Road District)1     5.000       04/01/2023       04/01/2022 A      540,030  
        1,500,000   Palm Beach County, FL HFA (ARLC/LVE/AT/ASCS/AMS Obligated Group)1     5.000       11/15/2032       11/15/2026 A      1,702,785  
175,000   Pinellas County, FL Sewer1     5.000       10/01/2032       04/29/2019 A      175,467  
120,000   South Lake County, FL Hospital District (South Lake Hospital)1     6.000       04/01/2029       04/29/2019 A      120,312  
500,000   Tampa, FL Health System (Baycare Health System)1     5.000       11/15/2026       05/15/2022 A      547,260  
           

 

        11,547,418

 

 

 

                                     
Georgia—1.4%        
15,000   College Park, GA (Atlanta International Airport)1     4.500       01/01/2031       04/29/2019 A      15,032  
1,100,000   DeKalb, GA Private Hospital Authority (CHAF/EAS/EPG/CASvcs/ CSS/CHA/ECHEU/SRCMC Obligated Group)1     5.250       11/15/2039       11/15/2019 A      1,121,945  
295,000   GA Environmental Loan Acquisition Corp. (Local Water Authority)1     5.125       03/15/2031       03/15/2021 A      295,552  
40,000   GA Municipal Assoc. (Atlanta Detention Center)1     5.000       12/01/2023       04/29/2019 A      40,107  
875,000   GA Municipal Electric Authority1     5.000       01/01/2032       01/01/2025 A      970,655  
500,000   Randolph County, GA GO1     5.000       04/01/2030       04/01/2022 A      539,885  
            2,983,176  

 

13       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF INVESTMENTS Unaudited / Continued

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
Hawaii—0.7%

 

     
$1,500,000  

HI Dept. of Budget & Finance Special Purpose (Hawaiian Electric/Hawaiian Electric Light Company)1

 

   

 

6.500%

 

 

 

   

 

07/01/2039

 

 

 

   

 

07/01/2019

 

A  

 

  $

 

1,519,710

 

 

 

Illinois—5.1%        
1,000,000   Chicago, IL Board of Education1     5.750       04/01/2035       04/01/2027 A      1,151,250  
300,000   Chicago, IL Board of Education1     6.000       01/01/2020       01/01/2020       306,966  
3,000,000   Chicago, IL O’Hare International Airport1     5.000       01/01/2031       01/01/2025 A      3,425,580  
500,000   Cook County, IL Community College District No. 508 (City Colleges Chicago)1     5.250       12/01/2026       12/01/2023 A      535,780  
350,000   Cook County, IL GO1     5.250       11/15/2033       11/15/2020 A      364,718  
175,000   Franklin Park, IL GO1     6.250       07/01/2030       07/01/2021 A      191,310  
1,000,000   IL Educational Facilities Authority (Robert Morris College)1     5.800       06/01/2030       04/29/2019 A      1,002,620  
150,000   IL Finance Authority (OSF Healthcare System)1     7.000       11/15/2029       05/15/2019 A      150,960  
        2,000,000   IL Metropolitan Pier & Exposition Authority (McCormick Place Expansion)1     5.500       06/15/2029       12/11/2026 B      2,310,700  
30,000   Markham, IL GO1     5.250       01/01/2023       04/29/2019 A      30,062  
1,100,000   Stephenson County, IL School District No. 145 Freeport1     5.000       02/01/2031       02/01/2028 A      1,310,485  
165,000   Stone Park, IL GO     4.800       02/01/2021       04/29/2019 A              165,150  
           

 

10,945,581

 

 

 

                                     
Indiana—0.4%        
200,000   Michigan City, IN Multifamily Hsg. (Silver Birch Project)     4.500       01/01/2026       08/17/2023 B      195,550  
710,000   Terre Haute, IN Multifamily Hsg. (Silver Birch of Terre Haute)     5.100       01/01/2032       07/04/2027 B              702,084  
           

 

897,634

 

 

 

                                     
Iowa—0.2%        
125,000   IA Finance Authority Senior Hsg. (PHS Council Bluffs)     4.450       08/01/2028       05/26/2025 A      126,299  
250,000   IA Tobacco Settlement Authority (TASC)1     5.600   2      06/01/2034       04/29/2019 A              251,147  
           

 

377,446

 

 

 

                                     
Kentucky—0.8%        
1,000,000   Fayette County, KY School District1     5.000       08/01/2031       08/01/2025 A      1,150,760  
100,000   KY EDFA (Ashland Hospital)1     6.000       02/01/2033       04/29/2019 A      100,256  
100,000   KY Property & Building Commission1     5.000       05/01/2031       05/01/2028 A      119,001  
100,000   KY Property & Building Commission1     5.000       05/01/2032       05/01/2028 A      118,265  

 

14       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
Kentucky (Continued)

 

