Oppenheimer Rochester Short Term Municipal Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22139

Oppenheimer Rochester Short Term Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: 5/31/2016

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	12
Fund Expenses	16
Statement of Investments	18
Statement of Assets and Liabilities	48
Statement of Operations	49
Statement of Changes in Net Assets	50
Financial Highlights	51
Notes to Financial Statements	54
Report of Independent Registered Public Accounting Firm	69
Federal Income Tax Information	70
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	71
Trustees and Officers	72
Privacy Policy Notice	79

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 5/31/16

	Class A Shares of the Fund
	Without Sales Charge		With Sales Charge		Barclays 1-Year Municipal Bond Index
1-Year		2.19%		-0.11%		0.87%
5-Year		2.40		1.93		0.80
Since Inception (12/6/10)		2.51		2.08		0.89

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

Our Twitter handle is @RochesterFunds.

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Fund Performance Discussion

While interest rates continued to hover at low levels, Oppenheimer Rochester Short Term Municipal Fund generated attractive levels of tax-free income and a competitive, yield-driven total return for the 12 months ended May 31, 2016. The Fund’s Class A shares provided a distribution yield of 1.76% at net asset value (NAV) at the end of this reporting period. At 2.19% as of May 31, 2016, the annual total return at NAV for this Fund’s Class A shares exceeded the Barclays 1-Year Municipal Bond Index, its benchmark, by 1.32 percentage points.

MARKET OVERVIEW

In mid-May 2016, the Federal Reserve Open Market Committee (FOMC) announced that it had decided during its April meeting to leave the Fed Funds target interest rate between 0.25% and 0.50%. At the time, the FOMC indicated that an increase at the June 2016 meeting would be appropriate only if “incoming data were consistent with economic growth picking up in the second quarter, labor market conditions continue to strengthen and inflation makes progress toward the Fed’s 2% objective.”

Thus, the reporting period ended as it began, with market watchers speculating about the timing and nature of FOMC decisions. In the

The average distribution yield in Lipper’s Short Municipal Debt Funds category was 0.82% at the end of this reporting period. At 1.76%, the distribution yield at NAV for this Fund’s Class A shares was 94 basis points higher than the category average.

first half of this reporting period, many predicted the FOMC would raise the Fed Funds target rate at the September 2015 meeting. The Fed decided otherwise, citing “underutilization of labor resources and inflation continuing to run below the committee’s longer-run objective.”

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES

Dividend Yield w/o sales charge		1.76	%
Dividend Yield with sales charge		1.71
Standardized Yield		0.76
Taxable Equivalent Yield		1.34
Last distribution (5/24/16)	$	0.006
Total distributions (6/1/15 to 5/31/16)	$	0.071

Endnotes for this discussion begin on page 13 of this report.

3        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

In a speech after that meeting, Ms. Yellen tried to quell the resulting market volatility saying, “It will likely be appropriate to raise the target range of the Federal Funds rate sometime later this year, and to continue boosting short-term rates at a gradual pace thereafter as the labor market improves further and inflation moves back to our 2% objective.” While not definitive by any measure, the statement was more specific than earlier announcements from the Fed.

In November 2015, Ms. Yellen again indicated that the central bank would bump up rates slowly.

One month later, the Fed Funds target rate was increased to its current level—0.25% to 0.50%. The rate had been held to a range of zero to 0.25% for nearly 7 years, and December’s increase was the first in nearly 10 years. Also in December, the Fed said it expected to raise the short-term Fed Funds rate four times in 2016.

After the March 2016 meeting, the number of likely 2016 increases was halved. By way of explanation, Ms. Yellen said “risks of raising rates too soon and derailing growth outweigh the hazards of the Fed needing to catch up to a sizzling economy.”

In the waning days of this reporting period, Ms. Yellen posited that rates could rise “in the coming months” and that the Fed was seeking more evidence of a rebounding economy. We remind investors that a change in the Fed Funds rate does not automatically

translate into a change in longer-term interest rates, which are determined by the marketplace. No matter what the Fed does, this Fund’s investment team will seek to meet investors’ desires for competitive levels of tax-free income by searching for value in the muni market.

On May 31, 2016, yields on high-grade municipal bonds at the short end of the yield curve were higher than they had been on May 29, 2015, the end of the previous 12-month reporting period. Prices on high-grade munis with maturities of 3 years and longer rallied during the same period.

The average yield on 30-year, AAA-rated muni bonds was 2.64% on May 31, 2016, down 58 basis points from May 29, 2015. The average yield on 10-year, AAA-rated muni bonds was 1.70% on May 31, 2016, down 56 basis points from the May 2015 date, and the average yield on 1-year, AAA-rated muni bonds was 0.46%, up 22 basis points from the May 2015 date.

Successful investors, we have found, maintain a long-term perspective regardless of the specific developments associated with any given reporting period. To maximize the benefits that municipal bond funds seek to provide, many investors reinvest their dividends and allow the income generated from their investments to compound over time.

Please note: In June 2016, the FOMC once again chose not to raise the Fed Funds target

4        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

rate. Ms. Yellen acknowledged that “it’s not impossible” that the rate could change in July, but also that she wasn’t “comfortable to say it’s in the next meeting or two.”

FUND PERFORMANCE

Oppenheimer Rochester Short Term Municipal Fund held nearly 700 securities as of May 31, 2016. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

The Fund’s Class A distribution yield at NAV was the second highest in Lipper’s Short Term Municipal Debt Funds category as of May 31, 2016, trailing only the distribution yield of this Fund’s Y shares. At 1.76% on that date, it was 94 basis points higher than the category average, which was 0.82%.

During this reporting period, market conditions created pressure on the dividends of many fixed income funds. This Fund’s Class A dividend, which was 0.6 cents per share at the outset of this reporting period, was reduced to 0.55 cents per share beginning with the April payout. In all, the Fund distributed 7.1 cents per Class A share this reporting period.

The tax-exempt status of the Fund’s distributions of net income remained a boon to investors seeking tax-free income. For a taxable investment to have provided a greater benefit than an investment in this Fund, it

would have had to yield more than 1.34%, based on the Fund’s standardized yield as of May 31, 2016, and the top federal income tax rate for 2016. As long-time investors know, yields on fixed income funds rise when share prices fall, and yields have historically contributed the lion’s share of the long-term total returns generated by bonds.

General obligation (G.O.) securities, which are backed by the full faith and taxing authority of state and local governments, comprised 22.1% of total assets (22.2% of net assets) as of May 31, 2016. At the end of this reporting period, the G.O. holdings consisted of bonds issued in various U.S. municipalities and in the Commonwealth of Puerto Rico. All of this Fund’s Puerto Rico holdings are insured by insurers that the Rochester investment team believes to be high quality. While they have not been tested before a court, the legal protections for Puerto Rico’s G.O. debt are strong, we believe.

This sector – like all of the sectors of this Fund – contributed positively to performance this reporting period.

As of May 31, 2016, the Fund was invested in the hospital/healthcare sector, which represented 15.6% of total assets (15.6% of net assets). Our holdings in this sector consist of securities across the credit spectrum, but most are investment grade. Holdings in this sector also contributed positively to the Fund’s performance this reporting period.

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The Fund was also invested in the municipal leases sector this reporting period, which accounted for 8.6% of the Fund’s total assets (8.6% of net assets) as of May 31, 2016. As state and local governments seek new ways to reduce costs and improve near-term cash flow, many lease all types of assets, including office space for public sector employees. The bonds held by this Fund, two of which were issued in Puerto Rico, are backed by the proceeds of these lease arrangements and contributed positively to the Fund’s performance.

As of May 31, 2016, 6.0% of the Fund’s total assets (6.1% of net assets) were invested in the higher education sector. The bonds we hold in this sector have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest. Investments in this sector contributed positively to the Fund’s performance this reporting period.

U.S. Government obligation bonds constituted 5.7% of the Fund’s total assets (5.7% of net assets) on May 31, 2016. This sector includes any securities held by the Fund that have been pre-refunded, including some securities that had been issued in Puerto Rico. In a pre-refunding or a refunding, new securities with lower coupon rates are sold by a municipality to pay off debt that has higher interest rates. When a municipality issues a pre-refunding bond, a transaction that can only occur when the nearest call date is at least 90 days later, the proceeds are escrowed in U.S. Treasury bonds and earmarked to pay

off the previously issued bond. The Treasury bonds that are purchased with the proceeds of a pre-refunding are backed by the full faith and credit of the U.S. government. The sector contributed positively to the Fund’s performance this reporting period.

The education sector represented 4.9% of the Fund’s total assets (5.0% of net assets) as of May 31, 2016. This sector, which consists of bonds that primarily finance the infrastructure needs of a variety of charter schools, contributed positively to the Fund’s total return this reporting period.

The sales tax sector represented 4.9% of the Fund’s total assets (4.9% of net assets) as of May 31, 2016. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenue, and the sector contributed positively to the Fund’s performance this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 5.9% of the Fund’s total assets (5.9% of net assets) at the end of this reporting period.

The Fund’s Puerto Rico holdings, all of which are insured or have been pre-refunded, include G.O. debt and securities from many different sectors. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things. Investors should note that

6        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rico bonds and the performance of the Oppenheimer Rochester municipal funds that hold them, including this Fund.

Please note: After the end of this Fund’s reporting period, the U.S. Congress passed and President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), which establishes

a federal control board and requires the government of the Commonwealth of Puerto Rico to develop a new fiscal plan, to develop and enact balanced budgets (and legislation) that conform to the fiscal plan, and to deliver audited financial results in a timely fashion. On July 1, 2016, the Government Development Bank of Puerto Rico announced that it would fail to make a $779 million payment on its G.O. debt. As previously discussed, this Fund’s G.O. holdings are

7        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

8        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

insured by insurers that the Rochester investment team believes to be high quality. Investors should also note that 100% of the interest and principal payments due to this Fund from the Commonwealth of Puerto Rico and its instrumentalities were paid on time; some of these payments included funding by insurers. The Fund’s NAV was slightly higher in mid-July than it was on May 31, 2016, the end of this reporting period.

The Fund’s holdings in municipal bonds issued by utilities represented 4.7% of total assets (4.7% of net assets) at the end of this reporting period. This set of holdings included water utilities with 1.9% of total assets (1.9% of net assets), electric utilities with 1.5% of total assets (1.5% of net assets), sewer utilities with 1.1% of total assets (1.1% of net assets) and gas utilities with 0.2% of total assets (0.2% of net assets) as of May 31, 2016. Our holdings in these sectors include electric utility bonds issued by PREPA (Puerto Rico’s electric utility authority) and one municipal security issued in Guam. The PREPA bonds are insured by insurers that the Rochester investment team believes to be high quality. Each of these utility sectors contributed positively to the Fund’s performance this reporting period.

The Fund was also invested in securities used to finance marine and aviation facilities this reporting period. Many of these securities are high-grade investments that are backed by valuable collateral. As of May 31, 2016,

4.5% of the Fund’s total assets (4.6% of net assets) were invested in the marine/ aviation facilities sector. Our holdings in the sector contributed positively to the Fund’s performance this reporting period.

Tax increment financing (TIF) bonds constituted 3.3% of the Fund’s total assets (3.3% of net assets) on May 31, 2016. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax collections increase, driven either by an improving economy or inflation, the credit quality of these types of securities generally improves, which can lead to enhanced performance. TIFs also contributed positively to the Fund’s performance this reporting period.

The Fund also maintained relatively smaller investments in several sectors, all of which contributed positively to the Fund’s performance as of May 31, 2016.

Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment goals or cause it to pay any capital gain distributions. In closing, we believe that the Fund’s structure and sector composition as well as our time-tested strategies will continue to benefit fixed income investors through interest rate and economic cycles.

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INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds and has consistently used a time-tested, value-oriented and security-specific approach to fund management. We know that market conditions can and do fluctuate, but we do not waver in our belief in the power of tax-free yield to help investors achieve their long-term objectives.

This “maturity managed” Fund uses a dollar-weighted approach to measuring the average maturity of its securities and seeks an average effective maturity of 2 years or less for its portfolio. Additionally, during this reporting period, as it has since its inception, the Fund limited the average stated maturity of its portfolio to 5 years or less. While the Fund invests primarily in investment-grade municipal securities, it may invest up to 5% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase as is the credit quality of the securities. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings.

Our team continually searches for bonds that we believe are undervalued and can provide a meaningful level of tax-free income until maturity. Rather than making allocation shifts based on expected market conditions,

we search the marketplace for what we believe to be the best values for generating income. It remains important to note that we do not manage our funds based on predictions of interest rate changes.

Instead, our investment approach involves scouring the market for municipal securities that meet our stringent credit criteria and buying bonds that we believe will deliver above-average yields relative to peer funds. Our team also favors premium-coupon, callable bonds, which historically have been a positive for shareholders, delivering higher levels of tax-free income than shorter-maturity bonds while exhibiting less price volatility than their final maturities would suggest.

We regularly focus on identifying inefficiencies in market pricing that can lead to investment advantages. We seek to maintain a thoughtful mix of industry sectors, maturities and credit ratings in this Fund’s portfolio.

The Rochester team also prospects for yield-enhancing opportunities in the secondary market, often picking up odd lots that we believe can add significant incremental yield to our portfolios. We will also look for non-rated issues with solid credit qualities, which we believe can often help enhance a fund’s tax-free yield. Investors should note that non-rated or unrated securities may or may not be the equivalent of investment grade securities.

10        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

The Rochester Way, we believe, distinguishes our approach to municipal investing from those of our competitors.

Dan Loughran

Senior Vice President, Senior Portfolio Manager and Team Leader, on behalf of the rest of the Rochester portfolio management team: Scott S. Cottier, Troy E. Willis, Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.

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Top Holdings and Allocations

TOP TEN CATEGORIES

General Obligation	22.1	%
Hospital/Healthcare	15.6
Municipal Leases	8.6
Higher Education	6.0
U.S. Government Obligations	5.7
Education	4.9
Sales Tax Revenue	4.9
Marine/Aviation Facilities	4.5
Tax Increment Financing (TIF)	3.3
Special Tax	2.7

Portfolio holdings are subject to change. Percentages are as of May 31, 2016 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		4.8%		0.1%		4.9%
AA		56.4		0.2		56.6
A		24.9		4.0		28.9
BBB		4.9		0.8		5.7
BB or lower		3.3		0.6		3.9
Total		94.3%		5.7%		100.0%

The percentages above are based on the market value of the securities as of May 31, 2016 and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

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Performance

DISTRIBUTION YIELDS

As of 5/31/16

	Without Sales Charge			With Sales Charge
Class A		1.76	%		1.71	%
Class C		1.06			N/A
Class Y		1.98			N/A

STANDARDIZED YIELDS For the 30 Days Ended 5/31/16
Class A	0.76%
Class C	0.04
Class Y	1.02

TAXABLE EQUIVALENT YIELDS

As of 5/31/16
Class A	1.34%
Class C	0.07
Class Y	1.80

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 5/31/16

	Inception         Date		1-Year			5-Year			Since Inception
Class A (ORSTX)		12/6/10		2.19	%		2.40	%		2.51	%
Class C (ORSCX)		12/6/10		1.43			1.61			1.73
Class Y (ORSYX)		12/6/10		2.72			2.70			2.80
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 5/31/16
	Inception         Date		1-Year			5-Year			Since Inception
Class A (ORSTX)		12/6/10		-0.11	%		1.93	%		2.08	%
Class C (ORSCX)		12/6/10		0.43			1.61			1.73
Class Y (ORSYX)		12/6/10		2.72			2.70			2.80

13        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

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

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

The Fund’s performance is compared to the performance of the Barclays 1-Year Municipal Bond Index, which consists of investment-grade municipal bonds having remaining maturities of 1 to 2 years. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the

Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.0055 for the 28-day accrual period ended May 24, 2016. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on May 24, 2016; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0033

14        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

and $0.0062, respectively, for the 28-day accrual period ended May 24, 2016 and on the corresponding net asset values on that date.

