Oppenheimer Multi-state Municipal Trust NCSR Certified annual shareholder report (management investment company)

Oppenheimer Multi-state Municipal Trust Inactive N-CSRCertified 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 811-5867

Oppenheimer Multi-State Municipal Trust

(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: July 31

Date of reporting period: 7/31/2017

Item 1. Reports to Stockholders.

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Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			14

Fund Expenses			19

Statement of Investments			21

Statement of Assets and Liabilities			28

Statement of Operations			30

Statements of Changes in Net Assets			31

Statement of Cash Flows			32

Financial Highlights			33

Notes to Financial Statements			37

Report of Independent Registered Public Accounting Firm			55

Federal Income Tax Information			56

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			57

Distribution Sources			58

Trustees and Officers			59

Privacy Policy Notice			66

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/17


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond Index
1-Year	-3.01%	-7.62%	0.26%
5-Year	1.62	0.64	3.10
10-Year	2.69	2.19	4.60

Our Twitter handle is @RochesterFunds.

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Fund Performance Discussion

Oppenheimer Rochester New Jersey Municipal Fund continued to generate attractive levels of tax-free income during the most recent reporting period. As of July 31, 2017, the Class A shares provided a distribution yield at net asset value (NAV) of 3.72%. This Fund’s Class A shares had the fifth highest distribution yield in Lipper’s New Jersey Municipal Debt Funds category, which included a total of 47 share classes. Falling bond prices caused the Fund’s NAV to decline this reporting period, and its total return was negative as of July 31, 2017.

MARKET OVERVIEW

During this reporting period, U.S. equities rallied and yields on AAA-rated municipal bonds and Treasury securities improved. The price declines in the municipal bond market, which were most notable immediately after Election Day, depressed the total return of this Fund’s benchmark, which is a widely used index of the performance of the general muni market.

On June 14, 2017, the Fed Funds target rate was raised by one-quarter of 1 percentage point to a range of 1.00% to 1.25%, and the Federal Reserve Open Market Committee (FOMC) signaled plans for one more rate

The average distribution yield in Lipper’s New Jersey Municipal Debt Funds category was 3.17% at the end of this reporting period. At 3.72%, the distribution yield at NAV for this Fund’s Class A shares was 55 basis points higher than the category average.

increase in 2017. Citing continued U.S. economic growth and job market strength, the Fed also announced it would begin to reduce its $4.5 trillion holdings of bonds and other securities later this year.


YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		3.72%
Dividend Yield with sales charge		3.54
Standardized Yield		1.88
Taxable Equivalent Yield		3.67
Last distribution (7/25/17)	$	0.028
Total distributions (8/1/16 to 7/31/17)	$	0.403

Endnotes for this discussion begin on page 16 of this report.

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At the July 26, 2017 meeting, the FOMC announced its decision to maintain the target range for the Fed Funds rate to the range that had been set in June. According to the Fed’s press release, the FOMC “expects that economic conditions will evolve in a manner that will warrant gradual increases” to the Fed Funds rate. Additionally, the “balance sheet normalization program” for reducing its holdings will begin “relatively soon, provided the economy evolves broadly as anticipated.”

The benchmark interest rate was raised in December 2016 and in March 2017, each time by one-quarter of 1 percentage point. At a press conference after the March 2017 meeting, Chairman Janet Yellen said “The simple message is—the economy is doing well. The unemployment rate has moved way down, and many more people are feeling optimistic about their labor prospects.”

From December 2008 until December 2015, the key rate was held to a range of zero to 0.25%.

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

The yield curve for high-grade municipal bonds was higher at the end of this reporting period than on July 29, 2016, the last business day of the previous reporting period. The median yield on 30-year, AAA-rated muni bonds stood at 2.89% on July 31, 2017, up 62 basis points from July 29, 2016. The median yield on 10-year, AAA-rated muni bonds was 2.07% on July 31, 2017, up 62 basis points from the July 2016 date, and the median yield on 1-year, AAA-rated muni bonds was 0.85%, up 40 basis points from the July 2016 date.

The Treasury yield curve also was higher at the end of the reporting period than on July 29, 2016. While the Treasury yield curve maintained its shape – moving up uniformly – the muni yield curve steepened as the yields on longer-term munis rose more than the yields on shorter-term munis. While a steepening yield curve reflects investors’ expectations for a stronger economy and, perhaps, rising inflation, we note that high-grade munis with maturities of 15 years or more continued to offer taxpayers in all federal tax brackets more favorable after-tax yields than Treasury securities with comparable maturities; Treasury bonds are backed by the full faith and credit of the U.S. government.

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

4 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

unrated securities typically outperform municipal securities with higher credit ratings.

On July 5, 2017, after a 4-day government shutdown, Gov. Chris Christie signed the state’s $34.6 billion budget for fiscal year 2018. The spending plan includes the largest pension payment in state history at $2.5 billion. Public schools will receive more than $13 billion including $25 million for preschool expansion and $25 million for special education. In addition, the budget includes funding for prisoner re-entry programs, nursing homes and assisted living facilities, and legal services as well as cost-of-living increases for direct-care workers.

New Jersey’s pension funds will benefit significantly from a new law that mandates irrevocable contributions from the state’s lottery for the next 30 years. The state’s lottery has been valued at $13.5 billion; over 30 years, its net revenues are estimated to total about $37 billion. As a result the funded ratio of the state’s combined retirement systems has increased and the unfunded accrued liability was reduced.

In June 2017, a $1.1 billion tax-exempt bond sale to complete the long-stalled American Dream Meadowlands development took place amid uncertainty about the future viability of indoor shopping malls. Developer Triple Five Group also secured $1.6 billion in private construction loans in late May to jump-start the completion of the mega-mall next to MetLife Stadium in East Rutherford.

Earlier in the reporting period, New Jersey rejected a 5-year recovery plan proposed by Atlantic City, and a week later the state’s Local Finance Board unanimously approved a state takeover of the city’s finances. This decision allows the state to restructure outstanding debt, renegotiate municipal contracts and sell city assets for the next 5 years.

In May 2017, Atlantic City sold $69.8 million in bonds at a 4.66% interest rate to cover a tax settlement with the Borgata Hotel Casino & Spa. Proceeds from the bond sale will be used to pay $72 million to the Borgato. Over the years, the Borgato had success appealing its property tax assessments. A negotiated settlement, reached in February 2017, reduced the payment by $86 million. In June 2017, Moody’s Investors Services changed its outlook for Atlantic County (home to Atlantic City) to stable, from negative.

As of July 31, 2017, New Jersey’s general obligation (G.O.) bonds were rated A3 by Moody’s, and A-minus by S&P and Fitch Ratings. G.O.s are backed by the full faith and taxing authority of the state or local government that issues them.

The Commonwealth of Puerto Rico remained in the headlines throughout this reporting period, and more detailed information about the developments discussed below can be found on our online PR Roundup (oppenheimerfunds.com/puerto-rico).

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In August 2016, the Obama administration announced the seven members of the federal oversight board established by the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), which was enacted in June 2016.

At the outset of this reporting period, the Rochester complex received 100% of the payments owed on holdings backed by Puerto Rico’s sales and use tax (COFINA bonds) and 100% of the payments owed on its Municipal Finance Authority holdings. The Government Development Bank of Puerto Rico (GDB), the Public Finance Corporation (PFC) and the Puerto Rico Infrastructure and Finance Authority (PRIFA) did not make their August 1, 2016 payments, and the Commonwealth also failed to make an interest payment of $1.3 million on its G.O. debt.

In September 2016, S&P downgraded several senior unsecured GDB bonds GDB after the GDB failed to make August 1 and September 1, 2016 interest payments.

In early September 2016, Francisco Besosa, a U.S. District Court judge, said he would not halt a lawsuit in which plaintiffs allege that Gov. Alejandro García Padilla violated PROMESA by declaring a moratorium on payments of constitutionally backed debt.

The fiscal plan presented to the federal oversight board on October 14 by then-Gov. Padilla was immediately challenged by Carlos Garcia, a member of the oversight board. He

took issue with the government’s assessment of its fiscal situation.

Ricardo Rosselló Nevares, who was elected governor of the Commonwealth in November 2016, began his term in office by signing several executive orders related to fiscal and economic conditions in the Commonwealth, including a measure that required reductions in the operating expenses of all government agencies. Gov. Rosselló also ordered the use of zero-base budgets beginning with fiscal 2018 (which began July 1, 2017) and the creation of an entity to expedite the approvals of permits and certifications for infrastructure projects.

On January 3, 2017, PREPA made its $192.5 million interest payment in full. Also in early January, subsidiaries of the insurer Assured Guaranty made payments of $39 million and $5 million on G.O. debt and Public Building Authority debt, respectively. The Commonwealth, as expected, failed to pay $358 million of interest on its G.O. bonds on January 3.

In the first month of his administration, Gov. Rosselló tried to secure some changes to deadlines set forth in PROMESA. The federal oversight board was amenable but imposed certain conditions, including a commitment not to take more loans to provide short-term liquidity. Simultaneously, the federal oversight board told Gov. Rosselló that his plan had to make spending cuts and certain revenue increases.

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Also in January 2017, the governor signed an extension through December 2021 to a tax on foreign corporations. The Act 154 tax, originally slated to expire at the end of 2017, has historically been a significant source of government revenue. The governor also signed a new measure, the Puerto Rico Financial Emergency and Fiscal Responsibility Act, to replace the Debt Moratorium Act, which had given the former governor the power to suspend debt payments.

Full coupon payments were made on February 1, 2017, on COFINAs as well as bonds issued by the Puerto Rico Industrial Development Company, PRASA (the Commonwealth’s aqueduct and sewer authority), and PRHTA (its highways and transportation authority). However, the GDB, PFC and PRIFA failed to make certain payments on that date.

In February 2017, Gov. Rosselló discussed his 10-year fiscal plan. The plan called for cuts in government spending and for funds to be set aside for future debt service obligations, but it did not meet the federal oversight board’s requirement that certain fiscal adjustments be made to close the fiscal 2019 budget gap. The federal oversight board called for emergency spending cuts on March 8 based on concerns about the Commonwealth’s liquidity and the need to reduce spending immediately; shortly thereafter, the board approved an amended plan and established a number of milestones for the Rosselló administration.

In other developments related to the fiscal plan, the federal fiscal 2018 budget proposal

that President Trump announced in May 2017 calls for $1.59 billion to fund Medicaid in Puerto Rico, an increase of $1.24 billion versus the previous Medicaid cap for the Commonwealth. Puerto Rico officials did not adjust the Commonwealth’s fiscal plan, which assumes the federal government’s Medicaid allocation is zero.

Despite the portfolio management team’s multi-year efforts to reach negotiated settlements with various issuers in Puerto Rico, the federal oversight board in May 2017 commenced proceedings under Title III of PROMESA, similar to a Chapter 9 bankruptcy, for the Commonwealth, the Puerto Rico Sales Tax Financing Corporation (issuer of COFINA bonds), the PRHTA and the Employee Retirement System. The commencement of these proceedings effectively blocked various lawsuits that had been filed soon after the May 1 expiration of the stay of litigation, which had been included in PROMESA and subsequently extended.

The Commonwealth held a vote regarding statehood in June. Those who voted in the nonbinding referendum were overwhelmingly in favor of changing the Commonwealth’s status to U.S. statehood, but less than one-quarter of the electorate voted.

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In December 2016, PREPA and its forbearing bondholders agreed to extend the RSA until March 31, 2017; further extensions pushed the RSA’s expiration until the end of June 2017.

PREPA allowed the nearly finalized RSA to terminate in late June 2017, even though the forbearing creditors had offered to extend the agreement again. On July 2, 2017, the federal oversight board commenced PREPA’s Title III proceeding; the utility did not make its July 3 payments of principal and interest.

In Title III, the unresolved issues among debtors and creditors will proceed along separate tracks: mediation and litigation. While court-facilitated mediation may be an effective and efficient process, investors should be aware that protracted litigation remains a very real possibility. These developments affect current dividend distribution calculations for funds with holdings subject to Title III. The Title III proceedings are being overseen by U.S. District Judge Laura Taylor Swain, who was selected by the Chief Justice of the U.S. Supreme Court, John Roberts.

In late June 2017, the federal oversight board approved its own consolidated budget and earmarked more than $900 million for debt-service obligations. The new budget came as a response to the governor’s proposed $9.56 billion general fund budget, which had been released in May and had called for a 6.3% increase in spending but very limited money

available for debt service, inconsistent with the requirements of PROMESA.

In mid-July 2017, the federal oversight board approved a restructuring plan for the GDB, giving bondholders between 55% and 75% of the face value of their debt; the size of the “haircut” depends on the interest rate of the newly issued debt. In late July, the mayor of San Juan announced intentions to challenge this plan as a means to protect the city’s GDB deposits. (This Fund does not hold GDB debt; the Oppenheimer Rochester funds’ holdings of GDB debt represent less than one-hundredth of 1% of the assets of a single fund, Oppenheimer Rochester Limited Term California Municipal Fund.)

Please note: Shortly after the end of this reporting cycle, the Puerto Rico Legislature and the federal oversight board approved a budget for fiscal year 2018, ordered 5% spending cuts and announced plans to conduct a “comprehensive investigation” of the Commonwealth’s debt. Puerto Rico’s cash position as of June 30, 2017 was $1.5 billion higher than Judge Swain had been told it would be, according to figures released in early August, raising new questions about why the Commonwealth claimed it could not make debt payments.

8 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

LOGO

dropped to 9.8%, which was lower than it had been since early 2008. Also in early August, the Commonwealth’s Supreme Court denied the governor’s request to keep his initial draft budget (submitted to the board in late April) and other documents under wraps.

At an August 9 hearing, Judge Swain approved an agreement establishing a procedure to resolve, by December 15, the debt dispute between Puerto Rico and certain

COFINA bondholders. Debt restructurings for GDB securities, which were approved by the Puerto Rico Legislature two days later, have yet to receive approval from the U.S. District Court.

In September, two hurricanes – Irma and Maria – caused damage on Puerto Rico. Irma passed to the north of the Commonwealth, but Maria made landfall and damage from it was extensive.

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FUND PERFORMANCE

Oppenheimer Rochester New Jersey Municipal Fund held more than 190 securities as of July 31, 2017. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

During this reporting period, a rally in U.S. equities and persistent low interest rates put pressure on the dividends of many fixed income investments. This Fund’s Class A dividend, which was 3.5 cents per share at the outset of this reporting period, was reduced to 3.4 cents per share beginning with the December 2016 payout, to 3.3 cents per share beginning with the April 2017 payout and to 2.8 cents per share in July 2017. In all, the Fund distributed 40.3 cents per Class A share this reporting period. 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.

While this Fund is managed to deliver competitive levels of tax-free income and yield-driven total returns over the long term, market conditions can cause it at times to underperform the overall market and its own benchmark, the Bloomberg Barclays Municipal Bond Index; that was the case this reporting period. The Fund had a highly ranked distribution yield at NAV, as noted earlier, and a taxable equivalent yield of 3.67% this reporting period. The value of the team’s approach to investing in bonds from

a wide variety of sectors was evident this reporting period, as many sectors delivered strong performance.

Four of the Fund’s eight largest sectors were the strongest performers this reporting period. High-yielding tobacco bonds, which are backed by proceeds from the landmark 1998 Master Settlement Agreement (MSA), constituted the Fund’s largest sector as of July 31, 2017 and were ranked first in terms of favorable contribution to performance. The marine/aviations facilities sector, the Fund’s seventh largest sector, was the second strongest performer this reporting period. Many of the Fund’s investments in the marine/aviation facilities sector are high-grade bonds that are backed by valuable collateral. Other leading contributors to performance were the securities in the Fund’s fourth largest sector (hospital/healthcare) and its eighth largest (adult living facilities). Research-based security selection continued to be a factor in the strong performance of these sectors. Securities in the adult living facilities sector tend to perform well in densely populated geographies with strong real estate values and in more rural areas with stable home prices. The sewer utilities sector, one of this Fund’s smallest as of July 31, 2017, was the fourth strongest contributor to the Fund’s performance this reporting period; the only security in this sector at the end of the reporting period was a bond issued by PRASA.

Of the Fund’s 27 sectors, eight detracted from the Fund’s total return during the reporting period. The Fund’s second largest sector,

11 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

transportation infrastructure, was a slight detractor from the Fund’s performance. The G.O. and the sales tax sectors – the Fund’s third and fifth largest, respectively – were adversely affected by developments in Puerto Rico as were the PREPA securities in this Fund’s electric utilities sector (as discussed above). Also detracting from the Fund’s performance were the government appropriation and municipal leases sectors, among others.

In aggregate, the Fund’s substantial investments in securities issued in the Commonwealth of Puerto Rico detracted from performance this reporting period. (As discussed above, the Commonwealth continued to experience significant financial difficulties this reporting period; the Fund’s current dividend distribution calculations reflect adjustments based on the failure of various Commonwealth issuers to make their debt-service payments on time and in full.) The securities are exempt from federal, state and local income taxes, and the Fund’s holdings include the aforementioned G.O. bonds 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 entities.

Investors should note that some of this Fund’s investments in securities issued in Puerto Rico – including some of the G.O.s and sales tax revenue bonds – are insured. A complete listing of securities held by this

Fund can be found in this report’s Statement of Investments.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds, and this Fund invests primarily in investment-grade municipal securities. It may invest up to 25% 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. As of July 31, 2017, market movements or rating changes of municipal bonds, notably the Fund’s investments in Puerto Rico paper, caused the Fund’s below-investment-grade holdings to exceed this threshold. As a result, no further purchases of below-investment-grade bonds will be made until the Fund’s holdings of these types of bonds is once again below 25% of total assets.

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

12 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

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

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Scott S. Cottier, CFA

Senior Vice President, Senior

Portfolio Manager and Team Leader

LOGO

Troy E. Willis, CFA, J.D.

Senior Vice President, Senior

Portfolio Manager and Team Leader

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

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Top Holdings and Allocations

TOP TEN CATEGORIES


Tobacco Master Settlement Agreement	14.4	%
Transportation Infrastructure	9.0
General Obligation	8.8
Hospital/Healthcare	6.4
Sales Tax Revenue	6.3
Higher Education	5.6
Marine/Aviation Facilities	5.1
Highways/Commuter Facilities	4.7
U.S. Government Obligations	4.5
Government Appropriation	4.0

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2017 and are based on total assets.

CREDIT ALLOCATION


	NRSRO- Rated			Sub- Adviser- Rated			Total
AAA		3.5	%		1.3	%		4.8	%
AA		12.1			0.0			12.1
A		28.7			0.0			28.7
BBB		20.2			0.5			20.7
BB or lower		32.2			1.5			33.7
Total		96.7	%		3.3	%		100.0	%

The percentages above are based on the market value of the securities as of July 31, 2017 and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

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Performance

DISTRIBUTION YIELDS

As of 7/31/17


	Without Sales Charge			With Sales Charge
Class A		3.72	%		3.54	%
Class B		3.08			N/A
Class C		3.11			N/A
Class Y		3.93			N/A

STANDARDIZED YIELDS

TAXABLE EQUIVALENT YIELDS

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/17


	Inception Date		1-Year			5-Year			10-Year			Since Inception
Class A (ONJAX)		3/1/94		-3.01	%		1.62	%		2.69	%		4.46	%
Class B (ONJBX)		3/1/94		-3.72			0.84			2.19			4.26
Class C (ONJCX)		8/29/95		-3.70			0.88			1.92			3.78
Class Y (ONJYX)		11/29/10		-2.83			1.79			N/A			4.20

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/17


	Inception Date		1-Year			5-Year			10-Year			Since Inception
Class A (ONJAX)		3/1/94		-7.62	%		0.64	%		2.19	%		4.25	%
Class B (ONJBX)		3/1/94		-8.37			0.52			2.19			4.26
Class C (ONJCX)		8/29/95		-4.63			0.88			1.92			3.78
Class Y (ONJYX)		11/29/10		-2.83			1.79			N/A			4.20

15 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

LOGO

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

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

Distribution yields for Class A shares are based on dividends of $0.028 for the 28-day accrual period ended July 25, 2017. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on July 25, 2017; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of $0.0233,

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$0.0234 and $0.0297, respectively, for the 28-day accrual period ended July 25, 2017 and on the corresponding net asset values on that date.

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended July 31, 2017 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and 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 NAVs of the reporting period for the funds in each category. The average yield at NAV in Lipper’s New Jersey Municipal Debt Funds category is based on 47 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 2017 top federal and New Jersey tax rate of 48.8%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

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

The median 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 and a 10-year par call. The MMA benchmark is constructed using yields from a group of active primary and secondary market makers and other municipal market participants.

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.

17 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

18 OPPENHEIMER ROCHESTER NEW JERSEY 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 July 31, 2017.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended July 31, 2017” to estimate the expenses you paid on your account during this period.

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

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

19 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Actual	Beginning Account Value February 1, 2017	Ending Account Value July 31, 2017	Expenses Paid During 6 Months Ended July 31, 2017
Class A	$ 1,000.00	$ 989.40	$ 5.64
Class B	1,000.00	986.00	9.15
Class C	1,000.00	987.10	9.06
Class Y	1,000.00	991.50	4.60

Hypothetical (5% return before expenses)
Class A	1,000.00	1,019.14	5.72
Class B	1,000.00	1,015.62	9.29
Class C	1,000.00	1,015.72	9.19
Class Y	1,000.00	1,020.18	4.67

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2017 are as follows:


Class	Expense Ratios
Class A		1.14	%
Class B		1.85
Class C		1.83
Class Y		0.93

20 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2017


Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—109.7%
New Jersey—73.8%
$1,250,000	Atlantic City, NJ GO¹		5.000	%		03/01/2042	$	1,402,050
1,000,000	Atlantic County, NJ Improvement Authority (Stockton University)¹		5.000			07/01/2034		1,136,570
1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000			02/15/2033		1,100,470
1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000			02/15/2034		1,098,620
1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000			02/15/2035		1,097,390
2,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.000			11/01/2031		2,184,500
1,665,000	Casino Reinvestment Devel. Authority of NJ¹		5.250			01/01/2024		1,698,067
3,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.250			11/01/2039		3,084,390
3,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.250			11/01/2044		3,064,110
395,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)¹		5.000			01/01/2025		401,498
175,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)¹		5.250			01/01/2018		175,483
760,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)¹		5.250			01/01/2022		773,444
1,000,000	Casino Reinvestment Devel. Authority of NJ (Luxury Tax)¹		5.000			11/01/2028		1,109,330
140,000	Essex County, NJ Improvement Authority (Newark)¹		5.125			04/01/2029		140,176
250,000	Essex County, NJ Improvement Authority (Newark)¹		6.250			11/01/2030		265,665
140,000	Garden State Preservation Trust, NJ Open Space & Farmland Preservation		3.565	²		11/01/2026		106,890
1,000,000	Gloucester County, NJ Improvement Authority (Rowan University)¹		5.000			11/01/2030		1,182,910
1,000,000	Hudson County, NJ Improvement Authority¹		6.000			01/01/2040		1,091,410
1,500,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.000			06/01/2035		1,628,775
1,250,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.000			06/01/2038		1,354,462
2,655,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.500			06/01/2041		3,000,654
315,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.000			01/01/2020		304,359
1,100,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.125			01/01/2037		819,577
20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)¹		5.500			09/01/2030		20,061
10,000	Neptune City, NJ Hsg. Authority¹		6.000			04/01/2019		10,023
445,000	New Brunswick, NJ Parking Authority¹		5.000			09/01/2027		502,360
605,000	New Brunswick, NJ Parking Authority¹		5.000			09/01/2029		678,556
430,000	Newark, NJ GO¹		5.000			07/15/2029		460,182
3,000,000	Newark, NJ GO¹		5.000			07/15/2029		3,210,570
315,000	Newark, NJ Hsg. Authority (Port Newark Marine Terminal Rental)¹		5.000			01/01/2032		369,495
5,000,000	Newark, NJ Hsg. Authority (Secured Police Facility)¹		5.000			12/01/2038		5,758,050

21 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
$300,000	NJ Building Authority¹		5.000	%		06/15/2027	$	347,289
200,000	NJ Building Authority¹		5.000			06/15/2027		250,374
400,000	NJ Building Authority¹		5.000			06/15/2028		500,748
600,000	NJ Building Authority¹		5.000			06/15/2028		686,928
300,000	NJ Building Authority¹		5.000			06/15/2029		340,998
200,000	NJ Building Authority¹		5.000			06/15/2029		250,374
2,095,000	NJ EDA¹		5.000			06/15/2028		2,246,070
750,000	NJ EDA¹		5.000			06/15/2029		800,768
3,000,000	NJ EDA¹		5.000			06/15/2035		3,089,340
3,000,000	NJ EDA¹		5.000			06/15/2036		3,087,330
3,100,000	NJ EDA (Cranes Mill)¹		5.100			06/01/2027		3,102,418
85,000	NJ EDA (Dept. of Human Services)¹		6.250			07/01/2024		86,563
1,525,000	NJ EDA (Drew University)¹		5.250			07/01/2021		1,711,706
4,525,000	NJ EDA (Hamilton Care)¹		6.650			11/01/2037		4,634,007
3,050,000	NJ EDA (Harrogate)¹		5.875			12/01/2026		3,049,970
10,000	NJ EDA (Hillcrest Health Service)		7.243	²		01/01/2018		9,953
90,000	NJ EDA (Metromall Urban Renewal)¹		6.500			04/01/2031		90,125
100,000	NJ EDA (Motor Vehicle Surcharges)¹		5.000			07/01/2023		101,364
60,000	NJ EDA (Motor Vehicle Surcharges)¹		5.000			07/01/2029		60,818
195,000	NJ EDA (Motor Vehicle Surcharges)¹		5.000			07/01/2034		197,139
4,980,000	NJ EDA (Motor Vehicle Surcharges)¹		5.250			07/01/2031		5,066,453
260,000	NJ EDA (Motor Vehicle Surcharges)¹		5.250			07/01/2033		264,753
2,500,000	NJ EDA (MSU Student Hsg.)¹		5.750			06/01/2031		2,705,475
135,000	NJ EDA (Municipal Rehabilitation)¹		5.000			04/01/2028		135,387
5,320,000	NJ EDA (New Jersey American Water Company)¹		5.600			11/01/2034		5,793,001
4,350,000	NJ EDA (New Jersey American Water Company)¹		5.700			10/01/2039		4,699,784
50,000	NJ EDA (New Jersey Transit Corp.)¹		5.750			12/15/2017		50,173
15,000	NJ EDA (New Jersey Transit Corp.)¹		5.750			12/15/2017		15,052
800,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2027		801,360
1,400,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2037		1,401,764
650,000	NJ EDA (Paterson Charter School Science & Technology)¹		6.000			07/01/2032		654,628
1,900,000	NJ EDA (Paterson Charter School Science & Technology)¹		6.100			07/01/2044		1,901,482
1,500,000	NJ EDA (Paterson Charter School)¹		5.000			07/01/2032		1,370,010
2,500,000	NJ EDA (Paterson Charter School)¹		5.300			07/01/2044		2,228,000
500,000	NJ EDA (Provident Group-Kean Properties)¹		5.000			07/01/2037		544,630
850,000	NJ EDA (Rutgers University)¹		5.000			06/15/2038		960,407
1,000,000	NJ EDA (School Facilities)¹		5.250			09/01/2026		1,055,840
50,000	NJ EDA (St. Barnabas Medical Center)		6.743	²		07/01/2018		49,559
65,000	NJ EDA (St. Barnabas Medical Center)		6.827	²		07/01/2021		61,400
25,000	NJ EDA (St. Barnabas Medical Center)		7.147	²		07/01/2020		24,031
110,000	NJ EDA (State Office Buildings)¹		5.000			06/15/2020		110,328
3,200,000	NJ EDA (Team Academy Charter School)¹		6.000			10/01/2043		3,553,888
10,000,000	NJ EDA (The Goethals Bridge Replacement)¹		5.375			01/01/2043		11,191,400
1,500,000	NJ EDA (UMM Energy Partners)¹		5.000			06/15/2037		1,558,665
1,250,000	NJ EDA (UMM Energy Partners)¹		5.125			06/15/2043		1,297,338