                       
$100,000   KY Property & Building Commission1     5.000%       05/01/2033       05/01/2028 A    $ 117,857  
100,000   KY Property & Building Commission1     5.000       05/01/2034       05/01/2028 A      117,348  
           

 

1,723,487

 

 

 

                                     
Louisiana—3.5%        
1,405,000   LA Public Facilities Authority (Nineteenth Judicial District Court Building)1     5.000       06/01/2036       06/01/2025 A      1,594,464  
        2,545,000   LA Public Facilities Authority (Ochsner Clinic Foundation)1     5.000       05/15/2034       05/15/2026 A      2,886,055  
250,000   LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1     5.000       07/01/2028       07/01/2027 A      290,648  
400,000   LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)     5.000       07/01/2029       07/01/2027 A      464,124  
500,000   LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1     5.000       07/01/2030       07/01/2027 A      575,220  
200,000   New Orleans, LA Aviation Board (Parking Facilities)1     5.000       10/01/2032       10/01/2028 A      236,918  
135,000   New Orleans, LA Aviation Board (Parking Facilities)1     5.000       10/01/2033       10/01/2028 A      159,211  
100,000   New Orleans, LA Aviation Board (Parking Facilities)1     5.000       10/01/2034       10/01/2028 A      117,429  
100,000   New Orleans, LA Aviation Board (Parking Facilities)1     5.000       10/01/2034       10/01/2028 A      117,429  
220,000   New Orleans, LA Aviation Board (Parking Facilities)1     5.000       10/01/2036       10/01/2028 A      256,047  
145,000   New Orleans, LA Aviation Board (Parking Facilities)1     5.000       10/01/2037       10/01/2028 A      168,145  
100,000   New Orleans, LA Aviation Board (Parking Facilities)1     5.000       10/01/2038       10/01/2028 A      115,786  
500,000   New Orleans, LA Sewage Service1     5.000       06/01/2026       06/01/2024 A              571,550  
           

 

7,553,026

 

 

 

                                     
Maryland—2.5%        
170,000   Baltimore, MD Convention Center1     5.000       09/01/2019       04/29/2019 A      170,357  
2,500,000   Baltimore, MD Water1     5.000       07/01/2033       01/01/2027 A      2,935,550  
2,000,000   Gaithersburg, MD Economic Devel. (Asbury Maryland)1     5.000       01/01/2033       01/01/2024 A      2,230,160  
           

 

5,336,067

 

 

 

                                     
Massachusetts—0.5%        
130,000   MA Devel. Finance Agency (Partners Healthcare System)     5.000       07/01/2031       07/01/2021 A      139,625  

 

15       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF INVESTMENTS Unaudited / Continued

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
Massachusetts (Continued)

 

                       
$120,000   MA Devel. Finance Agency (Partners Healthcare System)1     5.000     07/01/2031       07/01/2021 A    $ 128,233  
700,000   MA H&EFA (Milford Regional Medical Center)1     5.000       07/15/2027       04/29/2019 A      706,244  
200,000   MA H&EFA (Milford Regional Medical Center)1     5.000       07/15/2032       04/29/2019 A      201,760  
            1,175,862  
                                     
Michigan—2.7%        
65,000   Charyl Stockwell Academy, MI Public School Academy     4.875       10/01/2023       11/04/2021 B      65,508  
100,000   Grand Rapids, MI Building Authority1     5.000       10/01/2028       04/29/2019 A      100,267  
1,000,000   MI Finance Authority (Detroit Water & Sewer)1     5.000       07/01/2026       07/01/2024 A      1,140,520  
1,000,000   MI Finance Authority (Detroit Water & Sewer)1     5.000       07/01/2027       07/01/2024 A      1,137,150  
750,000   MI Finance Authority (Detroit Water & Sewer)1     5.000       07/01/2029       07/01/2025 A      866,318  
245,000   MI Finance Authority (Sparrow Health)1     5.000       11/15/2032       05/15/2025 A      277,529  
1,805,000   Romulus, MI Tax Increment Financing Authority1     5.000       11/01/2026       05/07/2026 B      2,128,149  
            5,715,441  
                                     
Minnesota—2.1%

 

     
500,000   Dakota County, MN Community Devel. Agency (Sanctuary at West St. Paul)     5.750       08/01/2030       08/11/2023 A      505,205  
320,000   Duluth, MN Hsg. & Redevel. Authority (Public Schools Academy)1     4.250       11/01/2028       12/03/2026 B      328,358  
205,000   Duluth, MN Hsg. & Redevel. Authority (Public Schools Academy)1     5.000       11/01/2033       11/01/2028 A      217,487  
        2,320,000   St. Paul, MN Hsg. & Redevel. Authority (Legends Berry Senior Apartments)     3.750  3      09/01/2021       03/01/2020 A      2,326,983  
1,040,000   St. Paul, MN Hsg. & Redevel. Authority (Millberry Apartments)     3.750  3      03/01/2021       08/01/2019 A      1,040,978  
                    4,419,011  
                                     