Standardized yield is based on the Fund’s net investment income for the 30-day period ended May 31, 2016 and either that date’s maximum offering price (for Class A shares) or net asset value (for the other classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The average yield at NAV in Lipper’s Short Municipal Debt Funds category is based on 108 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges – which, if included, would reduce results.

Taxable equivalent yield is based on the standardized yield and the 2016 top federal tax rate of 43.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

The average yields for AAA-rated municipal securities are provided by Municipal Market Advisors (MMA) and are based on its benchmark of general obligation bonds structured with a 5% coupon. The MMA 5% benchmark is constructed using yields from the leading underwriters, who represent a significant percentage of the primary activity of the top 10 underwriters and therefore the total issuance.

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

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

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

15        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended May 31, 2016.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended May 31, 2016” to estimate the expenses you paid on your account during this period.

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

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

16        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Actual	Beginning Account Value December 1, 2015	Ending Account Value May 31, 2016	Expenses Paid During 6 Months Ended         May 31, 2016
Class A	$    1,000.00	$    1,012.20	$        4.18
Class C	1,000.00	1,008.40	7.96
Class Y	1,000.00	1,016.10	2.93
Hypothetical
(5% return before expenses)
Class A	1,000.00	1,020.85	4.20
Class C	1,000.00	1,017.10	8.00
Class Y	1,000.00	1,022.10	2.94

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended May 31, 2016 are as follows:

Class	Expense Ratios
Class A	0.83%
Class C	1.58
Class Y	0.58

17        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS May 31, 2016

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Municipal Bonds and Notes—97.8%
Alabama—2.6%
$1,000,000	AL Port Authority (Alabama Docks Dept.)		5.000	%		10/01/2019		10/01/2016	A	$	1,014,910
250,000	AL Public Hsg. Authority, Series B1		4.450			01/01/2024		06/30/2016	A		250,490
75,000	Jefferson County, AL GO		5.000			04/01/2018		06/30/2016	A		75,104
1,000,000	Jefferson County, AL GO		5.000			04/01/2024		06/30/2016	A		1,005,870
330,000	Jefferson County, AL GO		5.250			04/01/2017		06/30/2016	A		330,469
5,045,000	Jefferson County, AL GO		5.000			04/01/2023		06/30/2016	A		5,047,270
30,000	Jefferson County, AL Limited Obligation School Warrant		5.250			01/01/2023		06/30/2016	A		30,176
375,000	Jefferson County, AL Limited Obligation School Warrant		5.500			01/01/2022		06/30/2016	A		377,201
3,335,000	Jefferson County, AL Limited Obligation School Warrant		5.500			01/01/2021		06/30/2016	A		3,354,576
1,225,000	Jefferson County, AL Limited Obligation School Warrant		5.250			01/01/2019		06/30/2016	A		1,232,191
765,000	Jefferson County, AL Limited Obligation School Warrant		5.000			01/01/2024		06/30/2016	A		769,491
1,720,000	Jefferson County, AL Limited Obligation School Warrant		5.250			01/01/2018		06/30/2016	A		1,730,096
225,000	Jefferson County, AL Limited Obligation School Warrant		4.750			01/01/2025		06/30/2016	A		226,321
570,000	Jefferson County, AL Limited Obligation School Warrant		5.250			01/01/2020		06/30/2016	A		573,346
3,140,000	Jefferson County, AL Limited Obligation School Warrant		5.250			01/01/2019		06/30/2016	A		3,158,432
155,000	Jefferson County, AL Limited Obligation School Warrant		5.250			01/01/2017		06/30/2016	A		155,910
180,000	Jefferson County, AL Limited Obligation School Warrant		4.750			01/01/2025		06/30/2016	A		181,057
260,000	Jefferson County, AL Limited Obligation School Warrant		5.000			01/01/2024		06/30/2016	A		261,526
2,250,000	Jefferson County, AL Limited Obligation School Warrant		5.500			01/01/2021		06/30/2016	A		2,263,207
50,000	Jefferson County, AL Public Building Authority		5.125			04/01/2021		06/30/2016	A		50,052
											22,087,695
Alaska—0.0%
170,000	Koyukuk, AK Revenue (Tanana Chiefs Conference Health Care Facility-Dena’ Nena’ Henash)		7.000			10/01/2023		02/21/2019	A		191,063
Arizona—3.8%
100,000	AZ Health Facilities Authority (The Beatitudes Campus)		5.100			10/01/2022		10/01/2016	A		100,348
3,000,000	AZ Sports & Tourism Authority (Professional Baseball Training Facilities)		5.000			07/01/2016		07/01/2016			3,007,500

18        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Arizona (Continued)
$2,695,000	Mohave County, AZ IDA (Mohave Prison)		7.500	%		05/01/2019		05/19/2018	B	$	2,924,291
17,220,000	Phoenix, AZ IDA (Rowan University) SPEARS		0.590	2		06/01/2042		06/07/2016	A		17,220,000
8,125,000	Pima County, AZ IDA Floaters		0.680	2		03/01/2030		06/07/2016	A		8,125,000
20,000	Surprise, AZ Municipal Property Corp.		4.700			04/01/2022		10/01/2016	A		20,276
1,160,000	Yavapai County, AZ IDA (Arizona Agribusiness and Equine Center)		3.900			09/01/2024		11/14/2021	B		1,215,819
											32,613,234
Arkansas—0.0%
25,000	AR Devel. Finance Authority (Arkansas Enterprises for the Developmentally Disabled)		5.250			11/01/2019		06/30/2016	A		25,102
10,000	AR Devel. Financing Authority Tobacco Settlement (Biosciences Institute College)		5.500			12/01/2016		06/30/2016	A		10,004
											35,106
California—18.5%
470,000	Adelanto, CA School District		3.745	3		09/01/2018		09/28/2017	B		428,005
130,000	Alameda Contra Costa, CA Transit District COP		4.750			08/01/2017		02/04/2017	B		132,747
12,965,000	Alhambra, CA COP (Police Facilities)		6.750			09/01/2023		07/06/2020	B		14,971,204
35,000	Amador, CA Water Agency		4.000			06/01/2020		06/30/2016	A		35,073
1,160,000	Anaheim, CA Public Financing Authority		6.000			09/01/2016		09/01/2016			1,175,045
20,000	Barstow, CA Redevel. Agency		4.700			09/01/2022		06/30/2016	A		20,070
450,000	Beaumont, CA Financing Authority, Series B		5.000			09/01/2022		09/01/2022			516,568
475,000	Beaumont, CA Financing Authority, Series B		5.000			09/01/2023		09/01/2023			550,544
5,000	Bell, CA GO		4.125			08/01/2021		06/30/2016	A		5,009
50,000	Berkeley, CA Community Facilities District Special Tax (Disaster Fire Protection)		4.500			09/01/2017		09/01/2016	A		50,462
50,000	Bonny Doon, CA Union Elementary School District		4.625			06/01/2016		06/01/2016			50,000
75,000	CA College of the Sequoias Community College District COP		4.750			05/01/2026		06/30/2016	A		75,248
55,000	CA County Tobacco Securitization Agency1		4.250			06/01/2021		06/30/2016	A		55,018
85,000	CA County Tobacco Securitization Agency (TASC)1		5.750			06/01/2029		06/30/2016	A		85,831
5,000	CA Educational Facilities Authority (California Western School of Law)		5.000			10/01/2018		06/30/2016	A		5,018
5,000	CA GO		4.750			02/01/2018		06/30/2016	A		5,019

19        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
California (Continued)
$10,000	CA GO		5.750	%		11/01/2017		11/01/2016	A	$	10,229
20,000	CA GO		5.250			10/01/2016		10/01/2016			20,338
18,945,000	CA GO Floaters		0.580	2		08/01/2027		06/07/2016	A		18,945,000
16,000,000	CA Health Facilities Financing Authority Floaters		0.620	2		08/15/2026		06/07/2016	A		16,000,000
50,000	CA Municipal Finance Authority Charter School (John Adams Academics)		5.400			10/01/2016		10/01/2016			50,030
8,390,000	CA Public Works		6.500			09/01/2017		03/08/2017	B		8,741,121
20,000	CA Public Works (California Community Colleges)		4.875			12/01/2018		06/30/2016	A		20,072
100,000	CA Public Works (California Community Colleges)		5.250			09/01/2019		06/30/2016	A		100,399
150,000	CA Public Works (California Community Colleges)		4.875			12/01/2017		06/30/2016	A		150,537
75,000	CA Public Works (California Community Colleges)		5.250			12/01/2016		06/30/2016	A		75,308
170,000	CA Public Works (California Community Colleges)		4.500			10/01/2026		06/30/2016	A		170,573
25,000	CA Public Works (Dept. of Corrections)		5.500			10/01/2019		06/30/2016	A		25,105
20,000	CA Public Works (Dept. of Forestry)		4.875			10/01/2018		06/30/2016	A		20,075
100,000	CA Public Works (Dept. of Youth Authority)		5.500			10/01/2017		06/30/2016	A		100,430
35,000	CA Public Works (Dept. of Youth Authority)		4.700			12/01/2016		06/30/2016	A		35,127
50,000	CA Public Works (Various Community Colleges)		4.875			12/01/2018		06/30/2016	A		50,179
550,000	CA Public Works (Various Community Colleges)		5.625			03/01/2019		06/30/2016	A		557,304
725,000	CA Statewide CDA (588 Charleston Project)		5.000			11/01/2019		05/25/2018	B		766,180
2,000,000	CA Statewide CDA (Bakersfield Reassessment District)		5.000			09/02/2022		07/03/2020	B		2,191,380
9,760,000	CA Statewide CDA (Cottage Health System) Floaters		0.490	2		11/01/2043		06/07/2016	A		9,760,000
5,000	CA Statewide CDA (Del Norte Clinics)		4.650			12/01/2018		06/30/2016	A		5,018
200,000	CA Statewide CDA (John Muir Health)		5.000			08/15/2017		08/15/2016	A		201,866
20,000	CA Statewide CDA Water & Wastewater		4.900			10/01/2018		06/30/2016	A		20,077
10,000	CA Statewide CDA Water & Wastewater		4.900			10/01/2017		06/30/2016	A		10,039
20,000	CA Water Resource Devel. GO, Series L		4.500			08/01/2016		06/30/2016	A		20,072
5,000	CA Water Resource Devel. GO, Series L		4.500			08/01/2018		06/30/2016	A		5,017

20        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
California (Continued)
$25,000	CA Water Resource Devel. GO, Series M		4.000	%		10/01/2018		06/30/2016	A	$	25,076
30,000	CA Water Resource Devel. GO, Series N		5.500			06/01/2016		06/01/2016			30,000
40,000	CA Water Resource Devel. GO, Series Q		4.750			03/01/2018		06/30/2016	A		40,150
35,000	CA Water Resource Devel. GO, Series Q		4.750			03/01/2021		06/30/2016	A		35,131
15,000	CA Y/S School Facilities Financing Authority (Chula Vista Elementary School)		4.900			09/01/2018		09/01/2016	A		15,240
345,000	Castaic, CA Union School District		2.859	3		11/01/2019		03/14/2019	B		316,365
55,000	Castaic, CA Union School District		3.875	3		05/01/2018		11/14/2017	B		51,705
405,000	Cerritos, CA Public Financing Authority		5.000			11/01/2018		11/01/2017	A		435,586
55,000	Chico, CA Public Financing Authority		4.875			04/01/2017		06/30/2016	A		55,191
10,000	Clovis, CA Public Financing Authority (Refuse Landfill)		5.000			09/01/2018		06/30/2016	A		10,038
250,000	Compton, CA Unified School District		2.989	3		06/01/2016		06/01/2016			250,000
10,000	Coronado, CA Community Devel. Agency Tax Allocation		4.250			09/01/2017		06/30/2016	A		10,026
200,000	Duarte, CA Redevel. Agency Tax Allocation		4.000			10/01/2016		10/01/2016			202,140
100,000	Eureka, CA Public Financing Authority		4.200			11/01/2016		06/30/2016	A		100,283
3,000,000	Eureka, CA Union School District		3.356	3		08/01/2018		08/24/2017	B		2,782,020
65,000	Fontana, CA Redevel. Agency (Jurupa Hills)		5.500			10/01/2017		10/01/2016	A		66,072
5,000	Fontana, CA Redevel. Agency (Southwest Industrial Park)		5.200			09/01/2030		06/30/2016	A		5,017
240,000	Fontana, CA Redevel. Agency (Southwest Industrial Park)		4.750			09/01/2026		06/30/2016	A		240,866
300,000	Fresno, CA GO		4.600			08/15/2016		06/30/2016	A		301,014
90,000	Fresno, CA Joint Powers Financing Authority		4.750			04/01/2023		04/01/2018	A		95,059
3,845,000	Fresno, CA Sewer System		5.250			09/01/2019		09/15/2017	B		4,045,555
4,545,000	Fullerton, CA Public Financing Authority		5.000			09/01/2024		09/01/2016	A		4,594,540
1,200,000	Howell Mountain, CA Elementary School District		3.418	3		08/01/2027		09/10/2024	B		835,308
580,000	Imperial, CA PFA (Wastewater Facility)		5.000	��		10/15/2019		10/15/2019			645,998
610,000	Imperial, CA PFA (Wastewater Facility)		5.000			10/15/2020		10/15/2020			693,070
845,000	Imperial, CA PFA (Water Facility)		5.000			10/15/2019		10/15/2019			941,153
885,000	Imperial, CA PFA (Water Facility)		5.000			10/15/2020		10/15/2020			1,005,519

21        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
California (Continued)
$180,000	Lancaster, CA Redevel. Agency Tax Allocation (Sheriffs Facility)		5.250	%		12/01/2016		06/30/2016	A	$	180,697
105,000	Lincoln, CA Public Financing Authority		4.250			08/01/2017		06/30/2016	A		105,279
10,000	Lodi, CA Wastewater System		4.750			10/01/2024		06/30/2016	A		10,035
8,945,000	Los Angeles County, CA Community Devel. Properties		0.680	2		09/01/2042		06/07/2016	A		8,945,000
300,000	Los Angeles, CA GO		5.000			09/01/2016		06/30/2016	A		301,215
25,000	Los Angeles, CA State Building Authority		5.500			10/01/2016		06/30/2016	A		25,103
45,000	Madera County, CA COP (Valley Children’s Hospital)		4.750			03/15/2018		06/30/2016	A		45,147
70,000	Metropolitan Water District of Southern California Linked SAVRS & RIBS		5.750			08/10/2018		10/12/2017	B		74,162
30,000	Modesto, CA COP (Golf Course)		5.000			11/01/2023		08/04/2020	B		32,290
125,000	Mount Diablo, CA Unified School District Community Facilities District		4.125			08/01/2019		08/01/2016	A		125,589
2,085,000	Natomas, CA Unified School District		5.950			09/01/2021		09/14/2018	B		2,276,194
1,000,000	Northern, CA Inyo County Local Hospital District		6.000			12/01/2021		05/26/2019	A		1,116,400
185,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 108		7.500			09/02/2020		09/02/2016	A		188,014
7,115,000	Orange County, CA COP (Civic Center Facilities)		3.330	3		12/01/2018		12/01/2017	B		6,486,319
50,000	Orinda, CA Union School District		4.700			10/15/2019		06/30/2016	A		50,181
765,000	Pasadena, CA COP (Old Pasadena Parking Facility)		6.250			01/01/2018		07/08/2017	B		803,663
30,000	Redding, CA Joint Powers Financing Authority		4.000			03/01/2017		06/30/2016	A		30,075
50,000	Redding, CA Redevel. Agency Tax Allocation (Canby-Hilltop-Cyprus Redevel.)		4.625			09/01/2017		06/30/2016	A		50,160
2,165,000	Riverbank, CA Elementary School District		3.611	3		08/01/2018		09/03/2017	B		2,034,212
665,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000			09/01/2019		09/01/2019			739,586
695,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000			09/01/2020		09/01/2020			791,688
630,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000			09/01/2018		09/01/2018			682,189
115,000	Riverside County, CA Improvement Bond Act 1915 (Rivercrest Assessment District No. 168)		5.000			09/02/2018		09/02/2018			124,003

