0001133228-13-000457.txt : 20130211 0001133228-13-000457.hdr.sgml : 20130211 20130211170140 ACCESSION NUMBER: 0001133228-13-000457 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130211 DATE AS OF CHANGE: 20130211 EFFECTIVENESS DATE: 20130211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND CENTRAL INDEX KEY: 0001417386 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-147208 FILM NUMBER: 13592726 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 GENERAL MUNICIPAL FUND DATE OF NAME CHANGE: 20071102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND CENTRAL INDEX KEY: 0001417386 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22142 FILM NUMBER: 13592727 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 GENERAL MUNICIPAL FUND DATE OF NAME CHANGE: 20071102 0001417386 S000020673 Oppenheimer Rochester Intermediate Term Municipal Fund C000057708 A C000057709 Y C000057710 C 485BPOS 1 e485bpos-ofiinterterm.htm OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND e485bpos-ofiinterterm.htm - Generated by SEC Publisher for SEC Filing

 

 

Registration No. 333-147208

File No. 811-22142

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

 

 

Pre-Effective Amendment No.__

o

 

 

Post-Effective Amendment No. 6

x

 

 

and/or

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

 

 

Amendment No. 8

x

 

OPPENHEIMER ROCHESTER® INTERMEDIATE TERM MUNICIPAL FUND*

(Exact Name of Registrant as Specified in Charter)

 

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of Principal Executive Offices)                 (Zip Code)

 

(303) 768-3200

(Registrant’s Telephone Number, including Area Code)

 

Arthur S. Gabinet, Esq.

OFI Global Asset Management, Inc.

Two World Financial Center, 225 Liberty Street New York, New York 10281-1008

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):

 

x

immediately upon filing pursuant to paragraph (b)

o

on _______________ pursuant to paragraph (b)

o

60 days after filing pursuant to paragraph (a)(1)

o

on _______________ pursuant to paragraph (a)(1)

o

75 days after filing pursuant to paragraph (a)(2)

o

on _______________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

 

o

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 


 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York the 11th day of February, 2013.

 

 

 

 

Oppenheimer Rochester Intermediate Term Municipal Fund



 

 

By: 


William F. Glavin, Jr.*

 

 

 

William F. Glavin, Jr.*, President, Principal
Executive Officer and Trustee

 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities on the dates indicated:

 

 

Signatures

 

Title

 

Date

 

 

 

 

 

Brian F. Wruble*

 

Chairman of the

 

 

Brian F. Wruble

 

Board of Trustees

 

February 11, 2013

 

 

 

 

 

 

 

 

 

 

William F. Glavin, Jr.*

 

President, Principal

 

 

William F. Glavin, Jr.

 

Executive Officer and Trustee

 

February 11, 2013

 

 

 

 

 

 

 

 

 

 

Brian W. Wixted*

 

Treasurer, Principal

 

February 11, 2013

Brian W. Wixted

 

Financial & Accounting Officer

 

 

 

 

 

 

 

 

 

 

 

 

David K. Downes*

 

Trustee

 

February 11, 2013

David K. Downes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Matthew P. Fink*

 

Trustee

 

February 11, 2013

Matthew P. Fink

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phillip A. Griffiths*

 

Trustee

 

February 11, 2013

Phillip A. Griffiths

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mary F. Miller*

 

Trustee

 

February 11, 2013

Mary F. Miller

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joel W. Motley*

 

Trustee

 

February 11, 2013

Joel W. Motley

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mary Ann Tynan*

 

Trustee

 

February 11, 2013

Mary Ann Tynan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joseph M. Wikler*

 

Trustee

 

February 11, 2013

Joseph M. Wikler

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peter I. Wold*

 

Trustee

 

February 11, 2013

Peter I. Wold

 

 

 

 

 

 

 

 

*By: 


/s/ Mitchell J. Lindauer

 

 



 

 

Mitchell J. Lindauer, Attorney-in-Fact

 

 

 

 

 


 

 

 

EXHIBIT INDEX

 

Exhibit No.

Description

 

 

Ex-101.INS

XBRL Instance Document

Ex-101.SCH

XBRL Taxonomy Extension Schema Document

Ex-101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

Ex-101.DEF

XBRL Taxonomy Extension Definition Linkbase

Ex-101.LAB

XBRL Taxonomy Extension Labels Linkbase

Ex-101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

 

 