Mississippi—0.3%        
545,000   Ridgeland, MS Tax Increment (Colony Park)1     5.875       04/01/2026       04/01/2021 A      574,326  
                                     
Missouri—1.0%

 

     
15,000   Kansas City, MO IDA (Sales Tax)4     4.250       04/01/2026       03/10/2023 B      15,291  

 

16       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
Missouri (Continued)

 

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

 

17       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF INVESTMENTS Unaudited / Continued

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
New Jersey (Continued)

 

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

 

18       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

Principal
Amount
        Coupon     Maturity     Effective
Maturity*
    Value  
New York (Continued)

 

                       
$500,000    Otsego County, NY Capital Resource Corp. (Hartwick College)1     5.000%       10/01/2030       10/01/2025 A    $ 514,230    
1,230,000    Port Authority NY/NJ (JFK International Air Terminal)1     6.500       12/01/2028       04/29/2019 A      1,283,690    
          

 

 

 
                     16,630,895    
                                    
Ohio—1.9%        
        3,330,000    Buckeye, OH Tobacco Settlement Financing Authority (TASC)1     5.875       06/01/2030       06/01/2030       3,259,237    
380,000    OH Higher Educational Facility Commission (Hiram College)1     6.000       10/01/2021       04/29/2019       380,532    
350,000    Southeastern OH Port Authority Hospital Facility (Memorial Health System)1     5.500       12/01/2029       12/01/2024 A      392,378    
          

 

 

 
             4,032,147    
                                    
Oklahoma—0.5%        
1,000,000    OK Devel. Finance Authority (OU Medicine)1     5.000       08/15/2033       08/15/2028 A      1,144,090    
                                      
Oregon—0.6%           
200,000    Clackamas County, OR Hospital Facilities Authority (Mary’s Woods at Marylhurst)1     2.800       05/15/2024       11/15/2019 A      200,058    
135,000    Clackamas County, OR Hospital Facilities Authority (Mary’s Woods at Marylhurst)1     3.200       05/15/2025       05/15/2020 A      135,321    
250,000    Forest Grove, OR Revenue (Pacific University)1     5.000       05/01/2036       05/01/2025 A      272,777    
295,000    Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)1     5.000       12/01/2025       12/01/2025       338,424    
250,000    Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza)1     5.000       12/01/2030       12/01/2026 A      280,188    
          

 

 

 
             1,226,768    
                                    
Pennsylvania—13.1%        
1,000,000    Chester County, PA H&EFA (SSS / SRC / SMSvcs / TCS / JP / SM / SHouse Obligated Group)     5.000       12/01/2030       12/01/2025 A      1,034,860    
385,000    Coatesville, PA Area School District1     5.000       12/01/2025       06/01/2023 A      422,649    
335,000    Coatesville, PA Area School District1     5.000       12/01/2026       06/01/2023 A      366,383    
360,000    Coatesville, PA Area School District1     5.000       12/01/2027       06/01/2023 A      392,249    

 

19       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF INVESTMENTS Unaudited / Continued

 

Principal
Amount
        Coupon     Maturity     Effective
Maturity*
    Value  
Pennsylvania (Continued)

 

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

 

 

 
                     27,900,074    
                                    
Rhode Island—0.3%        
500,000    Providence, RI Public Building Authority, Series A1     5.875       06/15/2026       06/15/2021       539,615    

 

20       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

Principal
Amount
        Coupon     Maturity     Effective
Maturity*
    Value  
Rhode Island (Continued)

 

                       
$35,000    RI Clean Water Protection Finance Agency1     5.125%       10/01/2019       04/29/2019 A    $ 35,100  
          

 

 

 
             574,715  
                                    
South Carolina—1.3%        
500,000    Greenville, SC Hospital System1     5.000       05/01/2024       05/01/2022 A      542,475    
2,000,000    Piedmont, SC Municipal Power Agency1     5.000       01/01/2030       01/01/2025 A      2,269,920    
          

 

 

 
             2,812,395    
                                    
South Dakota—0.3%        
550,000    SD Educational Enhancement Funding Corp. Tobacco Settlement1     5.000       06/01/2026       06/01/2023 A      608,691    
                                      
Tennessee—1.5%        
        1,305,000    Chattanooga-Hamilton County, TN Hospital Authority1     5.000       10/01/2039       10/01/2024 A      1,421,954    
500,000    Knox County, TN HE&HFB (Covenant Health)1     5.000       01/01/2025       01/01/2023 A      557,155    
815,000    Nashville, TN Metropolitan Development & Hsg. Agency (Fifth & Broadway Devel. District)     4.500       06/01/2028       12/12/2025 B      866,753    
300,000    TN Energy Acquisition Gas Corp.1     5.250       09/01/2020       09/01/2020       312,087    
          

 

 