22        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
California (Continued)
$125,000	Riverside County, CA Improvement Bond Act 1915 (Rivercrest Assessment District No. 168)		5.000	%		09/02/2020		09/02/2020		$	141,846
120,000	Riverside County, CA Improvement Bond Act 1915 (Rivercrest Assessment District No. 168)		5.000			09/02/2019		09/02/2019			132,662
335,000	Riverside County, CA Redevel. Agency (215 Corridor Redevel.)		6.500			12/01/2021		08/09/2019	B		381,069
70,000	Robla, CA School District		4.000			08/01/2016		06/30/2016	A		70,206
20,000	Rocklin, CA COP (Police Facilities)		4.100			09/01/2017		06/30/2016	A		20,061
6,035,000	Sacramento, CA City Financing Authority		5.400			11/01/2020		12/10/2018	B		6,573,262
65,000	Saddleback Valley, CA Unified School District		5.650			09/01/2017		06/30/2016	A		65,290
730,000	San Bernardino County, CA COP (Medical Center Financing)		5.500			08/01/2017		02/04/2017	B		748,418
35,000	San Bernardino, CA Joint Powers Financing Authority		5.750			10/01/2017		10/01/2017			37,042
25,000	San Bernardino, CA Joint Powers Financing Authority		5.750			10/01/2018		10/01/2018			27,397
150,000	San Bernardino, CA Joint Powers Financing Authority		5.750			10/01/2017		10/01/2017			158,750
5,000	San Bernardino, CA Joint Powers Financing Authority		5.750			10/01/2016		10/01/2016			5,078
530,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000			09/01/2021		09/01/2021			617,275
130,000	San Francisco, CA City & County, COP (30 Van Ness Avenue)		4.600			09/01/2018		06/30/2016	A		130,468
50,000	San Francisco, CA City & County, COP (30 Van Ness Avenue)		4.700			09/01/2019		06/30/2016	A		50,184
1,545,000	San Jose, CA Redevel. Agency		5.000			08/01/2026		08/01/2017	A		1,617,615
10,000	San Jose, CA Redevel. Agency (Merged Area Redevel.)		4.750			08/01/2019		06/30/2016	A		10,029
45,000	San Rafael, CA Redevel. Agency Tax Allocation (Central San Rafael Redevel.)		4.500			12/01/2018		06/30/2016	A		45,158
25,000	Santa Barbara, CA Redevel. Agency (Central City)		4.900			03/01/2017		06/30/2016	A		25,088
300,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000			11/15/2019		11/15/2019			332,100
605,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000			11/15/2020		11/15/2020			682,277
365,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000			11/15/2021		11/15/2021			420,257

23        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
California (Continued)
$100,000	Santa Fe Springs, CA Community Devel. Commission		4.750	%		09/01/2022		06/30/2016	A	$	100,354
50,000	Santa Fe Springs, CA Community Devel. Commission		4.375			09/01/2016		06/30/2016	A		50,160
75,000	Santa Fe Springs, CA Community Devel. Commission		4.500			09/01/2017		06/30/2016	A		75,235
130,000	Santa Fe Springs, CA Community Devel. Commission		4.600			09/01/2018		06/30/2016	A		130,451
50,000	Santa Fe Springs, CA Community Devel. Commission		4.600			09/01/2019		06/30/2016	A		50,174
255,000	Saugus, CA Union School District Community Facilities District No. 2002-1		5.000			09/01/2021		09/01/2021			296,991
350,000	Southern CA Tobacco Securitization Authority1		4.750			06/01/2025		06/30/2016	A		350,147
25,000	Stockton, CA Public Financing Authority (Parking)		4.500			09/01/2016		09/01/2016			24,982
40,000	Sweetwater, CA Union High School District COP		4.375			09/01/2021		06/30/2016	A		40,116
65,000	Temecula, CA Redevel. Agency		4.900			08/01/2016		06/30/2016	A		65,237
200,000	Tuolumne County, CA GO		4.000			11/01/2021		11/01/2016	A		201,552
6,045,000	University of California (Regents Medical Center)		4.750			05/15/2022		06/30/2016	A		6,067,548
1,067,000	Vallejo, CA Sanitation & Flood Control District		5.000			07/01/2019		01/22/2018	B		1,114,631
520,000	Vernon, CA Electric System		5.125			08/01/2021		09/06/2018	A		579,894
230,000	Vernon, CA Electric System		5.125			08/01/2021		08/30/2018	C		250,921
200,000	West Kern County, CA Water District		4.200			06/01/2018		06/30/2016	A		200,640
250,000	Westlands, CA Water District		5.000			09/01/2021		09/01/2021			295,575
250,000	Westlands, CA Water District		5.000			09/01/2022		09/01/2022			301,568
1,005,000	Westlands, CA Water District		4.000			09/01/2020		09/01/2016	A		1,013,834
12,975,000	Whittier, CA Health Facilities (PIH/IC/IMC/DRMCH Obligated Group)1		4.900			06/01/2026		08/30/2020	A		14,642,028
											157,401,230
Colorado—0.6%
145,000	Arkansas River, CO Power Authority		5.000			10/01/2020		11/16/2018	B		158,266
175,000	CO E-470 Public Highway Authority		5.000			09/01/2017		09/01/2016	A		176,676
100,000	CO E-470 Public Highway Authority		5.250			09/01/2018		01/20/2018	B		108,503
940,000	CO Health Facilities Authority (Evangelical Lutheran Good Samaritan/Good Samaritan Society HCBS Obligated Group)		5.250			06/01/2022		06/30/2016	A		943,243
5,000	CO Water Resources & Power Devel. Authority		4.000			11/01/2017		06/30/2016	A		5,014

24        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Colorado (Continued)
$585,000	Larimer County, CO School District No. R-001 Poudre		7.000	%		12/15/2016		12/15/2016		$	604,744
250,000	Larimer County, CO School District No. R-001 Poudre		7.000			12/15/2016		12/15/2016			258,438
2,940,000	Public Authority for CO (Natural Gas Energy)		5.750			11/15/2018		12/11/2017	B		3,142,448
15,000	Pueblo County, CO GO COP		4.500			12/01/2024		06/30/2016	A		15,048
5,000	Weld County, CO School District RE002		5.000			12/01/2021		06/30/2016	A		5,020
											5,417,400
Connecticut—0.0%
40,000	CT GO		5.000			11/01/2024		11/01/2016	A		40,773
75,000	CT GO		4.750			12/15/2022		12/15/2016	A		76,774
60,000	CT H&EFA (Connecticut State University System Board of Trustees)		4.000			11/01/2019		06/30/2016	A		60,178
10,000	New Haven, CT GO		4.000			02/01/2018		02/01/2017	A		10,173
25,000	Winchester, CT GO		4.500			06/01/2019		06/30/2016	A		25,084
											212,982
District of Columbia—0.2%
625,000	District of Columbia (Kipp Charter School)		5.000			07/01/2023		07/01/2023			720,531
15,000	District of Columbia Ballpark		5.000			02/01/2018		06/30/2016	A		15,084
815,000	District of Columbia GO4		0.951			06/01/2016		06/01/2016			815,000
											1,550,615
Florida—3.2%
250,000	Bay County, FL Water System		5.000			09/01/2018		06/30/2016	A		250,992
210,000	Belle Isle, FL Charter School (Cornerstone Charter Academy & Cornerstone Charter High School Obligated Group)		5.500			10/01/2022		12/24/2019	B		229,792
225,000	Bonaventure, FL Devel. District Special Assessment		5.125			11/01/2022		06/30/2016	A		225,581
200,000	Brevard County, FL Industrial Devel. Revenue (TUFF Florida Tech)		6.000			11/01/2019		07/25/2018	B		209,862
15,000	Cape Coral, FL Wastewater & Irrigation		4.250			07/01/2022		06/30/2016	A		15,024
35,000	Celebration, FL Community Devel. District		5.125			05/01/2020		06/30/2016	A		35,099
35,000	Fishhawk, FL Community Devel. District		5.250			05/01/2018		06/30/2016	A		35,141
100,000	FL Capital Projects Financing Authority (Florida Universities Student Hsg.)		5.125			10/01/2021		10/01/2016	A		99,995
500,000	FL Dept. of Education (Community College)		5.000			07/01/2021		07/01/2016	A		506,990
10,000	FL Dept. of General Services		4.500			09/01/2019		06/30/2016	A		10,035

25        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Florida (Continued)
$15,000	FL Dept. of General Services		4.750	%		09/01/2018		06/30/2016	A	$	15,056
5,000	FL Education System (State of Florida University Hsg. Facility)		4.500			07/01/2019		06/30/2016	A		5,017
75,000	FL Education System (University of Florida Dept. of Hsg. & Residence Education Hsg. System)		5.000			07/01/2019		07/01/2016	A		75,298
5,000	FL Municipal Loan Council		5.000			10/01/2025		06/30/2016	A		5,017
5,000	FL Municipal Loan Council		5.000			05/01/2027		06/30/2016	A		5,018
10,000	FL Municipal Loan Council		4.750			11/01/2021		06/30/2016	A		10,035
25,000	FL Water Pollution Control		4.875			01/15/2017		06/30/2016	A		25,097
55,000	Flagler County, FL School District		5.000			08/01/2018		06/30/2016	A		55,207
50,000	Hernando County, FL School Board		4.875			12/01/2018		06/30/2016	A		50,110
30,000	Hernando County, FL School Board		4.250			07/01/2024		06/30/2016	A		30,050
1,000,000	Highlands County, FL School Board		4.000			03/01/2021		09/01/2016	A		1,008,590
150,000	Hillsborough County, FL Aviation Authority (Tampa International Airport)		6.000			10/01/2017		04/07/2017	B		156,276
65,000	Indian River County, FL Revenue (Spring Training Facility)		5.250			04/01/2017		06/30/2016	A		65,272
3,555,000	Lakeland, FL Hospital System (Lakeland Regional Medical Center/Lakeland Regional Hospital System Obligated Group)		5.000			11/15/2023		11/15/2016	A		3,627,913
10,000	Manatee County, FL School District		4.000			10/01/2017		06/30/2016	A		10,025
50,000	Marion County, FL GO		4.625			08/01/2017		06/30/2016	A		50,181
50,000	Miami, FL (Homeland Defense/ Improvement)		5.000			01/01/2018		01/01/2017	A		51,234
15,755,000	Miami-Dade County, FL Aviation (Miami International Airport) SPEARS		0.570	2		10/01/2041		06/07/2016	A		15,755,000
365,000	Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy)		6.125			09/15/2021		06/29/2019	B		396,726
50,000	Port St. Lucie, FL Community Redevel. Agency		4.250			01/01/2023		06/30/2016	A		50,047
5,000	Port St. Lucie, FL COP (Public Buildings Project)		4.250			09/01/2023		06/30/2016	A		5,008
100,000	Sarasota, FL Special Obligation		1.469	3		11/01/2016		11/01/2016			99,523
10,000	St. Johns County, FL Ponte Vedra Utility System		4.000			10/01/2017		06/30/2016	A		10,022
25,000	Sunrise, FL Special Tax District No. 1		4.875			10/01/2018		06/30/2016	A		25,095
310,000	Sunrise, FL Special Tax District No. 1		4.800			10/01/2017		06/30/2016	A		311,163

26        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Florida (Continued)
$3,850,000	West Palm Beach, FL City Hall		5.000	%		10/01/2026		10/01/2016	A	$	3,906,326
											27,422,817
Georgia—0.4%
100,000	Atlanta & Fulton County, GA Recreation Authority		4.250			12/01/2023		06/30/2016	A		100,319
65,000	GA Municipal Assoc. (Atlanta Detention Center)		5.000			12/01/2023		06/30/2016	A		65,245
35,000	GA Municipal Assoc. (Atlanta Detention Center)		5.000			12/01/2018		06/30/2016	A		35,135
30,000	GA Municipal Electric Authority		5.000			01/01/2023		01/01/2017	A		30,662
575,000	GA Private Colleges & University Authority (Mercer University)		5.000			10/01/2020		10/01/2020			656,386
280,000	GA Private Colleges & University Authority (Spelman College)		5.250			06/01/2021		06/30/2016	A		281,142
500,000	Gilmer County, GA GO		5.000			04/01/2020		04/01/2017	A		518,215
5,000	Gwinnett County, GA Hospital Authority		4.500			10/01/2024		06/30/2016	A		5,017
850,000	Houston County, GA Hospital Authority (Houston Heart Institute)		5.250			10/01/2016		10/01/2016			862,453
555,000	Metropolitan Atlanta, GA Rapid Transit Authority		6.250			07/01/2020		12/09/2017	B		597,557
											3,152,131
Idaho—0.1%
500,000	ID Health Facilities Authority (Partners in Healthcare)		2.500			05/01/2017		05/01/2017			499,725
Illinois—15.5%
11,700,000	Centerpoint, IL Intermodal Center Program		3.490	2		06/15/2023		12/16/2016	A		11,722,815
1,800,000	Chicago, IL Board of Education		5.000			12/01/2025		12/01/2016	A		1,825,290
50,000	Chicago, IL Board of Education		5.000			12/01/2016		06/30/2016	A		50,335
760,000	Chicago, IL Board of Education		5.000			12/01/2023		12/01/2016	A		771,286
325,000	Chicago, IL Board of Education		5.000			12/01/2018		12/01/2016	A		330,414
600,000	Chicago, IL Board of Education		5.000			12/01/2021		12/01/2016	A		609,426
20,975,000	Chicago, IL Board of Education		6.000			01/01/2020		07/28/2018	B		22,401,300
100,000	Chicago, IL Board of Education		5.000			12/01/2022		12/01/2017	A		104,290
555,000	Chicago, IL Board of Education		5.000			12/01/2021		06/30/2016	A		562,565
100,000	Chicago, IL Board of Education		5.250			12/01/2018		06/30/2016	A		101,452
610,000	Chicago, IL Board of Education		5.250			12/01/2020		06/30/2016	A		618,857
400,000	Chicago, IL Board of Education (School Reform)		2.330	3		12/01/2016		12/01/2016			394,856
840,000	Chicago, IL Building Acquisition COP		5.400			01/01/2018		06/30/2016	A		843,268
80,000	Chicago, IL Building Acquisition COP		5.400			01/01/2019		06/30/2016	A		80,304
45,000	Chicago, Il GO		5.000			01/01/2025		06/30/2016	A		45,394
5,000	Chicago, IL GO		4.250			01/01/2025		06/30/2016	A		5,014
100,000	Chicago, IL GO		5.000			01/01/2020		06/30/2016	A		100,370