22 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
$125,000	NJ Educational Facilities Authority (Drew University)¹		5.250	%		07/01/2019	$	133,295
2,735,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.000			07/01/2033		2,739,048
875,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.250			07/01/2027		877,520
2,115,000	NJ Educational Facilities Authority (Higher Education)¹		5.000			06/15/2026		2,253,448
120,000	NJ Educational Facilities Authority (Kean University)¹		5.250			09/01/2029		128,537
870,000	NJ Educational Facilities Authority (New Jersey City University)¹		5.000			07/01/2030		1,025,356
5,000	NJ Educational Facilities Authority (Public Library)¹		5.000			09/01/2022		5,015
30,000	NJ Educational Facilities Authority (Richard Stockton College)¹		5.125			07/01/2028		31,167
1,000,000	NJ Educational Facilities Authority (Rider University)¹		5.000			07/01/2037		1,059,500
2,025,000	NJ Educational Facilities Authority (Stockton University)¹		5.000			07/01/2041		2,214,479
5,000,000	NJ GO³		5.000			06/01/2027		5,772,100
5,000,000	NJ GO³		5.000			06/01/2028		5,772,100
3,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)¹		5.000			07/01/2044		3,318,870
5,085,000	NJ Health Care Facilities Financing Authority (Catholic Health East)¹		5.000			11/15/2033		5,573,211
750,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)¹		5.300			11/01/2026		743,453
450,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)¹		5.375			11/01/2036		419,220
65,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)¹		5.250			10/01/2038		68,316
230,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)¹		5.250			10/01/2038		235,014
3,480,000	NJ Health Care Facilities Financing Authority (IH/ IMCW/IMCtr Obligated Group)¹		5.000			07/01/2046		3,876,755
1,500,000	NJ Health Care Facilities Financing Authority (Kennedy Health System)¹		5.000			07/01/2031		1,645,500
500,000	NJ Health Care Facilities Financing Authority (SJHS/SJH&MC Obligated Group)¹		5.000			07/01/2036		549,770
10,000,000	NJ Health Care Facilities Financing Authority (SJHS/SJH&MC/GPD/GPDH/SJRC/HviewA/HsideA/Hhouse/SJHlth/200HPC/SJWC/SJWHF Obligated Group)¹		6.625			07/01/2038		10,526,100
1,960,000	NJ Health Care Facilities Financing Authority (St. Luke’s Warren Hospital)¹		5.000			08/15/2034		2,173,875
2,000,000	NJ Health Care Facilities Financing Authority (University Hospital)¹		5.000			07/01/2046		2,248,460
125,000	NJ Health Care Facilities Financing Authority (Virtua Health/Virtua Memorial Hospital Burlington County Obligated Group)¹		5.750			07/01/2033		135,581
1,975,000	NJ Higher Education Assistance Authority¹		5.500			12/01/2025		2,178,919
60,000	NJ Higher Education Assistance Authority¹		5.750			12/01/2029		65,737
10,025,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		6.125			06/01/2030		10,311,815

23 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
$3,285,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)³		4.625	%		10/01/2027	$	3,289,820
915,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)³		5.000			10/01/2037		922,061
20,000	NJ Hsg. & Mtg. Finance Agency, Series AA¹		6.150			10/01/2023		20,686
15,000	NJ Hsg. & Mtg. Finance Agency, Series AA¹		6.375			10/01/2028		15,459
9,580,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2041		9,194,118
10,980,000	NJ Tobacco Settlement Financing Corp.		5.477	²		06/01/2041		3,002,920
2,000,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2031		2,039,240
1,625,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2038		1,682,021
5,000,000	NJ Transportation Trust Fund Authority¹		5.500			06/15/2041		5,194,500
9,500,000	NJ Transportation Trust Fund Authority¹		5.875			12/15/2038		9,936,810
4,518,000	NJ Transportation Trust Fund Authority¹		6.000			06/15/2035		4,924,349
5,000,000	NJ Turnpike Authority¹		5.000			01/01/2034		5,744,600
5,000,000	NJ Turnpike Authority¹		5.000			01/01/2038		5,641,550
1,000,000	NJ Turnpike Authority^1,4		5.000			01/01/2040		1,174,260
6,330,000	Rutgers State University NJ³		5.000			05/01/2029		7,302,556
5,380,000	Rutgers State University NJ³		5.000			05/01/2030		6,170,537
4,000,000	Rutgers State University NJ³		5.000			05/01/2038		4,509,480
1,350,000	South Jersey, NJ Port Corp. (Marine Terminal)¹		5.000			01/01/2039		1,388,705
3,650,000	South Jersey, NJ Transportation Authority¹		5.000			11/01/2039		3,998,940
55,000	Union County, NJ Improvement Authority (Linden Airport)¹		5.000			03/01/2028		55,147
5,000	Wanaque Valley, NJ Regional Sewerage Authority¹		5.750			09/01/2018		5,094
40,000	West Milford Township, NJ (Municipal Utilities Authority)¹		5.375			08/01/2031		40,091
								253,704,292

New York—5.4%
2,689,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022		2,720,892
8,685,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		8,788,004
5,100,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.500			12/01/2028		5,183,436
1,705,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		1,733,746
								18,426,078

U.S. Possessions—30.5%
10,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		10,470
125,000	Guam Power Authority, Series A¹		5.000			10/01/2024		142,657
250,000	Guam Power Authority, Series A¹		5.000			10/01/2030		280,462
3,365,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2030		2,879,700
2,105,000	Northern Mariana Islands Ports Authority, Series A¹		6.250			03/15/2028		1,847,180
2,525,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		2,124,787
3,355,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		3,384,356
17,900,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		17,753,220
19,195,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		18,936,059
2,150,000	Puerto Rico Commonwealth GO⁵		5.250			07/01/2037		1,220,125
8,350,000	Puerto Rico Commonwealth GO⁵		5.750			07/01/2036		4,738,625
3,205,000	Puerto Rico Commonwealth GO⁵		5.750			07/01/2041		1,818,837
5,000,000	Puerto Rico Commonwealth GO⁵		6.000			07/01/2029		2,837,500
6,085,000	Puerto Rico Commonwealth GO⁵		6.000			07/01/2039		3,453,237

24 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$3,000,000	Puerto Rico Commonwealth GO⁵		6.500	%		07/01/2040	$	1,702,500
168,097	Puerto Rico Electric Power Authority⁵		10.000			07/01/2019		102,914
168,096	Puerto Rico Electric Power Authority⁵		10.000			07/01/2019		102,913
165,099	Puerto Rico Electric Power Authority⁵		10.000			01/01/2021		101,168
165,099	Puerto Rico Electric Power Authority⁵		10.000			07/01/2021		101,197
55,033	Puerto Rico Electric Power Authority⁵		10.000			01/01/2022		33,777
55,033	Puerto Rico Electric Power Authority⁵		10.000			07/01/2022		33,777
1,700,000	Puerto Rico Electric Power Authority, Series A⁵		5.000			07/01/2029		1,037,000
1,990,000	Puerto Rico Electric Power Authority, Series A⁵		5.000			07/01/2042		1,213,900
45,000	Puerto Rico Electric Power Authority, Series A⁵		5.050			07/01/2042		27,450
3,000,000	Puerto Rico Electric Power Authority, Series A⁵		7.000			07/01/2043		1,830,000
3,000,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2028		1,830,000
5,000,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2030		3,050,000
550,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2031		335,500
50,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.000			07/01/2021		30,500
90,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.000			07/01/2025		54,900
100,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2023		61,000
80,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2037		48,800
750,000	Puerto Rico Highway & Transportation Authority, FGIC⁶		5.750			07/01/2020		479,062
575,000	Puerto Rico Infrastructure⁵		5.000			07/01/2027		41,688
4,750,000	Puerto Rico Infrastructure⁵		5.000			07/01/2037		344,375
2,610,000	Puerto Rico Infrastructure⁷		5.000			07/01/2041		189,225
975,000	Puerto Rico Infrastructure, AMBAC		6.995	²		07/01/2035		360,184
3,000,000	Puerto Rico Infrastructure, FGIC⁶		7.046	²		07/01/2042		449,970
400,000	Puerto Rico Infrastructure (Mepsi Campus)⁵		6.500			10/01/2037		198,156
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			04/01/2027		98,593
930,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		846,998
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.125			04/01/2032		95,379
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			04/01/2042		93,706
175,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		165,398
1,000,000	Puerto Rico ITEMECF (Polytechnic University), ACA¹		5.000			08/01/2032		952,320
2,000,000	Puerto Rico Municipal Finance Agency, Series A, AGC¹		5.250			08/01/2020		2,029,860
305,000	Puerto Rico Public Buildings Authority⁵		5.250			07/01/2033		159,363
5,000,000	Puerto Rico Public Buildings Authority⁷		5.250			07/01/2042		2,556,250
1,000,000	Puerto Rico Public Buildings Authority⁷		5.625			07/01/2039		527,500
1,000,000	Puerto Rico Public Buildings Authority, NPFGC¹		6.000			07/01/2028		1,031,310
1,530,000	Puerto Rico Public Buildings Authority, Series D⁵		5.250			07/01/2036		799,425
5,235,000	Puerto Rico Public Finance Corp., Series B⁵		6.000			08/01/2026		143,963
9,850,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.375			08/01/2039		2,647,188
2,500,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.500			08/01/2021		671,875
4,850,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.500			08/01/2022		1,303,438
10,935,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.500			08/01/2042		2,938,781
6,675,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.898	²		08/01/2041		1,646,522
325,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		6.375			08/01/2039		87,344
6,800,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		6.500			08/01/2044		1,827,500
14,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.750			08/01/2057		8,662,500
1,100,000	V.I. Tobacco Settlement Financing Corp.		6.497	²		05/15/2035		177,694

25 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$3,100,000	V.I. Tobacco Settlement Financing Corp.		7.622	%²		05/15/2035	$	309,070
								104,959,148


Total Investments, at Value (Cost $418,823,607)—109.7%								377,089,518
Net Other Assets (Liabilities)—(9.7)								(33,229,264	)
Net Assets—100.0%							$	343,860,254

Footnotes to Statement of Investments

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

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

3. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 4 of the accompanying Notes.

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

5. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

6. The issuer of this security has missed or is expected to miss interest and/or principal payments on this security. The security is insured and is accruing partial income at a rate anticipated to be recovered through the insurer. The rate shown is the contractual interest rate.

7. 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:


200HPC		200 Hospital Plaza Corp.
ACA		American Capital Access
AGC		Assured Guaranty Corp.
AMBAC		AMBAC Indemnity Corp.
EDA		Economic Devel. Authority
FGIC		Financial Guaranty Insurance Co.
GO		General Obligation
GPD		Genesis Property Development
GPDH		Genesis Property Development Holding
Hhouse		Harbor House
HsideA		Harborside Apartments
HviewA		Harborview Apartments
IH		Inspira Health
IMCtr		Inspira Medical Center
IMCW		Inspira Medical Center Woodbury
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK		John Fitzgerald Kennedy
MSU		Montclair State University
NPFGC		National Public Finance Guarantee Corp.
NY/NJ		New York/New Jersey
SJH&MC		St. Joseph’s Health and Medical Center
SJHlth		St. Joseph’s Healthcare

26 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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


SJHS		St. Joseph Health System
SJRC		St. Joseph’s Regional Cardiology
SJWC		St. Joseph’s Wayne Cardiology
SJWHF		St. Joseph’s Wayne Hospital Foundation
TASC		Tobacco Settlement Asset-Backed Bonds
V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

27 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2017



Assets
Investments, at value (cost $418,823,607)—see accompanying statement of investments	$	377,089,518

Cash		552,332

Receivables and other assets:
Investments sold		4,403,210
Interest		2,879,479
Shares of beneficial interest sold		131,576
Other		128,393

Total assets		385,184,508


Liabilities
Payables and other liabilities:
Payable for borrowings (See Note 9)		19,600,000
Payable for short-term floating rate notes issued (See Note 4)		18,875,000
Shares of beneficial interest redeemed		1,228,966
Investments purchased on a when-issued or delayed delivery basis		1,165,990
Dividends		220,362
Trustees’ compensation		71,273
Distribution and service plan fees		57,736
Interest expense on borrowings		17,253
Shareholder communications		6,976
Other		80,698

Total liabilities		41,324,254


Net Assets	$	343,860,254



Composition of Net Assets
Paid-in capital	$	525,449,055

Accumulated net investment income		540,374

Accumulated net realized loss on investments		(140,395,086)

Net unrealized depreciation on investments		(41,734,089)

Net Assets	$	343,860,254

28 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND



Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $207,957,978 and 23,043,075 shares of beneficial interest outstanding)			$9.02

Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)			$9.47


Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,676,788 and 185,193 shares of beneficial interest outstanding)			$9.05


Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $97,516,790 and 10,791,795 shares of beneficial interest outstanding)			$9.04


Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $36,708,698 and 4,062,900 shares of beneficial interest outstanding)			$9.04

See accompanying Notes to Financial Statements.

29 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT

OF OPERATIONS For the Year Ended July 31, 2017



Investment Income
Interest	$	19,452,289

Expenses
Management fees		2,143,841

Distribution and service plan fees:
Class A		409,610
Class B		19,737
Class C		1,012,590

Transfer and shareholder servicing agent fees:
Class A		231,462
Class B		2,193
Class C	��	112,562
Class Y		32,551

Shareholder communications:
Class A		14,213
Class B		487
Class C		7,700
Class Y		3,120

Borrowing fees		386,501

Interest expense and fees on short-term floating rate notes issued (See Note 4)		233,966

Interest expense on borrowings		109,114

Trustees’ compensation		5,774

Custodian fees and expenses		2,257

Other		175,092

Total expenses		4,902,770

Net Investment Income		14,549,519

Realized and Unrealized Gain (Loss)
Net realized gain on investment transactions		762,842

Net change in unrealized appreciation/depreciation on investment transactions		(27,232,735)

Net Decrease in Net Assets Resulting from Operations	$	(11,920,374)

See accompanying Notes to Financial Statements.

30 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2017		Year Ended July 31, 2016

Operations
Net investment income	$	14,549,519	$	17,872,233

Net realized gain		762,842		2,490,401

Net change in unrealized appreciation/depreciation		(27,232,735)		14,840,351

Net increase (decrease) in net assets resulting from operations		(11,920,374)		35,202,985


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(9,969,457)		(12,974,635)
Class B		(77,318)		(147,184)
Class C		(4,031,761)		(5,310,058)
Class Y		(1,454,078)		(1,219,633)

		(15,532,614)		(19,651,510)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(32,878,334)		(16,003,401)
Class B		(1,052,793)		(1,680,867)
Class C		(18,824,104)		(11,680,065)
Class Y		10,270,816		4,246,954

		(42,484,415)		(25,117,379)


Net Assets
Total decrease		(69,937,403)		(9,565,904)

Beginning of period		413,797,657		423,363,561

End of period (including accumulated net investment income of $540,374 and $1,495,545, respectively)	$	343,860,254	$	413,797,657

See accompanying Notes to Financial Statements.

31 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2017



Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(11,920,374)

Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(35,083,079)
Proceeds from disposition of investment securities		59,797,183
Short-term investment securities, net		(1,230,938)
Premium amortization		1,749,548
Discount accretion		(1,970,706)
Net realized gain on investment transactions		(762,842)
Net change in unrealized appreciation/depreciation on investment transactions		27,232,735
Change in assets:
Decrease in other assets		10,133
Decrease in interest receivable		1,868,646
Increase in receivable for securities sold		(3,188,104)
Change in liabilities:
Increase in other liabilities		46,840
Increase in payable for securities purchased		1,165,990

Net cash provided by operating activities		37,715,032


Cash Flows from Financing Activities
Proceeds from borrowings		88,800,000
Payments on borrowings		(74,300,000)
Proceeds on short-term floating rate notes issued		4,745,000
Proceeds from shares sold		52,779,918
Payments on shares redeemed		(107,297,729)
Cash distributions paid		(2,457,490)

Net cash used in financing activities		(37,730,301)

Net decrease in cash		(15,269)

Cash, beginning balance		567,601

Cash, ending balance	$	552,332

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $13,108,682.

Cash paid for interest on borrowings—$94,042.

Cash paid for interest on short-term floating rate notes issued—$233,966.

See accompanying Notes to Financial Statements.

32 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$9.70		$9.34		$9.67		$9.60	$10.68

Income (loss) from investment operations:
Net investment income¹		0.38		0.43		0.48		0.52	0.50
Net realized and unrealized gain (loss)		(0.66)		0.40		(0.31)		0.07	(1.05)

Total from investment operations		(0.28)		0.83		0.17		0.59	(0.55)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.40)		(0.47)		(0.50)		(0.52)	(0.53)

Net asset value, end of period		$9.02		$9.70		$9.34		$9.67	$9.60



Total Return, at Net Asset Value²		(3.01)%		9.25%		1.64%		6.40%	(5.43)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$207,958		$257,608		$263,873		$306,172	$368,177

Average net assets (in thousands)		$231,289		$260,521		$301,779		$326,496	$425,664

Ratios to average net assets:³
Net investment income		4.05%		4.55%		4.89%		5.58%	4.80%
Expenses excluding specific expenses listed below		0.90%		0.87%		0.87%		0.83%	0.76%
Interest and fees from borrowings		0.13%		0.22%		0.23%		0.15%	0.11%
Interest and fees on short-term floating rate notes issued⁴		0.06%		0.04%		0.07%		0.08%	0.06%

Total expenses		1.09%		1.13%		1.17%		1.06%	0.93%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.09%		1.13%		1.17%		1.06%⁵	0.91%

Portfolio turnover rate		9%		11%		7%		30%	24%

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

2. 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.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

33 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class B	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$9.72		$9.36		$9.69		$9.62	$10.70

Income (loss) from investment operations:
Net investment income¹		0.32		0.36		0.41		0.45	0.42
Net realized and unrealized gain (loss)		(0.66)		0.40		(0.31)		0.06	(1.06)

Total from investment operations		(0.34)		0.76		0.10		0.51	(0.64)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.33)		(0.40)		(0.43)		(0.44)	(0.44)

Net asset value, end of period		$9.05		$9.72		$9.36		$9.69	$9.62



Total Return, at Net Asset Value²		(3.72)%		8.51%		0.86%		5.55%	(6.24)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,677		$2,885		$4,444		$6,351	$10,331

Average net assets (in thousands)		$2,187		$3,495		$5,540		$7,822	$15,007

Ratios to average net assets:³
Net investment income		3.42%		3.84%		4.13%		4.81%	3.96%
Expenses excluding specific expenses listed below		1.64%		1.63%		1.63%		1.63%	1.61%
Interest and fees from borrowings		0.13%		0.22%		0.23%		0.15%	0.11%
Interest and fees on short-term floating rate notes issued⁴		0.06%		0.04%		0.07%		0.08%	0.06%

Total expenses		1.83%		1.89%		1.93%		1.86%	1.78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.83%		1.89%		1.93%		1.86%⁵	1.76%

Portfolio turnover rate		9%		11%		7%		30%	24%

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

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

34 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Class C	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$9.71		$9.35		$9.68		$9.61	$10.69

Income (loss) from investment operations:
Net investment income¹		0.31		0.36		0.40		0.45	0.42
Net realized and unrealized gain (loss)		(0.64)		0.40		(0.30)		0.06	(1.05)

Total from investment operations		(0.33)		0.76		0.10		0.51	(0.63)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.34)		(0.40)		(0.43)		(0.44)	(0.45)

Net asset value, end of period		$9.04		$9.71		$9.35		$9.68	$9.61



Total Return, at Net Asset Value²		(3.70)%		8.54%		0.87%		5.60%	(6.15)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$97,517		$124,488		$131,468		$142,154	$173,766

Average net assets (in thousands)		$112,466		$125,656		$142,243		$150,721	$194,185

Ratios to average net assets:³
Net investment income		3.36%		3.80%		4.06%		4.83%	4.04%
Expenses excluding specific expenses listed below		1.62%		1.61%		1.62%		1.59%	1.52%
Interest and fees from borrowings		0.13%		0.22%		0.23%		0.15%	0.11%
Interest and fees on short-term floating rate notes issued⁴		0.06%		0.04%		0.07%		0.08%	0.06%

Total expenses		1.81%		1.87%		1.92%		1.82%	1.69%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.81%		1.87%		1.92%		1.82%⁵	1.67%

Portfolio turnover rate		9%		11%		7%		30%	24%

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

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

35 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$9.71		$9.35		$9.68		$9.60	$10.69

Income (loss) from investment operations:
Net investment income¹		0.38		0.44		0.49		0.54	0.52
Net realized and unrealized gain (loss)		(0.63)		0.40		(0.30)		0.07	(1.07)

Total from investment operations		(0.25)		0.84		0.19		0.61	(0.55)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.42)		(0.48)		(0.52)		(0.53)	(0.54)

Net asset value, end of period		$9.04		$9.71		$9.35		$9.68	$9.60



Total Return, at Net Asset Value²		(2.83)%		9.51%		1.79%		6.66%	(5.40)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$36,708		$28,817		$23,579		$23,842	$23,351

Average net assets (in thousands)		$32,570		$23,906		$25,005		$20,998	$25,821

Ratios to average net assets:³
Net investment income		4.10%		4.66%		5.02%		5.71%	4.94%
Expenses excluding specific expenses listed below		0.73%		0.71%		0.72%		0.69%	0.62%
Interest and fees from borrowings		0.13%		0.22%		0.23%		0.15%	0.11%
Interest and fees on short-term floating rate notes issued⁴		0.06%		0.04%		0.07%		0.08%	0.06%

Total expenses		0.92%		0.97%		1.02%		0.92%	0.79%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92%		0.97%		1.02%		0.92%⁵	0.77%

Portfolio turnover rate		9%		11%		7%		30%	24%

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

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

36 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2017

1. Organization

Oppenheimer Rochester New Jersey Municipal Fund (the “Fund”) is a separate series of Oppenheimer Multi-State Municipal Trust, a non-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 OFI (“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, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. 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, and Class B shares were 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, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

2. Significant Accounting Policies

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

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

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

37 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

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

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 July 31, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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

38 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

2. Significant Accounting Policies (Continued)


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$7,117,620		$—		$140,391,178		$41,488,812

1. At period end, the Fund had $140,391,178 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

2018	$	22,257,929
No expiration		118,133,249

Total	$	140,391,178

2. During the reporting period, the Fund utilized $735,561 of capital loss carryforward to offset capital gains realized in that fiscal year.

3. During the previous reporting period, the Fund utilized $2,518,218 of capital loss carryforward to offset capital gains realized in that fiscal year.

4. During the reporting period, $18,113,753 of unused capital loss carryforward expired.

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

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


Reduction to Paid-in Capital	Increase to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Loss on Investments

$18,113,753		$27,924		$18,085,829

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2017		Year Ended July 31, 2016

Distributions paid from:
Exempt-interest dividends	$	15,041,090	$	19,233,950
Ordinary income		491,524		417,560

Total	$	15,532,614	$	19,651,510

39 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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	$	399,860,982	¹

Gross unrealized appreciation	$	14,848,956
Gross unrealized depreciation		(56,337,768	)

Net unrealized depreciation	$	(41,488,812	)

1. The Federal tax cost of securities does not include cost of $18,717,348, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note in Note 4.

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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods ended after August 1, 2017. The implementation of the rules will not have a material impact on the Fund’s financial statements.

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.

40 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

3. Securities Valuation (Continued)

available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

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

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

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

Securities for which market quotations are not readily available or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

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

41 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

accounting standards:

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

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

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

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

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


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Municipal Bonds and Notes
New Jersey	$	—	$	253,704,292	$	—	$	253,704,292
New York		—		18,426,078		—		18,426,078
U.S. Possessions		—		104,959,148		—		104,959,148

Total Assets	$	—	$	377,089,518	$	—	$	377,089,518

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

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a

“tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a trust (the “Trust”). The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual,

42 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related to the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund typically has the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Through the exercise of this right, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term

43 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities, relative to the par value of the underlying municipal bond. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to resell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

44 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/ reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At period end, municipal bond holdings with a value of $33,738,654 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $18,875,000 in short-term floating rate securities issued and outstanding at that date.

At period end, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:


Principal Amount	Inverse Floater¹	Coupon Rate²		Maturity Date		Value

$ 2,500,000	NJ GO Tender Option Bond Series 2017-XF0553-1 Trust		7.006%		6/1/27	$	3,294,050
2,500,000	NJ GO Tender Option Bond Series 2017-XF0553-2 Trust		7.006		6/1/28		3,250,150
1,645,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) Tender Option Bond Series 2015-XF0015 Trust		6.438		10/1/27		1,649,820
460,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) Tender Option Bond Series 2015-XF0015-2 Trust		7.065		10/1/37		467,061
1,585,000	Rutgers State University NJ Tender Option Bond Series 2015-XF2105 Trust		12.931		5/1/29		2,557,556
1,345,000	Rutgers State University NJ Tender Option Bond Series 2015-XF2105-2 Trust		12.950		5/1/30		2,135,537
1,000,000	Rutgers State University NJ Tender Option Bond Series 2015-XF2105-3 Trust		12.950		5/1/38		1,509,480

						$	14,863,654

45 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2. Represents the current interest rate for the inverse floating rate security.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $18,875,000 or 4.90% of its total assets at period end.

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 delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$1,165,990

46 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment.

In June 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”). PROMESA established a federally-appointed fiscal oversight board (the “Oversight Board”) to oversee Puerto Rico’s financial operations and allows the Oversight Board to file cases on behalf of the Commonwealth of Puerto Rico or one of its instrumentalities to restructure debt and other obligations of the relevant entity in a “Title III” proceeding. Title III incorporates many provisions of the federal Bankruptcy Code for U.S. territories, and incorporates legal mechanisms for a litigation stay and restructuring of pension and debt obligations, among other provisions. In early May 2017, Title III petitions were filed for the Commonwealth of Puerto Rico and the Puerto Rico Sales Tax Financing Corporation (“COFINA”), two of the largest issuers of Puerto Rico debt. Title III petitions for Puerto Rico Highways & Transportation Authority (“PRHTA”) and Puerto Rico Electric Power Authority (“PREPA”) were subsequently filed in mid-May and early July, respectively. Title III petitions for additional Puerto Rican instrumentalities are expected to be filed. These restructuring proceedings create uncertainty as to the treatment of claims of varying degrees of seniority and the levels and priorities of payment from the affected entities.

Information concerning securities not accruing interest at period end is as follows:


Cost			$91,898,195
Market Value			$45,591,216
Market Value as % of Net Assets			13.26%

Concentration Risk. The Fund invests a large percentage of its total assets in obligations of issuers within its respective state and U.S. territories. Risks may arise from geographic concentration in any state, commonwealth or territory, such as Puerto Rico, the U.S. Virgin Islands, Guam or the Northern Mariana Islands. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory such as ongoing developments in Puerto Rico may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

5. Market Risk Factors

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

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

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and

47 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

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 no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Year Ended July 31, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount
Class A
Sold		2,501,657	$	23,393,526		3,556,353	$	33,535,045
Dividends and/or distributions reinvested		899,783		8,406,903		1,147,742		10,833,920
Redeemed		(6,922,609)		(64,678,763)		(6,395,485)		(60,372,366)
Net decrease		(3,521,169)	$	(32,878,334)		(1,691,390)	$	(16,003,401)


Class B
Sold		166	$	1,509		7,446	$	70,399
Dividends and/or distributions reinvested		7,818		73,424		13,888		131,357
Redeemed		(119,541)		(1,127,726)		(199,204)		(1,882,623)
Net decrease		(111,557)	$	(1,052,793)		(177,870)	$	(1,680,867)

48 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

6. Shares of Beneficial Interest (Continued)


	Year Ended July 31, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount
Class C
Sold		677,554	$	6,313,913		993,527	$	9,389,985
Dividends and/or distributions reinvested		354,830		3,318,598		447,407		4,227,603
Redeemed		(3,062,135)		(28,456,615)		(2,680,931)		(25,297,653)
Net decrease		(2,029,751)	$	(18,824,104)		(1,239,997)	$	(11,680,065)


Class Y
Sold		2,435,390	$	22,697,741		1,230,343	$	11,650,668
Dividends and/or distributions reinvested		140,507		1,309,757		104,867		992,069
Redeemed		(1,480,370)		(13,736,682)		(890,241)		(8,395,783)
Net increase		1,095,527	$	10,270,816		444,969	$	4,246,954

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	$	35,083,079	$	59,797,183

8. Fees and Other Transactions with Affiliates

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


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

The Fund’s effective management fee for the reporting period was 0.57% of average annual net assets before any applicable waivers.

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

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and

49 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

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

Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		4,286
Accumulated Liability as of July 31, 2017		30,983

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 Trustee 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 Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee 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.

50 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

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 0.15% of the daily net assets of Class A shares of the Fund. Effective April 3, 2017, this rate changed to 0.25%. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and 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 Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.15% of daily net assets. The Plans continue 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 Plans 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 B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class Y Contingent Deferred Sales Charges Retained by Distributor
July 31, 2017		$26,059		$185		$2,067		$3,278		$—

9. Borrowings and Other Financing

51 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

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 can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 4. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 4 (Inverse Floating Rate Securities) for additional information.