EX-101.INS 2 ofiinterterm-20130128.xml XBRL INSTANCE DOCUMENT 0001417386 2013-01-28 2013-01-28 0001417386 oppenheimer:S000020673Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0001417386 oppenheimer:S000020673Member oppenheimer:C000057708Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0001417386 oppenheimer:S000020673Member oppenheimer:C000057710Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0001417386 oppenheimer:S000020673Member oppenheimer:C000057709Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0001417386 oppenheimer:S000020673Member oppenheimer:C000057708Member rr:AfterTaxesOnDistributionsMember oppenheimer:AAAAMember 2013-01-28 2013-01-28 0001417386 oppenheimer:S000020673Member oppenheimer:C000057708Member rr:AfterTaxesOnDistributionsAndSalesMember oppenheimer:AAAAMember 2013-01-28 2013-01-28 0001417386 oppenheimer:S000020673Member oppenheimer:BcapMunBondIndexAAAAMember oppenheimer:AAAAMember 2013-01-28 2013-01-28 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares 485BPOS 2012-09-30 OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND 0001417386 false 2013-01-28 2013-01-25 2013-01-28 <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Investment Objective.</b> The Fund seeks current interest income exempt from federal individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Fees and Expenses of the Fund.</b> This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $100,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 11 of the prospectus and in the sections "How to Buy Shares" beginning on page 53 and "Appendix A" in the Fund's Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Shareholder Fees(fees paid directly from your investment)</b> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Example. </b>The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows: </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>If shares are redeemed </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> If shares are not redeemed </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Principal Investment Strategies.</b> Under normal market conditions the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities that pay interest that is, in the opinion of bond counsel to the issuer at the time the security is issued, exempt from federal individual income tax. Securities that generate income subject to the alternative minimum tax ("AMT") will count towards this 80% requirement, however, the Fund will not invest more than 5% of its net assets in securities that produce income subject to the AMT. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund invests primarily in municipal bonds, municipal notes and interests in municipal leases and commercial paper issued by the governments of states, their political subdivisions (such as cities, towns and counties), the District of Columbia, or by their agencies, instrumentalities and authorities. Those securities may be "general obligation" bonds that are secured by the issuer's full faith and credit or "revenue obligations" that are payable only from a particular facility or other revenue source. The Fund can borrow money to purchase additional securities, creating "leverage" of up to one third of its total assets, as permitted under the Investment Company Act of 1940. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks to maintain a dollar-weighted average effective portfolio maturity between three and seven years, however, it can buy securities that have short, intermediate or long maturities. A substantial percentage of the securities the Fund buys may be "callable," meaning that the issuer can redeem them before their maturity date. Because of events affecting the bond markets and interest rate changes, the maturity of the portfolio might not meet that target for temporary periods. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund will not invest more than 5% of its total assets in securities that are rated below investment grade (sometimes referred to as "junk bonds") by a nationally recognized statistical rating organization, such as Moody's Investors Service. Investment-grade securities are rated in one of the four highest rating categories of nationally recognized statistical rating organizations, such as Standard &amp; Poor's (or, in the case of unrated securities, determined by the Fund's sub-adviser, OppenheimerFunds, Inc., to be comparable to securities rated investment-grade). The Fund will not invest more than 20% of its total assets in securities rated below the top three investment grade categories. The Fund also invests in unrated securities, in which case the Fund's sub-adviser internally assigns ratings to those securities, after assessing their credit quality and other factors, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Fund's sub-adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. The Fund will not invest more than 10% of its total assets in unrated securities. For purposes of this limitation, "unrated securities" do not include securities that are not rated but that the Fund's sub-adviser determines to be comparable to securities of the same issuer that are rated by a nationally recognized statistical rating organization.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In selecting investments for the Fund, the portfolio managers generally look for high current income; favorable credit characteristics; a wide range of issuers including different municipalities, agencies, sectors and revenue sources; unrated bonds or securities of smaller issuers that might be overlooked by other investors; and special situations that may offer high current income or opportunities for value. The portfolio managers may consider selling a security if any of these factors no longer applies, but are not required to do so.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Principal Risks.</b> The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. <i>These risks mean that you can lose money by investing in the Fund.</i> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Main Risks of Investing in Municipal Securities.</b> Municipal securities may be subject to interest rate risk, credit risk, credit spread risk, extension risk, reinvestment risk and prepayment risk. Interest rate risk is the risk that when prevailing interest rates fall, the values of already-issued debt securities generally rise; and when prevailing interest rates rise, the values of already-issued debt securities generally fall, and they may be worth less than the amount the Fund paid for them. When interest rates change, the values of longer-term debt securities usually change more than the values of shorter-term debt securities. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. If an issuer fails to pay interest or repay principal, the Fund's income or share value might be reduced. Adverse news about an issuer or a downgrade in an issuer's credit rating, for any reason, can also reduce the market value of the issuer's securities. "Credit spread" is the difference in yield between securities that is due to differences in their credit quality. There is a risk that credit spreads may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund's lower-rated and unrated securities. Extension risk is the risk that an increase in interest rates could cause principal payments on a debt security to be repaid at a slower rate than expected. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security's call date. Such a decision by the issuer could have the effect of lengthening the debt security's expected maturity, making it more vulnerable to interest rate risk and reducing its market value. Reinvestment risk is the risk that when interest rates fall the Fund may be required to reinvest the proceeds from a security's sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. Prepayment risk is the risk that the issuer may redeem the security prior to the expected maturity or that borrowers may repay the loans that underlie these securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to the expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Market Volatility and Illiquidity.</b> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds at the prices at which they are carried on the Fund's books. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Sector Focus Risk.