 
                     3,157,949    
                                    
Texas—9.5%        
1,500,000    Arlington, TX Higher Education Finance Corp. (Harmony Public Schools)1     5.000       02/15/2032       02/15/2025 A      1,709,115    
125,000    Arlington, TX Higher Education Finance Corp. (UMEP)     4.550       08/15/2028       12/08/2025 A      126,034    
115,000    Arlington, TX Higher Education Finance Corp. (UMEP)     5.000       08/15/2038       08/15/2027 A      115,697    
1,000,000    Dallas County, TX Flood Control District     5.000       04/01/2028       04/01/2023 A      1,059,400    
125,000    Dallas-Fort Worth, TX International Airport1     5.000       11/01/2025       11/01/2020 A      132,137    
125,000    Dallas-Fort Worth, TX International Airport1     5.000       11/01/2026       11/01/2020 A      131,975    
2,000,000    Grand Parkway, TX Transportation Corp.1     5.000       10/01/2038       04/01/2028 A      2,379,160    
40,000    Greenville, TX Electric Utility System1     4.650       02/15/2029       04/29/2019 A      40,090    
1,000,000    Harris County-Houston, TX Sports Authority1     5.000       11/15/2030       11/15/2024 A      1,135,570    
250,000    Houston, TX Higher Education Finance Corp. (Kipp)1     5.000       08/15/2029       08/15/2025 A      290,897    
20,000    Huntsville, TX GO COP1     5.000       08/15/2023       04/29/2019 A      20,055    

 

21       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF INVESTMENTS Unaudited / Continued

 

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
Texas (Continued)

 

                       
$350,000   New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)     5.000%       11/15/2026       03/20/2025 B    $ 356,129   
670,000   New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University-Collegiate Hsg. Corpus Christi II)1     5.000       04/01/2031       04/01/2026 A      687,085   
225,000   Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)     3.875       11/15/2022       05/15/2019 A      225,059   
1,000,000   Temple, TX Tax Increment1     5.000       08/01/2038       08/01/2025 A      1,068,380   
500,000   TX Municipal Gas Acquisition & Supply Corp.1     5.000       12/15/2026       12/15/2022 A      548,515   
3,650,000   TX Municipal Gas Acquisition & Supply Corp.1     6.250       12/15/2026       12/10/2023 B      4,240,862   
        2,000,000   TX SA Energy Acquisition Public Facility Corp. (Gas Supply)1     5.500       08/01/2025       08/01/2025       2,326,880   
1,005,000   Viridian, TX Municipal Management District1     6.000       12/01/2029       12/01/2024 A      1,219,718   
665,000   Viridian, TX Municipal Management District1     6.000       12/01/2029       12/01/2024 A      807,077   
500,000   Viridian, TX Municipal Management District1     6.000       12/01/2030       12/01/2024 A      607,425   
920,000   Viridian, TX Municipal Management District1     6.000       12/01/2030       12/01/2024 A      1,117,662   
                20,344,922   
                                     
Utah—0.6%        

1,000,000

 

 

Salt Lake City, UT Airport1

 

   

 

5.000

 

 

 

   

 

07/01/2038

 

 

 

   

 

07/01/2028

 

A  

 

   

 

1,188,740 

 

 

 

Vermont—1.0%        
1,000,000   Burlington, VT Airport, Series A1     5.000       07/01/2030       07/01/2024 A      1,122,790   
250,000   Burlington, VT GO1     5.000       11/01/2021       11/01/2021       269,395   
250,000   Burlington, VT GO1     5.000       11/01/2027       11/01/2022       275,105   
500,000   VT Educational & Health Buildings Financing Agency (Middlebury College)1     5.000       11/01/2028       11/01/2022 A      554,765   
            2,222,055   
                                     
Virginia—0.5%        

1,000,000

 

 

Farmville, VA IDA (Longwood Hsg. Foundation)1

 

   

 

5.000

 

 

 

   

 

01/01/2038

 

 

 

   

 

01/01/2029

 

A  

 

   

 

1,099,500 

 

 

 

Washington—1.1%        
20,000   Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)     5.600       03/01/2028       04/29/2019 A      20,004   

 

22       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

Principal
Amount
       Coupon     Maturity     Effective
Maturity*
    Value  
Washington (Continued)

 

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

 

                    213,877,726   
Net Other Assets (Liabilities)—(0.1)

 

        (184,094)  
     

 

 

 
Net Assets—100.0%

 

      $       213,693,632   
     

 

 

 

Footnotes to Statement of Investments

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

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

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

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

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

 

23       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF INVESTMENTS Unaudited / Continued

 

Footnotes to Statement of Investments (Continued)

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

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

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

 

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

 

24       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

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

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

See accompanying Notes to Financial Statements.