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

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (1.1825% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.10% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 1.1825%.

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


Average Daily Loan Balance	$	11,745,753
Average Daily Interest Rate		0.891	%
Fees Paid	$	269,400
Interest Paid	$	94,042

Reverse Repurchase Agreements. The Fund may engage in reverse repurchase

52 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

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

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.03% 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		$	98,095

10. Subsequent Event

Since the reporting period end there have been two hurricanes that impacted Puerto Rico and

53 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

10. Subsequent Event (Continued)

the U.S. Virgin Islands causing significant damages. While the full impact of these storms is uncertain, subsequent to fiscal year end and through financial statement issuance date, the change in market value of the Fund’s investments in Puerto Rico and the U.S. Virgin Islands had a negative impact on the Fund’s net assets by less than 2.5%.

54 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Multi-State Municipal Trust:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester New Jersey Municipal Fund (the Fund), a separate series of Oppenheimer Multi-State Municipal Trust, including the statement of investments, as of July 31, 2017, and the related statements of operations and cash flows 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 July 31, 2017, 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 New Jersey Municipal Fund as of July 31, 2017, the results of its operations and cash flows 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

September 28, 2017

55 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

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

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 96.84% 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.

56 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

57 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

DISTRIBUTION SOURCES Unaudited

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

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ’Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.


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

Oppenheimer Rochester New Jersey Municipal Fund		2/21/17		89.5%		0.3%		10.2%

Oppenheimer Rochester New Jersey Municipal Fund		5/23/17		85.7%		0.0%		14.3%

Oppenheimer Rochester New Jersey Municipal Fund		6/27/17		14.4%		0.0%		85.6%

Oppenheimer Rochester New Jersey Municipal Fund		7/25/17		43.9%		0.0%		56.1%

58 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


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

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

Brian F. Wruble, Chairman of the Board of Trustees (since 2007) and Trustee (since 2005) Year of Birth: 1943		Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub- Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968		Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948		Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (on-line career services) (March 2015-November 2016),

59 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Edmund P. Giambastiani, Jr., Continued		Director of Monster Worldwide, Inc. (on-line career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 57 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, 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		Director of Cartica Management, LLC Funds (private investment funds) (since 2017); Trustee of University of Florida Law Center Association, Inc. (since 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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

60 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


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

Joanne Pace, Trustee (since 2013) Year of Birth: 1958		Advisory Board Director of Massey Quick and Company, LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Board Member (since January 2015), Board Member of 100 Women in Hedge Funds (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003- 2004); held the following positions at Morgan Stanley: Managing Director (1997- 2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008- 2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 57 portfolios in the OppenheimerFunds 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.

61 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954		Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013) and Treasurer, Chairman of the Audit and Finance Committee (since January 2016); Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

INTERESTED 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 101 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971		Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since September 2002). Vice President of the Sub-Adviser (September 2002-January 2017). Portfolio Manager and trader at Victory Capital Management (1999-2002). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

62 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


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

Mark R. DeMitry, Vice President (since 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 S. Mossow, Vice President (since 2016) Year of Birth: 1978		Vice President of the Sub-Adviser (since January 2016) and Senior Portfolio Manager of the Sub-Adviser (since January 2017); Portfolio Manager of the Sub- Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016). Associate Portfolio Manager (June 2013-January 2016). Research Analyst of the Sub-Adviser (June 2011-June 2013) and was a Credit Analyst of the Sub-Adviser (May 2007-May 2011). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard A. 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).

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

63 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


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

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

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 portfolios in the OppenheimerFunds complex.

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

64 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

OPPENHEIMER ROCHESTER NEW JERSEY 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

65 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

Information Sources

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

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Disclosure of Information

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

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

66 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2016. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

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Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

225 Liberty Street, New York, NY 10281-1008

RA0395.001.0717 September 26, 2017


		Annual Report			7/31/2017


		Oppenheimer Rochester ^® Pennsylvania Municipal Fund

Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			14

Fund Expenses			19

Statement of Investments			21

Statement of Assets and Liabilities			31

Statement of Operations			33

Statement of Changes in Net Assets			34

Statement of Cash Flows			35

Financial Highlights			36

Notes to Financial Statements			44

Report of Independent Registered Public Accounting Firm			62

Federal Income Tax Information			63

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			64

Distribution Sources			65

Trustees and Officers			66

Privacy Policy Notice			73

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/17


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond Index
1-Year	2.96%	-1.93%	0.26%
5-Year	3.77	2.76	3.10
10-Year	3.89	3.39	4.60

Our Twitter handle is @RochesterFunds.

2 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Fund Performance Discussion

Oppenheimer Rochester Pennsylvania Municipal Fund continued to generate attractive levels of tax-free income during the most recent reporting period. As of July 31, 2017, the Class A shares provided a distribution yield at net asset value (NAV) of 4.80% and a yield-driven, 12-month total return of 2.96% at NAV. Over the same period, the Fund’s benchmark, the Bloomberg Barclays Municipal Bond Index, provided a total return of 0.26%. Tax-free income comprised 100% of the total return this reporting period.

MARKET OVERVIEW

On June 14, 2017, the Fed Funds target rate was raised by one-quarter of 1 percentage point to a range of 1.00% to 1.25%, and the


The average distribution yield in Lipper’s Pennsylvania Municipal Debt Funds category was 3.24% at the end of this reporting period. At 4.80%, the distribution yield at NAV for this Fund’s Class A shares was 156 basis points higher than the category average.

Federal Reserve Open Market Committee (FOMC) signaled plans for one more rate increase in 2017. Citing continued U.S. economic growth and job market strength,


YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		4.80%
Dividend Yield with sales charge		4.58
Standardized Yield		2.91
Taxable Equivalent Yield		5.32
Last distribution (7/25/17)	$	0.042
Total distributions (8/1/16 to 7/31/17)	$	0.544

Endnotes for this discussion begin on page 16 of this report.

3 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

the Fed also announced it would begin to reduce its $4.5 trillion holdings of bonds and other securities later this year.

Federal Reserve Open Market Committee (FOMC) signaled plans for one more rate increase in 2017. Citing continued U.S. economic growth and job market strength, the Fed also announced it would begin to reduce its $4.5 trillion holdings of bonds and other securities later this year.

From December 2008 until December 2015, the key rate was held to a range of zero to 0.25%.

4 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

after-tax yields than Treasury securities with comparable maturities; Treasury bonds are backed by the full faith and credit of the U.S. government.

On June 30, 2017, the Pennsylvania House and Senate passed a $32 billion budget that raised state spending by $500 million. Gov. Tom Wolf allowed the budget to become law without his signature, as lawmakers were unable to agree on how to pay for $2 billion of the spending plan. With business tax receipts down, revenues are growing by 1 percent while expenses are growing by 4 percent. As of July 31, 2017, hundreds of millions of dollars in aid to universities was still awaiting the passage of a revenue plan.

In June 2017, Gov. Wolf signed a pension overhaul compromise bill that will enable future state hires to choose between a traditional benefit plan and a hybrid that has a 401(k)-style component. The change will affect new employees beginning in 2019. Officials have said that the move could save Pennsylvania $5 billion to $20 billion over 30 years, depending on investment performance.

S&P Global Ratings (S&P) changed its rating on the general obligation (G.O.) debt of the City of Scranton to BB-plus, from BB. S&P cited the city’s improved budget flexibility and liquidity, stemming largely from the sale of a sewer system; the transaction enabled Scranton to retire more than $40 million of high-coupon debt. The city also suspended its cost-of-living-adjustments and said it intends to apply a portion of sewer sale proceeds to pension funding.

The Pennsylvania Turnpike Commission (PTC) approved a 6 percent toll increase for both E-Z Pass and cash customers, effective January 8, 2017. The toll increase will be applied to the debt-service obligations of the PTC’s revenue-backed bonds.

Philadelphia International Airport is slated to receive nearly $900 million in infrastructure improvements under an agreement forged by city officials and airline carriers. The project features $396 million in maintenance and repairs for the airport, which is owned by the City of Philadelphia. A total of $197 million for a new air traffic control tower is being contributed by American Airlines. It is estimated that the airport generates $225 million in tax revenue for Pennsylvania and $78 million for Philadelphia annually.

In October 2016, the School Reform Commission of Philadelphia approved resolutions to restructure $1.5 billion of existing bond debt, for a savings of roughly $140 million. The District converted some of its bonds with flexible interest rates into

5 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

fixed-interest-rate bonds and negotiated lower interest rates for others. The resolutions also authorized the sale of $250 million in new bonds.

In December 2016, Pennsylvania came to market with $613 million in G.O. bonds. The bonds, which have a 25-year maturity and a 5% coupon, sold at a yield of 5.18%.

As of July 31, 2017, Pennsylvania’s G.O. bonds were rated Aa3 by Moody’s Investors Service and AA-minus by S&P and by Fitch Ratings. G.O.s are backed by the full faith and taxing authority of the state or local government that issues them.

the Public Finance Corporation (PFC) and the Puerto Rico Infrastructure and Finance Authority (PRIFA) did not make their August 1, 2016 payments, and the Commonwealth also failed to make an interest payment of $1.3 million on its G.O. debt.

In September 2016, S&P downgraded several senior unsecured GDB bonds GDB after the GDB failed to make August 1 and September 1, 2016 interest payments.

The fiscal plan presented to the federal oversight board on October 14 by then-Gov. Padilla was immediately challenged by Carlos Garcia, a member of the oversight board. He took issue with the government’s assessment of its fiscal situation.

6 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

approvals of permits and certifications for infrastructure projects.

Full coupon payments were made on February 1, 2017, on COFINAs as well as bonds issued

by the Puerto Rico Industrial Development Company, PRASA (the Commonwealth’s aqueduct and sewer authority), and PRHTA (its highways and transportation authority). However, the GDB, PFC and PRIFA failed to make certain payments on that date.

In other developments related to the fiscal plan, the federal fiscal 2018 budget proposal that President Trump announced in May 2017 calls for $1.59 billion to fund Medicaid in Puerto Rico, an increase of $1.24 billion versus the previous Medicaid cap for the Commonwealth. Puerto Rico officials did not adjust the Commonwealth’s fiscal plan, which assumes the federal government’s Medicaid allocation is zero.

7 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

PROMESA, similar to a Chapter 9 bankruptcy, for the Commonwealth, the Puerto Rico Sales Tax Financing Corporation (issuer of COFINA bonds), the PRHTA and the Employee Retirement System. The commencement of these proceedings effectively blocked various lawsuits that had been filed soon after the May 1 expiration of the stay of litigation, which had been included in PROMESA and subsequently extended.

The Puerto Rico Electric Power Authority (PREPA) and its forbearing bondholders, including Oppenheimer Rochester, worked throughout this reporting period to finalize a restructuring support agreement (RSA) whose terms were agreed on in September 2015. In December 2016, PREPA and its forbearing bondholders agreed to extend the RSA until March 31, 2017; further extensions pushed the RSA’s expiration until the end of June 2017.

8 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


The Rochester Portfolio Managers


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



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

fund, Oppenheimer Rochester Limited Term California Municipal Fund.)

it would be, according to figures released in early August, raising new questions about why the Commonwealth claimed it could not make debt payments.

Tax collections in July, the first month of the fiscal 2018, were $20 million to $30 million ahead of budget, according to Puerto Rico’s treasury secretary; in fiscal 2017, tax collections exceeded forecasts by 2.6%, or $235 million. The unemployment rate in July dropped to 9.8%, which was lower than it

9 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

The Rochester Credit Research Team




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



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



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

10 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

had been since early 2008. Also in early August, the Commonwealth’s Supreme Court denied the governor’s request to keep his initial draft budget (submitted to the board in late April) and other documents under wraps.

At an August 9 hearing, Judge Swain approved an agreement establishing a procedure to resolve, by December 15, the debt dispute between Puerto Rico and certain COFINA bondholders. Debt restructurings for GDB securities, which were approved by the Puerto Rico Legislature two days later, have yet to receive approval from the U.S. District Court.

In September, two hurricanes – Irma and Maria – caused damage on Puerto Rico. Irma passed to the north of the Commonwealth, but Maria made landfall and damage from it was extensive.

FUND PERFORMANCE

Oppenheimer Rochester Pennsylvania Municipal Fund held more than 275 securities as of July 31, 2017. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

reduced to 4.2 cents per share beginning with the June 2017 payout. In all, the Fund distributed 54.4 cents per Class A share this reporting period. 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.

Five of the Fund’s seven largest sectors were the largest contributors to the Fund’s performance during this reporting period. The Fund’s outperformance at NAV versus its benchmark this reporting period was primarily driven by its holdings of tobacco bonds. These high-yielding securities, which are backed by proceeds from the landmark 1998 Master Settlement Agreement (MSA), constituted the Fund’s largest sector as of July 31, 2017. Other leading contributors to performance were the securities in Fund’s second through fourth largest sectors: higher education, education and U.S. government obligations, respectively. Research-based security selection continued to be a factor in the strong performance of these sectors. U.S. government obligations are pre-refunded securities; in a pre-refunding, new securities with lower coupon rates are sold by a municipality to pay off debt that has higher interest rates. The proceeds from the new issuance are escrowed in U.S. Treasury bonds and earmarked to pay off the previously issued bonds. Two smaller sectors were also among the leading contributors to performance this reporting period: the energy equipment sector and the sewer utilities sector. Each of these sectors had less than 1% of the Fund’s total assets

11 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

as of July 31, 2017, and each had a single security issued in Puerto Rico.

Of the Fund’s 24 sectors, six detracted from the Fund’s total return during the reporting period.

The G.O. and the sales tax sectors – the Fund’s fifth and tenth largest, respectively – were adversely affected by developments in Puerto Rico as were the PREPA securities in this Fund’s electric utilities sector (as discussed above). Also detracting from the Fund’s performance were the government appropriation and resource recovery sectors, among others.

In aggregate, the Fund’s substantial investments in securities issued in the Commonwealth of Puerto Rico contributed favorably to performance this reporting period. (As discussed above, the Commonwealth continued to experience significant financial difficulties this reporting period; the Fund’s current dividend distribution calculations reflect adjustments based on the failure of various Commonwealth issuers to make their debt-service payments on time and in full.) The securities are exempt from federal, state and local income taxes, and the Fund’s holdings include the aforementioned G.O. and tobacco bonds 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 entities.

INVESTMENT STRATEGY

12 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

funds based on predictions of interest rate changes. Further details about the Rochester team’s investment approach can be found on our landing page, oppenheimerfunds.

com/rochesterway.

In closing, we believe that the structure and sector composition of this Fund and the team’s use of time-tested strategies will continue to benefit fixed income investors through interest rate and economic cycles.

LOGO

Scott S. Cottier, CFA

Senior Vice President,

Senior Portfolio Manager and Team Leader

LOGO

Troy E. Willis, CFA, J.D.

Senior Vice President,

Senior Portfolio Manager and Team Leader

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

13 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES


Tobacco Master Settlement Agreement	15.0	%
Higher Education	12.0
Education	11.7
U.S. Government Obligations	11.6
General Obligation	6.4
Housing - Student	5.5
Hospital/Healthcare	4.9
Highways/Commuter Facilities	4.7
Electric Utilities	3.8
Sales Tax Revenue	3.6

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2017 and are based on total assets.

CREDIT ALLOCATION


	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		0.0%		6.2%		6.2%
AA		12.5		0.0		12.5
A		23.4		0.0		23.4
BBB		18.2		4.8		23.0
BB or lower		24.2		10.7		34.9
Total		78.3%		21.7%		100.0%

14 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Performance

DISTRIBUTION YIELDS

As of 7/31/17


	Without Sales Charge	With Sales Charge
Class A	4.80%	4.58%
Class B	4.21	N/A
Class C	4.22	N/A
Class Y	5.03	N/A

STANDARDIZED YIELDS


For the 30 Days Ended 7/31/17
Class A		2.91%
Class B		2.40
Class C		2.39
Class Y		3.28

TAXABLE EQUIVALENT YIELDS


As of 7/31/17
Class A		5.32%
Class B		4.39
Class C		4.37
Class Y		6.00

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/17


	Inception Date	1-Year	5-Year	10-Year	Since Inception
Class A (OPATX)	9/18/89	2.96%	3.77%	3.89%	5.64%
Class B (OPABX)	5/3/93	2.22	2.97	3.39	4.87
Class C (OPACX)	8/29/95	2.23	3.00	3.12	4.39
Class Y (OPAYX)	11/29/10	3.14	3.92	N/A	5.70

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/17


	Inception Date	1-Year	5-Year	10-Year	Since Inception
Class A (OPATX)	9/18/89	-1.93%	2.76%	3.39%	5.54%
Class B (OPABX)	5/3/93	-2.67	2.65	3.39	4.87
Class C (OPACX)	8/29/95	1.26	3.00	3.12	4.39
Class Y (OPAYX)	11/29/10	3.14	3.92	N/A	5.70

15 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

Distribution yields for Class A shares are based on dividends of $0.042 for the 28-day accrual period ended July 25, 2017. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on July 25, 2017; for the yield with charge, the denominator is the Class A maximum offering price on that

16 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

date. Distribution yields for Class B, C and Y are annualized based on dividends of $0.0367, $0.0367 and $0.0440, respectively, for the 28-day accrual period ended July 25, 2017 and on the corresponding net asset values on that date.

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final NAVs of the reporting period for the funds in each category. The average yield at NAV in Lipper’s Pennsylvania Municipal Debt Funds category is based on 57 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 2017 top federal and Pennsylvania tax rate of 45.3%. 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 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.

17 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

18 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Fund Expenses

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 July 31, 2017.

19 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Actual	Beginning Account Value February 1, 2017	Ending Account Value July 31, 2017	Expenses Paid During 6 Months Ended July 31, 2017
Class A	$ 1,000.00	$ 1,041.60	$ 5.18
Class B	1,000.00	1,038.00	8.68
Class C	1,000.00	1,038.10	8.68
Class Y	1,000.00	1,042.60	4.06

Hypothetical (5% return before expenses)
Class A	1,000.00	1,019.74	5.12
Class B	1,000.00	1,016.31	8.58
Class C	1,000.00	1,016.31	8.58
Class Y	1,000.00	1,020.83	4.02


Class	Expense Ratios
Class A		1.02	%
Class B		1.71
Class C		1.71
Class Y		0.80

20 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2017


Principal Amount			Coupon		Maturity		Value
	Municipal Bonds and Notes—102.6%
	Pennsylvania—73.6%
	$80,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)		5.125%		05/01/2025	$	80,164
	1,125,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)		5.125		05/01/2029		1,121,625
	35,000	Allegheny County, PA HDA (UPMC Health System)		5.375		08/15/2029		37,637
	160,000	Allegheny County, PA HDA (UPMC Health System)		5.500		08/15/2034		172,266
	1,310,000	Allegheny County, PA HEBA (Carlow University)		6.000		11/01/2021		1,425,791
	1,125,000	Allegheny County, PA HEBA (Carlow University)		6.750		11/01/2031		1,256,602
	1,000,000	Allegheny County, PA HEBA (Chatham University)		5.000		09/01/2035		1,070,470
	2,250,000	Allegheny County, PA HEBA (Robert Morris University)		5.500		10/15/2030		2,448,472
	3,650,000	Allegheny County, PA HEBA (Robert Morris University)		5.750		10/15/2040		3,987,150
	2,500,000	Allegheny County, PA HEBA (Robert Morris University)		5.900		10/15/2028		2,623,775
	5,000	Allegheny County, PA HEBA (Robert Morris University)		6.000		05/01/2028		5,697
	2,000,000	Allegheny County, PA HEBA (Robert Morris University)		6.000		10/15/2038		2,122,680
	1,200,000	Allegheny County, PA IDA (Propel Charter School-East)		6.375		08/15/2035		1,274,940
	900,000	Allegheny County, PA IDA (Propel Charter School-Montour)		6.750		08/15/2035		967,707
	1,500,000	Allegheny County, PA IDA (Propel Charter School-Sunrise)		6.000		07/15/2038		1,594,875
	1,000,000	Allegheny County, PA IDA (ReR/RRSW/RRDC Obligated Group)		5.000		09/01/2021		1,001,440
	1,225,000	Allegheny County, PA IDA (ReR/RRSW/RRDC Obligated Group)		5.100		09/01/2026		1,226,139
	550,000	Allegheny County, PA IDA (ReR/RRSW/RRDC Obligated Group)		5.125		09/01/2031		550,346
	330,000	Allegheny County, PA IDA (School Facility Devel.)¹		5.900		08/15/2026		347,536
	12,450,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.600		07/01/2023		12,249,181
	1,605,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)		5.950		01/20/2043		1,646,698
	1,240,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)		6.100		01/20/2043		1,273,071
	1,610,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)		6.160		01/20/2043		1,653,373
	13,000,000	Berks County, PA Municipal Authority (Reading Hospital & Medical Center)²		5.500		11/01/2031		14,141,790
	3,000,000	Bethlehem, PA Area School District		5.000		08/01/2035		3,395,460
	1,750,000	Bethlehem, PA GO		6.500		12/01/2032		2,103,360
	560,000	Butler County, PA IDA (Greenview Gardens Apartments)		6.000		07/01/2023		561,103
	1,760,000	Butler County, PA IDA (Greenview Gardens Apartments)		6.250		07/01/2033		1,762,499
	2,865,000	Cambridge, PA Area Joint Authority		6.000		12/01/2037		2,986,476
	950,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)		6.250		11/15/2041		1,150,839
	2,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)		7.000		11/15/2046		2,483,460
	30,000	Charleroi, PA Area School Authority		6.000		10/01/2017		30,117

21 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon		Maturity		Value
Pennsylvania (Continued)
$2,000,000	Chester County, PA H&EFA (Immaculata University)		7.000%		11/01/2041	$	2,185,340
2,000,000	Chester County, PA H&EFA (Main Line Health System)		5.000		10/01/2052		2,284,040
1,000,000	Chester County, PA IDA (West Chester University Student Hsg.)		5.000		08/01/2035		1,059,440
1,000,000	Clairton, PA Municipal Authority		5.000		12/01/2037		1,095,010
1,220,000	Clarion County, PA IDA (Clarion University Foundation)		5.000		07/01/2024		1,359,263
1,310,000	Clarion County, PA IDA (Clarion University Foundation)		5.000		07/01/2034		1,394,940
2,430,000	Clarion County, PA IDA (Clarion University of Pennsylvania Hsg.)		5.000		07/01/2029		2,641,240
3,500,000	Clarion County, PA IDA (Clarion University of Pennsylvania Hsg.)		5.000		07/01/2033		3,746,645
260,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries)		6.250		01/01/2024		277,927
1,000,000	Cumberland County, PA Municipal Authority (Dickinson College)		5.000		05/01/2031		1,166,690
775,000	Cumberland County, PA Municipal Authority (Dickinson College)		5.000		05/01/2032		900,271
4,000,000	Delaware County, PA Authority (Cabrini University)		5.000		07/01/2047		4,402,080
3,965,000	Delaware County, PA Authority (Eastern University)		5.250		10/01/2032		3,812,347
85,000	Delaware County, PA Authority (MAS/MCMCSPA/ MHH/MHP/MHSSPA Obligated Group)		5.375		11/15/2023		87,742
1,160,000	Delaware County, PA Authority (Neumann College)		6.000		10/01/2025		1,228,417
280,000	Delaware County, PA Authority (Neumann College)		6.000		10/01/2030		296,514
1,000,000	Delaware County, PA Authority (Neumann College)		6.125		10/01/2034		1,060,430
650,000	Delaware County, PA Authority (Neumann College)		6.250		10/01/2038		690,215
1,150,000	Delaware County, PA Authority (Neumann University)		5.000		10/01/2025		1,256,985
1,425,000	Delaware County, PA Authority (Neumann University)		5.000		10/01/2031		1,570,835
2,305,000	Delaware County, PA Authority (Neumann University)		5.000		10/01/2035		2,506,803
1,250,000	Delaware County, PA Authority (Neumann University)		5.250		10/01/2031		1,352,000
820,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000		07/01/2030		891,963
1,000,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000		07/01/2030		1,072,880
1,060,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000		07/01/2035		1,134,253
1,250,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000		07/01/2035		1,324,013
2,750,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000		07/01/2047		2,906,255
500,000	Easton, PA Area School District		5.200		04/01/2028		514,455
75,000	Erie, PA City School District		5.250		03/01/2039		75,197
7,840,000	Erie, PA Higher Education Building Authority (Gannon University)		5.000		05/01/2038		8,294,406
1,000,000	Erie, PA Higher Education Building Authority (Gannon University)		5.375		05/01/2030		1,061,560
2,565,000	Erie, PA Higher Education Building Authority (Gannon University)		5.500		05/01/2040		2,725,261
905,000	Erie, PA Higher Education Building Authority (Mercyhurst College)		5.350		03/15/2028		949,110

22 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount		Coupon		Maturity		Value
Pennsylvania (Continued)
$3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)		5.500%		03/15/2038	$	3,151,230
2,095,000	Fayette County, PA Redevel. Authority (Fayette Crossing)		7.000		09/01/2019		2,156,551
6,150,000	Horsham, PA Industrial and Commercial Devel. Authority (Pennsylvania LTC)		6.000		12/01/2037		6,208,487
2,100,000	Lackawanna County, PA GO		6.000		09/15/2032		2,292,969
848,396	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000		11/01/2018		849,295
3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000		11/01/2023		3,595,536
2,747,774	Lehigh County, PA GPA (Kidspeace)³		0.000⁴		02/01/2044		1,039,648
2,721,970	Lehigh County, PA GPA (Kidspeace)³		7.500		02/01/2044		27
3,527,895	Lehigh County, PA GPA (Kidspeace/KC/KNCONY/KCH/ KMAKNC/KNCONM/IRSch Obligated Group)		7.500		02/01/2044		3,574,040
1,590,000	Luzerne County, PA GO		6.750		11/01/2023		1,761,354
500,000	Luzerne County, PA GO		7.000		11/01/2026		554,165
5,000,000	Luzerne County, PA IDA		7.750		12/15/2027		5,217,300
5,000,000	Montgomery County, PA HEHA (Holy Redeemer Health System/Holy Redeemer Physician & Ambulatory Obligated Group)		5.000		10/01/2036		5,464,550
5,425,000	Montgomery County, PA IDA (ARLC/LVE/ATI/ASCS/ AMS Obligated Group)		5.000		11/15/2036		6,019,851
10,915,000	Montgomery County, PA IDA (New Regional Medical)		5.375		08/01/2038		12,313,648
300,000	Montgomery County, PA IDA (Philadelphia Presbyterian Homes)		6.500		12/01/2025		342,648
4,500,000	Northampton County, PA General Purpose Authority (Lafayette College)		5.000		11/01/2047		5,239,215
2,860,000	Northampton County, PA General Purpose Authority (Moravian College)		5.000		07/01/2031		3,140,852
1,500,000	Northampton County, PA IDA (Morningstar Senior Living)		5.000		07/01/2027		1,567,665
14,826,610	Northampton County, PA IDA (Northampton Generating)^3,5		5.000		12/31/2023		4,445,018
1,446,670	Northampton County, PA IDA (Northampton Generating)^3,5		5.000		12/31/2023		433,712
16,000,000	PA Commonwealth Financing Authority		5.000		06/01/2032		17,442,080
2,000,000	PA Commonwealth Financing Authority		5.000		06/01/2035		2,269,100
39,737,908	PA EDFA (Bionol Clearfield)⁶		8.500		07/01/2015		6,925,523
3,000,000	PA EDFA (Forum)		5.000		03/01/2029		3,356,430
3,000,000	PA EDFA (Philadelphia Biosolids Facility)		6.250		01/01/2032		3,189,480
4,315,000	PA Geisinger Authority Health System		5.000		02/15/2045		4,960,567
9,000,000	PA GO²		5.000		06/01/2022		10,463,670
115,000	PA GO		5.000		06/01/2022		133,702
4,055,000	PA GO		5.000		07/01/2022		4,723,183
100,000	PA HEFA (California University of Pennsylvania Student Assoc.)		5.000		07/01/2028		100,053
95,000	PA HEFA (California University of Pennsylvania Student Assoc.)¹		6.750		09/01/2020		95,239
3,115,000	PA HEFA (California University of Pennsylvania Student Assoc.)		6.750		09/01/2032		3,118,208