27        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Illinois (Continued)
$195,000	Chicago, IL GO		5.000	%		01/01/2021		06/30/2016	A	$	195,721
1,105,000	Chicago, IL GO		5.000			01/01/2018		01/01/2017	A		1,123,199
275,000	Chicago, IL GO		5.250			01/01/2024		01/01/2018	A		287,493
11,835,000	Chicago, IL GO		5.000			01/01/2019		06/30/2016	A		11,864,706
200,000	Chicago, IL GO		5.000			01/01/2018		06/30/2016	A		200,740
25,000	Chicago, IL GO		5.000			01/01/2020		06/30/2016	A		25,209
100,000	Chicago, IL GO		5.000			12/01/2021		12/01/2016	A		102,000
15,000	Chicago, IL GO		5.000			01/01/2026		06/30/2016	A		15,057
2,000,000	Chicago, IL GO		5.000			12/01/2024		12/01/2016	A		2,040,000
4,925,000	Chicago, IL GO		5.000			01/01/2021		06/30/2016	A		4,966,222
1,000,000	Chicago, IL GO		5.000			01/01/2022		01/01/2018	A		1,042,680
35,000	Chicago, IL GO		5.000			01/01/2023		06/30/2016	A		35,293
470,000	Chicago, IL GO		5.000			01/01/2024		06/30/2016	A		473,934
495,000	Chicago, IL GO		5.000			01/01/2026		06/30/2016	A		499,336
5,000	Chicago, IL GO		5.000			01/01/2022		06/30/2016	A		5,042
10,000	Chicago, IL GO		5.000			01/01/2024		06/30/2016	A		10,088
100,000	Chicago, IL O’Hare International Airport		5.000			01/01/2020		01/01/2017	A		102,480
2,185,000	Chicago, IL Public Building Commission (Chicago School Reform)		5.250			12/01/2016		12/01/2016			2,213,034
150,000	Chicago, IL Sales Tax		5.000			01/01/2024		06/30/2016	A		152,139
170,000	Chicago, IL Sales Tax		5.000			01/01/2022		06/30/2016	A		172,424
100,000	Chicago, IL Sales Tax		5.000			01/01/2019		06/30/2016	A		101,426
110,000	Chicago, IL State University (Auxiliary Facilities System)		5.000			12/01/2018		06/30/2016	A		110,400
250,000	Chicago, IL Transit Authority Capital Grant Receipts		5.000			06/01/2016		06/01/2016			250,000
250,000	Chicago, IL Waterworks		5.000			11/01/2024		11/01/2016	A		254,347
190,000	Chicago, IL Waterworks		5.000			11/01/2023		11/01/2016	A		193,321
975,000	Cook County, IL GO		5.000			11/15/2026		06/30/2016	A		978,578
4,350,000	Cook County, IL GO		5.000			11/15/2019		06/30/2016	A		4,365,964
150,000	Country Club Hills, IL Sales Tax		5.000			12/01/2020		06/30/2016	A		150,532
35,000	Du Page County, IL Community Unit School District No. 200 Wheaton-Warronville		4.125			10/01/2021		10/01/2016	A		35,390
80,000	East Dundee, IL Tax Increment (Route 25 South Redevel.)		5.250			12/01/2022		12/01/2021	A		81,981
105,000	Eastern Illinois University (Auxiliary Facilities System)		4.125			04/01/2022		06/30/2016	A		105,240
5,000	Eastern Illinois University (Auxiliary Facilities System)		3.850			04/01/2017		06/30/2016	A		5,012
25,000	Forest Park, IL GO		4.850			12/01/2016		06/30/2016	A		25,081
1,565,000	IL Civic Center		6.250			12/15/2020		01/30/2019	B		1,702,548
5,000	IL COP1		6.375			07/01/2017		06/30/2016	A		5,014
5,000	IL COP		5.800			07/01/2017		06/30/2016	A		5,013
1,000,000	IL Finance Authority (Rehabilitation Institute of Chicago)		5.000			07/01/2022		07/01/2022			1,178,870

28        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	Illinois (Continued)
	$1,540,000	IL Finance Authority (Rehabilitation Institute of Chicago)		5.000	%		07/01/2021		07/01/2021		$	1,783,613
	1,000,000	IL Finance Authority (Rehabilitation Institute of Chicago)		5.000			07/01/2023		07/01/2023			1,196,490
	150,000	IL GO		5.000			04/01/2021		06/30/2016	A		151,155
	4,000,000	IL GO		5.000			11/01/2026		06/30/2016	A		4,030,800
	260,000	IL GO		5.000			11/01/2023		06/30/2016	A		262,002
	70,000	IL GO		5.000			09/01/2023		06/30/2016	A		70,539
	4,200,000	IL GO		5.000			10/01/2017		06/30/2016	A		4,212,684
	65,000	IL GO		5.000			10/01/2016		06/30/2016	A		65,211
	30,000	IL GO		5.000			06/01/2019		06/30/2016	A		30,104
	25,000	IL GO		5.000			10/01/2018		06/30/2016	A		25,193
	555,000	IL GO		5.000			10/01/2019		06/30/2016	A		559,274
	50,000	IL GO		5.000			09/01/2026		06/30/2016	A		50,385
	30,000	IL GO		5.000			03/01/2018		06/30/2016	A		30,231
	145,000	IL GO		5.000			03/01/2022		06/30/2016	A		145,438
	25,000	IL GO		5.000			09/01/2019		06/30/2016	A		25,193
	1,150,000	IL GO		5.000			03/01/2019		06/30/2016	A		1,158,855
	15,000	IL Health Facilities Authority (Michael Reese Hospital & Medical Center)		7.600			02/15/2019		07/31/2016	A		16,573
	365,000	IL Hsg. Devel. Authority		4.625			07/01/2023		07/01/2017	A		377,089
	20,000	IL Hsg. Devel. Authority (Homeowner Mtg.)		3.625			08/01/2016		08/01/2016			20,064
	150,000	IL Medical District COP		5.000			06/01/2022		06/30/2016	A		150,261
	2,795,000	IL Regional Transportation Authority		5.000			07/01/2022		07/01/2016	A		2,805,425
	630,000	Kankakee & Will Counties, IL Community Unit School District No. 5		4.125			12/01/2026		06/01/2017	A		645,769
	580,000	Kankakee & Will Counties, IL Community Unit School District No. 5		4.125			12/01/2024		06/01/2017	A		595,921
	4,000,000	Kendall County, IL Forest Preserve District		5.250			01/01/2023		01/01/2018	A		4,235,080
	10,000,000	Kendall Kane & Will Counties, IL Community Unit School District No. 308		5.000			02/01/2026		02/01/2017	A		10,293,600
	190,000	La Salle & DeKalb Counties, IL Community Unit School District No. 1		4.100			12/30/2017		07/04/2017	B		195,457
	45,000	Lake County, IL School District No. 38 (Big Hallow)		3.481	3		02/01/2017		02/01/2017			44,555
	500,000	Lansing, IL GO		4.000			03/01/2018		03/01/2018			524,735
	1,000,000	Lemont, IL GO		4.850			12/01/2016		06/30/2016	A		1,003,590
	310,000	Matteson, IL Waterworks		4.000			12/01/2019		06/30/2016	A		310,487
	225,000	Riverdale, IL GO		4.500			01/01/2017		06/30/2016	A		225,621

29        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Illinois (Continued)
	$150,000	Riverdale, IL GO		4.800%		01/01/2023		06/30/2016	A	$	150,255
	300,000	Saint Clair County, IL School District No. 189 East Saint Louis		5.100		01/01/2020		01/01/2020			299,589
	100,000	Southwestern IL Devel. Authority (Belleville Township)		4.000		10/01/2018		06/30/2016	A		100,234
	260,000	Southwestern, IL Devel. Authority (Granite City)		5.250		03/01/2023		11/12/2016	A		271,505
	14,000,000	University of Illinois (Utility Infrastructure)		1.000 2		08/15/2021		06/07/2016	A		14,000,000
	1,020,000	University of Illinois Board of Trustees COP		5.250		10/01/2026		10/01/2017	A		1,075,366
	2,110,000	University of Illinois Board of Trustees COP		5.250		10/01/2022		10/01/2017	A		2,229,468
	370,000	University Park IL (Village of University Park Illinois)		4.100		12/01/2017		06/30/2016	A		371,077
	385,000	University Park IL (Village of University Park Illinois)		4.200		12/01/2018		06/30/2016	A		386,151
	280,000	University Park IL (Village of University Park Illinois)		4.250		12/01/2017		06/30/2016	A		280,703
	70,000	University Park IL (Village of University Park Illinois)		4.250		12/01/2018		06/30/2016	A		70,155
	700,000	Western IL EDA (Jacksonville School District No. 117)		2.000		01/01/2018		01/01/2018			710,304
	350,000	Will & Kendall Counties, IL Community Consolidated School District No. 202		4.250		01/01/2019		07/01/2016	A		351,085
	750,000	Will County, IL School District No. 88A Richland		4.100		10/01/2025		10/01/2019	A		799,418
											131,979,454
	Indiana—1.2%
	890,000	Gary Chicago, IN International Airport Authority		5.500		02/01/2025		02/01/2019	A		953,920
	1,000,000	Hammond, IN Local Public Improvement District		5.000		02/01/2024		02/01/2018	A		1,044,410
	3,000,000	IN Bond Bank Special Program Floaters		0.740 2		04/15/2018		06/07/2016	A		3,000,000
	3,000,000	Indianapolis, IN Local Public Improvement Bond Bank (Nos Innovation Partners) PUTTERS		0.680 2		02/01/2019		06/07/2016	A		3,000,000
	1,550,000	Jasper County, IN Pollution Control (Northern Indiana Public Service Company)		5.600		11/01/2016		11/01/2016			1,578,458
	615,000	Merrillville, IN Economic Devel. (Belvedere Hsg.)		5.050		04/01/2026		06/11/2023	B		621,131
	100,000	Plainfield, IN Elementary School Building		5.000		07/15/2017		07/15/2016	A		100,543
											10,298,462

30        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Iowa—0.1%
	$265,000	Carlisle, IA Community School District		4.000%		05/01/2022		06/30/2016	A	$	265,474
	100,000	Des Moines, IA Stormwater Utility		4.000		06/01/2023		06/30/2016	A		100,305
	15,000	IA HFA (Multifamily Hsg.)		6.000		04/01/2021		10/01/2016	A		15,185
	130,000	Keokuk, IA Hospital Facility (Keokuk Area Hospital)		5.250		12/01/2021		06/30/2016	A		130,524
											511,488
	Kansas—0.0%
	35,000	Johnson County, KS GO		4.000		09/01/2017		06/30/2016	A		35,106
	70,000	KS Devel. Finance Authority (Emporia State University)		4.200		04/01/2021		06/30/2016	A		70,223
											105,329
	Kentucky—3.6%
	460,000	Corbin, KY Independent School District		2.000		02/01/2018		02/01/2018			467,517
	30,200,000	KY EDFA (Catholic Health Initiatives)		0.550 2		05/01/2034		06/07/2016	A		30,200,000
	10,000	KY Rural Water Finance Corp.		4.750		02/01/2028		06/30/2016	A		10,034
											30,677,551
	Louisiana—2.3%
	18,560,000	LA Local Government EF&CD Authority (Woman’s Hospital Foundation) SPEARS		0.590 2		10/01/2040		06/07/2016	A		18,560,000
	1,000,000	LA Public Facilities Authority (Nineteenth Judicial District Court Building)		4.500		06/01/2021		06/01/2017	A		1,038,520
	390,000	Monroe, LA Sales Tax		3.000		03/01/2020		06/30/2016	A		390,460
											19,988,980
	Maine—0.0%
	25,000	ME H&HEFA (Central Maine Medical Center)		4.400		07/01/2025		06/30/2016	A		25,043
	75,000	ME H&HEFA (FMemH / HDGH / MCOTA / MDIH / PBMC / 75SS Obligated Group)		5.000		07/01/2021		07/01/2016	A		75,293
											100,336
	Maryland—0.0%
	225,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)		4.400		07/01/2021		06/30/2016	A		225,556
	50,000	MD H&HEFA (Johns Hopkins Health System)		4.987 3		07/01/2019		12/31/2017	B		43,257
	50,000	Montgomery County, MD Hsg. Opportunities Commission (Single Family Mtg.)		4.050		07/01/2016		06/30/2016	A		50,137
	50,000	Prince Georges County, MD IDA (Upper Marlboro Justice)		4.250		06/30/2019		06/30/2016	A		50,162
											369,112

31        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	Massachusetts—1.0%
	$10,000	Clinton, MA GO		4.750	%		03/15/2017		06/30/2016	A	$	10,037
	250,000	MA Devel. Finance Agency (Avon Association)		5.000			04/01/2018		04/01/2018			263,685
	345,000	MA Devel. Finance Agency (Lawrence General Hospital)		5.000			07/01/2018		07/01/2018			364,813
	32,459	MA Devel. Finance Agency (Linden Ponds)		6.250			11/15/2018		05/03/2018	B		32,765
	735,000	MA Devel. Finance Agency (Wheelock College)		5.000			10/01/2017		04/07/2017	B		753,559
	190,000	MA H&EFA (Harvard Pilgrim Health Care/Pilgrim Health Care Obligated Group)		4.750			07/01/2022		06/30/2016	A		190,509
	40,000	MA Ralph C. Mahar Regional School District		4.000			08/01/2019		06/30/2016	A		40,521
	50,000	MA Ralph C. Mahar Regional School District		4.000			08/01/2018		06/30/2016	A		50,652
	4,000,000	MA School Building Authority		5.000			08/15/2025		08/15/2022	A		4,870,120
	1,750,000	MA Special Obligation4		1.854			01/01/2018		07/01/2016	A		1,778,035
	100,000	MA Special Obligation (Consolidated Loan)4		3.396			06/01/2017		06/02/2016	A		102,209
	20,000	Revere, MA GO		4.000			06/15/2016		06/15/2016			20,028
												8,476,933
	Michigan—4.3%
	400,000	Allen Park, MI GO		4.000			04/01/2020		06/30/2016	A		401,032
	400,000	Charyl Stockwell Academy, MI Public School Academy		4.875			10/01/2023		06/29/2020	B		411,648
	4,000,000	Detroit, MI City School District Floaters		0.650	2		05/01/2032		06/07/2016	A		4,000,000
	345,000	Detroit, MI Downtown Devel. Authority		3.175	3		07/01/2016		07/01/2016			344,238
	2,325	Detroit, MI GO		4.000			04/01/2017		04/01/2017			2,321
	9,300	Detroit, MI GO		5.250			04/01/2017		06/30/2016	A		9,337
	69,750	Detroit, MI GO		5.000			04/01/2017		06/30/2016	A		69,921
	2,325	Detroit, MI GO		5.250			04/01/2019		06/30/2016	A		2,334
	31,000	Detroit, MI GO		5.250			04/01/2019		06/30/2016	A		31,125
	869,550	Detroit, MI GO		5.000			04/01/2020		06/30/2016	A		870,341
	50,000	Detroit, MI Sewer Disposal System		5.739	3		07/01/2018		07/01/2018			46,765
	515,000	Detroit, MI Sewer Disposal System		5.500			07/01/2017		07/01/2017			540,596
	110,000	Detroit, MI Sewer Disposal System		5.000			07/01/2022		07/01/2016	A		110,376
	25,000	Detroit, MI Sewer Disposal System		5.500			07/01/2016		07/01/2016			25,098
	100,000	Detroit, MI Sewer Disposal System		5.250			07/01/2016		07/01/2016			100,370
	50,000	Detroit, MI Sewer Disposal System		5.000			07/01/2017		07/01/2016	A		50,172
	50,000	Detroit, MI Sewer Disposal System		5.250			07/01/2019		07/01/2017	A		51,985
	50,000	Detroit, MI Water Supply System		4.800			07/01/2018		07/01/2018			53,875
	530,000	Detroit, MI Water Supply System		5.000			07/01/2026		07/01/2016	A		531,813
	435,000	Detroit, MI Water Supply System		5.000			07/01/2022		07/01/2016	A		436,488
	600,000	Detroit, MI Water Supply System		5.000			07/01/2025		07/01/2016	A		602,052
	20,000	Detroit, MI Water Supply System		5.000			07/01/2024		07/01/2016	A		20,068