</b> While the Fund does not invest more than 25% of its total assets in a single industry, many types of municipal securities (such as general obligation, government appropriation, municipals leases, special assessment and special tax bonds) are not considered a part of any "industry" for purposes of this policy. Therefore, the Fund may invest more than 25% of its total assets in those types of municipal securities. Those municipal securities may finance or pay interest from the revenues of projects that are subject to similar economic, business or political developments that could increase their credit risk. Education, hospitals, healthcare and housing are some examples of sectors that may include similar types of projects or revenue streams. Legislation that affects the financing of a particular municipal project, or economic factors that have a negative impact on a project, would be likely to affect many other similar projects.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> For example, the value of many different tobacco related bonds might be reduced if tobacco consumption decreases, if market share is lost to manufacturers who are not parties to the agreement funding the bonds, or if there is a negative outcome in litigation affecting the tobacco industry. "Land-secured" or "dirt" bonds, which are exposed to real estate risks, might lose value if developments fail to progress as anticipated or if the assessments, fees and taxes specified in project financing plans are insufficient to cover the required payments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Taxability Risk.</b> The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund's dividends with respect to that bond might be subject to federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Non-Diversification.</b> The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Main Risks of Borrowing and Leverage.</b> The Fund can borrow up to one-third of the value of its assets (including the amount borrowed), as permitted under the Investment Company Act of 1940. It can use those borrowings for a number of purposes, including purchasing securities, which creates "leverage." In that case, changes in the value of the Fund's investments will have a larger effect on its share price than if it did not borrow. Borrowing results in interest payments to the lenders and related expenses. Borrowing for investment purposes might reduce the Fund's return if the yield on the securities purchased is less than those borrowing costs. The Fund may also borrow to meet redemption obligations or for temporary and emergency purposes. The Fund participates in a line of credit with other Oppenheimer funds for its borrowing.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Who Is the Fund Designed For?</b> The Fund is designed for investors seeking income exempt from federal individual income tax. The Fund does not seek capital gains or growth. Because it invests in tax-exempt securities, the Fund is not appropriate for a retirement plan or other tax-exempt or tax-deferred account. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </b> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's Past Performance.</b> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A shares) from year to year and by showing how the Fund's average annual returns for one year and the life of the Fund compare with those of broad measures of market performance that reflect the markets in which the Fund typically invests. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website at: <u>https://www.oppenheimerfunds.com/fund/investors/overview/RochesterIntermediateTermMunicipalFund </u> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 3.01% (2nd Qtr 11) and the lowest return was 0.13% (1st Qtr 11). For the period from January 1, 2012 to December 31, 2012 the cumulative return before sales charges and taxes was 6.38%.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Average Annual Total Returns for the periods ended December 31, 2012</b></p> <div style="display:none">~http://oppenheimer/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000020673Member ~</div> 0.0225 0 0 0.01 0 0 <div style="display:none">~ http://oppenheimer/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000020673Member ~</div> 0.006 0.0019 0.0038 0.0003 0.0035 0.0117 -0.0019 0.0098 0.006 0.0099 0.0054 0.0003 0.0051 0.0213 -0.0037 0.0176 0.006 0 0.0042 0.0003 0.0039 0.0102 -0.0026 0.0076 <div style="display:none">~ http://oppenheimer/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000020673Member ~</div> 323 280 78 572 638 300 840 1122 541 1605 1978 1230 <div style="display:none">~ http://oppenheimer/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000020673Member ~</div> 323 180 78 572 638 300 840 1122 541 1605 1978 1230 <div style="display:none">~ http://oppenheimer/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000020673Member ~</div> 0.0756 0.0638 <div style="display:none">~ http://oppenheimer/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000020673Member ~</div> 0.0398 0.0398 0.0365 0.0455 0.0661 0.0678 0.0514 0.0512 0.0478 0.054 0.0651 0.0735 You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $100,000 in certain funds in the Oppenheimer family of funds. 100000 0.17 An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. These risks mean that you can lose money by investing in the Fund. Risks of Non-Diversification. The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For the period from January 1, 2012 to December 31, 2012 the cumulative return before sales charges and taxes was 6.38%. 0.0638 2012-12-31 highest return for a calendar quarter was 3.01% (2nd Qtr 11) 0.0301 lowest return was 0.13% (1st Qtr 11) 0.0013 https://www.oppenheimerfunds.com/fund/investors/overview/RochesterIntermediateTermMunicipalFund After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts After-tax returns are shown for only one class and after-tax returns for other classes will vary. 2010-12-06 2010-12-06 2010-12-06 From 11/30/10 After discussions with the Fund's Board, the Manager has voluntarily agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit "Total Annual Fund Operating Expenses," after Fee Waiver and/or Expense Reimbursement (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other fund expenses) to annual rates of 0.95% for Class A, 1.73% for Class C and 0.73% for Class Y as calculated on the daily net assets of the Fund. This fee waiver and expense limitation may not be amended or withdrawn until one year after the date of this prospectus. 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price) Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees Distribution and/or Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Total Other Expenses Total Other Expenses Interest and Fees from Borrowing Other Expenses Component3 Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Total Annual Fund Operating Expenses Fee Waiver and/or Expense Reimbursement Fee Waiver and/or 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Expense Example, No Redemption, 10 Years 10 Years Expense Example Closing [Text Block] Prospectus Date Prospectus: Share Class [Axis] Share Classes Prospectus [Line Items] Form N-1A: Risk/Return: Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Bar Chart and Performance Table Section: Bar Chart Narrative: Bar Chart Table: Bar Chart Closing: Average Annual Return: DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsAbstract DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsAndSalesAbstract Market Index Return: Performance Narrative: Performance Table Section: Performance Table Closing: Expenses: Shareholder Fees: Operating Expenses: Net Expenses (as a percentage of Assets): Expenses (as a percentage of Assets): Other Expenses over Assets: Expense Footnotes: Expense Footnotes [Text Block] Expense Example Narrative: Expense Example: Expense Example Closing: Expense Example Footnotes [Text Block] Portfolio Turnover: Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint, Minimum Investment Required [Amount] Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Bar Chart Footnotes [Text Block] Performance Table One Class of after Tax Shown [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Index No Deduction for Fees, Expenses, Taxes [Text] Annual Return 2013 Annual Return 2014 Performance Availability Website Address [Text] Performance Availability Phone [Text] S000020673 Member (Oppenheimer Rochester® Intermediate Term Municipal Fund) AAAA Member C000057708 Member Class A C000057710 Member Class C C000057709 Member Class Y BcapMunBondIndexAAAA Member Barclays 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Expense Example, No Redemption (dei_DocumentInformationDocumentAxis, (Oppenheimer Rochester® Intermediate Term Municipal Fund), USD $)
0 Months Ended
Jan. 28, 2013
Class A
 