23 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon		Maturity		Value
Pennsylvania (Continued)
$55,000	PA HEFA (California University of Pennsylvania Student Assoc.)		6.800%		09/01/2025	$	55,124
1,245,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.000		11/01/2027		1,259,803
535,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.000		11/01/2042		525,172
10,000	PA HEFA (Drexel University College of Medicine)		5.000		05/01/2037		10,105
6,285,000	PA HEFA (Edinboro University Foundation)		5.750		07/01/2028		6,565,248
3,000,000	PA HEFA (Edinboro University Foundation)		5.800		07/01/2030		3,402,210
9,000,000	PA HEFA (Edinboro University Foundation)		5.875		07/01/2038		9,411,570
8,225,000	PA HEFA (Edinboro University Foundation)		6.000		07/01/2042		8,610,506
3,500,000	PA HEFA (Edinboro University Foundation)		6.000		07/01/2043		3,989,265
1,300,000	PA HEFA (Gwynedd Mercy College)		5.375		05/01/2042		1,385,813
750,000	PA HEFA (Indiana University Foundation)		5.000		07/01/2041		815,040
2,650,000	PA HEFA (La Salle University)		5.000		05/01/2029		2,892,793
250,000	PA HEFA (La Salle University)		5.000		05/01/2037		251,088
50,000	PA HEFA (Pennsylvania State University)		5.000		03/01/2022		50,155
1,400,000	PA HEFA (Shippensburg University Student Services)		5.000		10/01/2035		1,477,392
3,000,000	PA HEFA (Shippensburg University)		6.000		10/01/2031		3,304,170
7,000,000	PA HEFA (Shippensburg University)		6.250		10/01/2043		7,745,640
1,750,000	PA HEFA (St. Francis University)		6.000		11/01/2031		1,913,310
2,250,000	PA HEFA (St. Francis University)		6.250		11/01/2041		2,480,085
100,000	PA HEFA (Student Association)		6.750		09/01/2023		100,139
4,515,000	PA HEFA (University of Pennsylvania Health System)		5.750		08/15/2041		5,342,193
60,000	PA HEFA (University of the Arts)		5.500		03/15/2020		60,169
3,050,000	PA HEFA (University of the Arts)		5.625		03/15/2025		3,056,985
1,685,000	PA HEFA (University of the Arts)		5.750		03/15/2030		1,688,252
1,000,000	PA HEFA (University Properties Student Hsg.)		5.000		07/01/2031		1,096,350
1,000,000	PA HEFA (Ursinus College)		5.000		01/01/2029		1,096,660
1,000,000	PA HEFA (Widener University)		5.000		07/15/2038		1,089,620
5,000,000	PA Public School Building Authority (Harrisburg Area Community College)		5.000		10/01/2031		5,484,450
3,500,000	PA Public School Building Authority (School District of Philadelphia)		5.000		04/01/2027		3,753,330
4,410,000	PA Public School Building Authority (School District of Philadelphia)		5.000		04/01/2028		4,710,453
3,000,000	PA Public School Building Authority (School District of Philadelphia)		5.000		04/01/2029		3,190,410
250,000	PA Public School Building Authority (School District of Philadelphia)		5.000		04/01/2030		264,268
2,250,000	PA Public School Building Authority (School District of Philadelphia)		5.000		04/01/2031		2,369,768
4,780,000	PA Public School Building Authority (School District of Philadelphia)		5.000		04/01/2032		5,021,868
1,000,000	PA Southcentral General Authority (Hanover Hospital)		5.000		12/01/2029		1,123,380
12,940,000	PA Southcentral General Authority (Wellspan Health Obligated Group)²		6.000		06/01/2029		13,656,995
3,750,000	PA State Public School Building Authority (Philadelphia School District)		5.000		06/01/2027		4,266,750

24 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount		Coupon		Maturity		Value
Pennsylvania (Continued)
$8,795,000	PA State Public School Building Authority (Philadelphia School District)		5.000%		06/01/2032	$	9,930,698
5,000,000	PA State Public School Building Authority (Philadelphia School District)		5.000		06/01/2036		5,436,750
10,000,000	PA Turnpike Commission		0.000⁴		12/01/2038		12,351,800
1,750,000	PA Turnpike Commission		5.000		06/01/2030		2,018,048
500,000	PA Turnpike Commission		5.000		12/01/2030		583,220
1,000,000	PA Turnpike Commission		5.000		12/01/2031		1,162,870
2,000,000	PA Turnpike Commission		5.000		12/01/2032		2,263,580
5,750,000	PA Turnpike Commission		5.000		12/01/2040		6,517,338
4,100,000	PA Turnpike Commission		5.500⁴		12/01/2034		4,578,552
900,000	PA Turnpike Commission		5.500⁴		12/01/2034		1,031,688
5,000,000	PA Turnpike Commission		5.500		12/01/2042		5,936,850
2,820,000	PA Turnpike Commission		6.000⁴		12/01/2034		3,275,684
570,000	PA Turnpike Commission		6.000⁴		12/01/2034		662,716
610,000	PA Turnpike Commission		6.000⁴		12/01/2034		709,223
2,000,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)		5.625		01/01/2032		2,280,440
1,835,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)		6.500		01/01/2041		2,168,731
1,430,000	Pennsylvania State University		5.000		09/01/2041		1,673,858
2,500,000	Pennsylvania State University		5.000		09/01/2047		2,947,725
5,000,000	Philadelphia, PA Airport		5.000		06/15/2032		5,013,800
2,440,000	Philadelphia, PA Airport, Series A		5.000		06/15/2018		2,447,588
2,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)		6.125		03/15/2043		2,632,450
450,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		5.875		04/01/2032		467,123
500,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		6.250		04/01/2042		522,830
1,000,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)		5.750		11/15/2030		1,040,530
500,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)		6.375		11/15/2040		528,715
2,040,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)		5.375		06/15/2030		2,136,859
4,000,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)		5.625		06/15/2042		4,203,360
1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)		6.250		05/01/2033		1,640,804
1,105,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)		5.125		01/01/2021		1,094,635
2,000,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		6.750		06/15/2033		2,239,120
3,090,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		7.000		06/15/2043		3,484,562
9,230,000	Philadelphia, PA Authority for Industrial Devel. (TJU/TJUHS/TJUH/JUP/AHlth/AHlthF/ AMH/LHosp/AriaH/AHSys Obligated Group)		5.000		09/01/2047		10,457,221

25 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon		Maturity		Value
Pennsylvania (Continued)
$2,915,000	Philadelphia, PA Authority for Industrial Devel. Senior
	Living (Presbyterian Homes Germantown)		5.625%		07/01/2035	$	2,918,323
3,500,000	Philadelphia, PA GO¹		5.000		08/01/2035		4,033,785
6,260,000	Philadelphia, PA GO		6.500		08/01/2041		7,269,675
770,000	Philadelphia, PA H&HEFA (Centralized Comprehensive Human Services)		7.250		01/01/2021		760,752
250,000	Philadelphia, PA Hsg. Authority		5.000		12/01/2021		252,095
1,300,000	Philadelphia, PA Hsg. Authority		5.000		05/01/2039		1,460,979
2,415,000	Philadelphia, PA Hsg. Authority		5.000		05/01/2042		2,716,175
1,000,000	Philadelphia, PA Municipal Authority		6.500		04/01/2034		1,091,630
25,000	Philadelphia, PA Parking Authority		5.125		02/15/2018		25,080
20,000	Philadelphia, PA Parking Authority, Series A		5.250		02/15/2029		20,064
80,000	Philadelphia, PA Redevel. Authority (Multifamily Hsg.)¹		5.450		02/01/2023		80,676
10,000,000	Philadelphia, PA School District		5.000		09/01/2028		11,427,100
10,000,000	Philadelphia, PA School District		5.000		09/01/2029		11,331,500
2,000,000	Philadelphia, PA School District		5.000		09/01/2032		2,247,380
5,000	Philadelphia, PA School District		6.000		09/01/2038		5,273
45,000	Philadelphia, PA School District		6.000		09/01/2038		47,454
1,630,000	Philadelphia, PA School District		6.000		09/01/2038		1,718,884
5,000	Philadelphia, PA School District		6.000		09/01/2038		5,273
1,895,000	Philadelphia, PA Water & Wastewater		5.000		10/01/2052		2,156,245
2,380,000	Philadelphia, PA Water & Wastewater		5.250		10/01/2052		2,797,000
2,730,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)		6.130		01/20/2043		2,803,819
4,000,000	Pottsville, PA Hospital Authority (Lehigh Valley Health Network)		5.000		07/01/2041		4,505,040
900,000	Reading, PA Hsg. Auth (Goggle Works Apts.)		5.625		06/01/2042		935,613
2,895,000	Reading, PA Hsg. Auth (Goggle Works Apts.)		5.875		06/01/2052		3,016,706
1,500,000	Reading, PA School District¹		5.000		03/01/2037		1,719,075
1,500,000	Reading, PA School District¹		5.000		03/01/2038		1,716,435
6,450,000	Susquehanna, PA Area Regional Airport Authority		6.500		01/01/2038		6,570,873
6,600,000	Washington County, PA Redevel. Authority (Victory Centre)		5.450		07/01/2035		6,601,320
2,000,000	Westmoreland County, PA Municipal Authority		5.000		08/15/2038		2,284,580
2,600,000	Wilkes-Barre, PA Area School District		5.000		08/01/2034		2,938,702
2,125,000	Wilkes-Barre, PA Area School District		5.000		08/01/2036		2,390,795
							557,026,460
U.S. Possessions—29.0%
700,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750		09/01/2031		732,907
185,000	Guam Power Authority, Series A		5.000		10/01/2023		212,476
235,000	Guam Power Authority, Series A		5.000		10/01/2024		268,196
420,000	Guam Power Authority, Series A		5.000		10/01/2030		471,177
670,000	Northern Mariana Islands Commonwealth, Series A		5.000		10/01/2022		643,367
1,240,000	Northern Mariana Islands Ports Authority, Series A		6.250		03/15/2028		1,088,125
915,000	Northern Mariana Islands Ports Authority, Series A		6.600		03/15/2028		888,794
3,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125		07/01/2037		2,412,180
810,000	Puerto Rico Aqueduct & Sewer Authority		5.250		07/01/2029		661,900
1,460,000	Puerto Rico Aqueduct & Sewer Authority		5.750		07/01/2037		1,192,002

26 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount		Coupon		Maturity		Value
U.S. Possessions (Continued)
$1,005,000	Puerto Rico Aqueduct & Sewer Authority		6.000%		07/01/2047	$	837,245
2,250,000	Puerto Rico Aqueduct & Sewer Authority		6.125⁴		07/01/2024		1,932,795
37,070,000	Puerto Rico Children’s Trust Fund (TASC)		5.500		05/15/2039		36,766,026
29,590,000	Puerto Rico Children’s Trust Fund (TASC)		5.625		05/15/2043		29,190,831
53,320,000	Puerto Rico Children’s Trust Fund (TASC)		7.153⁷		05/15/2050		6,095,542
926,500,000	Puerto Rico Children’s Trust Fund (TASC)		7.622⁷		05/15/2057		36,226,150
2,000,000	Puerto Rico Commonwealth GO⁶		5.000		07/01/2020		1,135,000
3,000,000	Puerto Rico Commonwealth GO⁶		5.125		07/01/2028		1,702,500
2,500,000	Puerto Rico Commonwealth GO⁶		5.375		07/01/2033		1,418,750
5,000,000	Puerto Rico Commonwealth GO⁶		5.500		07/01/2026		2,837,500
7,360,000	Puerto Rico Commonwealth GO⁶		5.500		07/01/2039		4,176,800
9,000,000	Puerto Rico Commonwealth GO⁶		5.750		07/01/2036		5,107,500
3,000,000	Puerto Rico Commonwealth GO⁶		5.750		07/01/2041		1,702,500
15,000	Puerto Rico Commonwealth GO, NPFGC		6.000		07/01/2027		15,479
790,000	Puerto Rico Commonwealth GO⁶		6.000		07/01/2028		448,325
13,500,000	Puerto Rico Commonwealth GO⁶		8.000		07/01/2035		8,100,000
403,060	Puerto Rico Electric Power Authority⁶		10.000		07/01/2019		246,765
403,059	Puerto Rico Electric Power Authority⁶		10.000		07/01/2019		246,765
336,338	Puerto Rico Electric Power Authority⁶		10.000		01/01/2021		206,098
336,339	Puerto Rico Electric Power Authority⁶		10.000		07/01/2021		206,159
112,113	Puerto Rico Electric Power Authority⁶		10.000		01/01/2022		68,809
112,113	Puerto Rico Electric Power Authority⁶		10.000		07/01/2022		68,809
4,920,000	Puerto Rico Electric Power Authority, Series A⁶		5.000		07/01/2029		3,001,200
3,325,000	Puerto Rico Electric Power Authority, Series A⁶		5.000		07/01/2042		2,028,250
3,000,000	Puerto Rico Electric Power Authority, Series A⁶		6.750		07/01/2036		1,830,000
1,435,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250		07/01/2024		875,350
1,510,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250		07/01/2025		921,100
5,540,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250		07/01/2027		3,379,400
1,760,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250		07/01/2030		1,073,600
3,505,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250		07/01/2031		2,138,050
3,000,000	Puerto Rico Electric Power Authority, Series CCC⁶		5.250		07/01/2027		1,830,000
6,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2025		6,067,440
1,450,000	Puerto Rico Electric Power Authority, Series TT⁶		5.000		07/01/2032		884,500
1,670,000	Puerto Rico Electric Power Authority, Series WW⁶		5.000		07/01/2028		1,018,700
2,445,000	Puerto Rico Electric Power Authority, Series XX⁶		5.250		07/01/2040		1,491,450
725,000	Puerto Rico Electric Power Authority, Series ZZ⁶		5.000		07/01/2022		442,250
1,000,000	Puerto Rico Highway & Transportation Authority⁶		5.300		07/01/2035		590,980
10,000	Puerto Rico Highway & Transportation Authority, Series A⁶		5.000		07/01/2038		2,462
325,000	Puerto Rico Highway & Transportation Authority, Series H⁶		5.000		07/01/2028		80,031
270,000	Puerto Rico Infrastructure³		5.000		07/01/2041		19,575
1,400,000	Puerto Rico Infrastructure (Mepsi Campus)⁶		6.500		10/01/2037		693,546
200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2027		197,186
1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		03/01/2036		1,138,438
125,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125		04/01/2032		119,224
185,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375		04/01/2042		173,356

27 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon		Maturity		Value
U.S. Possessions (Continued)
$190,000	Puerto Rico ITEMECF (IEP/HESL/HECR Obligated Group)		5.750%		06/01/2019	$	151,981
1,265,000	Puerto Rico Public Buildings Authority⁶		6.000		07/01/2019		679,937
2,070,000	Puerto Rico Public Buildings Authority³		6.000		07/01/2041		1,102,275
1,500,000	Puerto Rico Public Buildings Authority⁶		6.500		07/01/2030		810,000
1,000,000	Puerto Rico Public Buildings Authority³		6.750		07/01/2036		535,000
3,000,000	Puerto Rico Public Buildings Authority⁶		10.000		07/01/2034		1,582,500
1,015,000	Puerto Rico Public Buildings Authority, Series D⁶		5.250		07/01/2036		530,338
5,725,000	Puerto Rico Public Finance Corp., Series B⁶		5.500		08/01/2031		157,438
5,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		5.375		08/01/2039		1,343,750
7,385,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		5.500		08/01/2037		1,984,719
950,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		5.500		08/01/2042		255,313
5,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		5.750		08/01/2037		1,343,750
5,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		6.375		08/01/2039		1,343,750
3,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		6.500		08/01/2044		806,250
30,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		7.276⁷		08/01/2034		2,281,200
18,015,000	Puerto Rico Sales Tax Financing Corp., Series C⁶		5.711⁷		08/01/2038		1,145,934
22,130,000	Puerto Rico Sales Tax Financing Corp., Series C⁶		5.750		08/01/2057		13,692,938
5,500,000	Puerto Rico Sales Tax Financing Corp., Series C⁶		6.000		08/01/2039		1,478,125
1,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁶		6.000		08/01/2042		268,750
3,235,000	University of Puerto Rico, Series P		5.000		06/01/2030		1,617,500
1,300,000	University of Puerto Rico, Series Q		5.000		06/01/2030		650,000
2,500,000	V.I. Public Finance Authority, Series C		5.000		10/01/2039		1,826,150
17,450,000	V.I. Tobacco Settlement Financing Corp.		6.247⁷		05/15/2035		3,311,138
2,195,000	V.I. Tobacco Settlement Financing Corp.		6.497⁷		05/15/2035		354,580
4,150,000	V.I. Tobacco Settlement Financing Corp.		6.872⁷		05/15/2035		621,048
7,000,000	V.I. Tobacco Settlement Financing Corp.		7.622⁷		05/15/2035		697,900
1,715,000	V.I. Tobacco Settlement Financing Corp. (TASC)		5.000		05/15/2031		1,704,916
							219,580,740
Total Investments, at Value (Cost $871,248,933)—102.6%							776,607,200
Net Other Assets (Liabilities)—(2.6)							(19,482,838	)
Net Assets—100.0%						$	757,124,362

Footnotes to Statement of Investments

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. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 4 of the accompanying Notes.

3. 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.

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

5. Interest or dividend is paid-in-kind, when applicable.

6. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

28 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Footnotes to Statement of Investments (Continued)

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

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


ACTS		Adult Communities Total Services, Inc.
AHlth		Abington Health
AHlthF		Abington Health Foundation
AHSys		Aria Health System
AMH		Abington Memorial Hospital
AMS		ACTS Management Services, Inc.
AriaH		Aria Health
ARLC		ACTS Retirement-Life Communities, Inc.
ASCS		ACTS Signature Community Services, Inc.
ATI		Azalea Trace, Inc.
EDFA		Economic Devel. Finance Authority
GO		General Obligation
GPA		General Purpose Authority
H&EFA		Health and Educational Facilities Authority
H&HEFA		Hospitals and Higher Education Facilities Authority
HDA		Hospital Devel. Authority
HEBA		Higher Education Building Authority
HECR		Hospital Episcopal Cristo Redentor
HEFA		Higher Education Facilities Authority
HEHA		Higher Education and Health Authority
HESL		Hospital Episcopal San Lucas
IDA		Industrial Devel. Agency
IEP		Iglesia Episcopal Puertorriquena
IRSch		Iron Range School
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JUP		Jefferson University Physicians
KC		Kidspeace Corporation
KCH		Kidspeace Childrens Hospital
KMAKNC		Kidspeace Mesabi Academy
KNCONM		Kidspeace National Centers of North America
KNCONY		Kidspeace National Centers of New York
LHosp		Landsdale Hospital
LVE		Lanier Village Estates, Inc.
MAS		Mercy Adult Services
MCMCSPA		Mercy Catholic Medical Center of Southeastern Pennsylvania
MHH		Mercy Haverford Foundation
MHP		Mercy Health Plan
MHSSPA		Mercy Health System of Southeastern Pennsylvania
NPFGC		National Public Finance Guarantee Corp.
ReR		Residential Resources
RRDC		Residential Resources Devel. Corp.
RRSW		Residential Resources Southwest
TASC		Tobacco Settlement Asset-Backed Bonds
TJU		Thomas Jefferson University
TJUH		Thomas Jefferson University Hospital
TJUHS		TJUH System
UPMC		University of Pittsburgh Medical Center

29 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

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


V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

30 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2017


Assets
Investments, at value (cost $871,248,933)—see accompanying statement of investments	$	776,607,200
Cash		674,232
Receivables and other assets:
Interest		7,422,293
Investments sold on a when-issued or delayed delivery basis		6,119,726
Shares of beneficial interest sold		593,734
Other		262,658

Total assets		791,679,843
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		25,460,000
Investments purchased on a when-issued or delayed delivery basis		7,376,480
Shares of beneficial interest redeemed		725,416
Dividends		633,395
Distribution and service plan fees		132,606
Trustees’ compensation		127,512
Shareholder communications		6,560
Interest expense on borrowings		369
Other		93,143

Total liabilities		34,555,481
Net Assets	$	757,124,362


Composition of Net Assets
Paid-in capital	$	941,311,443
Accumulated net investment loss		(1,280,355)
Accumulated net realized loss on investments		(88,264,993)
Net unrealized depreciation on investments		(94,641,733)

Net Assets	$	757,124,362

31 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $500,339,885 and 47,913,219 shares of beneficial interest outstanding)	$	10.44
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	10.96

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,703,407 and 259,061 shares of beneficial interest outstanding)	$	10.44

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $199,497,005 and 19,153,690 shares of beneficial interest outstanding)	$	10.42

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $54,584,065 and 5,224,153 shares of beneficial interest outstanding)	$	10.45

See accompanying Notes to Financial Statements.

32 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2017


Investment Income
Interest	$	41,997,892
Expenses
Management fees		3,928,108
Distribution and service plan fees:
Class A		911,821
Class B		35,385
Class C		1,886,722
Transfer and shareholder servicing agent fees:
Class A		509,710
Class B		3,931
Class C		209,907
Class Y		39,862
Shareholder communications:
Class A		16,882
Class B		279
Class C		8,140
Class Y		1,570
Borrowing fees		724,058
Interest expense and fees on short-term floating rate notes issued (See Note 4)		452,010
Interest expense on borrowings		122,911
Trustees’ compensation		11,693
Custodian fees and expenses		4,805
Other		257,752

Total expenses		9,125,546
Net Investment Income		32,872,346
Realized and Unrealized Loss
Net realized loss on investments		(9,483,626)

Net change in unrealized appreciation/depreciation on investment transactions		(1,942,210)
Net Increase in Net Assets Resulting from Operations	$	21,446,510

See accompanying Notes to Financial Statements.

33 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2017		Year Ended July 31, 2016
Operations
Net investment income	$	32,872,346	$	42,728,226
Net realized loss		(9,483,626)		(11,884,369)
Net change in unrealized appreciation/depreciation		(1,942,210)		26,543,186

Net increase in net assets resulting from operations		21,446,510		57,387,043
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(26,488,471)		(30,999,892)
Class B		(175,422)		(384,932)
Class C		(9,427,119)		(11,134,209)
Class Y		(2,143,487)		(1,674,134)

		(38,234,499)		(44,193,167)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(14,663,846)		(34,894,701)
Class B		(2,888,195)		(5,479,741)
Class C		(16,468,612)		(9,147,900)
Class Y		24,874,445		730,375

		(9,146,208)		(48,791,967)
Net Assets
Total decrease		(25,934,197)		(35,598,091)

Beginning of period		783,058,559		818,656,650

End of period (including accumulated net investment income (loss) of $(1,280,355) and $4,994,389, respectively)	$	757,124,362	$	783,058,559

See accompanying Notes to Financial Statements.

34 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2017


Cash Flows from Operating Activities
Net increase in net assets from operations	$	21,446,510
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(156,530,753)
Proceeds from disposition of investment securities		195,802,968
Short-term investment securities, net		823,531
Premium amortization		3,428,235
Discount accretion		(9,586,458)
Net realized loss on investments		9,483,626
Net change in unrealized appreciation/depreciation on investment transactions		1,942,210
Change in assets:
Decrease in other assets		9,786
Decrease in interest receivable		2,002,818
Increase in receivable for securities sold		(3,377,960)
Change in liabilities:
Increase in other liabilities		47,802
Increase in payable for securities purchased		3,825,460

Net cash provided by operating activities		69,317,775
Cash Flows from Financing Activities
Proceeds from borrowings		134,800,000
Payments on borrowings		(147,000,000)
Payments on short-term floating rate notes issued		(9,935,000)
Proceeds from shares sold		109,693,300
Payments on shares redeemed		(151,435,470)
Cash distributions paid		(5,296,399)

Net cash used in financing activities		(69,173,569)
Net increase in cash		144,206
Cash, beginning balance		530,026

Cash, ending balance	$	674,232

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $32,885,370.

Cash paid for interest on borrowings—$124,040.

Cash paid for interest on short-term floating rate notes issued—$452,010.

See accompanying Notes to Financial Statements.

35 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$10.67		$10.49		$10.38		$10.53		$11.47

Income (loss) from investment operations:
Net investment income¹		0.47		0.59		0.63		0.67		0.61
Net realized and unrealized gain (loss)		(0.16)		0.20		0.09		(0.22)		(0.94)

Total from investment operations		0.31		0.79		0.72		0.45		(0.33)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.54)		(0.61)		(0.61)		(0.60)		(0.61)

Net asset value, end of period		$10.44		$10.67		$10.49		$10.38		$10.53


Total Return, at Net Asset Value²		2.96%		7.84%		6.98%		4.57%		(3.13)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$500,340		$526,247		$552,146		$586,870		$737,142

Average net assets (in thousands)		$509,600		$537,284		$589,000		$624,096		$812,430

Ratios to average net assets:³
Net investment income		4.50%		5.59%		5.93%		6.60%		5.32%
Expenses excluding specific expenses listed below		0.83%		0.80%		0.77%		0.76%		0.69%
Interest and fees from borrowings		0.11%		0.11%		0.11%		0.14%		0.09%
Interest and fees on short-term floating rate notes issued⁴		0.06%		0.06%		0.07%		0.13%		0.11%

Total expenses		1.00%		0.97%		0.95%		1.03%		0.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		0.97%		0.95%		1.03%⁵		0.88%

Portfolio turnover rate		20%		6%		12%		6%		10%

36 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

3. Annualized for periods less than one full year.

4. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

37 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class B	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$10.66		$10.49		$10.37		$10.52		$11.47

Income (loss) from investment operations:
Net investment income¹		0.41		0.51		0.55		0.59		0.51
Net realized and unrealized gain (loss)		(0.16)		0.19		0.10		(0.22)		(0.95)

Total from investment operations		0.25		0.70		0.65		0.37		(0.44)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.47)		(0.53)		(0.53)		(0.52)		(0.51)

Net asset value, end of period		$10.44		$10.66		$10.49		$10.37		$10.52


Total Return, at Net Asset Value²		2.22%		7.04%		6.27%		3.75%		(4.03)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,703		$5,686		$11,078		$16,828		$26,479

Average net assets (in thousands)		$3,917		$7,651		$14,523		$20,693		$35,453

Ratios to average net assets:³
Net investment income		3.95%		4.89%		5.14%		5.82%		4.47%
Expenses excluding specific expenses listed below		1.56%		1.55%		1.53%		1.56%		1.53%
Interest and fees from borrowings		0.11%		0.11%		0.11%		0.14%		0.09%
Interest and fees on short-term floating rate notes issued⁴		0.06%		0.06%		0.07%		0.13%		0.11%

Total expenses		1.73%		1.72%		1.71%		1.83%		1.73%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.73%		1.72%		1.71%		1.83%⁵		1.72%

Portfolio turnover rate		20%		6%		12%		6%		10%

38 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

3. Annualized for periods less than one full year.

4. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

39 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class C	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$10.64		$10.47		$10.36		$10.51		$11.45

Income (loss) from investment operations:
Net investment income¹		0.40		0.51		0.55		0.60		0.52
Net realized and unrealized gain (loss)		(0.15)		0.19		0.09		(0.22)		(0.94)

Total from investment operations		0.25		0.70		0.64		0.38		(0.42)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.47)		(0.53)		(0.53)		(0.53)		(0.52)

Net asset value, end of period		$10.42		$10.64		$10.47		$10.36		$10.51


Total Return, at Net Asset Value²		2.23%		7.06%		6.19%		3.79%		(3.88)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$199,497		$220,769		$226,296		$236,269		$304,243

Average net assets (in thousands)		$209,822		$221,129		$239,680		$255,808		$342,161

Ratios to average net assets:³
Net investment income		3.79%		4.84%		5.17%		5.84%		4.55%
Expenses excluding specific expenses listed below		1.56%		1.55%		1.52%		1.52%		1.46%
Interest and fees from borrowings		0.11%		0.11%		0.11%		0.14%		0.09%
Interest and fees on short-term floating rate notes issued⁴		0.06%		0.06%		0.07%		0.13%		0.11%

Total expenses		1.73%		1.72%		1.70%		1.79%		1.66%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.73%		1.72%		1.70%		1.79%⁵		1.65%

Portfolio turnover rate		20%		6%		12%		6%		10%

40 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

3. Annualized for periods less than one full year.

4. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

41 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$10.68		$10.50		$10.38		$10.53		$11.48

Income (loss) from investment operations:
Net investment income¹		0.47		0.60		0.65		0.69		0.62
Net realized and unrealized gain (loss)		(0.14)		0.20		0.10		(0.22)		(0.94)

Total from investment operations		0.33		0.80		0.75		0.47		(0.32)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.56)		(0.62)		(0.63)		(0.62)		(0.63)

Net asset value, end of period		$10.45		$10.68		$10.50		$10.38		$10.53


Total Return, at Net Asset Value²		3.14%		7.99%		7.23%		4.72%		(3.08)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$54,584		$30,357		$29,137		$26,322		$32,754

Average net assets (in thousands)		$39,973		$28,378		$30,378		$28,437		$34,321

Ratios to average net assets:³
Net investment income		4.53%		5.73%		6.07%		6.75%		5.46%
Expenses excluding specific expenses listed below		0.65%		0.65%		0.62%		0.62%		0.55%
Interest and fees from borrowings		0.11%		0.11%		0.11%		0.14%		0.09%
Interest and fees on short-term floating rate notes issued⁴		0.06%		0.06%		0.07%		0.13%		0.11%

Total expenses		0.82%		0.82%		0.80%		0.89%		0.75%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.82%		0.82%		0.80%		0.89%		0.74%

Portfolio turnover rate		20%		6%		12%		6%		10%

42 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

3. Annualized for periods less than one full year.

4. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

43 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2017

1. Organization

Oppenheimer Rochester Pennsylvania Municipal Fund (the “Fund”) is a separate series of Oppenheimer Multi-State Municipal Trust, 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.