 

25       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

STATEMENT OF ASSETS AND LIABILITIES March 31, 2019 Unaudited

 

 

 

 
Assets   
Investments, at value (cost $206,899,952) —see accompanying statement of investments    $ 213,877,726     

 

 
Cash      314,488     

 

 
Receivables and other assets:   
Interest      3,063,141     
Investments sold on a when-issued or delayed delivery basis      2,725,234     
Shares of beneficial interest sold      87,680     
Other      26,099     
  

 

 

 
Total assets      220,094,368     
  

 

 
Liabilities   
Payables and other liabilities:   
Payable for borrowings (See Note 9)      6,100,000     
Shares of beneficial interest redeemed      132,761     
Dividends      75,124     
Distribution and service plan fees      33,973     
Interest expense on borrowings      9,102     
Shareholder communications      6,721     
Trustees’ compensation      4,622     
Other      38,433     
  

 

 

 
Total liabilities      6,400,736     

 

 
Net Assets    $     213,693,632     
  

 

 

 
  

 

 
Composition of Net Assets   
Par value of shares of beneficial interest    $ 47,976     

 

 
Additional paid-in capital      209,397,248     

 

 
Total distributable earnings      4,248,408     
  

 

 

 
Net Assets    $     213,693,632     
  

 

 

 
  

 

 
Net Asset Value Per Share   

Class A Shares:

 

  
Net asset value and redemption price per share (based on net assets of $125,869,764 and 28,254,462 shares of beneficial interest outstanding)      $ 4.45      
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)      $ 4.55      

 

 
Class C Shares:   
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $35,268,625 and 7,928,869 shares of beneficial interest outstanding)      $ 4.45      

 

 

 

Class Y Shares:

 

  
Net asset value, redemption price and offering price per share (based on net assets of $ 52,555,243 and 11,792,618 shares of beneficial interest outstanding)      $ 4.46      

See accompanying Notes to Financial Statements.

 

26       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


STATEMENT OF

OPERATIONS For the Six Months Ended March 31, 2019 Unaudited

 

 

 
Investment Income   
Interest     $          3,905,546      

 

 
Expenses   
Management fees      624,346      

 

 
Distribution and service plan fees:   
Class A      154,490      
Class C      175,256      

 

 
Transfer and shareholder servicing agent fees:   
Class A      61,950      
Class C      17,528      
Class Y      24,974      

 

 
Shareholder communications:   
Class A      4,217      
Class C      2,344      
Class Y      2,299      

 

 
Borrowing fees      95,121      

 

 
Interest expense on borrowings      58,860      

 

 
Trustees’ compensation      1,580      

 

 
Custodian fees and expenses      847      

 

 
Other      32,556      
  

 

 

 
Total expenses      1,256,368      
Less waivers and reimbursements of expenses      (28,321)     
  

 

 

 
Net expenses      1,228,047      

 

 
Net Investment Income      2,677,499      

 

 
Realized and Unrealized Gain (Loss)   
Net realized loss on investment transactions      (129,376)     

 

 
Net change in unrealized appreciation/(depreciation) on investment transactions      5,647,266      

 

 
Net Increase in Net Assets Resulting from Operations    $         8,195,389      
  

 

 

 

See accompanying Notes to Financial Statements.

 

27       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


STATEMENTS OF CHANGES IN NET ASSETS

 

     Six Months Ended
March 31, 2019
(Unaudited)
    Year Ended
September 30,
20181
 
Operations                 
Net investment income    $ 2,677,499     $ 5,421,166     

 

 
Net realized loss      (129,376     (1,019,264)    

 

 
Net change in unrealized appreciation/(depreciation)      5,647,266       (4,349,344)    
  

 

 

 

Net increase in net assets resulting from operations

 

    

 

8,195,389

 

 

 

   

 

52,558   

 

 

 

Dividends and/or Distributions to Shareholders                 
Dividends and distributions declared:     
Class A      (1,541,783     (3,017,421)    
Class C      (300,537     (599,683)    
Class Y      (677,012     (1,481,102)    
  

 

 

 

Total dividends and distributions declared

 

    

 

(2,519,332

 

 

   

 

(5,098,206)  

 

 

 

Beneficial Interest Transactions                 
Net increase (decrease) in net assets resulting from beneficial interest transactions:     
Class A      (2,286,695     3,795,674     
Class C      (2,115,454     207,371     
Class Y      1,846,804       (8,596,200)    
  

 

 

 

Total beneficial interest transactions

 

    

 

(2,555,345

 

 

   

 

(4,593,155)  

 

 

 

Net Assets                 
Total increase (decrease)      3,120,712       (9,638,803)    

 

 
Beginning of period      210,572,920       220,211,723     
  

 

 

 
End of period    $         213,693,632     $         210,572,920     
  

 

 

 

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

2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

 

28       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


FINANCIAL HIGHLIGHTS

 