Expense Example, No Redemption:  
Expense Example, No Redemption, 1 Year $ 323
Expense Example, No Redemption, 3 Years 572
Expense Example, No Redemption, 5 Years 840
Expense Example, No Redemption, 10 Years 1,605
Class C
 
Expense Example, No Redemption:  
Expense Example, No Redemption, 1 Year 180
Expense Example, No Redemption, 3 Years 638
Expense Example, No Redemption, 5 Years 1,122
Expense Example, No Redemption, 10 Years 1,978
Class Y
 
Expense Example, No Redemption:  
Expense Example, No Redemption, 1 Year 78
Expense Example, No Redemption, 3 Years 300
Expense Example, No Redemption, 5 Years 541
Expense Example, No Redemption, 10 Years $ 1,230
XML 11 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
(Oppenheimer Rochester® Intermediate Term Municipal Fund)

Investment Objective. The Fund seeks current interest income exempt from federal individual income tax.

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $100,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 11 of the prospectus and in the sections "How to Buy Shares" beginning on page 53 and "Appendix A" in the Fund's Statement of Additional Information.

Shareholder Fees(fees paid directly from your investment)

Shareholder Fees (Oppenheimer Rochester® Intermediate Term Municipal Fund)
Class A
Class C
Class Y
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) 2.25% none none
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) none 1.00% none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses (Oppenheimer Rochester® Intermediate Term Municipal Fund)
Class A
Class C
Class Y
Management Fees 0.60% 0.60% 0.60%
Distribution and/or Service (12b-1) Fees 0.19% 0.99% none
Total Other Expenses 0.38% 0.54% 0.42%
Interest and Fees from Borrowing 0.03% 0.03% 0.03%
Other Expenses 0.35% 0.51% 0.39%
Total Annual Fund Operating Expenses 1.17% 2.13% 1.02%
Fee Waiver and/or Expense Reimbursement [1] (0.19%) (0.37%) (0.26%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.98% 1.76% 0.76%
[1] After discussions with the Fund's Board, the Manager has voluntarily agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit "Total Annual Fund Operating Expenses," after Fee Waiver and/or Expense Reimbursement (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other fund expenses) to annual rates of 0.95% for Class A, 1.73% for Class C and 0.73% for Class Y as calculated on the daily net assets of the Fund. This fee waiver and expense limitation may not be amended or withdrawn until one year after the date of this prospectus.

Example. The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:

If shares are redeemed

Expense Example (Oppenheimer Rochester® Intermediate Term Municipal Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
323 572 840 1,605
Class C
280 638 1,122 1,978
Class Y
78 300 541 1,230

If shares are not redeemed

Expense Example, No Redemption (Oppenheimer Rochester® Intermediate Term Municipal Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
323 572 840 1,605
Class C
180 638 1,122 1,978
Class Y
78 300 541 1,230

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

Principal Investment Strategies. Under normal market conditions the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities that pay interest that is, in the opinion of bond counsel to the issuer at the time the security is issued, exempt from federal individual income tax. Securities that generate income subject to the alternative minimum tax ("AMT") will count towards this 80% requirement, however, the Fund will not invest more than 5% of its net assets in securities that produce income subject to the AMT.

The Fund invests primarily in municipal bonds, municipal notes and interests in municipal leases and commercial paper issued by the governments of states, their political subdivisions (such as cities, towns and counties), the District of Columbia, or by their agencies, instrumentalities and authorities. Those securities may be "general obligation" bonds that are secured by the issuer's full faith and credit or "revenue obligations" that are payable only from a particular facility or other revenue source. The Fund can borrow money to purchase additional securities, creating "leverage" of up to one third of its total assets, as permitted under the Investment Company Act of 1940.

The Fund seeks to maintain a dollar-weighted average effective portfolio maturity between three and seven years, however, it can buy securities that have short, intermediate or long maturities. A substantial percentage of the securities the Fund buys may be "callable," meaning that the issuer can redeem them before their maturity date. Because of events affecting the bond markets and interest rate changes, the maturity of the portfolio might not meet that target for temporary periods.

The Fund will not invest more than 5% of its total assets in securities that are rated below investment grade (sometimes referred to as "junk bonds") by a nationally recognized statistical rating organization, such as Moody's Investors Service. Investment-grade securities are rated in one of the four highest rating categories of nationally recognized statistical rating organizations, such as Standard & Poor's (or, in the case of unrated securities, determined by the Fund's sub-adviser, OppenheimerFunds, Inc., to be comparable to securities rated investment-grade). The Fund will not invest more than 20% of its total assets in securities rated below the top three investment grade categories. The Fund also invests in unrated securities, in which case the Fund's sub-adviser internally assigns ratings to those securities, after assessing their credit quality and other factors, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Fund's sub-adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. The Fund will not invest more than 10% of its total assets in unrated securities. For purposes of this limitation, "unrated securities" do not include securities that are not rated but that the Fund's sub-adviser determines to be comparable to securities of the same issuer that are rated by a nationally recognized statistical rating organization.

In selecting investments for the Fund, the portfolio managers generally look for high current income; favorable credit characteristics; a wide range of issuers including different municipalities, agencies, sectors and revenue sources; unrated bonds or securities of smaller issuers that might be overlooked by other investors; and special situations that may offer high current income or opportunities for value. The portfolio managers may consider selling a security if any of these factors no longer applies, but are not required to do so.

Principal Risks. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. These risks mean that you can lose money by investing in the Fund.

Main Risks of Investing in Municipal Securities. Municipal securities may be subject to interest rate risk, credit risk, credit spread risk, extension risk, reinvestment risk and prepayment risk. Interest rate risk is the risk that when prevailing interest rates fall, the values of already-issued debt securities generally rise; and when prevailing interest rates rise, the values of already-issued debt securities generally fall, and they may be worth less than the amount the Fund paid for them. When interest rates change, the values of longer-term debt securities usually change more than the values of shorter-term debt securities. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. If an issuer fails to pay interest or repay principal, the Fund's income or share value might be reduced. Adverse news about an issuer or a downgrade in an issuer's credit rating, for any reason, can also reduce the market value of the issuer's securities. "Credit spread" is the difference in yield between securities that is due to differences in their credit quality. There is a risk that credit spreads may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund's lower-rated and unrated securities. Extension risk is the risk that an increase in interest rates could cause principal payments on a debt security to be repaid at a slower rate than expected. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security's call date. Such a decision by the issuer could have the effect of lengthening the debt security's expected maturity, making it more vulnerable to interest rate risk and reducing its market value. Reinvestment risk is the risk that when interest rates fall the Fund may be required to reinvest the proceeds from a security's sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. Prepayment risk is the risk that the issuer may redeem the security prior to the expected maturity or that borrowers may repay the loans that underlie these securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to the expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income.

Municipal Market Volatility and Illiquidity. The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds at the prices at which they are carried on the Fund's books. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.

Municipal Sector Focus Risk. While the Fund does not invest more than 25% of its total assets in a single industry, many types of municipal securities (such as general obligation, government appropriation, municipals leases, special assessment and special tax bonds) are not considered a part of any "industry" for purposes of this policy. Therefore, the Fund may invest more than 25% of its total assets in those types of municipal securities. Those municipal securities may finance or pay interest from the revenues of projects that are subject to similar economic, business or political developments that could increase their credit risk. Education, hospitals, healthcare and housing are some examples of sectors that may include similar types of projects or revenue streams. Legislation that affects the financing of a particular municipal project, or economic factors that have a negative impact on a project, would be likely to affect many other similar projects.

For example, the value of many different tobacco related bonds might be reduced if tobacco consumption decreases, if market share is lost to manufacturers who are not parties to the agreement funding the bonds, or if there is a negative outcome in litigation affecting the tobacco industry. "Land-secured" or "dirt" bonds, which are exposed to real estate risks, might lose value if developments fail to progress as anticipated or if the assessments, fees and taxes specified in project financing plans are insufficient to cover the required payments.