32        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	Michigan (Continued)
	$1,000,000	Detroit, MI Water Supply System		5.000	%		07/01/2018		07/01/2016	A	$	1,003,410
	160,000	Elba, MI GO		4.125			05/01/2017		11/01/2016	A		162,219
	100,000	Highland Park, MI Building Authority		7.750			05/01/2018		11/17/2017	B		109,441
	690,000	Lapeer, MI GO		5.000			12/01/2017		06/02/2017	B		715,364
	380,250	MI Finance Authority (City of Detroit)		5.000			04/01/2017		06/30/2016	A		381,182
	4,740,450	MI Finance Authority (City of Detroit)		5.000			04/01/2020		06/30/2016	A		4,742,014
	12,675	MI Finance Authority (City of Detroit)		4.000			04/01/2017		04/01/2017			12,654
	12,675	MI Finance Authority (City of Detroit)		5.250			04/01/2019		06/30/2016	A		12,726
	2,300,000	MI Finance Authority (Detroit School District)		4.750			06/01/2016		06/01/2016			2,300,000
	11,150,000	MI Finance Authority (Detroit School District)		5.500			06/01/2021		12/25/2019	B		11,983,909
	3,325,000	MI Finance Authority (Detroit School District)		5.000			06/01/2016		06/01/2016			3,325,000
	169,000	MI Finance Authority (Detroit)		5.000			04/01/2018		06/30/2016	A		169,402
	995,000	MI Hsg. Devel. Authority, Series A		4.750			10/01/2019		01/12/2018	A		1,054,471
	570,000	Muskegon Heights, MI Water System		4.000			11/01/2026		11/01/2016	A		574,400
	100,000	Taylor, MI School District		4.250			05/01/2022		06/30/2016	A		100,313
	10,000	Taylor, MI School District		4.125			05/01/2019		06/30/2016	A		10,030
	155,000	Wayne County, MI Building Authority		5.250			06/01/2016		06/01/2016			155,000
	1,115,000	Wayne County, MI Downriver Sewer Disposal		5.125			11/01/2018		11/01/2016	A		1,128,246
	375,000	Wayne, MI GO		4.400			10/01/2021		10/01/2016	A		376,174
												37,027,910
	Minnesota—0.2%
	355,000	Minneapolis, MN Multifamily Hsg.		3.000			01/01/2018		07/01/2016	A		355,018
	835,000	St. Paul, MN Hsg. & Redevel. Authority (Higher Ground Academy)		5.000			12/01/2018		12/11/2017	B		885,718
	205,000	Woodbury, MN Charter School (MSA Building Company)		3.650			12/01/2020		12/01/2020			215,459
	100,000	Woodbury, MN Charter School (MSA Building Company)		2.900			12/01/2017		12/01/2017			101,561
	180,000	Woodbury, MN Charter School (MSA Building Company)		2.650			12/01/2016		12/01/2016			180,848
												1,738,604
	Mississippi—0.4%
	50,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)		5.500			07/01/2021		07/05/2016	A		50,233
	1,895,000	MS Devel. Bank (Biloxi)		4.500			11/01/2019		11/01/2016	A		1,924,979

33        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	Mississippi (Continued)
	$800,000	MS Devel. Bank (Jackson Water & Sewer System)		5.250	%		12/01/2022		12/01/2022		$	980,728
	135,000	Parkway East, MS Public Improvement District		4.250			05/01/2020		06/30/2016	A		135,077
												3,091,017
	Missouri—1.6%
	515,000	Brentwood, MO Tax Increment (Hanley Stadium Redevel.)		3.200			11/01/2021		02/24/2018	B		521,077
	2,215,000	MO Devel. Finance Board (Branson Landing)1		6.000			06/01/2020		02/03/2019	B		2,388,257
	70,000	MO Environmental Improvement & Energy Resources Authority		5.500			07/01/2019		06/30/2016	A		70,307
	10,000	MO Environmental Improvement & Energy Resources Authority		7.200			07/01/2016		06/30/2016	A		10,056
	40,000	MO Environmental Improvement & Energy Resources Authority		5.000			01/01/2020		06/30/2016	A		40,159
	25,000	MO Environmental Improvement & Energy Resources Authority		5.375			01/01/2017		06/30/2016	A		25,107
	150,000	MO Monarch-Chesterfield Levee District		5.750			03/01/2019		06/30/2016	A		150,645
	9,980,000	St. Louis, MO Airport (Lambert- St. Louis International Airport) Floaters		0.580	2		07/01/2026		06/07/2016	A		9,980,000
	240,000	Union, MO R-XI School District COP		4.500			03/01/2017		06/30/2016	A		240,612
												13,426,220
	Nebraska—0.0%
	50,000	Lincoln, NE (Antelope Valley)		5.000			09/15/2016		06/30/2016	A		50,201
	Nevada—1.2%
	1,150,000	Boulder City, NV Utility		5.000			09/01/2017		09/01/2016	A		1,163,501
	1,340,000	Clark County, NV Improvement District (Caesars Palace Realty Corp./Parball Corp. Obligated Group)		4.500			08/01/2025		08/01/2017	A		1,394,726
	140,000	Clark County, NV School District		5.000			06/15/2021		06/15/2018	A		151,558
	2,000,000	Clark County, NV School District		3.500			06/15/2024		06/15/2017	A		2,049,920
	1,045,000	North Las Vegas, NV GO		5.000			05/01/2021		06/30/2016	A		1,046,411
	1,500,000	North Las Vegas, NV Wastewater Reclamation System		5.000			10/01/2023		10/01/2016	A		1,506,720
	1,000,000	North Las Vegas, NV Wastewater Reclamation System		5.000			10/01/2022		10/01/2016	A		1,004,680
	1,105,000	North Las Vegas, NV Wastewater Reclamation System		5.000			10/01/2021		10/01/2016	A		1,111,055
	650,000	Reno, NV Hospital (Renown Regional Medical Center/Renown Network Services Obligated Group)		5.500			06/01/2023		06/01/2018	A		706,940

34        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	Nevada (Continued)
	$10,000	Reno, NV Redevel. Agency (Downtown Redevel.)		5.000	%		09/01/2017		06/30/2016	A	$	10,030
												10,145,541
	New Jersey—9.1%
	1,000,000	Atlantic City, NJ GO		4.000			08/01/2016		08/01/2016			1,002,860
	600,000	Atlantic City, NJ GO		5.500			02/15/2017		02/15/2017			610,440
	425,000	Bound Brook Boro, NJ GO		4.000			02/15/2020		02/15/2018	A		447,810
	100,000	Branchburg Township, NJ Board of Education		4.250			07/15/2026		07/15/2016	A		100,454
	2,525,000	Casino Reinvestment Devel. Authority of NJ		5.250			01/01/2019		06/30/2016	A		2,558,658
	1,500,000	Casino Reinvestment Devel. Authority of NJ		5.250			01/01/2024		06/30/2016	A		1,519,110
	3,515,000	Casino Reinvestment Devel. Authority of NJ		5.000			11/01/2023		11/01/2023			3,815,251
	155,000	Casino Reinvestment Devel. Authority of NJ		5.125			01/01/2017		06/30/2016	A		157,100
	25,000	Casino Reinvestment Devel. Authority of NJ		5.000			06/01/2016		06/01/2016			25,000
	25,000	Casino Reinvestment Devel. Authority of NJ		5.250			06/01/2018		06/30/2016	A		25,086
	145,000	Casino Reinvestment Devel. Authority of NJ		5.250			06/01/2019		06/30/2016	A		145,486
	260,000	Gloucester County, NJ Utilities Authority		4.250			01/01/2021		06/30/2016	A		260,824
	100,000	Greater Egg Harbor, NJ Regional High School		4.125			08/01/2019		08/01/2016	A		100,600
	375,000	Hudson County, NJ Improvement Authority (Weehawkeip-Baldwin Avenue)		4.125			07/01/2016		06/30/2016	A		376,069
	100,000	Jefferson City, NJ GO		4.250			08/01/2016		08/01/2016			100,575
	20,000	Lindenwold, NJ GO		4.050			12/01/2016		06/30/2016	A		20,059
	150,000	Lyndhurst, NJ GO		4.700			05/01/2017		06/30/2016	A		150,552
	700,000	Neptune City, NJ School District		4.200			07/15/2026		07/15/2016	A		703,143
	645,000	Neptune City, NJ School District		4.125			07/15/2024		07/15/2016	A		647,838
	500,000	Newark, NJ GO		5.000			07/15/2019		07/15/2019	��		537,185
	500,000	Newark, NJ GO		5.000			07/15/2018		07/15/2018			528,580
	500,000	Newark, NJ GO		5.000			07/15/2017		07/15/2017			516,385
	315,000	Newark, NJ GO		5.000			07/15/2016		07/15/2016			316,197
	335,000	Newark, NJ GO		5.000			07/15/2019		07/15/2019			359,914
	330,000	Newark, NJ GO		5.000			07/15/2018		07/15/2018			348,863
	325,000	Newark, NJ GO		5.000			07/15/2017		07/15/2017			335,650
	75,000	NJ EDA		5.000			06/15/2016		06/15/2016			75,108
	7,660,000	NJ EDA (Motor Vehicle Surcharges)		5.250			07/01/2025		07/01/2025			9,118,770
	10,000	NJ EDA (Motor Vehicle Surcharges)		4.500			07/01/2024		06/30/2016	A		10,035
	5,000	NJ EDA (Municipal Loan Pool)		4.300			11/15/2016		06/30/2016	A		5,017
	15,000	NJ EDA (Municipal Loan Pool)		4.625			11/15/2020		06/30/2016	A		15,053

35        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	New Jersey (Continued)
	$10,000,000	NJ EDA (Port Newark Container Terminal)		0.700	%2		07/01/2030		06/07/2016	A	$	10,000,000
	250,000	NJ EDA (School Facilities Construction)		2.207	2		02/01/2018		07/01/2016	A		252,602
	2,000,000	NJ EDA (School Facilities Construction)		5.000			03/01/2023		03/01/2023			2,199,120
	6,000,000	NJ EDA (School Facilities Construction)		5.500			09/01/2024		09/01/2024			6,914,940
	3,010,000	NJ EDA (School Facilities Construction)		5.500			09/01/2023		09/01/2023			3,570,853
	1,000,000	NJ Educational Facilities Authority (Higher Education)		5.000			06/15/2026		06/15/2024	A		1,100,900
	95,000	NJ Educational Facilities Authority (Higher Education)		5.000			09/01/2019		06/30/2016	A		95,370
	150,000	NJ Educational Facilities Authority (Higher Education)		4.250			09/01/2018		09/01/2016	A		151,458
	300,000	NJ Educational Facilities Authority (Higher Education)		5.000			09/01/2016		06/30/2016	A		302,676
	85,000	NJ Educational Facilities Authority (University of Medicine and Dentistry of New Jersey)		6.000			12/01/2017		06/28/2017	B		89,502
	10,000	NJ Health Care Facilities Financing Authority (RWJHCCH / RWJUHH Obligated Group)		4.125			07/01/2020		06/30/2016	A		10,020
	10,000	NJ Hsg. & Mtg. Finance Agency		4.375			11/01/2019		06/30/2016	A		10 ,025
	15,000	NJ Sports & Expositions Authority		4.125			09/01/2018		06/30/2016	A		15,047
	50,000	NJ Sports & Expositions Authority		4.000			09/01/2016		06/30/2016	A		50,159
	500,000	NJ State Building Authority		5.000			06/15/2024		06/15/2016	A		500,880
	20,000	NJ Tobacco Settlement Financing Corp.		4.625			06/01/2026		06/01/2017	A		20,204
	105,000	NJ Tobacco Settlement Financing Corp.		4.500			06/01/2023		06/01/2017	A		106,775
	25,200,000	NJ Tobacco Settlement Financing Corp.		5.303	3		06/01/2041		06/01/2017	A		6,674,724
	3,850,000	NJ Tobacco Settlement Financing Corp.		5.389	3		06/01/2041		06/01/2017	A		1,007,122
	1,370,000	NJ Transportation Trust Fund Authority		5.250			12/15/2023		12/15/2023			1,622,724
	405,000	NJ Transportation Trust Fund Authority		5.500			12/15/2016		12/15/2016			415,307
	200,000	NJ Transportation Trust Fund Authority		5.500			12/15/2017		12/15/2017			212,594
	12,160,000	NJ Transportation Trust Fund Authority		5.500			12/15/2019		12/15/2019			13,566,304
	1,645,000	NJ Transportation Trust Fund Authority		5.000			06/15/2025		06/15/2022	A		1,853,454
	30,000	Passaic Valley, NJ Sewage Commissioners		5.000			12/01/2020		06/30/2016	A		30,110
	950,000	Paterson, NJ GO		3.500			03/15/2017		03/15/2017			965,931