2. Significant Accounting Policies

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

44 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

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

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.

45 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$11,041,951		$—		$87,595,390		$107,711,138

1. At period end, the Fund had $87,595,390 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

2018	$	43,078,455
No expiration		44,516,935

Total	$	87,595,390

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.

4. During the reporting period, $48,870,545 of unused capital loss carryforward expired.

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


Reduction to Paid-in Capital	Increase to Accumulated Net Investment Loss		Reduction to Accumulated Net Realized Loss on Investments

$48,870,545		$912,591		$49,783,136

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2017		Year Ended July 31, 2016

Distributions paid from:
Exempt-interest dividends	$	38,057,756	$	44,028,997
Ordinary income		176,743		164,170

Total	$	38,234,499	$	44,193,167

The aggregate cost of securities and other investments and the composition of unrealized

46 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

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	$	863,978,678¹

Gross unrealized appreciation	$	38,234,543
Gross unrealized depreciation		(145,945,681)

Net unrealized depreciation	$	(107,711,138)

1. The Federal tax cost of securities does not include cost of $20,339,660, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note in Note 4.

3. Securities Valuation

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,

47 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

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

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

To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices 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

48 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

3. Securities Valuation (Continued)

available.

Classifications

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

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

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

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


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	—	$	550,100,910	$	6,925,550	$	557,026,460
U.S. Possessions		—		219,580,740		—		219,580,740

Total Assets	$	—	$	769,681,650	$	6,925,550	$	776,607,200

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

49 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)


	Transfers out of Level 2*		Transfers into Level 3*

Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	(27)	$	27

Total Assets	$	(27)	$	27

*Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

4. Investments and Risks

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a trust (the “Trust”). The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

50 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)

floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related to the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

51 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

(or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to resell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/ reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. At period end, the Fund’s maximum exposure under such agreements is estimated at $19,460,000.

52 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)

Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At period end, municipal bond holdings with a value of $38,262,455 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $25,460,000 in short-term floating rate securities issued and outstanding at that date.

At period end, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:


Principal Amount	Inverse Floater¹	Coupon Rate²		Maturity Date		Value

$ 3,250,000	Berks County, PA Municipal Authority Tender Option Bond Series 2015-XF2016 Trust³		14.683%		11/1/31	$	4,391,790
3,000,000	PA GO Tender Option Bond Series 2016-XF0534 Trust		10.143		6/1/22		4,463,670
3,230,000	PA Southcentral General Authority (Hanover Hospital) Tender Option Bond Series 2015-XF2131 Trust³		16.601		6/1/29		3,946,995

						$	12,802,455

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $25,460,000 or 3.22% of its total assets at period end.

53 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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

Purchased securities		$7,376,480
Sold securities		6,119,726

Information concerning securities not accruing interest at period end is as follows:

54 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)


Cost	$	188,553,999
Market Value	$	86,583,364
Market Value as % of Net Assets		11.44%

5. Market Risk Factors

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

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.

55 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Year Ended July 31, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount
Class A
Sold		5,257,460	$	55,073,746		4,395,258	$	46,102,334
Dividends and/or distributions reinvested		2,152,725		22,561,837		2,480,172		26,014,670
Redeemed		(8,819,104)		(92,299,429)		(10,183,046)		(107,011,705)
Net decrease		(1,408,919)	$	(14,663,846)		(3,307,616)	$	(34,894,701)


Class B
Sold		3,082	$	32,328		6,434	$	67,303
Dividends and/or distributions reinvested		14,637		153,394		32,572		341,402
Redeemed		(292,025)		(3,073,917)		(562,180)		(5,888,446)
Net decrease		(274,306)	$	(2,888,195)		(523,174)	$	(5,479,741)


Class C
Sold		2,001,073	$	20,955,609		2,066,439	$	21,629,265
Dividends and/or distributions reinvested		789,856		8,257,664		932,513		9,756,871
Redeemed		(4,378,996)		(45,681,885)		(3,877,722)		(40,534,036)
Net decrease		(1,588,067)	$	(16,468,612)		(878,770)	$	(9,147,900)


Class Y
Sold		3,186,877	$	33,267,075		1,061,869	$	11,166,397
Dividends and/or distributions reinvested		182,375		1,912,475		143,040		1,501,125
Redeemed		(988,574)		(10,305,105)		(1,137,609)		(11,937,147)
Net increase		2,380,678	$	24,874,445		67,300	$	730,375

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	$	156,530,753	$	195,802,968

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:

56 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule
Up to $200 million			0.60%
Next $100 million			0.55
Next $200 million			0.50
Next $250 million			0.45
Next $250 million			0.40
Next $4 billion			0.35
Over $5 billion			0.33

The Fund’s effective management fee for the reporting period was 0.51% of average annual net assets before any applicable waivers.

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


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		7,269
Accumulated Liability as of July 31, 2017		52,543

57 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

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

58 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

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 B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class Y Contingent Deferred Sales Charges Retained by Distributor
July 31, 2017		$108,249		$7,520		$2,577		$11,687		$—

9. Borrowings and Other Financing

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

59 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (1.1825% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.08% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had no borrowings outstanding.

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


Average Daily Loan Balance	$	14,764,932
Average Daily Interest Rate		0.841	%
Fees Paid	$	516,656
Interest Paid	$	124,040

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.

60 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

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

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


Fees Paid		$	199,497

10. Subsequent Event

Since the reporting period end there have been two hurricanes that impacted Puerto Rico and the U.S. Virgin Islands causing significant damages. While the full impact of these storms is uncertain, subsequent to fiscal year end and through financial statement issuance date, the change in market value of the Fund’s investments in Puerto Rico and the U.S. Virgin Islands had a negative impact on the Fund’s net assets by less than 2%.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Multi-State Municipal Trust:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester Pennsylvania Municipal Fund (the Fund), a separate series of Oppenheimer Multi-State Municipal Trust, including the statement of investments, as of July 31, 2017, and the related statements of operations and cash flows 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.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester Pennsylvania Municipal Fund as of July 31, 2017, the results of its operations and cash flows 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.

KPMGLLP

Denver, Colorado

September 28, 2017

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FEDERAL INCOME TAX INFORMATION Unaudited

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

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 99.54% 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.

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PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

Householding—Delivery of Shareholder Documents

64 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

DISTRIBUTION SOURCES Unaudited

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ‘Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.


Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources
Oppenheimer Rochester Pennsylvania Municipal Fund		2/21/17		85.5%		14.5%		0.0%
Oppenheimer Rochester Pennsylvania Municipal Fund		4/25/17		80.0%		0.0%		20.0%
Oppenheimer Rochester Pennsylvania Municipal Fund		5/23/17		95.8%		0.0%		4.2%
Oppenheimer Rochester Pennsylvania Municipal Fund		6/27/17		64.2%		0.0%		35.8%
Oppenheimer Rochester Pennsylvania Municipal Fund		7/25/17		31.5%		0.0%		68.5%

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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 (since 2007) and Trustee (since 2005) Year of Birth: 1943		Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub- Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968		Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948		Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (on-line career services) (March 2015-November 2016),

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Edmund P. Giambastiani, Jr., Continued		Director of Monster Worldwide, Inc. (on-line career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 57 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, 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		Director of Cartica Management, LLC Funds (private investment funds) (since 2017); Trustee of University of Florida Law Center Association, Inc. (since 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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

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TRUSTEES AND OFFICERS Unaudited / Continued



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

Joanne Pace, Trustee (since 2013) Year of Birth: 1958		Advisory Board Director of Massey Quick and Company, LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Board Member (since January 2015), Board Member of 100 Women in Hedge Funds (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003- 2004); held the following positions at Morgan Stanley: Managing Director (1997- 2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008- 2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 57 portfolios in the OppenheimerFunds 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.

68 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954		Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013) and Treasurer, Chairman of the Audit and Finance Committee (since January 2016); Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.


INTERESTED 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 101 portfolios in the OppenheimerFunds complex.


OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971		Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since September 2002). Vice President of the Sub-Adviser (September 2002-January 2017). Portfolio Manager and trader at Victory Capital Management (1999-2002). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

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TRUSTEES AND OFFICERS Unaudited / Continued



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

Mark R. DeMitry, Vice President (since 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 S. Mossow, Vice President (since 2016) Year of Birth: 1978		Vice President of the Sub-Adviser (since January 2016) and Senior Portfolio Manager of the Sub-Adviser (since January 2017); Portfolio Manager of the Sub- Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016). Associate Portfolio Manager (June 2013-January 2016). Research Analyst of the Sub-Adviser (June 2011-June 2013) and was a Credit Analyst of the Sub-Adviser (May 2007-May 2011). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard A. 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).

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

70 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



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

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

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 portfolios in the OppenheimerFunds complex.

71 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

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

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

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

72 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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73 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			13

Fund Expenses			18

Statement of Investments			20

Statement of Assets and Liabilities			60

Statement of Operations			62

Statements of Changes in Net Assets			63

Statement of Cash Flows			64

Financial Highlights			65

Notes to Financial Statements			69

Report of Independent Registered Public Accounting Firm			95

Federal Income Tax Information			96

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			97

Trustees and Officers			98

Privacy Policy Notice			105

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/17


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond Index
1-Year	4.47%	-0.50%	0.26%
5-Year	6.13	5.10	3.10
10-Year	1.95	1.45	4.60

Our Twitter handle is @RochesterFunds.

2 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fund Performance Discussion

Oppenheimer Rochester High Yield Municipal Fund continued to generate attractive levels of tax-free income during the most recent reporting period. As of July 31, 2017, the Class A shares provided a distribution yield at net asset value (NAV) of 5.41% and a yield-driven, 12-month total return of 4.47% at NAV. Over the same period, the Fund’s benchmark, the Bloomberg Barclays Municipal Bond Index, provided a total return of 0.26%. Tax-free income comprised 100% of the total return this reporting period.

MARKET OVERVIEW

The average distribution yield in Lipper’s High Yield Municipal Debt Funds category was 3.72% at the end of this reporting period. At 5.41%, the distribution yield at NAV for this Fund’s Class A shares was 169 basis points higher than the category average.



YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		5.41	%
Dividend Yield with sales charge		5.15
Standardized Yield		3.80
Taxable Equivalent Yield		6.71
Last distribution (7/25/17)	$	0.033
Total distributions (8/1/16 to 7/31/17)	$	0.420

Endnotes for this discussion begin on page 15 of this report.

3 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

From December 2008 until December 2015, the key rate was held to a range of zero to 0.25%.

This reporting period was also characterized by credit spread tightening, which occurs when the difference between yields on

4 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

low-rated municipal bonds and higher-rated bonds decreases. As credit spreads tighten, investments in BBB-rated, lower-rated and unrated securities typically outperform municipal securities with higher credit ratings.

In September 2016, S&P downgraded several senior unsecured GDB bonds GDB after the GDB failed to make August 1 and September 1, 2016 interest payments.

5 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Full coupon payments were made on February 1, 2017, on COFINAs as well as bonds issued

Despite the portfolio management team’s multi-year efforts to reach negotiated

6 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

settlements with various issuers in Puerto Rico, the federal oversight board in May 2017 commenced proceedings under Title III of PROMESA, similar to a Chapter 9 bankruptcy, for the Commonwealth, the Puerto Rico Sales Tax Financing Corporation (issuer of COFINA bonds), the PRHTA and the Employee Retirement System. The commencement of these proceedings effectively blocked various lawsuits that had been filed soon after the May 1 expiration of the stay of litigation, which had been included in PROMESA and subsequently extended.

PREPA allowed the nearly finalized RSA to terminate in late June 2017, even though the

forbearing creditors had offered to extend the agreement again. On July 2, 2017, the federal oversight board commenced PREPA’s Title III proceeding; the utility did not make its July 3 payments of principal and interest.

In mid-July 2017, the federal oversight board approved a restructuring plan for the GDB, giving bondholders between 55% and 75%

7 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

of the face value of their debt; the size of the “haircut” depends on the interest rate of the newly issued debt. In late July, the mayor of San Juan announced intentions to challenge this plan as a means to protect the city’s GDB deposits. (This Fund does not hold GDB debt; the Oppenheimer Rochester funds’ holdings of GDB debt represent less than one-hundredth of 1% of the assets of a single fund, Oppenheimer Rochester Limited Term California Municipal Fund.)

denied the governor’s request to keep his initial draft budget (submitted to the board in late April) and other documents under wraps.

In September, two hurricanes – Irma and Maria – caused damage on Puerto Rico. Irma passed to the north of the Commonwealth, but Maria made landfall and damage from it was extensive.

FUND PERFORMANCE

Oppenheimer Rochester High Yield Municipal Fund held more than 1,190 securities as of July 31, 2017. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

8 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

reduced to 3.5 cents per share beginning with the November 2016 payout and to 3.3 cents per share beginning with the July 2017 payout. In all, the Fund distributed 42.4 cents per Class A share this reporting period. 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.

Seven of the 10 largest sectors were among the top eight contributors to the Fund’s performance during this reporting period. The Fund’s outperformance at NAV versus its benchmark this reporting period was primarily driven by its holdings of tobacco bonds. These high-yielding securities, which are backed by proceeds from the landmark 1998 Master Settlement Agreement (MSA), constituted

9 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

LOGO

10 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

the Fund’s largest sector as of July 31, 2017. The Special Assessments sector was both the second largest and the second strongest contributor to the Fund’s total return during this reporting period. Special Assessment securities are land development bonds that help finance the infrastructure needs of new real estate development. We continue to believe that improvements in the housing market and the general economy could further strengthen the credit profiles of the Fund’s land development securities. Other leading contributors to performance were the securities in Fund’s fifth through eighth largest sectors: hospital/healthcare, adult living facilities, sewer utilities and tax increment financing bonds, respectively. Research-based security selection continued to be a factor in the strong performance of these sectors. Bonds issued by PRASA represented about one-fifth of the assets in the sewer utilities sector, as of July 31, 2017. The Fund’s tenth largest sector – education – was also among the eight top contributors to the Fund’s total return this reporting period.

Of the Fund’s 43 sectors, 13 detracted from the Fund’s total return during the reporting period. Many of the securities in the Fund’s electric utilities sector, the Fund’s ninth largest as of July 31, 2017, were issued by PREPA. Like the PREPA securities, the Fund’s holdings of general obligation (G.O.) and the sales tax revenue bonds – comprising the Fund’s third and fourth largest sectors, respectively – were also adversely affected by developments

in Puerto Rico (as discussed above). Also detracting from the Fund’s performance were several smaller sectors, including diversified financial services, municipal leases and resource recovery, among others.

11 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

INVESTMENT STRATEGY

This high yield fund intends to hold no more than 70% of total assets in below-investment-grade securities, or “junk “ bonds, under normal market conditions; 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. This Fund does not have a maturity cap.

While market conditions can and do fluctuate, the Fund’s portfolio management team

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

LOGO

Scott S. Cottier, CFA

Senior Vice President, Senior

Portfolio Manager and Team Leader

LOGO

Troy E. Willis, CFA, J.D.

Senior Vice President, Senior

Portfolio Manager and Team Leader

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

12 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Top Holdings and Allocations


TOP TEN CATEGORIES
Tobacco Master Settlement Agreement			20.3%
Special Assessment			7.1
General Obligation			7.1
Sales Tax Revenue			7.1
Hospital/Healthcare			5.6
Adult Living Facilities			5.2
Sewer Utilities			4.9
Tax Increment Financing (TIF)			3.8
Electric Utilities			3.8
Education			3.7

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2017 and are based on total assets.

CREDIT ALLOCATION


	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		3.8%		1.3%		5.1%
AA		14.3		0.0		14.3
A		6.6		0.0		6.6
BBB		11.6		3.6		15.2
BB or lower		27.8		31.0		58.8
Total		64.1%		35.9%		100.0%

13 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Performance


DISTRIBUTION YIELDS
As of 7/31/17
	Without Sales Charge		With Sales Charge
Class A		5.41%		5.15%
Class B		4.78		N/A
Class C		4.83		N/A
Class Y		5.64		N/A


STANDARDIZED YIELDS
For the 30 Days Ended 7/31/17
Class A			3.80%
Class B			3.34
Class C			3.33
Class Y			4.24


TAXABLE EQUIVALENT YIELDS
As of 7/31/17
Class A			6.71%
Class B			5.90
Class C			5.88
Class Y			7.49

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/17


	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (ORNAX)		10/1/93		4.47%		6.13%		1.95%		4.69%
Class B (ORNBX)		10/1/93		3.55		5.29		1.45		4.50
Class C (ORNCX)		8/29/95		3.74		5.33		1.17		3.99
Class Y (ORNYX)		11/29/10		4.66		6.27		N/A		8.09
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/17
	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (ORNAX)		10/1/93		-0.50%		5.10%		1.45%		4.47%
Class B (ORNBX)		10/1/93		-1.37		4.97		1.45		4.50
Class C (ORNCX)		8/29/95		2.75		5.33		1.17		3.99
Class Y (ORNYX)		11/29/10		4.66		6.27		N/A		8.09

14 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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

LOGO

Distribution yields for Class A shares are based on dividends of $0.033 for the 28-day accrual period ended July 25, 2017. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on July 25, 2017; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of $0.0293,

15 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

$0.0294 and $0.0344, respectively, for the 28-day accrual period ended July 25, 2017 and on the corresponding net asset values on that date.

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final NAVs of the reporting period for the funds in each category. The average yield at NAV in Lipper’s High Yield Municipal Debt Funds category is based on 173 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 2017 top federal tax rate of 43.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

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.

16 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

17 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fund Expenses

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 July 31, 2017.

18 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Actual	Beginning Account Value February 1, 2017	Ending Account Value July 31, 2017	Expenses Paid During 6 Months Ended July 31, 2017
Class A	$ 1,000.00	$ 1,071.40	$ 5.66
Class B	1,000.00	1,067.50	9.22
Class C	1,000.00	1,068.10	9.22
Class Y	1,000.00	1,072.60	4.58

Hypothetical
(5% return before expenses)
Class A	1,000.00	1,019.34	5.52
Class B	1,000.00	1,015.92	8.99
Class C	1,000.00	1,015.92	8.99
Class Y	1,000.00	1,020.38	4.47


Class	Expense Ratios
Class A		1.10%
Class B		1.79
Class C		1.79
Class Y		0.89

19 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2017


Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—112.0%
Alabama—4.0%
$2,710,000	AL Port Authority (Alabama Docks Dept.)¹		5.000	%		10/01/2028	$	3,201,973
2,380,000	AL Port Authority (Alabama Docks Dept.)¹		5.000			10/01/2029		2,792,644
4,500,000	Homewood, AL Educational Building Authority (Samford University)¹		5.000			12/01/2047		5,003,820
21,895,000	Jefferson County, AL Sewer¹		0.000	²		10/01/2039		18,226,931
30,000,000	Jefferson County, AL Sewer¹		0.000	²		10/01/2046		24,868,800
20,045,000	Jefferson County, AL Sewer¹		0.000	²		10/01/2046		17,116,025
17,500,000	Jefferson County, AL Sewer¹		0.000	²		10/01/2050		14,933,975
50,050,000	Jefferson County, AL Sewer¹		0.000	²		10/01/2050		41,041,000
8,500,000	Jefferson County, AL Sewer¹		5.500			10/01/2053		9,743,635
51,500,000	Jefferson County, AL Sewer¹		6.500			10/01/2053		62,078,615
25,000,000	Jefferson County, AL Sewer¹		7.000			10/01/2051		30,855,000
500,000	Mobile, AL Improvement District (McGowin Park)¹		5.250			08/01/2030		518,945
1,300,000	Mobile, AL Improvement District (McGowin Park)¹		5.500			08/01/2035		1,344,031
								231,725,394

Alaska—0.4%
1,965,208	AK Industrial Devel. & Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)³		6.120			08/01/2031		294,388
1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)⁴		5.875			12/01/2027		152,625
500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)⁴		6.000			12/01/2036		46,250
1,755,000	AK Municipal Bond Bank Authority¹		5.000			12/01/2030		2,008,580
1,365,000	AK Municipal Bond Bank Authority¹		5.000			12/01/2031		1,557,110
1,960,000	AK Municipal Bond Bank Authority¹		5.000			12/01/2032		2,225,972
2,055,000	AK Municipal Bond Bank Authority¹		5.000			12/01/2033		2,322,993
20,860,000	AK Northern Tobacco Securitization Corp. (TASC)		6.372	⁵		06/01/2046		1,432,248
10,350,000	Koyukuk, AK (Tanana Chiefs Conference Health Care Facility)¹		7.750			10/01/2041		11,819,389
								21,859,555

Arizona—1.2%
580,000	AZ IDA (Franklin Phonetic Charter School)¹		5.500			07/01/2037		578,579
680,000	AZ IDA (Franklin Phonetic Charter School)¹		5.750			07/01/2047		677,409
645,000	AZ IDA (Franklin Phonetic Charter School)¹		5.875			07/01/2052		645,200
3,807,000	Buckeye, AZ Watson Road Community Facilities District		6.000			07/01/2030		3,705,201
4,680,000	East San Luis, AZ Community Facilities District Special Assessment (Area One)³		6.375			01/01/2028		3,041,251
140,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)³		8.500			01/01/2028		83,978
1,184,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)¹		6.375			07/01/2022		1,185,705
3,877,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)¹		6.750			07/01/2032		3,879,132
1,000,000	Glendale, AZ IDA (Midwestern University Foundation)¹		5.000			07/01/2033		1,062,720
7,225,000	Maricopa County, AZ IDA (Christian Care Surprise)		6.000			01/01/2048		7,241,039

20 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$1,870,000	Maricopa County, AZ IDA (Immanuel Campus Care)³		8.500	%		04/20/2041	$	744,223
294,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien¹		5.250			07/01/2024		294,241
435,000	Merrill Ranch, AZ Community Facilities District No. 2¹		5.250			07/15/2040		470,818
262,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien¹		5.250			07/01/2024		262,375
641,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien¹		5.300			07/01/2030		641,519
420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.300			07/15/2025		415,724
350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.350			07/15/2031		334,030
1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		1,650,578
4,135,000	Phoenix, AZ IDA (Freedom Academy)¹		5.500			07/01/2046		4,172,794
1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)		5.875			11/01/2037		977,078
1,550,000	Pima County, AZ IDA (Christian Care Tucson)¹		5.000			06/15/2037		1,727,754
2,830,000	Pima County, AZ IDA (Christian Care Tucson)¹		5.000			12/15/2047		3,116,877
2,400,000	Pima County, AZ IDA (Excalibur Charter School)¹		5.500			09/01/2046		2,293,224
2,985,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)¹		8.125			07/01/2041		3,037,924
3,315,000	Pima County, AZ IDA (P.L.C. Charter Schools)¹		6.000			12/01/2036		3,497,590
6,310,000	Pima County, AZ IDA (P.L.C. Charter Schools)¹		6.000			12/01/2046		6,602,973
5,730,000	Pima County, AZ IDA (P.L.C. Charter Schools)¹		7.500			04/01/2041		7,308,844
1,025,000	Pima County, AZ IDA (Paideia Academies)		6.000			07/01/2035		1,062,136
3,310,000	Pima County, AZ IDA (Paideia Academies)		6.125			07/01/2045		3,409,068
635,000	Pinal County, AZ IDA (San Manuel Facility)¹		6.250			06/01/2026		648,799
1,022,000	Prescott Valley, AZ Southside Community Facilities District No. 1		7.250			07/01/2032		751,456
265,000	Show Low Bluff, AZ Community Facilities District		5.600			07/01/2031		250,780
1,000,000	Tartesso West, AZ Community Facilities District¹		5.900			07/15/2032		1,000,470
695,000	Tempe, AZ IDA (Tempe Life Care Village)¹		6.000			12/01/2032		738,104
1,550,000	Tempe, AZ IDA (Tempe Life Care Village)¹		6.250			12/01/2042		1,651,200
675,000	Verrado, AZ Community Facilities District No. 1¹		5.700			07/15/2029		724,174
1,800,000	Verrado, AZ Community Facilities District No. 1¹		6.000			07/15/2027		1,969,110
610,000	Verrado, AZ Community Facilities District No. 1¹		6.000			07/15/2033		659,239
								72,513,316

Arkansas—0.1%
5,645,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)⁴		6.250			02/01/2038		3,355,896

California—14.7%
2,500,000	Adelanto, CA Public Utility Authority¹		6.750			07/01/2039		2,693,700
7,300,000	Alameda, CA Corridor Transportation Authority¹		5.000			10/01/2034		8,548,373
750,000	Alhambra, CA (Atherton Baptist Homes)¹		7.625			01/01/2040		869,805
250,000	Beaumont, CA Financing Authority, Series C¹		5.000			09/01/2022		255,542
190,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)¹		6.200			05/01/2031		190,382

21 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
California (Continued)
$5,500,000	Brea, CA Community Facilities District (Brea Plaza Area)¹		7.375	%		09/01/2039	$	5,803,325
127,310,000	CA County Tobacco Securitization Agency		5.307	⁵		06/01/2046		17,077,363
107,400,000	CA County Tobacco Securitization Agency		5.502	⁵		06/01/2050		5,966,070
212,950,000	CA County Tobacco Securitization Agency		6.341	⁵		06/01/2055		7,391,494
33,920,000	CA County Tobacco Securitization Agency		6.647	⁵		06/01/2046		3,948,288
215,100,000	CA County Tobacco Securitization Agency		6.998	⁵		06/01/2055		9,849,429
7,765,000	CA County Tobacco Securitization Agency		8.145	⁵		06/01/2033		3,071,135
255,000	CA County Tobacco Securitization Agency (TASC)¹		5.250			06/01/2045		253,909
7,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		6,909,350
625,000	CA County Tobacco Securitization Agency (TASC)¹		5.500			06/01/2033		627,325
520,920,000	CA County Tobacco Securitization Agency (TASC)		5.559	⁵		06/01/2050		51,670,055
18,500,000	CA County Tobacco Securitization Agency (TASC)¹		5.650	²		06/01/2041		18,607,485
18,030,000	CA County Tobacco Securitization Agency (TASC)¹		5.700	²		06/01/2046		17,985,286
2,775,000	CA County Tobacco Securitization Agency (TASC)¹		5.875			06/01/2035		2,802,195
7,285,000	CA County Tobacco Securitization Agency (TASC)¹		5.875			06/01/2043		7,326,087
4,670,000	CA County Tobacco Securitization Agency (TASC)¹		6.000			06/01/2042		4,715,766
5,000,000	CA County Tobacco Securitization Agency (TASC)¹		6.125			06/01/2038		5,053,950
9,125,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		10,015,052
10,000,000	CA GO¹		4.000			09/01/2032		10,927,000
19,585,000	CA GO¹		5.000			08/01/2030		23,924,253
2,160,000	CA GO¹		5.000			09/01/2031		2,601,202
7,265,000	CA GO¹		5.000			09/01/2032		8,640,337
10,000,000	CA GO¹		5.000			08/01/2035		11,848,800
2,500,000	CA GO¹		5.000			04/01/2038		2,566,625
555,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.000			06/01/2029		654,906
161,610,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.750			06/01/2047		161,610,000
4,000,000	CA Health Facilities Financing Authority (SHlth/MPHS/ SBMF/SCHosp/SEBH/SBH/SGMF/SVlyH/SVMF/SVNA&H Obligated Group)¹		5.000			11/15/2048		4,649,480
30,420,000	CA Health Facilities Financing Authority (SJHS/SJHCN/ SJHE/SJHO Obligated Group)⁶		5.750			07/01/2039		33,010,263
1,835,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)¹		6.250			07/15/2050		1,994,847
10,000,000	CA Infrastructure and Economic Devel. (Sanford Consortium)⁶		5.000			05/15/2040		11,110,600
5,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)¹		5.000			02/01/2047		5,614,500
750,000	CA Municipal Finance Authority (Harbor Regional Center)¹		8.500			11/01/2039		874,912
1,430,000	CA Pollution Control Financing Authority (Calplant I)		7.000			07/01/2022		1,472,871
6,075,000	CA Pollution Control Financing Authority (Calplant I)		7.500			07/01/2032		6,399,648
8,100,000	CA Pollution Control Financing Authority (Calplant I)		8.000			07/01/2039		8,882,865
60,000	CA Public Works¹		6.625			11/01/2034		60,166
5,945,000	CA School Finance Authority Charter School (Grimmway Schools)¹		5.250			07/01/2051		6,027,160
385,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.000			05/01/2027		391,811