Taxability Risk. The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund's dividends with respect to that bond might be subject to federal income tax.

Risks of Non-Diversification. The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely.

Main Risks of Borrowing and Leverage. The Fund can borrow up to one-third of the value of its assets (including the amount borrowed), as permitted under the Investment Company Act of 1940. It can use those borrowings for a number of purposes, including purchasing securities, which creates "leverage." In that case, changes in the value of the Fund's investments will have a larger effect on its share price than if it did not borrow. Borrowing results in interest payments to the lenders and related expenses. Borrowing for investment purposes might reduce the Fund's return if the yield on the securities purchased is less than those borrowing costs. The Fund may also borrow to meet redemption obligations or for temporary and emergency purposes. The Fund participates in a line of credit with other Oppenheimer funds for its borrowing.

Who Is the Fund Designed For? The Fund is designed for investors seeking income exempt from federal individual income tax. The Fund does not seek capital gains or growth. Because it invests in tax-exempt securities, the Fund is not appropriate for a retirement plan or other tax-exempt or tax-deferred account. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Fund's Past Performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A shares) from year to year and by showing how the Fund's average annual returns for one year and the life of the Fund compare with those of broad measures of market performance that reflect the markets in which the Fund typically invests. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website at: https://www.oppenheimerfunds.com/fund/investors/overview/RochesterIntermediateTermMunicipalFund

Bar Chart

Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 3.01% (2nd Qtr 11) and the lowest return was 0.13% (1st Qtr 11). For the period from January 1, 2012 to December 31, 2012 the cumulative return before sales charges and taxes was 6.38%.

Average Annual Total Returns for the periods ended December 31, 2012

The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.

Average Annual Total Returns (Oppenheimer Rochester® Intermediate Term Municipal Fund)
Inception Date
1 Year
5 Years (or life of class, if less)
Class A
Dec. 06, 2010 3.98% 5.14%
Class A Return After Taxes on Distributions
  3.98% 5.12%
Class A Return After Taxes on Distributions and Sale of Fund Shares
  3.65% 4.78%
Class C
Dec. 06, 2010 4.55% 5.40%
Class Y
Dec. 06, 2010 6.61% 6.51%
Barclays Capital Municipal Bond Index
  6.78% 7.35% [1]
[1] From 11/30/10
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Expense Example (dei_DocumentInformationDocumentAxis, (Oppenheimer Rochester® Intermediate Term Municipal Fund), USD $)
0 Months Ended
Jan. 28, 2013
Class A
 
Expense Example:  
Expense Example, with Redemption, 1 Year $ 323
Expense Example, with Redemption, 3 Years 572
Expense Example, with Redemption, 5 Years 840
Expense Example, with Redemption, 10 Years 1,605
Class C
 
Expense Example:  
Expense Example, with Redemption, 1 Year 280
Expense Example, with Redemption, 3 Years 638
Expense Example, with Redemption, 5 Years 1,122
Expense Example, with Redemption, 10 Years 1,978
Class Y
 
Expense Example:  
Expense Example, with Redemption, 1 Year 78
Expense Example, with Redemption, 3 Years 300
Expense Example, with Redemption, 5 Years 541
Expense Example, with Redemption, 10 Years $ 1,230
XML 14 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholder Fees (dei_DocumentInformationDocumentAxis, (Oppenheimer Rochester® Intermediate Term Municipal Fund))
0 Months Ended
Jan. 28, 2013
Class A
 
Shareholder Fees:  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) 2.25%
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) none
Class C
 
Shareholder Fees:  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) none
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) 1.00%
Class Y
 
Shareholder Fees:  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) none
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) none
XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
(Oppenheimer Rochester® Intermediate Term Municipal Fund)

Investment Objective. The Fund seeks current interest income exempt from federal individual income tax.

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $100,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 11 of the prospectus and in the sections "How to Buy Shares" beginning on page 53 and "Appendix A" in the Fund's Statement of Additional Information.

Shareholder Fees(fees paid directly from your investment)

Shareholder Fees (Oppenheimer Rochester® Intermediate Term Municipal Fund)
Class A
Class C
Class Y
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) 2.25% none none
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) none 1.00% none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses (Oppenheimer Rochester® Intermediate Term Municipal Fund)
Class A
Class C
Class Y
Management Fees 0.60% 0.60% 0.60%
Distribution and/or Service (12b-1) Fees 0.19% 0.99% none
Total Other Expenses 0.38% 0.54% 0.42%
Interest and Fees from Borrowing 0.03% 0.03% 0.03%
Other Expenses 0.35% 0.51% 0.39%
Total Annual Fund Operating Expenses 1.17% 2.13% 1.02%
Fee Waiver and/or Expense Reimbursement [1] (0.19%) (0.37%) (0.26%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.98% 1.76% 0.76%
[1] After discussions with the Fund's Board, the Manager has voluntarily agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit "Total Annual Fund Operating Expenses," after Fee Waiver and/or Expense Reimbursement (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other fund expenses) to annual rates of 0.95% for Class A, 1.73% for Class C and 0.73% for Class Y as calculated on the daily net assets of the Fund. This fee waiver and expense limitation may not be amended or withdrawn until one year after the date of this prospectus.

Example. The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:

If shares are redeemed

Expense Example (Oppenheimer Rochester® Intermediate Term Municipal Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
323 572 840 1,605
Class C
280 638 1,122 1,978
Class Y
78 300 541 1,230

If shares are not redeemed

Expense Example, No Redemption (Oppenheimer Rochester® Intermediate Term Municipal Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
323 572 840 1,605
Class C
180 638 1,122 1,978
Class Y
78 300 541 1,230

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

Principal Investment Strategies. Under normal market conditions the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities that pay interest that is, in the opinion of bond counsel to the issuer at the time the security is issued, exempt from federal individual income tax. Securities that generate income subject to the alternative minimum tax ("AMT") will count towards this 80% requirement, however, the Fund will not invest more than 5% of its net assets in securities that produce income subject to the AMT.