Class A    Six Months
Ended
March 31,
2019
(Unaudited)
     Year Ended
September
30, 2018
     Year Ended
September
30, 2017
     Year Ended
September
30, 2016
     Year Ended
September
30, 20151
     Year Ended
September
30, 20141
 
Per Share Operating Data                                                      
Net asset value, beginning of period      $4.34        $4.43        $4.50        $4.29        $4.28        $4.08  

 

 
Income (loss) from investment operations:                  
Net investment income2      0.06         0.11         0.10         0.09         0.10         0.13   
Net realized and unrealized gain (loss)      0.10         (0.10)        (0.08)        0.21         0.02         0.19   
  

 

 

 
Total from investment operations      0.16         0.01         0.02         0.30         0.12         0.32   

 

 
Dividends and/or distributions to shareholders:                  
Dividends from net investment income      (0.05)        (0.10)        (0.09)        (0.09)        (0.11)        (0.12)  

 

 
Net asset value, end of period      $4.45        $4.34        $4.43        $4.50        $4.29        $4.28  
  

 

 

 
                 
Total Return, at Net Asset Value3      3.81%        0.22%        0.44%        7.10%        2.94%        7.78%  
                 
Ratios/Supplemental Data                                                      
Net assets, end of period (in thousands)      $125,870        $124,789        $123,839        $166,994        $93,966        $43,489  

 

 
Average net assets (in thousands)      $124,246        $133,054        $135,493        $135,238        $55,240        $46,841  

 

 
Ratios to average net assets:4                  
Net investment income      2.64%        2.41%        2.36%        2.00%        2.42%        3.00%  
Expenses excluding specific expenses listed below      0.98%        0.98%        0.99%        0.99%        1.03%        1.06%  
Interest and fees from borrowings      0.15%        0.12%        0.10%        0.07%        0.15%        0.14%  
  

 

 

 
Total expenses      1.13%        1.10%        1.09%        1.06%        1.18%        1.20%  
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses      1.10%        1.07%        1.05%        1.02%        1.09%        1.09%  

 

 
Portfolio turnover rate      6%        45%        25%        24%        56%        40%  

 

29       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


FINANCIAL HIGHLIGHTS Continued

 

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

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

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

4. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

 

30       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

 

Class C    Six Months
Ended
March 31,
2019
(Unaudited)
     Year Ended
September
30, 2018
    Year Ended
September
30, 2017
     Year Ended
September
30, 2016
     Year Ended
September
30, 20151
     Year Ended
September
30, 20141
 

 

 
Per Share Operating Data                 
Net asset value, beginning of period      $4.33         $4.42        $4.49         $4.29         $4.28         $4.08    

 

 
Income (loss) from investment operations:                 
Net investment income2      0.04        0.07        0.07         0.05         0.07        0.09    
Net realized and unrealized gain (loss)      0.12        (0.10)        (0.09)        0.21         0.02        0.19    
  

 

 

 
Total from investment operations      0.16        (0.03)        (0.02)        0.26         0.09        0.28    

 

 
Dividends and/or distributions to shareholders:                 
Dividends from net investment income      (0.04)        (0.06)       (0.05)        (0.06)        (0.08)        (0.08)    

 

 
Net asset value, end of period      $4.45         $4.33        $4.42         $4.49         $4.29         $4.28    
  

 

 

 
                

 

 
Total Return, at Net Asset Value3      3.65%        (0.56)%       (0.34)%        6.04%        2.23%        6.95%    
                

 

 
Ratios/Supplemental Data                 
Net assets, end of period (in thousands)      $35,269        $36,446       $37,126        $48,103        $25,703        $12,842    

 

 
Average net assets (in thousands)      $35,143        $40,207       $39,435        $38,334        $16,536        $11,648    

 

 
Ratios to average net assets:4                 
Net investment income      1.86%        1.63%       1.57%        1.22%        1.66%        2.21%    
Expenses excluding specific expenses listed below      1.74%        1.73%       1.75%        1.74%        1.79%        1.85%    
Interest and fees from borrowings      0.15%        0.12%       0.10%        0.07%        0.15%        0.14%    
  

 

 

 
Total expenses      1.89%        1.85%       1.85%        1.81%        1.94%        1.99%    
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses      1.88%        1.85%5       1.83%        1.80%        1.87%        1.87%    

 

 
Portfolio turnover rate      6%        45%       25%        24%        56%        40%    

 

31       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


FINANCIAL HIGHLIGHTS Continued

 

 

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

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

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

4. Annualized for periods less than one full year.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

 

32       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

 

Class Y    Six Months
Ended
March 31,
2019
(Unaudited)
     Year Ended
September
30, 2018
    Year Ended
September
30, 2017
     Year Ended
September
30, 2016
     Year Ended
September
30, 20151
     Year Ended
September
30, 20141
 

 

 
Per Share Operating Data                 
Net asset value, beginning of period      $4.34         $4.43        $4.50         $4.30         $4.28         $4.08    

 