22 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
California (Continued)
$900,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.750	%		05/01/2037	$	908,604
1,230,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.875			05/01/2047		1,239,213
850,000	CA School Finance Authority Charter School (RE/REW/ RLSA/RDP/RRCP/RSCP/RNNE/RMS/RSSPA/RBM/RSA Obligated Group)		5.125			06/01/2047		867,926
900,000	CA School Finance Authority Charter School (RE/REW/ RLSA/RDP/RRCP/RSCP/RNNE/RMS/RSSPA/RBM/RSA Obligated Group)		5.250			06/01/2052		918,423
4,330,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)		6.500			07/01/2050		4,357,972
160,600,000	CA Silicon Valley Tobacco Securitization Authority		8.146	⁵		06/01/2056		9,118,868
20,800,000	CA Silicon Valley Tobacco Securitization Authority		8.692	⁵		06/01/2041		4,910,048
58,990,000	CA Silicon Valley Tobacco Securitization Authority		8.898	⁵		06/01/2047		8,624,338
60,785,000	CA Silicon Valley Tobacco Securitization Authority		8.995	⁵		06/01/2036		20,860,804
13,505,000	CA Silicon Valley Tobacco Securitization Authority		8.998	⁵		06/01/2047		1,643,964
25,920,000	CA State University⁶		5.000			11/01/2047		30,549,053
1,145,000	CA Statewide CDA (Albert Einstein Academy)		6.000			11/01/2032		804,443
1,730,000	CA Statewide CDA (Albert Einstein Academy)		6.250			11/01/2042		1,216,086
10,000	CA Statewide CDA (Escrow Term)¹		6.750			09/01/2037		10,025
4,020,000	CA Statewide CDA (Guidance Charter School)		6.500			07/01/2037		4,162,268
14,690,000	CA Statewide CDA (Guidance Charter School)		6.750			07/01/2052		15,192,839
2,019,578	CA Statewide CDA (Microgy Holdings)³		9.000			12/01/2038		20
8,015,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)		6.000			09/02/2044		7,867,284
4,515,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000			05/01/2037		4,547,960
1,120,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000			05/01/2043		1,123,203
100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000			05/01/2043		100,730
2,500,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)¹		7.250			08/01/2033		2,992,300
1,440,000	Coyote Canyon, CA Public Facilities Community Facilities District No. 2004-1¹		6.625			09/01/2039		1,608,480
1,215,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation¹		5.000			09/01/2030		1,435,680
7,780,000	Fresno, CA Unified School District		4.319	⁵		08/01/2042		2,762,522
5,000,000	Irvine, CA Unified School District¹		5.000			03/01/2057		5,555,450
1,205,000	Lathrop, CA Special Tax Community Facilities District No. 03-2^1,7		7.000			09/01/2033		1,207,229
4,000,000	Long Beach, CA Harbor Revenue¹		5.000			05/15/2043		4,637,280
10,000,000	Long Beach, CA Harbor Revenue¹		5.000			05/15/2047		11,764,100
1,625,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)¹		5.750			09/01/2040		1,676,545
1,500,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.000			05/15/2033		1,745,310
31,940,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)⁶		5.375			05/15/2030		32,938,125

23 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
California (Continued)
$2,075,000	Los Angeles, CA Dept. of Water & Power¹		5.000	%		07/01/2033	$	2,462,174
5,000,000	Los Angeles, CA Dept. of Water & Power⁶		5.000			07/01/2034		5,275,500
21,000,000	Los Angeles, CA Dept. of Water & Power⁶		5.000			07/01/2035		25,136,790
8,390,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)^1,7		9.250			08/01/2024		8,442,018
200,000	Maywood, CA Public Financing Authority¹		7.000			09/01/2038		200,264
10,000,000	Northern CA Tobacco Securitization Authority (TASC)¹		5.375			06/01/2038		9,880,700
115,975,000	Northern CA Tobacco Securitization Authority (TASC)		6.372	⁵		06/01/2045		12,654,032
45,000	Placer County, CA Improvement Bond Act 1915¹		6.500			09/02/2030		45,063
21,711,000	River Rock, CA Entertainment Authority⁴		8.000			11/01/2018		4,183,275
1,750,000	Riverside County, CA Redevel. Agency¹		7.125			10/01/2042		2,124,955
3,805,000	Sacramento County, CA Airport System¹		5.250			07/01/2033		3,944,149
100,000	Sacramento County, CA Special Tax Community Facilities District No. 2004-1 (McClellan Park)		6.000			09/01/2031		100,108
2,000,000	San Buenaventura, CA Community Memorial Health Systems¹		8.000			12/01/2031		2,412,420
16,245,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)¹		5.750			05/01/2020		16,845,740
10,000,000	San Francisco, CA City & County Public Utilities Commission¹		4.000			11/01/2036		10,747,800
750,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)¹		6.750			08/01/2041		897,525
1,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)¹		7.000			08/01/2041		1,204,890
6,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)¹		5.750			06/01/2026		7,050,540
195,570,000	Southern CA Tobacco Securitization Authority		6.381	⁵		06/01/2046		26,306,121
12,115,000	Stockton, CA Unified School District		5.918	⁵		08/01/2038		5,461,200
14,735,000	Stockton, CA Unified School District		5.948	⁵		08/01/2041		5,743,114
17,145,000	Stockton, CA Unified School District		5.948	⁵		08/01/2043		6,118,022
6,245,000	Stockton, CA Unified School District		5.997	⁵		08/01/2037		2,935,337
1,335,000	Susanville, CA Public Financing Authority (Utility Enterprises)¹		5.875			06/01/2035		1,407,571
1,425,000	Susanville, CA Public Financing Authority (Utility Enterprises)¹		6.000			06/01/2045		1,509,246
7,000,000	University of California¹		5.000			05/15/2037		8,413,230
3,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)¹		7.500			09/01/2042		4,283,475
								858,025,963

Colorado—3.4%
3,100,000	Base Village, CO Metropolitan District No. 2¹		5.750			12/01/2046		3,193,093
500,000	Blue Lake, CO Metropolitan District No. 2		8.000			12/15/2046		509,525
1,185,000	Brennan, CO Metropolitan District		5.250			12/01/2046		1,132,884
4,500,000	CO Canyons Metropolitan District No. 5		6.125			12/01/2047		4,541,895
2,000,000	CO Canyons Metropolitan District No. 6		6.125			12/01/2047		2,009,500
1,025,000	CO Country Club Highlands Metropolitan District⁴		7.250			12/01/2037		417,759
2,600,000	CO Elbert and Highway 86 Metropolitan District¹		5.750			12/01/2046		2,701,920
4,475,000	CO Elbert and Highway 86 Metropolitan District⁴		7.500			12/01/2032		2,235,486

24 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$2,176,000	CO Elkhorn Ranch Metropolitan District⁴		6.375	%		12/01/2035	$	1,416,076
1,780,000	CO Fossil Ridge Metropolitan District No. 1¹		7.250			12/01/2040		1,903,888
14,350,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System)⁶		5.000			01/01/2044		15,933,953
1,030,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)		5.300			07/01/2037		1,029,918
1,945,000	CO Midcities Metropolitan District No. 2		7.750			12/15/2046		1,846,175
2,275,000	CO Neu Towne Metropolitan District⁴		7.250			12/01/2034		603,580
680,000	CO North Range Metropolitan District No. 2¹		5.500			12/15/2018		691,662
1,000,000	CO North Range Metropolitan District No. 2¹		5.500			12/15/2037		1,017,150
12,585,000	CO Park Valley Water and Sanitation Metropolitan District		5.993	⁵		12/15/2017		3,020,022
1,590,000	CO Potomac Farms Metropolitan District		7.250			12/01/2037		1,029,509
248,000	CO Potomac Farms Metropolitan District		7.625	²		12/01/2023		166,587
855,000	CO Prairie Center Metropolitan District No. 3¹		5.400			12/15/2031		857,086
500,000	CO Silver Peaks Metropolitan District		5.750			12/01/2036		334,015
1,720,000	CO Sorrell Ranch Metropolitan District³		6.750			12/15/2036		594,002
2,500,000	CO STC Metropolitan District No. 2		6.000			12/01/2038		2,508,575
1,213,000	CO Stoneridge Metropolitan District¹		5.625			12/01/2036		1,232,008
1,615,000	CO Table Mountain Metropolitan District¹		5.250			12/01/2045		1,658,363
569,000	CO Table Mountain Metropolitan District		7.750			12/15/2045		570,548
8,000,000	CO Talon Pointe Metropolitan District³		8.000			12/01/2039		799,840
3,415,000	Cundall Farms, CO Metropolitan District		6.875			12/01/2044		3,425,962
785,000	Cundall Farms, CO Metropolitan District		7.750			12/15/2044		748,458
19,515,000	Denver, CO City & County Airport¹		5.000			11/15/2030		19,730,055
35,375,000	Denver, CO City & County Airport Special Facilities (United Air Lines)¹		5.250			10/01/2032		35,558,596
26,350,000	Denver, CO City & County Airport Special Facilities (United Air Lines)¹		5.750			10/01/2032		26,508,363
10,000,000	Denver, CO City & County Board of Water Commissioners¹		5.000			09/15/2047		11,932,000
2,000,000	Erie Farm, CO Metropolitan District		5.500			12/01/2045		1,980,840
600,000	Erie Farm, CO Metropolitan District		7.750			12/15/2045		589,314
2,065,000	Hawthorn, CO Metropolitan District No. 2¹		6.375			12/01/2044		2,071,753
950,000	Hawthorn, CO Metropolitan District No. 2		7.750			12/15/2044		944,252
1,960,000	Highlands, CO Metropolitan District No. 3		5.125			12/01/2046		1,879,562
775,000	Iliff Commons, CO Metropolitan District No. 3		6.000			12/01/2046		793,367
1,626,000	Lewis Pointe, CO Metropolitan District		7.750			12/15/2047		1,644,732
1,635,000	Leyden Ranch, CO Metropolitan District¹		5.125			12/01/2047		1,662,615
500,000	Leyden Ranch, CO Metropolitan District		7.000			12/15/2047		507,535
1,195,000	Leyden Rock, CO Metropolitan District No. 10		7.250			12/15/2045		1,121,006
1,225,000	Liberty Ranch, CO Metropolitan District¹		5.000			12/01/2046		1,257,438
1,410,000	Marvella, CO Metropolitan District		5.125			12/01/2046		1,356,335
1,000,000	Mountain Shadows, CO Metropolitan District¹		5.000			12/01/2046		994,140
2,595,000	Prairiestar, CO Metropolitan District No. 2		5.750			12/01/2046		2,415,374
3,945,000	Reserve, CO Metropolitan District No. 2¹		5.000			12/01/2045		3,654,648
665,000	Reserve, CO Metropolitan District No. 2¹		5.125			12/01/2045		616,694
1,035,000	Southglenn, CO Metropolitan District¹		5.000			12/01/2030		1,082,082
810,000	Southglenn, CO Metropolitan District¹		5.000			12/01/2036		829,416

25 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon	Maturity		Value
Colorado (Continued)
$725,000	Tabernash Meadows, CO Water & Sanitation District¹	7.125%	12/01/2034	$	770,189
295,000	Tallyns Reach CO Metropolitan District No. 3¹	5.000	12/01/2033		308,523
685,000	Tallyns Reach CO Metropolitan District No. 3¹	5.125	11/01/2038		717,202
1,220,000	Tallyns Reach, CO Metropolitan District No. 3	6.750	11/01/2038		1,223,880
750,000	Thompsong Crossing, CO Metropolitan District No. 6¹	6.000	12/01/2044		753,690
1,645,000	Villas Eastlake Reservoir, CO Metropolitan District¹	6.500	12/01/2046		1,744,029
20,183,519	Woodmen Heights, CO Metropolitan District No. 1	0.000 ²	12/15/2041		10,151,301
5,342,763	Woodmen Heights, CO Metropolitan District No. 1¹	6.000	12/01/2041		5,400,999
1,245,000	York Street, CO Metropolitan District	6.250	12/01/2047		1,270,659

					199,600,028

Connecticut—0.9%
12,500,000	CT GO¹	4.000	08/15/2030		13,189,125
5,295,000	CT GO¹	4.000	08/15/2031		5,552,496
5,000,000	CT Special Tax¹	5.000	09/01/2028		5,897,900
6,000,000	CT Special Tax¹	5.000	08/01/2032		6,799,980
7,965,000	CT Special Tax¹	5.000	08/01/2033		8,984,838
8,125,000	CT Special Tax (Transportation Infrastructure)¹	5.000	09/01/2030		9,425,975
470,000	Georgetown, CT Special Taxing District³	5.125	10/01/2036		140,995
1,580,000	Hartford, CT GO¹	5.000	10/01/2033		1,707,680
11,841,815	Mashantucket Western Pequot Tribe CT⁸	6.050	07/01/2031		454,726

					52,153,715

Delaware—0.1%
1,226,000	Bridgeville, DE Special Obligation (Heritage Shores)¹	5.450	07/01/2035		1,226,429
7,201,000	Millsboro, DE Special Obligation (Plantation Lakes)	5.450	07/01/2036		6,315,997

					7,542,426

District of Columbia—2.6%
4,745,000	District of Columbia (Howard University)¹	6.250	10/01/2032		5,621,686
5,255,000	District of Columbia (Howard University)¹	6.250	10/01/2032		5,606,139
21,795,000	District of Columbia (Howard University)¹	6.500	10/01/2041		23,190,970
315,000	District of Columbia (Howard University)¹	6.500	10/01/2041		376,025
3,200,000	District of Columbia Center for Strategic & International Studies¹	6.375	03/01/2031		3,472,928
2,000,000	District of Columbia Center for Strategic & International Studies¹	6.625	03/01/2041		2,183,680
32,680,000	District of Columbia Tobacco Settlement Financing Corp.¹	6.750	05/15/2040		35,289,825
1,375,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)	5.909 ⁵	06/15/2055		46,277,875
1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)	6.211 ⁵	06/15/2055		31,998,150

					154,017,278

Florida—9.1%
750,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)¹	8.000	10/01/2032		893,947

26 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon	Maturity		Value
Florida (Continued)
$1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)¹	8.000%	10/01/2042	$	1,189,870
1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)¹	8.000	10/01/2046		1,187,810
4,655,000	Amelia Concourse, FL Community Devel. District³	5.750	05/01/2038		3,956,890
3,385,000	Amelia Concourse, FL Community Devel. District	6.000	05/01/2047		3,249,769
6,040,000	Arlington Ridge, FL Community Devel. District¹	5.500	05/01/2036		5,457,382
1,045,000	Avignon Villages, FL Community Devel. District³	5.300	05/01/2014		135,934
755,000	Avignon Villages, FL Community Devel. District³	5.400	05/01/2037		98,210
15,269,400	Baker, FL Correctional Devel. Corp. (Baker County Detention Center)	8.000	02/01/2030		12,213,993
225,000	Bayshore, FL Hsg. Corp.³	8.000	12/01/2016		101,243
7,420,000	Baywinds, FL Community Devel. District¹	5.250	05/01/2037		7,444,486
1,125,000	Baywinds, FL Community Devel. District^1,⁷	7.020	05/01/2022		1,124,685
7,555,000	Belle Isle, FL Charter School (Cornerstone Charter Academy & Cornerstone Charter High School Obligated Group)¹	6.000	10/01/2042		8,242,505
725,000	Boynton Village, FL Community Devel. District Special Assessment	6.000	05/01/2038		725,116
170,000	Broward County, FL HFA (Single Family)¹	5.000	10/01/2039		170,139
5,845,000	Buckeye Park, FL Community Devel. District³	7.875	05/01/2038		1,749,408
885,000	Carlton Lakes, FL Community Devel. District Special Assessment⁷	5.625	11/01/2036		919,506
2,160,000	Carlton Lakes, FL Community Devel. District Special Assessment⁷	5.750	11/01/2047		2,239,747
5,000,000	Central FL Expressway Authority¹	4.000	07/01/2036		5,282,200
25,360,000	CFM, FL Community Devel. District, Series A³	6.250	05/01/2035		10,773,435
8,115,000	Chapel Creek, FL Community Devel. District Special Assessment³	5.500	05/01/2038		4,827,614
13,074,058	Clearwater Cay, FL Community Devel. District³	5.500	05/01/2037		7,582,300
1,690,000	Creekside, FL Community Devel. District³	5.200	05/01/2038		675,256
20,000	Crosscreek, FL Community Devel. District³	5.500	05/01/2017		9,995
985,000	Crosscreek, FL Community Devel. District⁷	5.600	05/01/2037		1,001,932
35,000	Crosscreek, FL Community Devel. District⁴	5.600	05/01/2039		17,491
2,110,000	Crosscreek, FL Community Devel. District⁷	6.750	11/30/2021		2,135,721
55,000	Dade County, FL HFA (Golden Lakes Apartments)¹	6.050	11/01/2039		55,062
10,000	Dade County, FL HFA (Siesta Pointe Apartments)	5.650	09/01/2017		10,031
900,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)¹	8.000	06/01/2022		900,144
1,940,000	Durbin Crossing, FL Community Devel. District Special Assessment⁴	5.250	11/01/2020		775,961
6,718,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)	7.000	07/15/2032		5,038,298
12,500,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)	8.260	07/15/2038		9,374,625
6,045,000	FL Devel. Finance Corp. (Florida Charter Educational Foundation)	5.000	07/15/2046		5,788,813
90,000	FL HFA (Stoddert Arms Apartments)¹	6.250	09/01/2026		90,121
2,635,170	FL Lake Ashton II Community Devel. District¹	5.375	05/01/2036		2,551,793
3,334,862	Glades, FL Correctional Devel. Corp.	0.000 ²	03/01/2030		69,699
6,240,678	Glades, FL Correctional Devel. Corp.	7.000	03/01/2030		5,760,021

27 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon	Maturity		Value
Florida (Continued)
$2,895,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District¹	5.500%	05/01/2038	$	2,895,145
1,665,000	Harbor Bay, FL Community Devel. District¹	6.750	05/01/2034		1,666,931
345,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A¹	5.500	05/01/2036		345,062
5,480,000	Indigo, FL Community Devel. District⁴	5.750	05/01/2036		3,339,512
7,650,000	Lakewood Ranch, FL Stewardship District¹	5.500	05/01/2036		7,679,223
17,805,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)¹	5.400	05/01/2037		17,805,178
3,700,000	Legends Bay, FL Community Devel. District	5.875	05/01/2038		3,700,185
100,000	Leon County, FL Educational Facilities Authority (Southgate Residence Hall)¹	6.750	09/01/2028		100,065
1,275,000	Liberty County, FL Revenue (Twin Oaks)³	8.250	07/01/2028		113,590
1,180,000	Madison County, FL Mtg. (Twin Oaks)	6.000	07/01/2025		944,000
5,000,000	Magnolia Creek, FL Community Devel. District³	5.600	05/01/2014		1,048,000
5,360,000	Magnolia Creek, FL Community Devel. District³	5.900	05/01/2039		1,123,456
2,805,000	Magnolia West, FL Community Devel. District Special Assessment⁴	5.350	05/01/2037		1,402,472
1,400,000	Main Street, FL Community Devel. District¹	6.800	05/01/2038		1,402,842
1,140,000	Main Street, FL Community Devel. District¹	6.800	05/01/2038		1,190,171
1,715,000	Miami, FL World Center Community Devel. District¹	5.125	11/01/2039		1,794,233
2,570,000	Miami, FL World Center Community Devel. District¹	5.250	11/01/2049		2,685,856
4,000,000	Miami-Dade County, FL School Board¹	5.000	05/01/2031		4,634,760
5,455,000	Miami-Dade County, FL School Board¹	5.000	05/01/2032		6,238,665
10,000,000	Miami-Dade County, FL School Board COP⁶	5.000	02/01/2027		10,604,600
10,000,000	Miami-Dade County, FL School Board COP⁶	5.250	02/01/2027		10,641,700
50,000,000	Miami-Dade County, FL School Board COP⁶	5.375	02/01/2034		53,301,500
12,430,000	Montecito, FL Community Devel. District³	5.100	05/01/2013		9,318,522
5,405,000	Montecito, FL Community Devel. District⁴	5.500	05/01/2037		4,052,020
550,000	Moody River, FL Estates Community Devel. District¹	5.350	05/01/2036		550,061
9,960,000	Nassau County, FL (Nassau Care Centers)	6.900	01/01/2038		10,109,699
3,640,000	Naturewalk, FL Community Devel. District³	5.300	05/01/2016		2,000,289
4,345,000	Naturewalk, FL Community Devel. District⁴	5.500	05/01/2038		2,387,708
2,015,000	Orange County, FL Tourist Devel. Tax Revenue¹	4.000	10/01/2032		2,174,548
3,750,000	Palm Bay, FL Educational Facilities (Patriot Charter School)³	7.000	07/01/2036		1,727,363
3,000,000	Palm Beach County, FL Health Facilities Authority (Sinai Residences Boca Raton)¹	7.500	06/01/2049		3,573,960
11,950,000	Palm Coast Park, FL Community Devel. District Special Assessment	5.700	05/01/2037		11,846,752
5,900,000	Palm Glades, FL Community Devel. District Special Assessment¹	7.125	05/01/2039		5,935,754
1,850,000	Palm River, FL Community Devel. District³	5.150	05/01/2013		728,142
1,565,000	Palm River, FL Community Devel. District³	5.375	05/01/2036		616,923
1,455,000	Parkway Center, FL Community Devel. District, Series A¹	6.300	05/01/2034		1,457,561
5,430,000	Pine Ridge Plantation, FL Community Devel. District	5.400	05/01/2037		4,727,847
2,250,000	Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy)¹	7.125	09/15/2041		2,422,058

28 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon	Maturity		Value
Florida (Continued)
$240,000	Port St. Lucie, FL Special Assessment (Peacock & Lowry)¹	5.350%	07/01/2027	$	231,370
9,400,000	Portico, FL Community Devel. District	5.450	05/01/2037		8,762,304
2,715,000	Portofino Cove, FL Community Devel. District Special Assessment	5.500	05/01/2038		2,715,217
5,905,000	Portofino Isles, FL Community Devel. District (Portofino Court)³	5.600	05/01/2036		1,178,992
1,000,000	Portofino Landings, FL Community Devel. District Special Assessment³	5.200	05/01/2017		391,960
1,955,000	Portofino Landings, FL Community Devel. District Special Assessment³	5.400	05/01/2038		766,888
2,470,000	Portofino Vista, FL Community Devel. District³	5.000	05/01/2013		1,111,006
3,420,000	Reunion East, FL Community Devel. District⁴	5.800	05/01/2036		34
1,525,000	Reunion East, FL Community Devel. District	6.600	05/01/2033		1,579,915
3,585,000	Reunion East, FL Community Devel. District	6.600	05/01/2036		3,689,503
1,425,000	Reunion East, FL Community Devel. District⁴	7.375	05/01/2033		14
140,000	Ridgewood Trails, FL Community Devel. District¹	5.650	05/01/2038		140,017
2,365,000	River Bend, FL Community Devel. District³	7.125	11/01/2015		234,939
7,580,000	River Glen, FL Community Devel. District Special Assessment³	5.450	05/01/2038		3,788,029
156,464	Santa Rosa Bay, FL Bridge Authority	6.250	07/01/2028		142,384
1,895,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)¹	6.500	07/01/2040		2,024,656
4,000,000	Seminole County, FL IDA (Progressive Health)¹	7.500	03/01/2035		3,879,160
3,240,000	South Bay, FL Community Devel. District⁴	0.000 ²	05/01/2025		2,526,487
8,750,000	South Bay, FL Community Devel. District⁴	0.000 ²	05/01/2036		6,779,763
7,035,000	South Bay, FL Community Devel. District¹	5.125	05/01/2020		6,885,928
7,235,000	South Bay, FL Community Devel. District¹	5.950	05/01/2036		7,006,519
5,110,000	South Bay, FL Community Devel. District³	5.950	05/01/2036		253,865
3,655,000	South Fork East, FL Community Devel. District¹	6.500 ²	05/01/2038		3,584,824
14,510,000	South Miami, FL Health Facilities Authority (BHSF/ BHM/HHI/SMH/MarH/DrsH/WKBP/BOS Obligated Group)¹	5.000	08/15/2032		14,548,887
30,000,000	South Miami, FL Health Facilities Authority (BHSF/ BHM/HHI/SMH/MarH/DrsH/WKBP/BOS Obligated Group)¹	5.000	08/15/2042		30,056,700
860,333	St. Johns County, FL IDA (Glenmoor)⁴	2.500	01/01/2049		9
2,325,000	St. Johns County, FL IDA (Glenmoor)³	5.375 ⁹	01/01/2049		1,485,675
3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)¹	5.875	08/01/2040		3,985,555
3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)¹	6.000	08/01/2045		3,998,400
1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)	5.250	10/01/2041		878,430
16,765,000	Tern Bay, FL Community Devel. District³	5.000	05/01/2015		4,080,098
19,075,000	Tern Bay, FL Community Devel. District³	5.375	05/01/2037		4,645,335
10,790,000	Town Center, FL at Palm Coast Community Devel. District¹	6.000	05/01/2036		10,789,029
4,950,000	Treeline, FL Preservation Community Devel. District⁴	6.800	05/01/2039		1,484,901
1,265,000	Villa Vizcaya, FL Community Devel. District Special Assessment³	5.550	05/01/2039		695,295

29 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon	Maturity		Value
Florida (Continued)
$590,000	Villages of Glen Creek FL Community Devel. District Community Devel. District	4.750%	05/01/2026	$	568,506
1,080,000	Villages of Glen Creek FL Community Devel. District Community Devel. District	5.250	05/01/2036		1,017,133
1,815,000	Villages of Glen Creek FL Community Devel. District Community Devel. District	5.375	05/01/2046		1,687,696
3,515,000	Villages of Glen Creek FL Community Devel. District Community Devel. District	5.375	05/01/2046		3,268,458
4,395,000	Waterford Estates, FL Community Devel. District Special Assessment³	5.125	05/01/2013		2,658,887
3,350,000	Waterford Estates, FL Community Devel. District Special Assessment³	5.500	05/01/2037		2,026,683
130,000	Waters Edge, FL Community Devel. District¹	5.350	05/01/2039		125,376
4,360,000	Waters Edge, FL Community Devel. District¹	6.600 ²	05/01/2039		4,269,835
14,800,000	Waterstone, FL Community Devel. District³	5.500	05/01/2018		7,396,892
1,215,000	West Villages, FL Improvement District³	5.350	05/01/2015		728,465
18,400,000	West Villages, FL Improvement District	5.500	05/01/2038		18,464,216
18,150,000	West Villages, FL Improvement District³	5.800	05/01/2036		10,882,014
14,925,000	Westridge, FL Community Devel. District³	5.800	05/01/2037		8,954,552
11,045,000	Westside, FL Community Devel. District⁴	5.650	05/01/2037		6,624,128
16,135,000	Westside, FL Community Devel. District⁴	7.200	05/01/2038		9,676,805
7,420,000	Wyld Palms, FL Community Devel. District³	5.400	05/01/2015		1,483,777
4,340,000	Wyld Palms, FL Community Devel. District³	5.500	05/01/2038		867,870
3,830,000	Zephyr Ridge, FL Community Devel. District³	5.250	05/01/2013		1,914,004
2,665,000	Zephyr Ridge, FL Community Devel. District³	5.625	05/01/2037		1,331,807