The Fund invests primarily in municipal bonds, municipal notes and interests in municipal leases and commercial paper issued by the governments of states, their political subdivisions (such as cities, towns and counties), the District of Columbia, or by their agencies, instrumentalities and authorities. Those securities may be "general obligation" bonds that are secured by the issuer's full faith and credit or "revenue obligations" that are payable only from a particular facility or other revenue source. The Fund can borrow money to purchase additional securities, creating "leverage" of up to one third of its total assets, as permitted under the Investment Company Act of 1940.

The Fund seeks to maintain a dollar-weighted average effective portfolio maturity between three and seven years, however, it can buy securities that have short, intermediate or long maturities. A substantial percentage of the securities the Fund buys may be "callable," meaning that the issuer can redeem them before their maturity date. Because of events affecting the bond markets and interest rate changes, the maturity of the portfolio might not meet that target for temporary periods.

The Fund will not invest more than 5% of its total assets in securities that are rated below investment grade (sometimes referred to as "junk bonds") by a nationally recognized statistical rating organization, such as Moody's Investors Service. Investment-grade securities are rated in one of the four highest rating categories of nationally recognized statistical rating organizations, such as Standard & Poor's (or, in the case of unrated securities, determined by the Fund's sub-adviser, OppenheimerFunds, Inc., to be comparable to securities rated investment-grade). The Fund will not invest more than 20% of its total assets in securities rated below the top three investment grade categories. The Fund also invests in unrated securities, in which case the Fund's sub-adviser internally assigns ratings to those securities, after assessing their credit quality and other factors, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Fund's sub-adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. The Fund will not invest more than 10% of its total assets in unrated securities. For purposes of this limitation, "unrated securities" do not include securities that are not rated but that the Fund's sub-adviser determines to be comparable to securities of the same issuer that are rated by a nationally recognized statistical rating organization.

In selecting investments for the Fund, the portfolio managers generally look for high current income; favorable credit characteristics; a wide range of issuers including different municipalities, agencies, sectors and revenue sources; unrated bonds or securities of smaller issuers that might be overlooked by other investors; and special situations that may offer high current income or opportunities for value. The portfolio managers may consider selling a security if any of these factors no longer applies, but are not required to do so.

Principal Risks. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. These risks mean that you can lose money by investing in the Fund.

Main Risks of Investing in Municipal Securities. Municipal securities may be subject to interest rate risk, credit risk, credit spread risk, extension risk, reinvestment risk and prepayment risk. Interest rate risk is the risk that when prevailing interest rates fall, the values of already-issued debt securities generally rise; and when prevailing interest rates rise, the values of already-issued debt securities generally fall, and they may be worth less than the amount the Fund paid for them. When interest rates change, the values of longer-term debt securities usually change more than the values of shorter-term debt securities. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. If an issuer fails to pay interest or repay principal, the Fund's income or share value might be reduced. Adverse news about an issuer or a downgrade in an issuer's credit rating, for any reason, can also reduce the market value of the issuer's securities. "Credit spread" is the difference in yield between securities that is due to differences in their credit quality. There is a risk that credit spreads may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund's lower-rated and unrated securities. Extension risk is the risk that an increase in interest rates could cause principal payments on a debt security to be repaid at a slower rate than expected. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security's call date. Such a decision by the issuer could have the effect of lengthening the debt security's expected maturity, making it more vulnerable to interest rate risk and reducing its market value. Reinvestment risk is the risk that when interest rates fall the Fund may be required to reinvest the proceeds from a security's sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. Prepayment risk is the risk that the issuer may redeem the security prior to the expected maturity or that borrowers may repay the loans that underlie these securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to the expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income.

Municipal Market Volatility and Illiquidity. The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds at the prices at which they are carried on the Fund's books. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.

Municipal Sector Focus Risk. While the Fund does not invest more than 25% of its total assets in a single industry, many types of municipal securities (such as general obligation, government appropriation, municipals leases, special assessment and special tax bonds) are not considered a part of any "industry" for purposes of this policy. Therefore, the Fund may invest more than 25% of its total assets in those types of municipal securities. Those municipal securities may finance or pay interest from the revenues of projects that are subject to similar economic, business or political developments that could increase their credit risk. Education, hospitals, healthcare and housing are some examples of sectors that may include similar types of projects or revenue streams. Legislation that affects the financing of a particular municipal project, or economic factors that have a negative impact on a project, would be likely to affect many other similar projects.

For example, the value of many different tobacco related bonds might be reduced if tobacco consumption decreases, if market share is lost to manufacturers who are not parties to the agreement funding the bonds, or if there is a negative outcome in litigation affecting the tobacco industry. "Land-secured" or "dirt" bonds, which are exposed to real estate risks, might lose value if developments fail to progress as anticipated or if the assessments, fees and taxes specified in project financing plans are insufficient to cover the required payments.

Taxability Risk. The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund's dividends with respect to that bond might be subject to federal income tax.

Risks of Non-Diversification. The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely.

Main Risks of Borrowing and Leverage. The Fund can borrow up to one-third of the value of its assets (including the amount borrowed), as permitted under the Investment Company Act of 1940. It can use those borrowings for a number of purposes, including purchasing securities, which creates "leverage." In that case, changes in the value of the Fund's investments will have a larger effect on its share price than if it did not borrow. Borrowing results in interest payments to the lenders and related expenses. Borrowing for investment purposes might reduce the Fund's return if the yield on the securities purchased is less than those borrowing costs. The Fund may also borrow to meet redemption obligations or for temporary and emergency purposes. The Fund participates in a line of credit with other Oppenheimer funds for its borrowing.

Who Is the Fund Designed For? The Fund is designed for investors seeking income exempt from federal individual income tax. The Fund does not seek capital gains or growth. Because it invests in tax-exempt securities, the Fund is not appropriate for a retirement plan or other tax-exempt or tax-deferred account. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Fund's Past Performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A shares) from year to year and by showing how the Fund's average annual returns for one year and the life of the Fund compare with those of broad measures of market performance that reflect the markets in which the Fund typically invests. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website at: https://www.oppenheimerfunds.com/fund/investors/overview/RochesterIntermediateTermMunicipalFund

Bar Chart

Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 3.01% (2nd Qtr 11) and the lowest return was 0.13% (1st Qtr 11). For the period from January 1, 2012 to December 31, 2012 the cumulative return before sales charges and taxes was 6.38%.