36        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	New Jersey (Continued)
	$260,000	South Jersey, NJ Port Corp.		3.000	%		01/01/2017		01/01/2017		$	262,985
	325,000	Trenton, NJ Parking Authority		3.000			04/01/2025		06/30/2016	A		325,205
												77,260,663
	New Mexico—0.1%
	210,000	Farmington, NM Hospital (San Juan Regional Medical Center)		5.000			06/01/2023		06/30/2016	A		210,729
	665,000	University of New Mexico1		6.000			06/01/2021		03/31/2019	B		737,006
												947,735
	New York—5.9%
	455,000	Albany, NY IDA (Sage Colleges)		5.250			04/01/2019		04/13/2018	B		452,620
	2,375,000	Buffalo & Erie County, NY Industrial Land Devel. (Medaille College)		5.000			04/01/2022		11/23/2019	B		2,499,878
	750,000	Dutchess County, NY IDA (Bard College)		5.000			08/01/2022		08/01/2017	A		756,210
	500,000	Jefferson County, NY IDA Solid Waste Disposal (Reenergy Black River LLC)		4.750			01/01/2020		10/15/2018	B		501,975
	150,000	L.I., NY Power Authority, Series A1		5.000			12/01/2026		06/30/2016	A		150,570
	40,000	Miller Place, NY Union Free School District		4.125			06/15/2016		06/15/2016			40,055
	3,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.250	5		06/01/2026		06/30/2016	A		3,002,430
	1,500,000	NY MTA, Series O		5.500			07/01/2017		12/19/2016	B		1,537,845
	645,000	NY Triborough Bridge & Tunnel Authority		5.500			01/01/2017		01/01/2017	A		663,466
	9,070,000	NYC GO		5.000			10/01/2022		10/01/2022			11,028,394
	70,000	NYC GO4		2.922			08/01/2017		08/01/2016	A		71,073
	6,455,000	NYC GO		5.000			08/01/2022		08/01/2021	A		7,731,541
	580,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		5.375			11/01/2016		11/01/2016			584,820
	15,000,000	NYC Transitional Finance Authority (Future Tax)		0.570	2		08/01/2023		06/07/2016	A		15,000,000
	1,385,000	NYS DA (ALIA-PSCH)1		4.800			12/01/2023		12/20/2020	B		1,428,018
	20,000	NYS DA (Brookdale Family Care Centers/Urban Strategies- Brookdale Family Care Center Obligated Group)		4.000			11/15/2017		06/30/2016	A		20,060
	745,000	NYS DA (City University)		5.625			07/01/2016		07/01/2016			748,151
	5,000	NYS DA (Special Act School Districts)		6.000			07/01/2019		06/30/2016	A		5,023
	2,365,000	NYS UDC (State Facilities)		5.700			04/01/2020		10/26/2018	B		2,610,109
	100,000	Poughkeepsie City, NY GO		4.000			03/15/2019		06/30/2016	A		100,240
	100,000	Ramapo, NY GO		4.000			08/01/2021		08/01/2016	A		100,588
	50,000	Ramapo, NY GO		4.000			08/01/2020		08/01/2016	A		50,296
	910,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		6.200			12/01/2017		06/02/2017	B		909,445

37        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	New York (Continued)
	$30,000	Suffolk County, NY IDA (Dowling College)6		6.700	%		12/01/2020		01/18/2019	B	$	18,000
	20,000	West Islip, NY Union Free School District		4.000			10/01/2019		06/30/2016	A		20,059
	310,000	Yonkers, NY IDA (St. John’s Riverside Hospital)		6.800			07/01/2016		06/30/2016	A		311,249
												50,342,115
	North Carolina—0.0%
	250,000	NC Medical Care Commission (Catholic Health East)		5.250			11/15/2022		05/15/2017	A		260,353
	North Dakota—0.3%
	1,690,000	Underwood, ND Loan Anticipation		1.000			09/01/2016		09/01/2016			1,689,882
	415,000	Williston, ND GO		1.000			05/01/2017		05/01/2017			414,788
	80,000	Williston, ND Sales Tax		3.000			05/01/2020		06/30/2016	A		80,082
												2,184,752
	Ohio—1.5%
	150,000	Akron, OH Sewer System		5.000			12/01/2017		12/01/2017			158,502
	10,000	Cleveland, OH Public Power System (Dept. of Public Utilities Division of Public Power)		5.000			11/15/2019		11/15/2016	A		10,202
	6,730,000	Cleveland, OH Waterworks (Dept. of Public Utilities Division)		5.500			01/01/2021		02/09/2019	B		7,458,119
	2,000,000	Lancaster, OH Port Authority		0.594	2		08/01/2016		07/01/2016	A		2,000,200
	90,000	Lorain, OH Urban Renewal		4.250			12/01/2017		12/01/2016	A		91,407
	2,410,000	OH Higher Educational Facility Commission (Hiram College)		6.000			10/01/2021		08/21/2018	A		2,475,600
	75,000	OH University of Toledo		5.000			06/01/2018		12/01/2016	A		76,519
	110,000	Solon, OH School District		5.500			12/01/2016		12/01/2016			112,631
	395,000	Youngstown, OH GO		4.000			12/01/2019		12/01/2016	A		399,436
												12,782,616
	Oklahoma—0.4%
	2,490,000	OK Devel. Finance Authority (Haverland Carter Lifestyle Group/La Vida Llena/Sommerset Neighborhood Obligated Group)		5.000			07/01/2025		09/22/2022	B		2,849,282
	210,000	OK Municipal Power Authority		5.750			01/01/2024		08/22/2019	B		242,197
	225,000	Tulsa, OK Industrial Authority (University of Tulsa)		6.000			10/01/2016		10/01/2016			229,080
												3,320,559
	Oregon—0.7%
	5,000	Mount Hood, OR Community College District		4.900			07/15/2016		06/30/2016	A		5,020
	4,360,000	Port of Morrow, OR Pollution Control (Idaho Power Company)		0.065	2		02/01/2027		06/07/2016	A		4,360,000
	1,500,000	Tri-County, OR Metropolitan Transportation District		3.000			11/01/2016		06/30/2016	A		1,503,195

38        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	Oregon (Continued)
	$10,000	Umatilla County, OR Hospital Finance Authority (Catholic Health Initiatives)		5.500	%		03/01/2022		06/30/2016	A	$	10,042
	20,000	Umatilla County, OR Hospital Finance Authority (Catholic Health Initiatives)		5.000			05/01/2022		06/30/2016	A		20,076
	100,000	Umatilla County, OR School District No. 61 (Stanfield)		3.950			06/15/2018		06/30/2016	A		100,257
												5,998,590
	Other Territory—0.7%
	5,000,000	Public Hsg. Capital Fund Multi- State Revenue Trust I SPEARS		0.950	2		12/01/2029		06/07/2016	A		5,000,000
	787,015	Public Hsg. Capital Fund Multi- State Revenue Trust III		5.000			07/01/2022		07/01/2022			815,709
												5,815,709
	Pennsylvania—4.9%
	150,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)		4.750			05/01/2025		05/01/2017	A		154,411
	250,000	Allegheny County, PA HEBA (Carlow University)		4.500			11/01/2016		11/01/2016			251,582
	85,000	Dauphin County, PA General Authority (PHH/PHS/PHMS Obligated Group)1		5.250			06/01/2017		06/01/2017	B		86,688
	1,000,000	Delaware Valley, PA Regional Financial Authority		5.750			07/01/2017		07/01/2017			1,052,050
	3,100,000	Erie County, PA Hospital Authority (St. Vincent’s Health)		7.000			07/01/2027		07/01/2020	A		3,308,010
	260,000	Erie, PA Higher Education Building Authority (Mercyhurst College)		4.750			03/15/2020		06/30/2016	A		260,541
	365,000	Hazleton, PA GO		4.100			12/01/2019		06/30/2016	A		366,095
	355,000	Hazleton, PA GO		4.050			12/01/2018		06/30/2016	A		356,029
	345,000	Hazleton, PA GO		4.000			12/01/2017		06/30/2016	A		346,007
	200,000	Lancaster County, PA Hospital Authority (St. Anne’s Retirement Community)		3.750			04/01/2017		04/01/2017			202,350
	2,075,000	Luzerne County, PA GO		5.000			05/15/2022		05/15/2022			2,398,492
	2,260,000	Luzerne County, PA GO		5.000			05/15/2023		05/15/2023			2,649,466
	1,585,000	Luzerne County, PA GO		7.000			11/01/2018		11/29/2017	B		1,708,297
	2,795,000	Luzerne County, PA GO		5.000			11/15/2023		11/15/2023			3,287,088
	300,000	Mercer, PA Area School District		3.500			07/15/2026		07/15/2016	A		301,095
	675,000	Mid Valley, PA School District		3.625			03/15/2018		03/15/2017	A		687,575
	150,000	Montgomery County, PA IDA (Haverford School)		4.000			03/15/2023		06/30/2016	A		150,440
	650,000	PA Convention Center Authority		6.000			09/01/2019		09/15/2018	B		719,570
	2,750,000	PA EDFA (US Airways Group)		8.000			05/01/2029		05/01/2020	A		3,227,208
	2,930,000	PA HEFA (Elizabethtown College)		5.000			12/15/2027		06/15/2016	A		2,993,698

39        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Pennsylvania (Continued)
$2,520,000	PA Public School Building Authority (Philadelphia School District)		5.000	%		04/01/2018		04/01/2018		$	2,665,908
6,200,000	PA Public School Building Authority (Philadelphia School District)		5.000			06/01/2023		06/01/2023			6,990,561
5,730,000	PA Public School Building Authority (Philadelphia School District)		5.000			06/01/2026		12/01/2016	A		5,854,857
70,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		4.000			04/01/2017		04/01/2017			69,623
730,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		6.250			06/15/2023		02/27/2021	B		824,155
50,000	Pittsburgh & Allegheny County, PA Sports & Exhibition Authority		4.050			02/15/2018		06/30/2016	A		50,108
500,000	St. Mary Hospital Authority, PA Health System (Catholic Health East)		5.000			11/15/2021		05/15/2020	A		578,325
125,000	Susquehanna, PA Area Regional Airport Authority		3.000			01/01/2017		01/01/2017			126,158
											41,666,387
Rhode Island—0.6%
10,000	RI Clean Water Finance Agency		4.500			10/01/2022		06/30/2016	A		10,035
5,000	RI Clean Water Protection Finance Agency		5.000			10/01/2018		06/30/2016	A		5,020
100,000	RI Clean Water Protection Finance Agency		5.500			10/01/2018		06/30/2016	A		101,245
50,000	RI Economic Devel. Corp. (University of Rhode Island Steam Generation Facility)		5.000			11/01/2019		06/30/2016	A		50,198
10,000	RI Health & Educational Building Corp. (Public Schools Financing Program)		4.500			05/15/2024		06/30/2016	A		10,032
1,400,000	RI Health & Educational Building Corp. (RIH/TMH Obligated Group)		5.000			05/15/2026		06/30/2016	A		1,404,382
3,130,000	RI State & Providence Plantations		5.000			08/01/2018		06/09/2016	A		3,133,161
335,000	Woonsocket, RI Hsg. Authority		4.500			09/01/2017		09/01/2016	A		338,467
											5,052,540
South Carolina—0.0%
10,000	Myrtle Beach, SC Public Facilities Corp. COP (Myrtle Beach Stadium)		5.000			07/01/2018		06/30/2016	A		10,038
South Dakota—0.0%
245,000	Minnehaha County, SD		4.000			12/01/2017		06/30/2016	A		245,725
Tennessee—1.5%
10,610,000	Chattanooga, TN HE&HFB (Catholic Health Initiatives)		0.600	2		05/01/2039		06/07/2016	A		10,610,000

40        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Tennessee (Continued)
$675,000	Clarksville, TN Natural Gas Acquisition Corp.		5.000	%		12/15/2017		12/15/2017		$	711,916
125,000	Clarksville, TN Natural Gas Acquisition Corp.		5.000			12/15/2016		12/15/2016			127,736
300,000	Johnson City, TN Public Building Authority		4.375			09/01/2019	��	09/01/2016	A		302,994
175,000	TN Energy Acquisition Gas Corp.		5.000			02/01/2017		02/01/2017			179,744
200,000	TN Energy Acquisition Gas Corp.		5.250			09/01/2019		09/01/2019			223,834
200,000	TN Energy Acquisition Gas Corp.		5.250			09/01/2018		09/01/2018			217,550
											12,373,774
Texas—3.9%
500,000	Alamo, TX Community College District		5.000			08/15/2018		08/15/2016	A		504,870
30,000	Austin, TX Town Lake Park Community Events		4.000			11/15/2017		06/30/2016	A		30,076
75,000	Bedford, TX GO		5.000			02/01/2018		06/30/2016	A		75,297
1,865,000	Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital		5.000			12/01/2024		12/01/2024			2,098,330
1,200,000	Board of Managers Joint Guadalupe County-City of Seguin, TX Hospital		5.000			12/01/2023		12/01/2023			1,359,084
100,000	Bowie County, TX (Pass-Through Toll)		4.000			08/01/2017		08/01/2016	A		100,600
10,000	Brazoria County, TX Municipal Utility District No. 26		4.125			09/01/2018		06/30/2016	A		10,018
2,420,000	Brazoria-Fort Bend County, TX Municipal Utility District No. 1		1.000			09/01/2017		09/01/2017			2,422,275
100,000	Clifton, TX Higher Education Finance Corp. (Tejano Center Community Concerns)		7.750			02/15/2018		08/23/2017	B		103,488
250,000	Dallas-Fort Worth, TX International Airport		5.000			11/01/2021		11/01/2016	A		254,870
675,000	El Paso County, TX Hospital District COP		5.000			08/15/2025		08/15/2023	A		806,814
4,000,000	El Paso, TX Downtown Devel. Corp. (Downtown Ballpark Venue)		7.000			08/15/2023		08/15/2017	A		4,265,120
90,000	Gainesville, TX Hospital District		4.000			08/15/2019		08/15/2017	A		93,254
370,000	Galveston, TX Municipal Utility District No. 6		4.000			09/01/2024		06/30/2016	A		370,544
10,000	Harris County, TX GO		5.000			10/01/2023		10/01/2016	A		10,155
20,000	Lower Valley, TX Water District		5.000			09/15/2018		06/30/2016	A		20,079
275,000	Maverick County, TX GO COP		5.000			03/01/2020		06/30/2016	A		276,051
25,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)		5.000			09/15/2017		09/15/2017			25,861
175,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)		5.000			09/15/2018		09/15/2018			184,389

41        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
Texas (Continued)
$15,000	Mission, TX Water & Sewer		4.500	%		02/15/2027		06/30/2016	A	$	15,043
615,000	Missouri City, TX GO		3.000			06/15/2016		06/15/2016			615,554
185,000	Newark, TX Cultural Education Facilities Finance Corp.		7.250			08/15/2021		08/15/2016	A		191,231
15,000	North TX Municipal Water District (Parker Creek)		5.125			06/01/2023		06/30/2016	A		15,032
165,000	Northwest Harris County, TX Municipal Utility District No. 22		5.700			04/01/2017		06/30/2016	A		165,751
150,000	Red River, TX Health Facilities Devel. Corp. (Wichita Falls Retirement Foundation)		4.700			01/01/2022		08/22/2019	B		160,341
490,000	Robstown, TX GO COP		3.346	3		03/01/2024		03/01/2024			385,380
250,000	Rowlett, TX Special Assessment (Bayside Public Improvement District)		4.900			09/15/2024		06/25/2022	B		253,815
635,000	South Limestone, TX Hospital District		4.950			03/01/2022		09/01/2018	A		648,265
1,145,000	South Limestone, TX Hospital District		4.950			03/01/2024		09/01/2016	A		1,169,549
3,200,000	Tarrant County, TX Cultural Education Facilities Finance Corp. Floaters		0.640	2		11/15/2029		06/07/2016	A		3,200,000
5,100,000	Tarrant County, TX Hsg. Finance Corp. (Reserve Quebec Apartments)		1.000			08/01/2018		08/01/2018			5,083,629
10,000	Tuloso-Midway, TX Independent School District		5.000			02/15/2022		02/15/2017	A		10,305
5,000	TX Lower Colorado River Authority		5.375			05/15/2020		06/30/2016	A		5,020
5,000	TX Lower Colorado River Authority		5.250			05/15/2021		06/30/2016	A		5,019
7,985,000	TX Municipal Gas Acquisition & Supply Corp.		5.625			12/15/2017		06/18/2017	B		8,314,222
105,000	TX Public Finance Authority Charter School Finance Corp. (Uplift Education)		5.350			12/01/2017		06/08/2017	B		109,190
305,000	Wilbarger Creek, TX Municipal Utility District No. 2		4.200			09/01/2021		09/01/2016	A		307,772
											33,666,293
Utah—0.4%
5,185,000	UT Transit Authority		4.283	3		06/15/2023		06/15/2017	A		3,842,396
Vermont—0.2%
390,000	Burlington, VT GO		5.000			11/01/2018		11/01/2018			426,984
200,000	Burlington, VT GO		5.000			11/01/2021		11/01/2021			236,736
350,000	Burlington, VT GO		5.000			11/01/2016		11/01/2016			356,366
370,000	Burlington, VT GO		5.000			11/01/2017		11/01/2017			391,590
											1,411,676