					530,376,697

Georgia—1.6%
700,000	Atlanta, GA Tax Allocation (Beltline)¹	7.500	01/01/2031		758,702
3,600,000	Atlanta, GA Tax Allocation (Beltline)¹	7.500	01/01/2031		3,902,508
12,000,000	Burke County, GA Devel. Authority (Oglethorpe Power Corp.)¹	5.700	01/01/2043		12,182,520
1,445,000	Cobb County, GA Devel. Authority (Provident Group- Creekside Properties)	6.000	07/01/2036		1,359,268
5,440,000	Cobb County, GA Devel. Authority (Provident Group- Creekside Properties)	6.000	07/01/2051		4,966,393
1,435,000	Franklin County, GA Industrial Building Authority (Emmanuel College)³	5.750	11/01/2025		717,199
1,380,000	Franklin County, GA Industrial Building Authority (Emmanuel College)³	6.000	11/01/2032		689,710
10,625,000	Franklin County, GA Industrial Building Authority (Emmanuel College)³	6.250	11/01/2043		5,310,269
31,945,000	Fulton County, GA Devel. Authority (PHC)⁶	5.000	06/15/2029		34,367,028
13,730,000	Fulton County, GA Devel. Authority (PHC/PHosp/PHF Obligated Group)⁶	5.250	06/15/2037		14,834,573
1,800,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)¹	5.125	03/15/2031		1,847,898
9,100,000	GA Road & Tollway Authority (I-75 S Express Lanes)¹	0.000 ²	06/01/2049		5,628,350
2,250,000	GA Road & Tollway Authority (I-75 S Express Lanes)	6.246 ⁵	06/01/2024		1,510,245

30 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Georgia (Continued)
$3,750,000	GA Road & Tollway Authority (I-75 S Express Lanes)		6.748	%⁵		06/01/2034	$	1,279,725
1,720,000	Gainesville & Hall County, GA Devel. Authority Educational Facilities (Riverside Military Academy)¹		5.000			03/01/2047		1,819,227
1,720,000	Gainesville & Hall County, GA Devel. Authority Educational Facilities (Riverside Military Academy)¹		5.125			03/01/2052		1,819,347
2,000,000	Marietta, GA Devel. Authority (Life University)¹		7.000			06/15/2039		2,104,420
								95,097,382

Hawaii—0.0%
405,000	HI Dept. of Transportation (Continental Airlines)¹		5.625			11/15/2027		406,437
1,735,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)¹		6.300			07/01/2022		1,735,139
275,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)¹		6.375			07/01/2032		274,981
								2,416,557

Idaho—0.0%
1,230,700	Nampa, ID Local Improvement District No. 148		6.625			09/01/2030		1,257,788

Illinois—6.7%
300,000	Annawan, IL Tax Increment (Patriot Renewable Fuels)¹		5.625			01/01/2018		299,157
3,000,000	Carol Stream, IL Park District¹		5.000			01/01/2037		3,430,110
30,685,000	Caseyville, IL Tax (Forest Lakes)⁴		7.000			12/30/2022		1,380,211
1,100,000	Chicago, IL Board of Education¹		5.000			12/01/2042		949,267
5,700,000	Chicago, IL Board of Education¹		6.000			04/01/2046		6,189,174
1,500,000	Chicago, IL Board of Education¹		6.500			12/01/2046		1,485,285
7,000,000	Chicago, IL Board of Education¹		7.000			12/01/2044		7,165,130
10,000,000	Chicago, IL Board of Education¹		7.500	⁹		03/01/2035		9,995,000
20,000,000	Chicago, IL GO¹		5.250			01/01/2033		20,032,200
3,000,000	Chicago, IL Midway Airport, Series A¹		5.000			01/01/2033		3,330,210
35,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)¹		6.125			02/20/2042		35,104
2,500,000	Chicago, IL O’Hare International Airport¹		5.000			01/01/2047		2,801,750
5,000,000	Chicago, IL O’Hare International Airport¹		5.000			01/01/2052		5,556,450
8,000,000	Chicago, IL O’Hare International Airport¹		5.250			01/01/2042		9,441,760
2,755,000	Chicago, IL Waterworks¹		5.250			11/01/2030		3,345,369
2,900,000	Chicago, IL Waterworks¹		5.250			11/01/2031		3,507,579
2,135,000	Chicago, IL Waterworks¹		5.250			11/01/2032		2,569,665
2,000,000	Chicago, IL Waterworks¹		5.250			11/01/2033		2,399,340
2,885,000	Chicago, IL Waterworks¹		5.250			11/01/2035		3,444,171
10,032,000	Cortland, IL Special Tax (Sheaffer System)⁴		5.500			03/01/2017		2,001,685
915,000	Country Club Hills, IL GO¹		5.000			12/01/2026		917,855
965,000	Country Club Hills, IL GO¹		5.000			12/01/2027		967,528
1,010,000	Country Club Hills, IL GO¹		5.000			12/01/2028		1,012,707
1,060,000	Country Club Hills, IL GO¹		5.000			12/01/2029		1,062,629
1,120,000	Country Club Hills, IL GO¹		5.000			12/01/2030		1,122,520
1,175,000	Country Club Hills, IL GO¹		5.000			12/01/2031		1,177,620
2,425,000	Country Club Hills, IL GO¹		5.000			12/01/2032		2,429,923
1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)¹		5.625			03/01/2036		1,000,010

31 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$1,585,000	Franklin Park, IL GO¹		6.250	%		07/01/2030	$	1,784,599
2,159,097	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375			03/01/2034		1,865,416
6,165,000	Harvey, IL GO⁴		5.500			12/01/2027		3,865,332
1,800,000	Harvey, IL GO⁴		5.625			12/01/2032		1,151,244
10,140,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)¹		6.500			12/01/2037		10,342,699
19,410,000	IL Finance Authority (Advocate Health Care)⁶		5.375			04/01/2044		20,675,870
5,820,000	IL Finance Authority (Advocate Health Care)⁶		5.375			04/01/2044		6,199,537
5,180,000	IL Finance Authority (Advocate Health Care)⁶		5.375			04/01/2044		5,517,801
21,765,000	IL Finance Authority (Advocate Health Care)⁶		5.375			04/01/2044		23,184,457
10,575,000	IL Finance Authority (Advocate Health Care)⁶		5.500			04/01/2044		11,294,946
9,425,000	IL Finance Authority (Advocate Health Care)⁶		5.500			04/01/2044		10,066,654
365,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group)¹		5.375			04/01/2044		386,754
320,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group)¹		5.375			04/01/2044		342,886
3,195,000	IL Finance Authority (Bethel Terrace Apartments)¹		5.375			09/01/2035		3,196,693
5,000,000	IL Finance Authority (Central Dupage Health System/ Central Dupage Hospital Assoc.)⁶		5.375			11/01/2039		5,435,100
12,500,000	IL Finance Authority (Central Dupage Health)⁶		5.500			11/01/2039		13,663,125
5,590,000	IL Finance Authority (DeKalb Supportive Living)¹		6.100			12/01/2041		5,663,732
2,030,000	IL Finance Authority (Friendship Village Schaumburg)¹		5.625			02/15/2037		2,030,081
1,000,000	IL Finance Authority (Lake Forest College)¹		6.000			10/01/2048		1,073,630
850,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2026		851,037
1,500,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2039		1,501,125
105,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/PCHN/ PSSC/PHCr/PBH/PAS/PHFBT Obligated Group )¹		7.750			08/15/2034		119,229
11,050,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/PCHN/ PSSC/PHCr/PBH/PAS/PHFBT Obligated Group )¹		7.750			08/15/2034		12,547,386
575,000	IL Finance Authority (Rogers Park Montessori School)¹		6.000			02/01/2034		607,884
1,310,000	IL Finance Authority (Rogers Park Montessori School)¹		6.125			02/01/2045		1,378,330
11,870,000	IL Finance Authority (St. Anthony Lassing)		6.500			12/01/2032		12,522,494
1,500,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2040		1,667,610
5,775,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2046		6,409,326
4,185,000	IL Finance Authority (Villa St. Benedict)¹		6.125			11/15/2035		4,481,884
4,400,000	IL Finance Authority (Villa St. Benedict)¹		6.375			11/15/2043		4,754,904
1,640,000	IL Hsg. Devel. Authority (Stonebridge Gurnee)		5.450			01/01/2046		1,541,370
1,775,000	IL Hsg. Devel. Authority (Stonebridge Gurnee)		5.600			01/01/2056		1,672,068
14,300,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.379	⁵		12/15/2032		7,514,221
15,580,000	IL Sales Tax¹		4.000			06/15/2028		16,434,251
15,580,000	IL Sales Tax¹		4.000			06/15/2029		16,270,038
12,455,000	IL Sales Tax¹		4.000			06/15/2031		12,830,518
13,635,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)⁴		7.125			01/01/2036		5,926,589
2,950,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)³		5.750			03/01/2022		529,997

32 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$4,000,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)³		6.125	%		03/01/2040	$	718,640
1,778,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)³		5.750			03/01/2022		346,852
3,491,000	Plano, IL Special Service Area No. 5³		6.000			03/01/2036		2,082,835
5,510,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)⁷		6.375			08/01/2040		4,205,508
162	Robbins, IL Res Rec (Robbins Res Rec Partners)¹		7.250			10/15/2024		165
2,500,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)		6.625			06/01/2037		2,539,400
1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		1,363,515
11,610,000	Southwestern IL Devel. Authority (Local Government Programming)		7.000			10/01/2022		5,804,187
4,135,000	Southwestern IL Devel. Authority (Village of Sauget)¹		5.625			11/01/2026		3,683,706
8,515,000	Southwestern IL Devel. Authority Solid Waste Disposal (Center Ethanol Company)		8.250			12/01/2019		8,523,004
12,690,000	Upper, IL River Valley Devel. Authority (DeerPath Huntley)¹		6.500			12/01/2032		13,155,850
7,620,000	Upper, IL River Valley Devel. Authority (Living Springs McHenry)¹		6.100			12/01/2041		7,720,508
1,900,000	Will-Kankakee, IL Regional Devel. Authority (Senior Estates Supportive Living)¹		7.000			12/01/2042		1,948,032
								388,442,428

Indiana—1.5%
2,000,000	Allen County, IN Economic Devel. (Storypoint/SL2016/ SLW/SLFW/SLF Obligated Group)		6.875			01/15/2052		2,073,860
955,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)⁴		8.000			12/01/2045		477,385
1,140,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)³		9.000			12/01/2045		569,863
4,300,000	Carmel, IN Redevel. District COP¹		6.500			07/15/2035		5,059,595
1,225,000	Chesterton, IN Economic Devel. (Storypoint/SL2016/ SLW/SLC Obligated Group)		6.375			01/15/2051		1,241,697
5,805,000	East Chicago, IN Solid Waste Disposal (USG Corp.)¹		6.375			08/01/2029		5,816,262
2,050,000	IN Finance Authority (Avondale Meadows Academy)¹		5.375			07/01/2047		2,018,553
1,675,000	IN Finance Authority (BHI Senior Living)¹		5.500			11/15/2031		1,821,864
2,850,000	IN Finance Authority (BHI Senior Living)¹		5.750			11/15/2041		3,085,438
11,505,000	IN Finance Authority (Marian University)¹		6.375			09/15/2041		12,675,634
925,000	IN Finance Authority Educational Facilities (Irvington Community)¹		9.000			07/01/2039		929,523
3,950,000	IN Hsg. & Community Devel. Authority (Evergreen Village Bloomington)¹		5.500			01/01/2037		3,848,683
6,225,000	IN Hsg. & Community Devel. Authority (Hammond Assisted Living Community)¹		5.750			01/01/2036		6,072,861
1,095,000	Kokomo, IN Multifamily Hsg. (Silver Birch of Kokomo)¹		5.750			01/01/2034		1,119,857
4,570,000	Kokomo, IN Multifamily Hsg. (Silver Birch of Kokomo)¹		5.875			01/01/2037		4,676,618

33 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Indiana (Continued)
$1,060,000	Lafayette, IN Multifamily Hsg. (Glasswater Creek of Lafayette)¹		5.600	%		01/01/2033	$	1,080,140
5,160,000	Lafayette, IN Multifamily Hsg. (Glasswater Creek of Lafayette)¹		5.800			01/01/2037		5,249,990
4,965,000	Merrillville, IN Economic Devel. (Belvedere Hsg.)¹		5.750			04/01/2036		4,796,587
14,565,000	Michigan City, IN Multifamily Hsg. (Silver Birch Project)¹		5.150			01/01/2037		13,987,498
2,560,000	Muncie, IN Multifamily Hsg. (Silver Birch Project)¹		5.250			01/01/2037		2,460,467
4,995,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)¹		6.500			07/01/2022		5,279,016
3,605,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)		6.250			01/01/2029		3,510,585
								87,851,976

Iowa—0.4%
630,000	IA Finance Authority (Amity Fellowserve)		6.000			10/01/2028		630,019
940,000	IA Finance Authority (Amity Fellowserve)		6.375			10/01/2026		940,705
2,190,000	IA Finance Authority (Amity Fellowserve)		6.500			10/01/2036		2,191,051
1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)⁴		5.900			12/01/2028		107,300
815,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)¹		5.375			06/01/2025		762,938
15,230,000	IA Tobacco Settlement Authority¹		5.500			06/01/2042		15,159,333
2,955,000	IA Tobacco Settlement Authority (TASC)¹		6.500			06/01/2023		2,931,123
								22,722,469

Kansas—0.0%
525,000	Lenexa, KS Multifamily Hsg. (Meadows Apartments)¹		7.950			10/15/2035		525,562
3,405,637	Olathe, KS Tax Increment (Gateway)⁴		5.000			03/01/2026		1,360,756
								1,886,318

Kentucky—0.6%
1,880,000	Kuttawa, KY (1st Mtg.-GF/Kentucky)		6.750			03/01/2029		1,882,895
14,000,000	KY EDFA (Baptist Healthcare System)⁶		5.375			08/15/2024		14,602,140
1,250,000	KY EDFA (Masonic Home Independent Living II)¹		7.250			05/15/2041		1,529,813
1,000,000	KY EDFA (Masonic Home Independent Living II)¹		7.375			05/15/2046		1,228,470
1,350,000	KY EDFA (Owensboro Medical Health System)¹		6.500			03/01/2045		1,553,134
6,785,000	KY Municipal Power Agency¹		5.000			09/01/2034		7,692,290
5,000,000	KY Municipal Power Agency¹		5.000			09/01/2036		5,647,650
								34,136,392

Louisiana—0.6%
12,270,000	East Baton Rouge Parish, LA Sewer¹		5.000			02/01/2039		13,885,223
1,200,000	Juban Park, LA Community Devel. District Special Assessment³		5.150			10/01/2014		119,784
9,630,000	LA GO¹		4.000			09/01/2031		10,299,574

34 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Louisiana (Continued)
$11,415,000	LA HFA (La Chateau)¹		7.250	%		09/01/2039	$	11,598,325
								35,902,906

Maine—0.3%
2,000,000	ME H&HEFA (Maine General Medical Center)¹		6.750			07/01/2041		2,189,140
4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)¹		6.625			07/01/2020		4,817,856
12,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)¹		6.875			10/01/2026		12,310,503
								19,317,499

Maryland—0.1%
1,100,000	Baltimore, MD Special Obligation (Center/West Devel.)¹		5.375			06/01/2036		1,139,413
1,360,000	Baltimore, MD Special Obligation (Center/West Devel.)¹		5.500			06/01/2043		1,410,932
1,750,000	Baltimore, MD Special Obligation (Harbor Point)¹		5.125			06/01/2043		1,809,535
6,861,636	Salisbury, MD Special Obligation (Villages at Salisbury Lake)⁴		3.787	⁵		01/01/2037		807,409
								5,167,289

Massachusetts—1.0%
6,905,000	MA Devel. Finance Agency (Lasell College)¹		6.000			07/01/2041		7,633,961
1,600,702	MA Devel. Finance Agency (Linden Ponds)		1.009	⁵		11/15/2056		37,697
4,635,000	MA Devel. Finance Agency (Linden Ponds)¹		4.680			11/15/2021		4,679,311
195,000	MA Devel. Finance Agency (Linden Ponds)¹		4.680			11/15/2021		196,864
321,825	MA Devel. Finance Agency (Linden Ponds)¹		5.500			11/15/2046		313,573
685,000	MA Devel. Finance Agency (Linden Ponds)¹		6.250			11/15/2018		696,844
2,057,748	MA Devel. Finance Agency (Linden Ponds)¹		6.250			11/15/2039		2,134,790
6,062,305	MA Devel. Finance Agency (Linden Ponds)¹		6.250			11/15/2046		6,273,455
1,000,000	MA Devel. Finance Agency (VOA Concord)¹		5.200			11/01/2041		1,001,100
3,140,000	MA Devel. Finance Agency (Wheelock College)¹		5.250			10/01/2037		3,158,777
7,240,000	MA Educational Financing Authority, Series H¹		6.350			01/01/2030		7,576,298
9,820,000	MA H&EFA (Milford Regional Medical Center)¹		5.000			07/15/2032		9,841,113
11,960,000	MA HFA, Series C⁶		5.350			12/01/2042		12,737,041
595,000	MA Port Authority (Delta Air Lines)¹		5.000			01/01/2027		600,688
								56,881,512

Michigan—2.5%
1,600,000	American Montessori Academy, MI Public School Academy		7.000			12/01/2046		1,610,304
3,465,000	Arts & Technology Academy Pontiac, MI Public School Academy		6.000			11/01/2046		3,260,149
2,740,000	Charyl Stockwell Academy, MI Public School Academy¹		5.500			10/01/2035		2,768,852
4,140,000	Charyl Stockwell Academy, MI Public School Academy¹		5.750			10/01/2045		4,202,721
10,100,000	Detroit, MI City School District⁶		6.000			05/01/2029		12,504,305
803,643	Detroit, MI GO¹		5.000			04/01/2020		805,677
906,750	Detroit, MI GO¹		5.000			04/01/2021		909,098
350,300	Detroit, MI GO¹		5.250			04/01/2020		351,274
155,000	Detroit, MI GO		5.250			04/01/2020		155,091

35 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Michigan (Continued)
$342,550	Detroit, MI GO		5.250	%		04/01/2021	$	343,465
206,150	Detroit, MI GO¹		5.250			04/01/2022		206,729
15,500	Detroit, MI GO		5.250			04/01/2023		15,542
1,845,000	Detroit, MI Local Devel. Finance Authority¹		6.700			05/01/2021		1,845,867
1,175,000	Detroit, MI Local Devel. Finance Authority¹		6.850			05/01/2021		1,175,764
2,585,000	Macomb, MI Interceptor Drainage District¹		5.000			05/01/2032		3,107,532
1,500,000	Macomb, MI Interceptor Drainage District¹		5.000			05/01/2033		1,794,660
1,700,000	Macomb, MI Interceptor Drainage District¹		5.000			05/01/2034		2,025,907
415,000	Macomb, MI Public Academy¹		6.750			05/01/2037		414,942
4,800,000	MI Finance Authority (HFHS/HFMHCT/HFWH/WAFMH Obligated Group)¹		5.000			11/15/2028		5,700,960
200,000	MI Finance Authority (HFHS/HFMHCT/HFWH/WAFMH Obligated Group)¹		5.000			11/15/2041		224,618
1,400,000	MI Finance Authority (Old Redford Public School Academy)¹		5.900			12/01/2030		1,419,096
685,000	MI Public Educational Facilities Authority (American Montessori)		6.500			12/01/2037		688,288
1,400,000	MI Public Educational Facilities Authority (Old Redford Academy)¹		6.000			12/01/2035		1,400,252
1,135,125	MI Strategic Fund Limited Obligation (Wolverine Human Services)¹		7.875			08/31/2028		1,141,538
3,700,000	MI Strategic Fund Solid Waste (Genesee Power Station)¹		7.500			01/01/2021		3,637,174
144,990,000	MI Tobacco Settlement Finance Authority		6.387	⁵		06/01/2052		9,386,653
2,725,780,000	MI Tobacco Settlement Finance Authority		7.965	⁵		06/01/2058		62,801,971
1,625,000	Pontiac, MI City School District		4.500			05/01/2020		1,508,991
3,500,000	Summit Academy North, MI Public School Academy¹		5.000			11/01/2031		3,548,930
2,800,000	Summit Academy North, MI Public School Academy¹		5.000			11/01/2035		2,770,068
13,735,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)¹		6.000			12/01/2029		13,765,217
								145,491,635

Minnesota—0.7%
6,915,000	Brooklyn Center, MN Multifamily Hsg. (Sanctuary Brooklyn Center)¹		5.500			11/01/2035		6,941,623
3,115,000	Brooklyn Center, MN Multifamily Hsg. (Sanctuary Brooklyn Center)¹		6.500			11/01/2035		3,116,557
1,000,000	Dakota County, MN Community Devel. Agency (Walker Methodist)¹		5.000			08/01/2046		1,017,240
200,000	Inner Grove Heights, MN Nursing Home (Presbyterian Homes Bloomington Care Center)¹		5.500			10/01/2041		200,092
6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)¹		6.850			12/01/2029		6,399,748
1,075,000	Minneapolis, MN Charter School (Spero Academy)⁷		6.250			07/01/2037		1,078,075
4,740,000	Minneapolis, MN Charter School (Spero Academy)⁷		6.500			07/01/2048		4,753,367
730,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)¹		5.400			04/01/2028		730,073
5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)¹		5.500			04/01/2042		5,339,947

36 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Minnesota (Continued)
$1,515,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)¹		7.000	%		09/15/2037	$	1,516,045
1,584,570	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)¹		5.630			10/01/2033		1,587,691
2,417,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)¹		6.250			03/01/2029		2,417,000
1,075,000	St. Paul, MN Hsg. & Redevel. Authority (Great River School)⁷		5.500			07/01/2052		1,078,193
2,305,000	St. Paul, MN Hsg. & Redevel. Authority Charter School (Hmong College Prep Academy)¹		5.500			09/01/2043		2,341,603
385,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)¹		6.000			02/01/2019		382,170
								38,899,424

Mississippi—0.2%
2,065,000	Meridian, MS Tax Increment (Meridian Crossroads)¹		8.750			12/01/2024		2,250,602
4,530,000	MS Business Finance Corp. (Mississippi Power Company)¹		5.150	⁹		09/01/2028		4,538,018
1,395,000	Ridgeland, MS Tax Increment (Colony Park)¹		5.250			10/01/2027		1,449,140
1,755,000	Ridgeland, MS Tax Increment (Colony Park)¹		5.375			10/01/2028		1,824,024
16,410,000	Stonebridge, MS Public Improvement District Special Assessment³		7.500			10/01/2042		2,290,016
								12,351,800

Missouri—1.2%
4,900,000	Branson, MO Commerce Park Community Improvement District⁴		5.750			06/01/2026		734,804
2,430,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		2,437,339
12,800,000	Branson, MO IDA (Branson Hills Redevel.)		7.050			05/01/2027		12,814,592
695,000	Branson, MO IDA (Branson Landing)		5.250			06/01/2021		691,879
2,470,000	Branson, MO IDA (Branson Landing)		5.500			06/01/2029		2,425,614
18,820,000	Branson, MO IDA (Branson Shoppe Redevel.)¹		5.950			11/01/2029		18,839,949
570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)		6.125			12/01/2036		448,727
1,005,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.500			04/01/2021		843,285
3,100,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		2,176,665
1,120,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)		5.000			11/01/2023		1,071,560
1,000,000	Kansas City, MO IDA (Sales Tax)¹		5.000			04/01/2036		964,870
740,000	Kansas City, MO IDA (Sales Tax)¹		5.000			04/01/2046		690,198
1,161,000	Kansas City, MO IDA (West Paseo)¹		6.750			07/01/2036		1,161,139
1,200,000	Lees Summit, MO IDA (Kensington Farms)⁴		5.500			03/01/2021		775,644
750,000	Lees Summit, MO IDA (Kensington Farms)⁴		5.750			03/01/2029		463,072
2,800,000	Lees Summit, MO Tax (Summit Fair Community Improvement District)¹		6.000			05/01/2042		2,842,196
2,310,000	Liberty, MO Tax Increment (Liberty Triangle)¹		5.875			10/01/2029		2,315,452
3,020,000	MO Dardenne Town Square Transportation Devel. District⁴		5.000			05/01/2026		1,086,203

37 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Missouri (Continued)
$3,825,000	MO Dardenne Town Square Transportation Devel. District⁴		5.000	%		05/01/2036	$	1,375,738
220,000	MO Grindstone Plaza Transportation Devel. District		5.250			10/01/2021		216,014
400,000	MO Grindstone Plaza Transportation Devel. District		5.400			10/01/2026		378,752
115,000	MO Grindstone Plaza Transportation Devel. District		5.550			10/01/2036		102,364
700,000	Northwoods, MO Transportation Devel. District		5.850			02/01/2031		653,499
2,750,000	Saint Charles County, MO IDA (Suemandy/Mid-Rivers Community Improvement District)¹		5.000			10/01/2046		2,626,415
4,580,000	St. Louis, MO IDA (Railway Exchange Building Redevel.)³		8.000			04/27/2033		1,600,252
2,442,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)⁴		6.000			08/21/2026		1,343,027
2,032,491	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		1,337,765
1,660,000	St. Louis, MO Tax Increment (Printers Lofts)⁴		6.000			08/21/2026		663,519
3,043,000	St. Louis, MO Tax Increment (Security Building Redevel.)⁴		6.300			04/01/2027		1,064,959
1,510,000	St. Louis, MO Tax Increment (Washington East Condominiums)⁴		5.500			01/20/2028		905,955
2,340,000	St. Louis, MO Tax Increment (Washington East Condominiums)		5.500			01/20/2028		1,787,456
1,108,000	St. Louis, MO Tax Increment Financing, Series A		5.500			09/02/2028		664,833
1,865,000	Stone Canyon, MO Improvement District (Infrastructure)³		5.700			04/01/2022		503,475
975,000	Stone Canyon, MO Improvement District (Infrastructure)³		5.750			04/01/2027		263,211
								68,270,422

Montana—0.0%
5,935,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)⁴		6.250	²		09/01/2031		1,184,923

Nebraska—0.4%
405,000	Beatrice, NE Community Redevel. Authority (Beatrice Biodiesel)¹		6.625			12/01/2021		387,156
20,000,000	Douglas County, NE Hospital Authority (Methodist Health System)⁶		5.750			11/01/2048		21,206,571
1,000,000	Omaha, NE Public Facilities Corp. (Omaha Baseball Stadium)¹		4.000			06/01/2031		1,092,890
								22,686,617

Nevada—0.1%
5,375,000	Clark County, NV GO¹		4.000			11/01/2031		5,917,983
975,000	Clark County, NV Improvement District¹		5.000			02/01/2026		953,501
750,000	Clark County, NV Improvement District¹		5.050			02/01/2031		727,440
105,000	Mesquite, NV Special Improvement District (Canyon Creek)^1,7		5.400			08/01/2020		102,881

38 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Nevada (Continued)
$355,000	Mesquite, NV Special Improvement District (Canyon Creek)^1,7		5.500	%		08/01/2025	$	354,659
								8,056,464

New Hampshire—0.1%
1,395,000	NH Business Finance Authority (Huggins Hospital)¹		6.875			10/01/2039		1,567,464
100,000	NH H&EFA (Hillside Village)		5.250			07/01/2027		101,697
1,725,000	NH H&EFA (Hillside Village)		6.125			07/01/2037		1,753,066
3,875,000	NH H&EFA (Hillside Village)		6.125			07/01/2052		3,858,144
865,000	NH H&EFA (Hillside Village)		6.250			07/01/2042		878,995
								8,159,366

New Jersey—4.3%
3,583,000	Newark, NJ GO¹		5.000			07/15/2029		3,834,491
5,000,000	NJ EDA¹		5.000			06/15/2041		5,144,850
110,000	NJ EDA (Continental Airlines)¹		4.875			09/15/2019		115,855
3,750,000	NJ EDA (Continental Airlines)¹		5.625			11/15/2030		4,242,487
565,000	NJ EDA (Leap Academy Charter School)¹		6.000			10/01/2034		575,803
750,000	NJ EDA (Leap Academy Charter School)¹		6.200			10/01/2044		760,733
500,000	NJ EDA (Leap Academy Charter School)¹		6.300			10/01/2049		508,480
1,000,000	NJ EDA (Paterson Charter School Science & Technology)¹		6.100			07/01/2044		1,000,780
650,000	NJ EDA (Provident Group-Kean Properties)¹		5.000			07/01/2047		700,037
1,000,000	NJ EDA (Provident Group-Kean Properties)¹		5.000			01/01/2050		1,068,880
5,000,000	NJ Educational Facilities Authority (College of St. Elizabeth)¹		5.000			07/01/2046		5,050,850
480,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.000			07/01/2033		480,710
76,230,000	NJ Tobacco Settlement Financing Corp.¹		4.750			06/01/2034		72,654,813
51,680,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2029		51,461,910
38,355,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2041		36,810,061
9,500,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2029		9,702,920
10,200,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2030		10,408,998
43,465,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2031		44,317,783
210,000	Weehawken Township, NJ GO¹		6.000			08/01/2021		234,982
210,000	Weehawken Township, NJ GO¹		6.000			08/01/2022		234,293
								249,309,716

