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.