Average Annual Total Returns for the periods ended December 31, 2012

The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.

Average Annual Total Returns (Oppenheimer Rochester® Intermediate Term Municipal Fund)
Inception Date
1 Year
5 Years (or life of class, if less)
Class A
Dec. 06, 2010 3.98% 5.14%
Class A Return After Taxes on Distributions
  3.98% 5.12%
Class A Return After Taxes on Distributions and Sale of Fund Shares
  3.65% 4.78%
Class C
Dec. 06, 2010 4.55% 5.40%
Class Y
Dec. 06, 2010 6.61% 6.51%
Barclays Capital Municipal Bond Index
  6.78% 7.35% [1]
[1] From 11/30/10
XML 16 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Annual Total Returns (dei_DocumentInformationDocumentAxis, (Oppenheimer Rochester® Intermediate Term Municipal Fund), Class A)
0 Months Ended
Jan. 28, 2013
(Oppenheimer Rochester® Intermediate Term Municipal Fund) | Class A
 
Bar Chart Table:  
Annual Return 2011 7.56%
Annual Return 2012 6.38%
XML 17 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 30, 2012
Registrant Name dei_EntityRegistrantName OPPENHEIMER ROCHESTER INTERMEDIATE TERM MUNICIPAL FUND
Central Index Key dei_EntityCentralIndexKey 0001417386
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Jan. 25, 2013
Document Effective Date dei_DocumentEffectiveDate Jan. 28, 2013
Prospectus Date rr_ProspectusDate Jan. 28, 2013
(Oppenheimer Rochester® Intermediate Term Municipal Fund)
 
Risk/Return: rr_RiskReturnAbstract  
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Investment Objective. The Fund seeks current interest income exempt from federal individual income tax.

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $100,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 11 of the prospectus and in the sections "How to Buy Shares" beginning on page 53 and "Appendix A" in the Fund's Statement of Additional Information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees(fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 17.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $100,000 in certain funds in the Oppenheimer family of funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 100,000
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

Example. The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

If shares are redeemed

Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption

If shares are not redeemed

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Principal Investment Strategies. Under normal market conditions the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities that pay interest that is, in the opinion of bond counsel to the issuer at the time the security is issued, exempt from federal individual income tax. Securities that generate income subject to the alternative minimum tax ("AMT") will count towards this 80% requirement, however, the Fund will not invest more than 5% of its net assets in securities that produce income subject to the AMT.

The Fund invests primarily in municipal bonds, municipal notes and interests in municipal leases and commercial paper issued by the governments of states, their political subdivisions (such as cities, towns and counties), the District of Columbia, or by their agencies, instrumentalities and authorities. Those securities may be "general obligation" bonds that are secured by the issuer's full faith and credit or "revenue obligations" that are payable only from a particular facility or other revenue source. The Fund can borrow money to purchase additional securities, creating "leverage" of up to one third of its total assets, as permitted under the Investment Company Act of 1940.

The Fund seeks to maintain a dollar-weighted average effective portfolio maturity between three and seven years, however, it can buy securities that have short, intermediate or long maturities. A substantial percentage of the securities the Fund buys may be "callable," meaning that the issuer can redeem them before their maturity date. Because of events affecting the bond markets and interest rate changes, the maturity of the portfolio might not meet that target for temporary periods.

The Fund will not invest more than 5% of its total assets in securities that are rated below investment grade (sometimes referred to as "junk bonds") by a nationally recognized statistical rating organization, such as Moody's Investors Service. Investment-grade securities are rated in one of the four highest rating categories of nationally recognized statistical rating organizations, such as Standard & Poor's (or, in the case of unrated securities, determined by the Fund's sub-adviser, OppenheimerFunds, Inc., to be comparable to securities rated investment-grade). The Fund will not invest more than 20% of its total assets in securities rated below the top three investment grade categories. The Fund also invests in unrated securities, in which case the Fund's sub-adviser internally assigns ratings to those securities, after assessing their credit quality and other factors, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Fund's sub-adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. The Fund will not invest more than 10% of its total assets in unrated securities. For purposes of this limitation, "unrated securities" do not include securities that are not rated but that the Fund's sub-adviser determines to be comparable to securities of the same issuer that are rated by a nationally recognized statistical rating organization.

In selecting investments for the Fund, the portfolio managers generally look for high current income; favorable credit characteristics; a wide range of issuers including different municipalities, agencies, sectors and revenue sources; unrated bonds or securities of smaller issuers that might be overlooked by other investors; and special situations that may offer high current income or opportunities for value. The portfolio managers may consider selling a security if any of these factors no longer applies, but are not required to do so.

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Principal Risks. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. These risks mean that you can lose money by investing in the Fund.

Main Risks of Investing in Municipal Securities. Municipal securities may be subject to interest rate risk, credit risk, credit spread risk, extension risk, reinvestment risk and prepayment risk. Interest rate risk is the risk that when prevailing interest rates fall, the values of already-issued debt securities generally rise; and when prevailing interest rates rise, the values of already-issued debt securities generally fall, and they may be worth less than the amount the Fund paid for them. When interest rates change, the values of longer-term debt securities usually change more than the values of shorter-term debt securities. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. If an issuer fails to pay interest or repay principal, the Fund's income or share value might be reduced. Adverse news about an issuer or a downgrade in an issuer's credit rating, for any reason, can also reduce the market value of the issuer's securities. "Credit spread" is the difference in yield between securities that is due to differences in their credit quality. There is a risk that credit spreads may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund's lower-rated and unrated securities. Extension risk is the risk that an increase in interest rates could cause principal payments on a debt security to be repaid at a slower rate than expected. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security's call date. Such a decision by the issuer could have the effect of lengthening the debt security's expected maturity, making it more vulnerable to interest rate risk and reducing its market value. Reinvestment risk is the risk that when interest rates fall the Fund may be required to reinvest the proceeds from a security's sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. Prepayment risk is the risk that the issuer may redeem the security prior to the expected maturity or that borrowers may repay the loans that underlie these securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to the expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income.