 
Income (loss) from investment operations:                 
Net investment income2      0.06        0.12       0.11        0.10        0.12        0.13    
Net realized and unrealized gain (loss)      0.12        (0.10)       (0.08)        0.20        0.02        0.19    
  

 

 

 
Total from investment operations      0.18        0.02       0.03        0.30        0.14        0.32    

 

 
Dividends and/or distributions to shareholders:                 
Dividends from net investment income      (0.06)        (0.11)       (0.10)        (0.10)        (0.12)        (0.12)    

 

 
Net asset value, end of period      $4.46         $4.34        $4.43         $4.50         $4.30         $4.28    
  

 

 

 
                

 

 
Total Return, at Net Asset Value3      4.16%        0.44%       0.66%        7.08%        3.41%        8.01%    
                

 

 
Ratios/Supplemental Data                 
Net assets, end of period (in thousands)      $52,555        $49,338       $59,247        $54,109        $20,589        $7,719    

 

 
Average net assets (in thousands)      $50,102        $59,658       $51,840        $35,292        $9,772        $4,089    

 

 
Ratios to average net assets:4                 
Net investment income      2.86%        2.63%       2.60%        2.19%        2.69%        3.17%    
Expenses excluding specific expenses listed below      0.74%        0.73%       0.75%        0.74%        0.80%        0.80%    
Interest and fees from borrowings      0.15%        0.12%       0.10%        0.07%        0.15%        0.14%    
  

 

 

 
Total expenses      0.89%        0.85%       0.85%        0.81%        0.95%        0.94%    
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses      0.88%        0.85%5       0.83%        0.80%        0.87%        0.87%    

 

 
Portfolio turnover rate      6%        45%       25%        24%        56%        40%      

 

33       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

FINANCIAL HIGHLIGHTS Continued

 

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

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

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

4. Annualized for periods less than one full year.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

 

34       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS March 31, 2019 Unaudited

    

 

 

1. Organization

Oppenheimer 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 determined necessary by the Manager.

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

 

35       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

    

 

 

2. Significant Accounting Policies (Continued)

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

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

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

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

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

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

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

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

 

36       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

 

2. Significant Accounting Policies (Continued)

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

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

 

Federal tax cost of securities      $       206,899,952  
  

 

 

 
Gross unrealized appreciation      $ 7,314,921  
Gross unrealized depreciation      (337,147
  

 

 

 
Net unrealized appreciation      $ 6,977,774  
  

 

 

 

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

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

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.

 

37       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

    

 

 

2. Significant Accounting Policies (Continued)

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

 

 

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

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

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

 

38       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

 

3. Securities Valuation (Continued)

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

Classifications

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

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

1) 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

   $      $ 2,949,283      $      $ 2,949,283  

Arizona

            9,675,149               9,675,149  

California

            30,589,558               30,589,558  

Colorado

            1,746,451               1,746,451  

District of Columbia

            310,095               310,095  

Florida

            11,547,418               11,547,418  

Georgia

            2,983,176               2,983,176  

Hawaii

            1,519,710               1,519,710  

Illinois

            10,945,581               10,945,581  

 

39       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

    

 

 

3. Securities Valuation (Continued)

 

     Level 1—
Unadjusted
        Quoted Prices
    

Level 2—

Other Significant

Observable Inputs

     Level 3—
Significant
        Unobservable
Inputs
     Value    

 

 
Municipal Bonds and Notes (Continued)            

Indiana

   $      $ 897,634      $      $ 897,634    

Iowa

            377,446               377,446    

Kentucky

            1,723,487               1,723,487    

Louisiana

            7,553,026               7,553,026    

Maryland

            5,336,067               5,336,067    

Massachusetts

            1,175,862               1,175,862    

Michigan

            5,715,441               5,715,441    

Minnesota

            4,419,011               4,419,011    

Mississippi

            574,326               574,326    

Missouri

            2,059,189               2,059,189    

Nevada

            314,114               314,114    

New Hampshire

            250,638               250,638    

New Jersey

            17,862,583               17,862,583    

New Mexico

            626,875               626,875    

New York

            16,630,895               16,630,895    

Ohio

            4,032,147               4,032,147    

Oklahoma

            1,144,090               1,144,090    

Oregon

            1,226,768               1,226,768    

Pennsylvania

            27,900,074               27,900,074    

Rhode Island

            574,715               574,715    

South Carolina

            2,812,395               2,812,395    

South Dakota

            608,691               608,691    

Tennessee

            3,157,949               3,157,949    

Texas

            20,344,922               20,344,922    

Utah

            1,188,740               1,188,740    

Vermont

            2,222,055               2,222,055    

Virginia

            1,099,500               1,099,500    

Washington

            2,343,800               2,343,800    

Wisconsin

            7,438,865               7,438,865    
  

 

 

 
Total Assets    $                     —      $       213,877,726      $                     —      $       213,877,726    
  