42        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	Virginia—0.2%
	$400,000	Chesterfield County, VA EDA (Brandermill Woods)		5.000	%		01/01/2019		01/01/2019		$	424,136
	50,000	New Kent County, VA Economic Devel. Authority		5.000			02/01/2024		02/01/2017	A		51,458
	950,000	Richmond, VA MTA		5.250			07/15/2017		01/04/2017	B		971,308
	15,000	Virginia Beach, VA Devel. Authority (Virginia Beach General Hospital)		5.125			02/15/2018		08/21/2017	B		15,582
												1,462,484
	Washington—0.6%
	295,000	Cowlitz County, WA Sewer (Seattle-Northwest Securities Corp.)		5.500			11/01/2016		11/01/2016			299,168
	10,000	Grant County, WA Public Hospital District No. 1 (Samaritan Hospital)		5.250			09/01/2019		06/30/2016	A		10,030
	25,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600			03/01/2028		06/30/2016	A		25,010
	750,000	Skagit County, WA Consolidated School District No. 320 Mount Vernon		5.250			12/01/2019		07/07/2016	A		753,532
	3,205,000	WA GO		5.000			07/01/2023		07/01/2023			3,957,406
												5,045,146
	Wisconsin—0.1%
	70,000	Appleton, WI Storm Water System		4.250			04/01/2018		06/30/2016	A		70,224
	20,000	Weston, WI Community Devel. Authority		4.650			10/01/2016		06/30/2016	A		20,060
	45,000	Weston, WI Community Devel. Authority		4.400			10/01/2018		06/30/2016	A		45,127
	325,000	WI Public Finance Authority Charter School (Voyager Foundation)		4.125			10/01/2024		09/25/2020	A		337,467
												472,878
	U.S. Possessions—5.9%
	250,000	Guam Power Authority, Series A		5.000			10/01/2022		10/01/2022			299,540
	10,765,000	Puerto Rico Commonwealth GO4		1.171			07/01/2019		07/01/2019			10,628,823
	3,150,000	Puerto Rico Commonwealth GO4		1.151			07/01/2018		07/01/2018			3,132,580
	90,000	Puerto Rico Commonwealth GO		5.250			07/01/2022		06/30/2016	A		90,046
	800,000	Puerto Rico Commonwealth GO		5.000			07/01/2023		07/01/2017	A		809,096
	275,000	Puerto Rico Commonwealth GO		5.500			07/01/2019		07/01/2019			288,024
	6,560,000	Puerto Rico Commonwealth GO4		1.191			07/01/2020		07/01/2020			6,377,370
	75,000	Puerto Rico Commonwealth GO		5.250			07/01/2021		06/30/2016	A		75,054
	420,000	Puerto Rico Commonwealth GO		5.500			07/01/2018		07/01/2018			434,797
	255,000	Puerto Rico Commonwealth GO		3.647	3		07/01/2016		07/01/2016			253,602
	380,000	Puerto Rico Commonwealth GO		6.000			07/01/2016		07/01/2016			381,151
	190,000	Puerto Rico Commonwealth GO		5.500			07/01/2016		07/01/2016			190,498
	345,000	Puerto Rico Commonwealth GO		5.500			07/01/2021		07/01/2021			364,113
	380,000	Puerto Rico Commonwealth GO		4.500			07/01/2023		06/30/2016	A		380,467

43        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$500,000	Puerto Rico Convention Center Authority		5.000	%		07/01/2019		07/01/2016	A	$	500,260
30,000	Puerto Rico Electric Power Authority		3.272	3		07/01/2017		12/30/2016	B		28,700
85,000	Puerto Rico Electric Power Authority		3.822	3		07/01/2017		12/31/2016	B		81,318
90,000	Puerto Rico Electric Power Authority		3.286	3		07/01/2017		12/30/2016	B		86,101
60,000	Puerto Rico Electric Power Authority, Series KK		5.500			07/01/2016		07/01/2016			60,148
20,000	Puerto Rico Electric Power Authority, Series LL		5.500			07/01/2016		07/01/2016			20,049
1,855,000	Puerto Rico Electric Power Authority, Series LL		5.500			07/01/2017		07/01/2017			1,909,945
2,825,000	Puerto Rico Electric Power Authority, Series N		4.022	3		07/01/2017		12/30/2016	B		2,711,972
735,000	Puerto Rico Electric Power Authority, Series N		3.901	3		07/01/2017		12/30/2016	B		703,160
2,735,000	Puerto Rico Electric Power Authority, Series O		3.739	3		07/01/2017		12/31/2016	B		2,625,573
6,370,000	Puerto Rico Electric Power Authority, Series O		3.578	3		07/01/2017		12/31/2016	B		6,110,932
1,225,000	Puerto Rico Electric Power Authority, Series PP		5.000			07/01/2023		06/30/2016	A		1,224,988
300,000	Puerto Rico Electric Power Authority, Series RR		5.000			07/01/2024		06/30/2016	A		303,936
750,000	Puerto Rico Electric Power Authority, Series RR		5.000			07/01/2022		06/30/2016	A		759,840
125,000	Puerto Rico Electric Power Authority, Series RR		5.000			07/01/2021		06/30/2016	A		126,640
210,000	Puerto Rico Electric Power Authority, Series SS		5.000			07/01/2025		06/30/2016	A		212,755
880,000	Puerto Rico Electric Power Authority, Series SS		5.000			07/01/2023		06/30/2016	A		891,546
235,000	Puerto Rico Electric Power Authority, Series SS		5.000			07/01/2022		06/30/2016	A		238,083
100,000	Puerto Rico Electric Power Authority, Series SS		5.000			07/01/2016		06/30/2016	A		100,197
200,000	Puerto Rico Electric Power Authority, Series SS		5.000			07/01/2019		06/30/2016	A		202,624
340,000	Puerto Rico Highway & Transportation Authority		5.000			07/01/2022		07/01/2016	A		340,071
40,000	Puerto Rico Highway & Transportation Authority		5.500			07/01/2020		07/01/2020			41,985
35,000	Puerto Rico Highway & Transportation Authority		5.000			07/01/2018		07/01/2016	A		35,019
50,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2019		06/30/2016	A		50,036

44        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$245,000	Puerto Rico Highway & Transportation Authority		5.000	%		07/01/2016		06/30/2016	A	$	245,434
250,000	Puerto Rico Highway & Transportation Authority, Series E		5.500			07/01/2016		07/01/2016			250,677
5,000	Puerto Rico Highway & Transportation Authority, Series G		5.250			07/01/2019		07/01/2019			2,388
335,000	Puerto Rico Industrial Devel. Company, Series B		5.375			07/01/2016		06/30/2016	A		336,196
155,000	Puerto Rico Infrastructure Financing Authority		5.500			07/01/2016		07/01/2016			155,380
155,000	Puerto Rico ITEMECF (International American University of Puerto Rico)		5.000			10/01/2016		06/30/2016	A		155,236
425,000	Puerto Rico Municipal Finance Agency, Series A		5.000			08/01/2019		06/30/2016	A		426,390
170,000	Puerto Rico Municipal Finance Agency, Series A		4.750			08/01/2022		08/01/2022			169,495
230,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2021		06/30/2016	A		233,461
270,000	Puerto Rico Municipal Finance Agency, Series A		5.000			08/01/2022		06/30/2016	A		270,869
20,000	Puerto Rico Municipal Finance Agency, Series A1		5.500			07/01/2017		06/30/2016	A		20,323
455,000	Puerto Rico Municipal Finance Agency, Series A		5.000			08/01/2020		06/30/2016	A		456,460
120,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2020		06/30/2016	A		122,020
360,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2017		06/30/2016	A		365,418
500,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2016		06/30/2016	A		501,770
875,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2019		06/30/2016	A		888,169
600,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2018		06/30/2016	A		609,030
25,000	Puerto Rico Municipal Finance Agency, Series B		5.250			07/01/2018		07/01/2018			25,960
1,000,000	Puerto Rico Public Buildings Authority		5.250			07/01/2017		07/01/2017			1,008,070
1,000,000	Puerto Rico Public Buildings Authority		6.000			07/01/2024		07/01/2018	A		1,054,410
											50,368,195
Total Investments, at Value (Cost $825,620,126)—97.8%											833,101,760
Net Other Assets (Liabilities)—2.2											18,677,687
Net Assets—100.0%										$	851,779,447

Footnotes to Statement of Investments

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

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

45        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments (Continued)

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

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

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

2. Represents the current interest rate for a variable or increasing rate security.

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

4. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

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

6. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

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

75SS	Seventy-Five State Street
ALIA	Alliance of Long Island Agencies
CDA	Communities Devel. Authority
COP	Certificates of Participation
DA	Dormitory Authority
DRMCH	Downey Regional Medical Center Hospital
EDA	Economic Devel. Authority
EDFA	Economic Devel. Finance Authority
EF&CD	Environmental Facilities and Community Devel.
FMemH	Franklin Memorial Hospital
GO	General Obligation
H&EFA	Health and Educational Facilities Authority
H&HEFA	Hospitals and Higher Education Facilities Authority
HCBS	Home and Community Based Services
HDA	Hospital Devel. Authority
HDGH	Henrietta D Goodall Hospital
HE&HFB	Higher Educational and Housing Facility Board
HEBA	Higher Education Building Authority
HEFA	Higher Education Facilities Authority
HFA	Housing Finance Agency
IC	Interhealth Corporation
IDA	Industrial Devel. Agency
IMC	IHC Management Corporation
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
L.I.	Long Island
MCOTA	Maine College of the Arts
MDIH	Mount Desert Island Hospital
MSA	Math & Science Academy
MTA	Metropolitan Transportation Authority
NYC	New York City
NYS	New York State
PBMC	Penobscot Bay Medical Center
PFA	Public Financing Authority
PHH	Pinnacle Health Hospitals
PHMS	Pinnacle Health Medical Services
PHS	Pinnacle Health System

46        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

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

PIH	Presbyterian Intercommunity Hospital
PSCH	Professional Service Centers for the Handicapped, Inc.
PUTTERS	Puttable Tax-Exempt Receipts
RIBS	Residual Interest Bonds
RIH	Rhode Island Hospital
RWJHCCH	RWJ Health Care Corp. at Hamilton
RWJUHH	Robert Wood Johnson University Hospital at Hamilton
SAVRS	Select Auction Variable Rate Securities
SPEARS	Short Puttable Exempt Adjustable Receipts
TASC	Tobacco Settlement Asset-Backed Bonds
TMH	The Miriam Hospital
TUFF	The University Financing Foundation
UDC	Urban Development Corporation
Y/S	Yucaipa/Sweetwater

See accompanying Notes to Financial Statements.

47        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES May 31, 2016

Assets
Investments, at value (cost $825,620,126)—see accompanying statement of investments	$	833,101,760
Cash		1,897,362
Receivables and other assets:
Interest		9,092,739
Shares of beneficial interest sold		8,608,886
Investments sold on a when-issued or delayed delivery basis		8,442,810
Other		113,248
Total assets		861,256,805
Liabilities
Payables and other liabilities:
Investments purchased		4,706,329
Shares of beneficial interest redeemed		4,286,161
Dividends		309,570
Distribution and service plan fees		105,379
Shareholder communications		11,511
Trustees’ compensation		10,457
Other		47,951
Total liabilities		9,477,358
Net Assets	$	851,779,447
Composition of Net Assets
Par value of shares of beneficial interest	$	226,836
Additional paid-in capital		849,232,059
Accumulated net investment income		298,588
Accumulated net realized loss on investments		(5,459,670)
Net unrealized appreciation on investments		7,481,634
Net Assets	$	851,779,447
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $401,211,286 and 106,848,974 shares of beneficial interest outstanding)		$3.75
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)		$3.84
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $102,887,701 and 27,402,530 shares of beneficial interest outstanding)		$3.75
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $347,680,460 and 92,584,120 shares of beneficial interest outstanding)		$3.76

See accompanying Notes to Financial Statements.

48        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended May 31, 2016

Investment Income
Interest	$	19,005,061
Expenses
Management fees		3,148,181
Distribution and service plan fees:
Class A		853,358
Class C		821,036
Transfer and shareholder servicing agent fees:
Class A		343,232
Class C		82,115
Class Y		302,323
Shareholder communications:
Class A		13,285
Class C		5,701
Class Y		9,021
Borrowing fees		236,467
Trustees’ compensation		12,410
Custodian fees and expenses		6,838
Interest expense on borrowings		3,323
Other		101,186
Total expenses		5,938,476
Net Investment Income		13,066,585
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(2,897,325)
Net change in unrealized appreciation/depreciation on investments		6,611,354
Net Increase in Net Assets Resulting from Operations	$	16,780,614

See accompanying Notes to Financial Statements.