Municipal Market Volatility and Illiquidity. The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds at the prices at which they are carried on the Fund's books. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.

Municipal Sector Focus Risk. While the Fund does not invest more than 25% of its total assets in a single industry, many types of municipal securities (such as general obligation, government appropriation, municipals leases, special assessment and special tax bonds) are not considered a part of any "industry" for purposes of this policy. Therefore, the Fund may invest more than 25% of its total assets in those types of municipal securities. Those municipal securities may finance or pay interest from the revenues of projects that are subject to similar economic, business or political developments that could increase their credit risk. Education, hospitals, healthcare and housing are some examples of sectors that may include similar types of projects or revenue streams. Legislation that affects the financing of a particular municipal project, or economic factors that have a negative impact on a project, would be likely to affect many other similar projects.

For example, the value of many different tobacco related bonds might be reduced if tobacco consumption decreases, if market share is lost to manufacturers who are not parties to the agreement funding the bonds, or if there is a negative outcome in litigation affecting the tobacco industry. "Land-secured" or "dirt" bonds, which are exposed to real estate risks, might lose value if developments fail to progress as anticipated or if the assessments, fees and taxes specified in project financing plans are insufficient to cover the required payments.

Taxability Risk. The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund's dividends with respect to that bond might be subject to federal income tax.

Risks of Non-Diversification. The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely.

Main Risks of Borrowing and Leverage. The Fund can borrow up to one-third of the value of its assets (including the amount borrowed), as permitted under the Investment Company Act of 1940. It can use those borrowings for a number of purposes, including purchasing securities, which creates "leverage." In that case, changes in the value of the Fund's investments will have a larger effect on its share price than if it did not borrow. Borrowing results in interest payments to the lenders and related expenses. Borrowing for investment purposes might reduce the Fund's return if the yield on the securities purchased is less than those borrowing costs. The Fund may also borrow to meet redemption obligations or for temporary and emergency purposes. The Fund participates in a line of credit with other Oppenheimer funds for its borrowing.

Who Is the Fund Designed For? The Fund is designed for investors seeking income exempt from federal individual income tax. The Fund does not seek capital gains or growth. Because it invests in tax-exempt securities, the Fund is not appropriate for a retirement plan or other tax-exempt or tax-deferred account. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Risk Lose Money [Text] rr_RiskLoseMoney The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. These risks mean that you can lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Risks of Non-Diversification. The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The Fund's Past Performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A shares) from year to year and by showing how the Fund's average annual returns for one year and the life of the Fund compare with those of broad measures of market performance that reflect the markets in which the Fund typically invests. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website at: https://www.oppenheimerfunds.com/fund/investors/overview/RochesterIntermediateTermMunicipalFund

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress https://www.oppenheimerfunds.com/fund/investors/overview/RochesterIntermediateTermMunicipalFund
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 3.01% (2nd Qtr 11) and the lowest return was 0.13% (1st Qtr 11). For the period from January 1, 2012 to December 31, 2012 the cumulative return before sales charges and taxes was 6.38%.

Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for the periods ended December 31, 2012

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for only one class and after-tax returns for other classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.

(Oppenheimer Rochester® Intermediate Term Municipal Fund) | Barclays Capital Municipal Bond Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.78%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 7.35% [2]
(Oppenheimer Rochester® Intermediate Term Municipal Fund) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.25%
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.19%
Interest and Fees from Borrowing rr_Component1OtherExpensesOverAssets 0.03%
Other Expenses rr_Component2OtherExpensesOverAssets 0.35%
Total Other Expenses rr_OtherExpensesOverAssets 0.38%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.17%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.19%) [1]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.98%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 323
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 572
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 840
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,605
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 323
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 572
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 840
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,605
Annual Return 2011 rr_AnnualReturn2011 7.56%
Annual Return 2012 rr_AnnualReturn2012 6.38%
Year to Date Return, Label rr_YearToDateReturnLabel For the period from January 1, 2012 to December 31, 2012 the cumulative return before sales charges and taxes was 6.38%.
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Dec. 31, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.38%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return for a calendar quarter was 3.01% (2nd Qtr 11)
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.01%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return was 0.13% (1st Qtr 11)
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.13%
1 Year rr_AverageAnnualReturnYear01 3.98%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 5.14%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 06, 2010
(Oppenheimer Rochester® Intermediate Term Municipal Fund) | Class A | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.98%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 5.12%
(Oppenheimer Rochester® Intermediate Term Municipal Fund) | Class A | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.65%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 4.78%
(Oppenheimer Rochester® Intermediate Term Municipal Fund) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.99%
Interest and Fees from Borrowing rr_Component1OtherExpensesOverAssets 0.03%
Other Expenses rr_Component2OtherExpensesOverAssets 0.51%
Total Other Expenses rr_OtherExpensesOverAssets 0.54%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.13%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.37%) [1]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 280
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 638
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,122
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,978
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 180
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 638
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,122
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,978
1 Year rr_AverageAnnualReturnYear01 4.55%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 5.40%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 06, 2010
(Oppenheimer Rochester® Intermediate Term Municipal Fund) | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Interest and Fees from Borrowing rr_Component1OtherExpensesOverAssets 0.03%
Other Expenses rr_Component2OtherExpensesOverAssets 0.39%
Total Other Expenses rr_OtherExpensesOverAssets 0.42%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.02%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.26%) [1]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 78
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 300
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 541
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,230
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 78
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 300
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 541
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,230
1 Year rr_AverageAnnualReturnYear01 6.61%
5 Years (or life of class, if less) rr_AverageAnnualReturnYear05 6.51%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 06, 2010
[1] After discussions with the Fund's Board, the Manager has voluntarily agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit "Total Annual Fund Operating Expenses," after Fee Waiver and/or Expense Reimbursement (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other fund expenses) to annual rates of 0.95% for Class A, 1.73% for Class C and 0.73% for Class Y as calculated on the daily net assets of the Fund. This fee waiver and expense limitation may not be amended or withdrawn until one year after the date of this prospectus.
[2] From 11/30/10