 

 

 

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

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

 

 

4. Investments and Risks

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

 

 

40       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

 

4. Investments and Risks (Continued)

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

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

     When-Issued or
Delayed Delivery
Basis Transactions
 

 

 
Sold securities      $2,725,234  

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

 

 

5. Market Risk Factors

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

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

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

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

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

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

 

41       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

    

 

 

5. Market Risk Factors (Continued)

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

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

 

 

6. Shares of Beneficial Interest

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

 

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

 

 

7. Purchases and Sales of Securities

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

 

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

 

42       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

 

8. Fees and Other Transactions with Affiliates

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

 

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

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

Sub-Adviser Fees. The Manager has retained 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, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide 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

 

43       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

    

 

 

8. Fees and Other Transactions with Affiliates (Continued)

as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to 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.

 

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

 

44       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

 

8. Fees and Other Transactions with Affiliates (Continued)

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

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

 

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

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

 

 

9. Borrowings and Other Financing

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

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

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $ 2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates 2.5495% at period end. The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated 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

 

45       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

    

 

 

9. Borrowings and Other Financing (Continued)

Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.13% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

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

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

 

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

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

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated 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

 

46       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

 

    

 

 

9. Borrowings and Other Financing (Continued)

may request additional securities from the Fund. The Fund has the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

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

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

 

Fees Paid    $                         13,503  

 

 

10. Pending Acquisition

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

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

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

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

 

47       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF 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. Beginning in April 2019, the Fund will no longer file Form N-Qs and will instead disclose its portfolio holdings monthly on Form N-PORT, which will also be available on the SEC’s website at www.sec.gov.

Householding—Delivery of Shareholder Documents

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

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us 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.

 

48       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

DISTRIBUTION SOURCES Unaudited

 

 

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

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

 

  Fund Name    Pay
        Date
             Net Income      Net Profit
        from Sale
     Other
Capital
        Sources
 

Oppenheimer Intermediate Term Municipal Fund

     10/23/18        95.8%        0.0%        4.2%  

Oppenheimer Intermediate Term Municipal Fund

     1/22/19        76.8%        0.0%        23.2%  

Oppenheimer Intermediate Term Municipal Fund

     2/19/19        97.9%        0.0%        2.1%  

 

49       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND

 

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

© 2019 OppenheimerFunds, Inc. All rights reserved.

 

50       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


    

PRIVACY NOTICE

 

 

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

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

 

Applications or other forms.

 

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

 

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

 

Your transactions with us, our affiliates or others.

 

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

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

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

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

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

Protection of Information

We do not disclose 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.

 

51       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


PRIVACY NOTICE Continued

 

 

Internet Security and Encryption

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

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

 

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

 

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

 

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

 

52       OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


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53        OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


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54        OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND


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55        OPPENHEIMER 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

© 2019 OppenheimerFunds Distributor, Inc. All rights reserved.

 

RS 0636.001.0319 May 15, 2019


Item 2.  Code of Ethics.

Not applicable to semiannual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6.  Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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


None

Item 11.  Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/31/2019, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal half-year covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.  Exhibits.

 

(a)

(1) Exhibit attached hereto.

(2) Exhibits attached hereto.


SIGNATURES

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

Oppenheimer Intermediate Term Municipal Fund

 

By:  

/s/ Arthur P. Steinmetz

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

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

 

By:  

/s/ Arthur P. Steinmetz

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

 

By:  

/s/ Brian S. Petersen

  Brian S. Petersen
  Principal Financial Officer
Date:   5/17/2019
EX-99.CERT 2 d645566dex99cert.htm SECTION 302 CERTIFICATIONS Section 302 Certifications

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

 

1.

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

 

2.

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

 

3.

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

 

4.

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

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and

 

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal half-year by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

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

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

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


Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian S. Petersen, certify that:

 

1.

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

 

2.

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

 

3.

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

 

4.

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

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

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

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:     5/17/2019  
/s/ Brian S. Petersen               
Brian S. Petersen  
Principal Financial Officer  
EX-99.906CERT 3 d645566dex99906cert.htm SECTION 906 CERTIFICATIONS Section 906 Certifications

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Arthur P. Steinmetz, Principal Executive Officer, and Brian S. Petersen, Principal Financial Officer, of Oppenheimer Intermediate Term Municipal Fund (the “Registrant”), each certify to the best of his knowledge that:

 

1.

The Registrant’s periodic report on Form N-CSR for the period ended 3/31/2019 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.

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

 

Principal Executive Officer       Principal Financial Officer  
Oppenheimer Intermediate Term Municipal
Fund
    Oppenheimer Intermediate Term Municipal
Fund

/s/ Arthur P. Steinmetz

     

/s/ Brian S. Petersen

 
Arthur P. Steinmetz       Brian S. Petersen  
Date: 5/17/2019       Date: 5/17/2019  
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