49        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended May 31, 2016		Year Ended May 29, 20151
Operations
Net investment income	$	13,066,585	$	9,086,734
Net realized loss		(2,897,325)		(1,386,179)
Net change in unrealized appreciation/depreciation		6,611,354		(1,173,875)
Net increase in net assets resulting from operations		16,780,614		6,526,680
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(6,525,073)		(5,102,035)
Class C		(943,377)		(697,031)
Class Y		(6,487,188)		(3,074,534)
		(13,955,638)		(8,873,600)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		122,257,599		37,916,661
Class C		37,145,716		10,175,150
Class Y		64,748,912		198,952,179
		224,152,227		247,043,990
Net Assets
Total increase		226,977,203		244,697,070
Beginning of period		624,802,244		380,105,174
End of period (including accumulated net investment income of $298,588 and $1,187,641, respectively)	$	851,779,447	$	624,802,244

1. May 29, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

50        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	May 31,		May 29,		May 30,		May 31,		May 31,
	2016		20151		20141		2013		2012
Per Share Operating Data
Net asset value, beginning of period		$3.74		$3.76		$3.75		$3.73		$3.67
Income (loss) from investment operations:
Net investment income2		0.07		0.07		0.08		0.07		0.08
Net realized and unrealized gain (loss)		0.01		(0.02)		0.00		0.02		0.06
Total from investment operations		0.08		0.05		0.08		0.09		0.14
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.07)		(0.07)		(0.07)		(0.07)		(0.08)
Distributions from net realized gain		0.00		0.00		0.00		0.003		0.00
Total dividends and/or distributions to shareholders		(0.07)		(0.07)		(0.07)		(0.07)		(0.08)
Net asset value, end of period		$3.75		$3.74		$3.76		$3.75		$3.73
Total Return, at Net Asset Value4		2.19%		1.39%		2.18%		2.35%		3.89%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$401,211		$277,507		$240,676		$207,739		$83,843
Average net assets (in thousands)		$343,886		$266,606		$260,158		$146,597		$45,683
Ratios to average net assets:5
Net investment income		1.78%		1.97%		2.05%		1.87%		2.18%
Expenses excluding specific expenses listed below		0.80%		0.81%		0.82%		0.80%		0.84%
Interest and fees from borrowings		0.03%		0.05%		0.03%		0.02%		0.03%
Total expenses		0.83%		0.86%		0.85%		0.82%		0.87%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.83%		0.86%		0.85%		0.82%		0.87%
Portfolio turnover rate		51%		58%		72%		16%		20%

1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

51        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Year Ended May 31, 2016		Year Ended May 29, 20151		Year Ended May 30, 20141		Year Ended May 31, 2013		Year Ended May 31, 2012
Per Share Operating Data
Net asset value, beginning of period		$3.74		$3.76		$3.75		$3.73		$3.67
Income (loss) from investment operations:
Net investment income2		0.04		0.05		0.05		0.04		0.05
Net realized and unrealized gain (loss)		0.01		(0.03)		0.00		0.02		0.06
Total from investment operations		0.05		0.02		0.05		0.06		0.11
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.04)		(0.04)		(0.04)		(0.04)		(0.05)
Distributions from net realized gain		0.00		0.00		0.00		0.003		0.00
Total dividends and/or distributions to shareholders		(0.04)		(0.04)		(0.04)		(0.04)		(0.05)
Net asset value, end of period		$3.75		$3.74		$3.76		$3.75		$3.73
Total Return, at Net Asset Value4		1.43%		0.63%		1.39%		1.53%		3.07%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$102,888		$65,412		$55,509		$36,381		$13,654
Average net assets (in thousands)		$82,289		$59,997		$55,118		$23,354		$7,145
Ratios to average net assets:5
Net investment income		1.02%		1.21%		1.27%		1.07%		1.41%
Expenses excluding specific expenses listed below		1.56%		1.57%		1.60%		1.62%		1.78%
Interest and fees from borrowings		0.03%		0.05%		0.03%		0.02%		0.03%
Total expenses		1.59%		1.62%		1.63%		1.64%		1.81%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.59%		1.62%		1.63%		1.62%		1.62%
Portfolio turnover rate		51%		58%		72%		16%		20%

1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

52        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Class Y	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	May 31,		May 29,		May 30,		May 31,		May 31,
	2016		20151		20141		2013		2012
Per Share Operating Data
Net asset value, beginning of period		$3.74		$3.76		$3.75		$3.73		$3.67
Income (loss) from investment operations:
Net investment income2		0.08		0.08		0.09		0.08		0.09
Net realized and unrealized gain (loss)		0.02		(0.02)		0.00		0.02		0.06
Total from investment operations		0.10		0.06		0.09		0.10		0.15
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.08)		(0.08)		(0.08)		(0.09)
Distributions from net realized gain		0.00		0.00		0.00		0.003		0.00
Total dividends and/or distributions to shareholders		(0.08)		(0.08)		(0.08)		(0.08)		(0.09)
Net asset value, end of period		$3.76		$3.74		$3.76		$3.75		$3.73
Total Return, at Net Asset Value4		2.72%		1.64%		2.42%		2.62%		4.12%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$347,680		$281,883		$83,920		$89,172		$20,853
Average net assets (in thousands)		$302,602		$143,236		$81,902		$53,415		$8,280
Ratios to average net assets:5
Net investment income		2.02%		2.16%		2.29%		2.10%		2.35%
Expenses excluding specific expenses listed below		0.55%		0.56%		0.57%		0.53%		0.67%
Interest and fees from borrowings		0.03%		0.05%		0.03%		0.02%		0.03%
Total expenses		0.58%		0.61%		0.60%		0.55%		0.70%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.58%		0.61%		0.60%		0.55%		0.63%
Portfolio turnover rate		51%		58%		72%		16%		20%

1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

53        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS May 31, 2016

1. Organization

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

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

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

2. Significant Accounting Policies

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

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

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

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

54        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

annually or at other times as deemed necessary by the Manager.

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

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

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended May 31, 2016, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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

55        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

					Net Unrealized
					Appreciation
					Based on cost of
					Securities and
Undistributed	Undistributed		Accumulated		Other Investments
Net Investment	Long-Term		Loss		for Federal Income
Income	Gain		Carryforward1,2,3		Tax Purposes
$619,242		$—		$5,451,338		$7,473,302

1. At period end, the Fund had $5,451,338 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$	5,451,338

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

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

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

The tax character of distributions paid during the reporting periods:

	Year Ended May 31, 2016		Year Ended May 31, 2015
Distributions paid from:
Exempt-interest dividends	$	13,928,159	$	8,862,853
Ordinary income		27,479		10,747
Total	$	13,955,638	$	8,873,600

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

Federal tax cost of securities	$	825,628,458
Gross unrealized appreciation	$	8,171,209
Gross unrealized depreciation		(697,907)
Net unrealized appreciation	$	7,473,302

56        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

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

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

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

57        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

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

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

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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific

58        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

3. Securities Valuation (Continued)

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

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:

59        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama	$	—	$	22,087,695	$	—	$	22,087,695
Alaska		—		191,063		—		191,063
Arizona		—		32,613,234		—		32,613,234
Arkansas		—		35,106		—		35,106
California		—		157,401,230		—		157,401,230
Colorado		—		5,417,400		—		5,417,400
Connecticut		—		212,982		—		212,982
District of Columbia		—		1,550,615		—		1,550,615
Florida		—		27,422,817		—		27,422,817
Georgia		—		3,152,131		—		3,152,131
Idaho		—		499,725		—		499,725
Illinois		—		131,979,454		—		131,979,454
Indiana		—		10,298,462		—		10,298,462
Iowa		—		511,488		—		511,488
Kansas		—		105,329		—		105,329
Kentucky		—		30,677,551		—		30,677,551
Louisiana		—		19,988,980		—		19,988,980
Maine		—		100,336		—		100,336
Maryland		—		369,112		—		369,112
Massachusetts		—		8,476,933		—		8,476,933
Michigan		—		37,027,910		—		37,027,910
Minnesota		—		1,738,604		—		1,738,604
Mississippi		—		3,091,017		—		3,091,017
Missouri		—		13,426,220		—		13,426,220
Nebraska		—		50,201		—		50,201
Nevada		—		10,145,541		—		10,145,541
New Jersey		—		77,260,663		—		77,260,663
New Mexico		—		947,735		—		947,735
New York		—		50,342,115		—		50,342,115
North Carolina		—		260,353		—		260,353
North Dakota		—		2,184,752		—		2,184,752
Ohio		—		12,782,616		—		12,782,616
Oklahoma		—		3,320,559		—		3,320,559
Oregon		—		5,998,590		—		5,998,590
Other Territory		—		5,815,709		—		5,815,709
Pennsylvania		—		41,666,387		—		41,666,387
Rhode Island		—		5,052,540		—		5,052,540
South Carolina		—		10,038		—		10,038
South Dakota		—		245,725		—		245,725
Tennessee		—		12,373,774		—		12,373,774
Texas		—		33,666,293		—		33,666,293
Utah		—		3,842,396		—		3,842,396
Vermont		—		1,411,676		—		1,411,676

60        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes (Continued)
Virginia	$	—	$	1,462,484	$	—	$	1,462,484
Washington		—		5,045,146		—		5,045,146
Wisconsin		—		472,878		—		472,878
U.S. Possessions		—		50,368,195		—		50,368,195
Total Assets	$	—	$	833,101,760	$	—	$	833,101,760

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

4. Investments and Risks

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

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Sold securities		8,442,810

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of

61        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

municipal securities to pay principal and interest on their obligations.

Shareholder Concentration. At period end, 1 shareholder owned 20% or more of the Fund’s total outstanding shares comprising 23% of the Fund.

5. Market Risk Factors

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

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

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

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

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

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

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

6. Shares of Beneficial Interest

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

62        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

6. Shares of Beneficial Interest (Continued)

	Year Ended May 31, 2016						Year Ended May 29, 20151
	Shares			Amount			Shares			Amount
Class A
Sold		70,190,433		$	262,872,756			50,228,779		$	188,622,443
Dividends and/or distributions reinvested		1,592,080			5,965,278			1,242,363			4,667,211
Redeemed		(39,121,442	)		(146,580,435	)		(41,348,796	)		(155,372,993)
Net increase		32,661,071		$	122,257,599			10,122,346		$	37,916,661
Class C
Sold		16,552,242		$	62,009,135			8,084,349		$	30,370,374
Dividends and/or distributions reinvested		243,728			913,192			179,920			675,925
Redeemed		(6,881,241	)		(25,776,611	)		(5,553,447	)		(20,871,149)
Net increase		9,914,729		$	37,145,716			2,710,822		$	10,175,150
Class Y
Sold		69,471,729		$	260,572,831			72,260,050		$	271,241,254
Dividends and/or distributions reinvested		1,697,627			6,361,249			796,847			2,993,828
Redeemed		(53,935,916	)		(202,185,168	)		(20,041,304	)		(75,282,903)
Net increase		17,233,440		$	64,748,912			53,015,593		$	198,952,179

1. May 29, 2015 represents the last business day of the Fund’s reporting period. See Note 2.

7. Purchases and Sales of Securities

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

	Purchases		Sales
Investment securities	$	573,180,674	$	365,068,055

8. Fees and Other Transactions with Affiliates

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

Fee Schedule Through September 30, 2015		Fee Schedule Effective October 1, 2015
Up to $100 million	0.500%	Up to $100 million	0.500%
Next $150 million	0.450	Next $150 million	0.450
Next $250 million	0.425	Next $250 million	0.425
Over $500 million	0.400	Next $500 million	0.400
		Over $1 billion	0.370

The Fund’s effective management fee for the reporting period was 0.43% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the

63        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

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

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

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

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A

64        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

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

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

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
May 31, 2016		$54,093		$86,141		$30,747

9. Borrowing and Other Financing

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

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

65        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowing and Other Financing (Continued)

the Statement of Operations.

    The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates. The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.02% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

    At period end, the Fund had no borrowings outstanding.

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

Average Daily Loan Balance	$	1,142,077
Average Daily Interest Rate		0.289	%
Fees Paid	$	162,623
Interest Paid	$	3,300

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

    The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured

66        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

9. Borrowing and Other Financing (Continued)

borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.

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

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

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

Fees Paid $                         71,540

10. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

    OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as

67        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

10. Pending Litigation (Continued)

to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

68        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester Short Term Municipal Fund, including the statement of investments, as of May 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

    We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2016, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

    In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester Short Term Municipal Fund as of May 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

July 25, 2016

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FEDERAL INCOME TAX INFORMATION Unaudited

In early 2016, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2015.

    None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 99.80% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

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

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PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

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TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees and Trustee (since 2007) Year of Birth: 1943	Governor and Vice Chairman of Community Foundation of the Florida Keys (non-profit) (since July 2012); Trustee of the Board of Trustees, The Jackson Laboratory (non-profit) (1991-2011 and since May 2014); Chairman Emeritus (since August 2011) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 55 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968	Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit) (since 2012); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 55 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Matthew P. Fink, Trustee (since 2007) Year of Birth: 1941	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2011). Oversees 55 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948	Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (on-line career services) (since March 2015), Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He currently serves as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 55 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.
Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959	Advisory Board Member of the University of Florida Law Center Association (since 2016) and the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007-2014) and U.S. Mutual Fund Leader (2011-2014); General Counsel of the Investment Company Institute (trade association) (June 2004-April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997-2004), Principal (2003-2004), Director (1998-2003) and Senior Manager (1997-1998); Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation (1996- 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991-1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray (1987-1991). Oversees 55 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Mary F. Miller, Trustee (since 2007) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 55 portfolios in

73        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Mary F. Miller, Continued	the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2007) Year of Birth: 1952	Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 55 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joanne Pace, Trustee (since 2012) Year of Birth: 1958	Advisory Board Director of Massey Quick and Company, LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Board Member (since January 2015), Advisory Council Member (December 2012-December 2014) of 100 Women in Hedge Funds (non-profit) (since December, 2012); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Board Director of The Komera Project (non-profit) (since April, 2012); New York Advisory Board Director of Peace First (non-profit) (2010-2015); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 55 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.

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Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954	Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013): Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 55 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 102 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2007) Year of Birth: 1963	Senior Vice President of the Sub-Adviser (since July 2007) and a Senior Portfolio Manager (since December 2001); Vice President of the Sub-Adviser (April 2001- June 2007) and a Portfolio Manager with the Sub-Adviser (December 1999- November 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

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TRUSTEES AND OFFICERS Unaudited / Continued

Scott S. Cottier, Vice President (since 2007) Year of Birth: 1971	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999- 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2006) Year of Birth: 1972	Vice President of the Sub-Adviser (since July 2009) and a Senior Portfolio Manager (since January 2006); Assistant Vice President of the Sub-Adviser (July 2005- June 2009). Portfolio Manager of the Sub-Adviser (June 2002-December 2005). Corporate Attorney for Southern Resource Group (June 1999-July 2001). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Elizabeth Mossow, Vice President (since 2016) Year of Birth: 1978	Vice President and Portfolio Manager of the Sub-Adviser (since January 2016) and Assistant Vice President of the Sub-Adviser (January 2011-January 2016). Associate Portfolio Manager (June 2013-January 2016). Research Analyst of the Sub-Adviser (June 2011-June 2013) and was a Credit Analyst of the Sub-Adviser (May 2007-May 2011). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard Stein, Vice President (since 2007) Year of Birth: 1957	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub- Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993). An officer for the Fund and other Oppenheimer funds.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Senior Vice President and Deputy General Counsel (March 2015-February 2016) and Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Vice President, Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March

76        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Cynthia Lo Bessette, Continued	2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 102 portfolios in the OppenheimerFunds complex.
Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Vice President of the Manager (since January 2013); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub- Adviser (August 2002-2007). An officer of 102 portfolios in the OppenheimerFunds complex.

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

77        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OFI Global Asset Management, Inc.
Servicing Agent
Sub-Transfer Agent	Shareholder Services, Inc.
	DBA OppenheimerFunds Services
Independent Registered	KPMG LLP
Public Accounting Firm
Legal Counsel	Kramer Levin Naftalis & Frankel LLP

© 2016 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY POLICY NOTICE

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

Information Sources

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

● Applications or other forms

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

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

● Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

79        OPPENHEIMER ROCHESTER SHORT TERM MUNICIPAL FUND

PRIVACY POLICY NOTICE Continued

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

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

● All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated March 2015. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

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

account information and transactions or call us at 800.CALL

OPP (800.225.5677) for 24-hr automated information and

automated transactions. Representatives also available

Mon–Fri 8am-8pm ET.

Visit Us
oppenheimerfunds.com
Call Us
800 225 5677
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	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
	225 Liberty Street, New York, NY 10281-1008
	© 2016 OppenheimerFunds Distributor, Inc. All rights reserved.
	RA0621.001.0516 July 25, 2016

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $43,800 in fiscal 2016 and $31,200 in fiscal 2015.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $4,404 in fiscal 2016 and $1,500 in fiscal 2015.

The principal accountant for the audit of the registrant’s annual financial statements billed $471,890 in fiscal 2016 and $1,061,442 in fiscal 2015 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, system conversion testing, and additional audit services

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2016 and no such fees in fiscal 2015.

The principal accountant for the audit of the registrant’s annual financial statements billed $371,191 in fiscal 2016 and $559,556 in fiscal 2015 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2016 and no such fees in fiscal 2015.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2016 and no such fees in fiscal 2015 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

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

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

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

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $847,485 in fiscal 2016 and $1,622,498 in fiscal 2015 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 5/31/2016, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Rochester Short Term Municipal Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	7/13/2016

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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	7/13/2016

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	7/13/2016