New Mexico—0.2%
615,000	Boulders, NM Pubic Improvement District¹		5.750			10/01/2044		622,048
3,500,000	Farmington, NM Pollution Control (Public Service Company of New Mexico)¹		2.125	⁹		06/01/2040		3,539,305
385,000	Mariposa East, NM Public Improvement District		5.900	²		09/01/2032		350,373
560,000	Mariposa East, NM Public Improvement District		5.900			09/01/2032		481,516
80,000	Mariposa East, NM Public Improvement District¹		5.900			09/01/2032		79,963
475,000	Mariposa East, NM Public Improvement District		12.495	⁵		09/01/2032		66,415
875,000	Montecito Estates, NM Public Improvement District¹		7.000			10/01/2037		883,995
1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,874,623

39 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
New Mexico (Continued)
$4,325,000	Saltillo, NM Improvement District¹		7.625	%		10/01/2037	$	4,398,741
								12,296,979

New York—10.2%
15,015,000	Brookhaven, NY IDA (BK at Lake Grove)¹		7.750	⁹		11/01/2046		15,962,747
14,980,000	Brookhaven, NY IDA (BK at Lake Grove)¹		7.750	⁹		11/01/2046		15,921,793
10,000,000	Brookhaven, NY IDA (BK at Lake Grove)¹		7.750	⁹		11/01/2046		10,628,700
17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		5.630	⁵		06/01/2055		854,025
4,245,000	Essex County, NY IDA (Champlain Valley Milling Corp.)		6.250			06/01/2047		4,320,264
17,000,000	Glen Cove, NY Local Assistance Corp. (Gravies Point Public Improvement)		0.000	²		01/01/2055		12,531,210
8,500,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2037		10,020,735
7,500,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2039		8,814,450
1,485,000	Islip, NY IDA (Engel Burman at Sayville)¹		7.750	⁹		11/01/2045		1,683,054
1,000,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		6.000			06/01/2030		1,126,140
2,937,408	Nassau County, NY IDA (Amsterdam at Harborside)³		2.000			01/01/2049		489,960
1,197,880	Nassau County, NY IDA (Amsterdam at Harborside)¹		5.500			07/01/2020		1,197,185
187,500	Nassau County, NY IDA (Amsterdam at Harborside)¹		5.875			01/01/2023		188,827
922,500	Nassau County, NY IDA (Amsterdam at Harborside)¹		6.500			01/01/2032		931,347
1,780,000	Nassau County, NY IDA (Amsterdam at Harborside)¹		6.700			01/01/2049		1,791,214
2,100,000	Nassau County, NY IDA (Amsterdam at Harborside)¹		6.700			01/01/2049		2,113,230
234,000,000	NY Counties Tobacco Trust V		6.732	⁵		06/01/2060		1,839,240
51,600,000	NY Counties Tobacco Trust V		7.146	⁵		06/01/2060		608,364
9,300,000	NY MTA (Green Bond)¹		5.000			11/15/2035		11,145,306
7,000,000	NY MTA (Green Bond)¹		5.000			11/15/2047		8,231,160
10,000,000	NY MTA (Green Bond)¹		5.250			11/15/2057		11,977,200
8,200,000	NY MTA Hudson Rail Yards¹		5.000			11/15/2051		9,037,138
33,190,000	NY MTA Hudson Rail Yards¹		5.000			11/15/2056		37,602,279
10,000,000	NY MTA, Series B-2¹		5.000			11/15/2033		12,083,700
15,000,000	NY MTA, Series B-2¹		5.250			11/15/2033		18,598,350
485,000	NY MTA, Series D¹		5.250			11/15/2027		587,476
560,000	NY MTA, Series D¹		5.250			11/15/2028		674,615
900,000	NY MTA, Series D¹		5.250			11/15/2029		1,074,744
900,000	NY MTA, Series D¹		5.250			11/15/2030		1,075,032
900,000	NY MTA, Series D¹		5.250			11/15/2031		1,072,314
900,000	NY MTA, Series D¹		5.250			11/15/2032		1,068,219
900,000	NY MTA, Series D¹		5.250			11/15/2033		1,064,718
7,100,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.650			10/01/2028		6,018,599
6,045,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.750			10/01/2036		4,991,054
8,670,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		6.200			10/01/2022		8,343,575
2,985,000	NYC Municipal Water Finance Authority⁶		5.750			06/15/2040		3,115,234
9,970,000	NYC Municipal Water Finance Authority⁶		5.750			06/15/2040		10,404,984
5,430,000	NYC Transitional Finance Authority (Future Tax)¹		4.000			05/01/2031		6,089,093
6,110,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2029		7,508,274
1,360,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2032		1,635,726
7,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2035		8,308,930
75,000,000	NYC Transitional Finance Authority (Future Tax)⁶		5.000			05/01/2042		88,150,500

40 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon	Maturity		Value
New York (Continued)
$18,700,000	NYS DA (St. Mary’s Hospital for Children)	7.875%	11/15/2041	$	20,218,814
10,000,000	NYS DA (State Personal Income Tax Authority)¹	5.000	02/15/2032		11,975,500
14,870,000	NYS DA (State Personal Income Tax Authority)¹	5.000	03/15/2036		17,562,957
10,000,000	NYS DA (State Personal Income Tax Authority)⁶	5.000	02/15/2037		11,754,777
21,750,000	NYS Liberty Devel. Corp. (4 World Trade Center)¹	5.750	11/15/2051		25,129,297
37,380,000	NYS Liberty Devel. Corp. (Bank of America Tower)⁶	5.125	01/15/2044		40,478,696
3,000,000	NYS Thruway Authority¹	5.000	01/01/2036		3,457,770
2,500,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹	5.000	07/01/2034		2,752,725
5,000,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹	5.000	07/01/2041		5,439,450
7,000,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹	5.250	01/01/2050		7,695,590
13,000,000	NYS Transportation Devel. Corp. (American Airlines/JFK International Airport)¹	5.000	08/01/2026		13,993,460
25,435,000	NYS UDC (State Personal Income Tax Authority)¹	5.000	03/15/2033		30,577,448
200,000	Port Authority NY/NJ (JFK International Air Terminal)¹	5.750	12/01/2025		202,372
1,650,000	Port Authority NY/NJ (KIAC)¹	6.750	10/01/2019		1,677,819
11,050,000	Port Authority NY/NJ, 200th Series¹	5.000	04/15/2057		12,766,065
13,000,000	Port Authority NY/NJ, 205th Series^1,7	5.000	05/15/2057		15,114,190
10,000,000	Port Authority NY/NJ, 206th Series^1,7	5.000	11/15/2047		11,523,400
8,385,000	Suffolk, NY Tobacco Asset Securitization Corp.	6.000	06/01/2048		8,388,522
1,640,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-C	6.200	03/01/2020		1,640,082

					593,229,639

North Carolina—0.2%
1,000,000	Charlotte, NC Airport (Charlotte Douglas Airport)¹	5.000	07/01/2027		1,248,250
1,000,000	Charlotte, NC Airport (Charlotte Douglas Airport)¹	5.000	07/01/2029		1,228,230
1,910,000	Charlotte, NC Airport (Charlotte Douglas Airport)¹	5.000	07/01/2030		2,332,721
1,360,000	Charlotte, NC Airport (Charlotte Douglas Airport)¹	5.000	07/01/2031		1,652,291
2,415,000	Charlotte, NC Airport (Charlotte Douglas Airport)¹	5.000	07/01/2034		2,889,548
1,500,000	NC Medical Care Commission (AHACHC)¹	5.800	10/01/2034		1,503,405
1,650,000	NC Medical Care Commission (Whitestone)¹	7.750	03/01/2031		1,818,960

					12,673,405

Ohio—9.3%
9,950,000	Allen County, OH Hospital Facilities (Catholic Healthcare)⁶	5.000	06/01/2038		10,668,390
12,115,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)	5.125	06/01/2024		11,353,088
18,115,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)	5.375	06/01/2024		17,592,745
22,655,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)	5.750	06/01/2034		21,499,368
41,465,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)	5.875	06/01/2030		39,321,259
89,205,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹	5.875	06/01/2047		84,490,516

41 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon	Maturity		Value
Ohio (Continued)
$12,937,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹	6.000%	06/01/2042	$	12,124,039
57,055,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)	6.250 ²	06/01/2037		57,145,147
76,170,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹	6.500	06/01/2047		75,516,461
2,295,300,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)	6.529 ⁵	06/01/2052		71,154,300
5,645,000	Butler County, OH Port Authority (Maple Knoll Communities)¹	7.000	07/01/2043		5,910,315
1,000,000	Butler County, OH Port Authority (Storypoint/SL2016/ SLW/SLC/SLFW/SLF Obligated Group)	6.250	01/15/2034		1,019,970
1,000,000	Butler County, OH Port Authority (Storypoint/SL2016/ SLW/SLC/SLFW/SLF Obligated Group)	6.375	01/15/2043		1,020,220
2,250,000	Butler County, OH Port Authority (Storypoint/SL2016/ SLW/SLC/SLFW/SLF Obligated Group)	6.500	01/15/2052		2,302,177
4,495,000	Centerville, OH Health Care (Bethany Lutheran Village)¹	6.000	11/01/2038		4,552,311
2,075,000	Cleveland-Cuyahoga County, OH Port Authority (Forest Hill Park Apartments)^1,4	5.250	09/01/2040		1,588,392
645,000	Cleveland-Cuyahoga County, OH Port Authority (Forest Hill Park Apartments)^1,4	5.375	09/01/2045		488,949
1,305,000	Cleveland-Cuyahoga County, OH Port Authority (Forest Hill Park Apartments)^1,4	5.500	09/01/2050		988,629
205,000	Columbus-Franklin County, OH Finance Authority, Series A¹	6.000	05/15/2035		206,109
11,550,000	Cuyahoga County, OH Hospital (Metro Health System)¹	5.500	02/15/2052		12,873,745
4,900,000	Cuyahoga County, OH Hospital (Metro Health System)¹	5.500	02/15/2057		5,449,094
31,400,000	Gallia County, OH Hospital Facilities (Holzer/HHlthS/ HMCG/HMCJ Obligated Group)	8.000	07/01/2042		36,233,402
1,450,000	Hancock County, OH Hospital (BVRHC/BVHF Obligated Group)¹	6.250	12/01/2034		1,643,546
105,000	Lake County, OH Hospital Facilities (Lake Hospital System)¹	5.750	08/15/2038		110,259
20,000	Lake County, OH Hospital Facilities (Lake Hospital System)¹	5.750	08/15/2038		20,797
435,000	Lorain County, OH Port Authority (Alumalloy LLC)¹	6.000	11/15/2025		432,042
10,000,000	Montgomery County, OH (Miami Valley Hospital)⁶	5.750	11/15/2023		11,288,200
1,100,000	Norwood, OH Special Obligation (Central Parke)¹	6.000	12/01/2046		1,132,912
2,000,000	OH Air Quality Devel. Authority (FirstEnergy Generation)	3.100 ⁹	03/01/2023		895,000
13,500,000	OH Air Quality Devel. Authority (FirstEnergy Generation)	3.750 ⁹	12/01/2023		6,041,250
10,795,000	OH Air Quality Devel. Authority (FirstEnergy Generation)	4.250 ⁹	08/01/2029		10,352,621
18,700,000	OH Higher Educational Facility Commission (Hiram College)¹	6.000	10/01/2041		18,950,954
16,320,000	OH Port Authority of Columbiana Solid Waste (Apex Environmental)^3,10	7.250	08/01/2034		390,048

42 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon	Maturity		Value
Ohio (Continued)
$2,235,822	OH Port Authority of Columbiana Solid Waste (Apex Environmental)^3,10	10.820%	08/01/2034	$	53,436
1,500,000	OH Water Devel. Authority (FirstEnergy Generation)	3.000	05/15/2019		671,250
1,350,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)	6.300	02/15/2024		1,311,755
2,500,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)	6.400	02/15/2034		2,383,400
4,100,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)¹	5.750	12/01/2032		4,504,465
1,225,000	Toledo-Lucas County, OH Port Authority (Storypoint/ SL2016/SLW/SLC Obligated Group)	6.125	01/15/2034		1,251,840
1,700,000	Toledo-Lucas County, OH Port Authority (Storypoint/ SL2016/SLW/SLC Obligated Group)	6.375	01/15/2051		1,742,976
1,526,096	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)¹	5.400	11/01/2036		1,526,096
382,899	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)³	5.400	11/01/2036		4
3,415,000	Warren County, OH Port Authority (Corridor 75 Park)	7.500	12/01/2034		3,492,691

					541,694,168

Oklahoma—0.2%
5,000,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)	6.625	10/01/2037		3,962,000
4,710,000	Grady County, OK Criminal Justice Authority¹	7.000	11/01/2041		4,473,511
100,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)¹	6.500	09/01/2026		100,305

					8,535,816

Oregon—0.1%
700,000	OR Facilities Authority (Concordia University)^1,7	6.125	09/01/2030		805,455
2,625,000	OR Facilities Authority (Personalized Learning- Redmond Proficiency Academy)¹	5.250	06/15/2051		2,649,334
1,640,000	OR Facilities Authority (Personalized Learning- Redmond Proficiency Academy)¹	5.750	06/15/2046		1,718,146

					5,172,935

Pennsylvania—2.5%
1,000,000	Allegheny County, PA Sanitary Authority¹	4.000	12/01/2031		1,089,780
2,155,000	Allentown, PA Neighborhood Improvement Zone¹	5.000	05/01/2032		2,292,834
5,385,000	Allentown, PA Neighborhood Improvement Zone¹	5.000	05/01/2042		5,624,094
22,300,000	Beaver County, PA IDA (FirstEnergy Generation)	4.500 ⁹	06/01/2028		21,382,801
2,700,000	Chester County, PA H&EFA (Immaculata University)¹	7.000	11/01/2041		2,950,209
2,750,000	Chester County, PA IDA (Collegium Charter School)¹	5.250	10/15/2047		2,797,685
5,180,000	Chester County, PA IDA (Hickman Friends Senior Community of West Chester)	5.500	01/01/2052		5,120,534
2,750,000	Crawford County, PA Hospital Authority (MMedC/ COHS/MMedCF/MPS/HCCO/TAHC/TAH/TAHCF/TAHS/ CVHC/HCrawC/FCIM Obligated Group)	6.000	06/01/2046		2,890,085

43 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon	Maturity		Value
Pennsylvania (Continued)
$3,215,000	Crawford County, PA Hospital Authority (MMedC/ COHS/MMedCF/MPS/HCCO/TAHC/TAH/TAHCF/TAHS/ CVHC/HCrawC/FCIM Obligated Group)	6.000%	06/01/2051	$	3,371,828
515,000	Luzerne County, PA IDA¹	7.500	12/15/2019		529,755
500,000	Luzerne County, PA IDA¹	7.750	12/15/2027		521,730
803,864	Northampton County, PA IDA (Northampton Generating)^4,8	5.000	12/31/2023		240,998
8,238,655	Northampton County, PA IDA (Northampton Generating)^4,8	5.000	12/31/2023		2,469,949
24,937,498	PA EDFA (Bionol Clearfield)³	8.500	07/01/2015		4,346,107
15,000,000	PA EDFA (FirstEnergy Generation)	4.500 ⁹	06/01/2028		14,383,350
11,500,000	PA Geisinger Authority Health System, Series A⁶	5.250	06/01/2039		12,396,770
2,150,000	PA GO¹	4.000	09/15/2031		2,328,450
2,980,000	PA GO¹	4.000	09/15/2032		3,207,553
4,000,000	PA HEFA (Shippensburg University)¹	6.250	10/01/2043		4,426,080
3,000,000	PA Public School Building Authority (School District of Philadelphia)¹	5.000	04/01/2030		3,171,210
20,000,000	PA State Public School Building Authority (Philadelphia School District)¹	5.000	06/01/2032		22,582,600
1,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)¹	6.125	03/15/2043		1,579,470
885,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)¹	5.500	06/15/2022		940,782
2,000,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)¹	5.500	06/15/2032		2,066,200
2,390,000	Philadelphia, PA Gas Works¹	5.000	10/01/2033		2,752,921
3,350,000	Philadelphia, PA H&HEFA (Temple University Health System)¹	5.625	07/01/2036		3,617,966
5,250,000	Philadelphia, PA H&HEFA (Temple University Health System)¹	5.625	07/01/2042		5,652,885
785,000	Reading, PA School District^1,7	5.000	03/01/2035		903,119
720,000	Reading, PA School District^1,7	5.000	03/01/2036		826,423
5,680,000	York, PA GO¹	7.250	11/15/2041		6,208,240

					142,672,408

Rhode Island—0.3%
44,240,000	Central Falls, RI Detention Facility⁴	7.250	07/15/2035		10,915,335
7,500,000	RI Health & Educational Building Corp. (Public Schools Financing Program)¹	6.000	05/15/2029		8,171,925

					19,087,260

South Carolina—0.7%
6,530,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)	7.750	11/01/2039		6,625,077
13,531,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)	6.200	11/01/2036		13,521,799
7,174,927	SC Connector 2000 Assoc. Toll Road, Series B	2.887 ⁵	01/01/2020		5,718,991
191,763	SC Connector 2000 Assoc. Toll Road, Series B	6.295 ⁵	01/01/2026		93,500
8,105,757	SC Connector 2000 Assoc. Toll Road, Series B	6.619 ⁵	01/01/2024		4,629,927

44 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon	Maturity		Value
South Carolina (Continued)
$5,070,000	SC Public Service Authority (Santee Cooper)¹	5.000%	12/01/2029	$	5,567,772
6,465,000	SC Public Service Authority (Santee Cooper)¹	5.500	12/01/2033		7,332,862

					43,489,928

South Dakota—0.0%
1,425,000	Turner County, SD Tax Increment¹	5.000	12/15/2026		1,391,285

Tennessee—0.5%
1,000,000	Bristol, TN Industrial Devel. Board	5.022 ⁵	12/01/2022		799,460
10,340,000	Chattanooga, TN HE&HFB (Catholic Health Initiatives)¹	1.260 ⁹	05/01/2039		10,340,000
9,000,000	Shelby County, TN HE&HFB (Trezevant Manor)	5.500	09/01/2047		9,371,880
6,350,000	Shelby County, TN HE&HFB (Trezevant Manor)⁷	8.000	09/01/2044		6,793,547

					27,304,887

Texas—10.4%
1,000,000	Abilene, TX GO¹	4.000	02/15/2033		1,065,280
2,040,000	Anson, TX Education Facilities Corp. (Arlington Classics Academy)¹	5.000	08/15/2045		2,069,600
1,325,000	Arlington, TX Higher Education Finance Corp. (Leadership Prep School)¹	5.000	06/15/2046		1,326,868
700,000	Aubrey, TX Special Assessment (Jackson Ridge Public Improvement District No. 1)¹	7.250	09/01/2045		702,660
230,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)¹	7.750	12/01/2028		219,473
41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^3,10	5.000	03/01/2041		—
13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^3,10	5.400	05/01/2029		—
2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^3,10	6.300	07/01/2032		—
11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^3,10	6.750	10/01/2038		—
10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^3,10	7.700	03/01/2032		—
26,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^3,10	7.700	04/01/2033		—
1,925,000	Brushy Creek, TX Regional Utility Authority¹	4.000	08/01/2030		2,133,092
2,000,000	Brushy Creek, TX Regional Utility Authority¹	4.000	08/01/2031		2,193,940
2,000,000	Brushy Creek, TX Regional Utility Authority¹	4.000	08/01/2032		2,177,300
1,755,000	Brushy Creek, TX Regional Utility Authority¹	4.000	08/01/2033		1,893,241
15,350,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)	7.000	11/01/2039		14,976,381
675,000	Celina, TX Special Assessment⁷	5.375	09/01/2028		665,833
400,000	Celina, TX Special Assessment	5.500	09/01/2032		393,304
1,100,000	Celina, TX Special Assessment	5.875	09/01/2040		1,077,362
1,895,000	Celina, TX Special Assessment¹	6.250	09/01/2045		1,929,754
4,020,000	Celina, TX Special Assessment	7.500	09/01/2045		4,224,095
1,000,000	Celina, TX Special Assessment (Sutton Fields II)	7.250	09/01/2045		1,009,810

45 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$750,000	Clifton, TX Higher Education Finance Corp. (Idea Public Schools)¹		5.750	%		08/15/2041	$	811,567	��
1,250,000	Crane, TX Independent School District¹		5.000			02/15/2030		1,253,500
3,270,000	Dallas County, TX Community College District¹		5.000			02/15/2025		4,024,683
3,440,000	Dallas County, TX Community College District¹		5.000			02/15/2026		4,270,416
3,610,000	Dallas County, TX Community College District¹		5.000			02/15/2027		4,522,680
9,405,000	El Paso, TX GO¹		4.000			08/15/2029		10,404,846
1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)¹		6.125			09/01/2028		1,570,275
1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)¹		6.500			09/01/2036		1,560,030
2,000,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)¹		6.750			09/01/2043		2,065,920
2,250,000	Galveston, TX Special Assessment⁷		5.625			09/01/2028		2,184,053
3,700,000	Galveston, TX Special Assessment		6.000			09/01/2038		3,541,307
3,500,000	Galveston, TX Special Assessment		6.125			09/01/2044		3,292,100
10,000,000	Grand Parkway, TX Transportation Corp.⁶		5.000			04/01/2053		11,423,200
11,238,709	Gulf Coast, TX IDA (Microgy Holdings)³		7.000			12/01/2036		112
20,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)¹		8.000			04/01/2028		19,996
3,225,000	Harris County, TX Cultural Education Facilities Finance Corp. (Space Center Houston)¹		7.000			08/15/2028		3,427,111
435,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)¹		6.500			05/15/2031		521,221
380,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)¹		6.500			05/15/2031		453,602
500,000	Houston, TX Higher Education Finance Corp. (Ninos)¹		6.000			08/15/2036		529,515
750,000	Houston, TX Higher Education Finance Corp. (Ninos)¹		6.000			08/15/2041		792,285
425,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)^1,7		5.375			09/01/2028		423,785
600,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)¹		5.750			09/01/2038		597,426
600,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)¹		5.875			09/01/2044		597,144
450,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)¹		5.375			09/15/2035		446,117
400,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)¹		5.500			09/15/2040		396,100
8,750,000	Mission, TX EDC (Carbonlite Recycling)		6.500			12/01/2033		8,468,163
24,970,000	Mission, TX EDC (Natgasoline)¹		5.750			10/01/2031		26,157,573
13,000,000	Mission, TX EDC (Natgasoline)¹		5.750			10/01/2031		13,618,280
700,000	New Hope, TX Cultural Educational Facilities Finance Corp. (East Grand Preparatory Academy)¹		5.500			08/15/2046		708,848
1,200,000	New Hope, TX Cultural Educational Facilities Finance Corp. (East Grand Preparatory Academy)¹		5.500			08/15/2051		1,213,104
2,085,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Jubilee Academic Center)¹		5.125			08/15/2047		2,098,156

46 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$350,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (Cardinal Bay-Village on the Park Carriage Inn)¹		5.000	%		07/01/2031	$	402,038
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (Cardinal Bay-Village on the Park Carriage Inn)¹		5.000			07/01/2046		1,943,865
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (Cardinal Bay-Village on the Park Carriage Inn)¹		5.000			07/01/2051		1,939,455
400,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.375			11/15/2036		386,004
650,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.500			11/15/2046		622,174
1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.500			11/15/2052		940,110
1,250,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University-Collegiate Hsg. Corpus Christi II)¹		5.000			04/01/2048		1,341,675
2,315,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University-Collegiate Hsg. San Antonio)¹		5.000			04/01/2048		2,477,768
1,300,000	New Hope, TX Educational Facilities Finance Corp. Retirement Facility (Wesleyan Homes)		5.500			01/01/2049		1,339,000
785,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)¹		5.875			04/01/2036		888,651
1,950,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)¹		6.000			04/01/2045		2,215,668
1,475,000	Newark, TX Higher Education Finance Corp. (A+ Charter Schools)¹		5.750			08/15/2045		1,509,235
1,600,000	North Central TX HFC (Village Kaufman Apartments)¹		6.150	⁹		01/01/2043		1,658,576
38,000,000	North Central TX HFDC (Children’s Medical Center)⁶		5.750			08/15/2039		41,062,800
5,195,000	North TX Tollway Authority⁶		5.750			01/01/2048		5,296,199
14,060,000	North TX Tollway Authority⁶		5.750			01/01/2048		14,333,889
725,000	North TX Tollway Authority⁶		5.750			01/01/2048		739,123
1,940,000	North TX Tollway Authority⁶		5.750			01/01/2048		1,977,791
655,000	Pottsboro, TX Higher Education Finance Corp. (Imagine International Academy of North Texas)¹		5.000			08/15/2036		667,871
1,000,000	Pottsboro, TX Higher Education Finance Corp. (Imagine International Academy of North Texas)¹		5.000			08/15/2046		1,010,350
2,000,000	Red River, TX Educational Finance Corp. (Houston Baptist University)¹		5.500			10/01/2046		2,231,960
3,000,000	Red River, TX Health Facilities Devel. Corp. (Happy Harbor Methodist Home)		8.000			11/15/2049		3,458,850
750,000	Rowlett, TX Special Assessment (Bayside Public Improvement District)		6.000			09/15/2046		738,578
2,050,000	Sabine Neches, TX HFC (Fox Run Apartments)¹		6.150			01/01/2043		2,108,774

47 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$4,100,000	Sabine River Authority, TX Pollution Control (TXU Electric Company)^3,10		6.150	%		08/01/2022	$	—
1,800,000	Sabine River Authority, TX Pollution Control (TXU Electric Company)^3,10		6.450			06/01/2021		—
10,000,000	San Jacinto, TX Community College District⁶		5.125			02/15/2038		10,229,700
26,820,000	Sanger, TX Industrial Devel. Corp. (Texas Pellets)³		7.500			07/01/2038		7,607,493
7,935,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)⁶		5.750			11/15/2024		8,427,201
32,600,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)⁶		6.250			11/15/2029		34,830,492
3,810,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)¹		5.750			11/15/2037		3,824,440
3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		6.750			11/15/2047		3,750,705
2,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		6.750			11/15/2052		2,135,540
13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)⁶		5.000			12/01/2033		14,576,220
27,525,000	Travis County, TX HFDC (Longhorn Village)¹		7.125			01/01/2046		29,765,535
10,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2028		12,485,000
2,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2030		2,453,400
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2031		1,218,510
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2032		1,211,610
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2033		1,205,740
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2034		1,200,880
2,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2035		2,395,940
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2037		1,193,140
2,495,000	Trinity River Authority, TX Pollution Control (TXU Electric Company)^3,10		6.250			05/01/2028		—
19,800,000	Trophy Club, TX Public Improvement (Highlands Trophy Club)¹		7.750			10/01/2037		20,021,562
34,600,000	TX Angelina & Neches River Authority (Aspen Power)³		6.500			11/01/2029		346
20,000,000	TX GO¹		5.000			10/01/2030		24,711,600
117,760,000	TX Municipal Gas Acquisition & Supply Corp.¹		6.250			12/15/2026		143,230,310
900,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)¹		6.250			09/01/2036		909,990
525,000	TX Student Hsg. Corp. (University of North Texas)¹		6.750			07/01/2021		524,995
200,000	TX Student Hsg. Corp. (University of North Texas)¹		6.850			07/01/2031		199,346
8,500,000	TX Water Devel. Board¹		4.000			10/15/2030		9,440,015
10,000,000	TX Water Devel. Board¹		5.000			10/15/2041		11,778,400
2,076,000	Vintage Township, TX Public Facilities Corp.¹		7.375			10/01/2038		2,116,005

48 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$6,375,000	Waxahachie, TX Special Assessment		6.000	%		08/15/2045	$	6,272,873
2,920,000	Wise County, TX (Parket County Junior College District)¹		7.500			08/15/2025		3,348,014
4,615,000	Wise County, TX (Parket County Junior College District)¹		7.750			08/15/2028		5,304,527
								607,111,041

Utah—0.4%
1,765,000	Hideout, UT Local District No. 1 Special Assessment⁷		7.750			08/01/2024		1,776,031
4,915,000	Hideout, UT Local District No. 1 Special Assessment		8.250			08/01/2034		4,942,377
605,000	UT Charter School Finance Authority (Endeavor Hall)¹		5.500			07/15/2022		631,317
1,750,000	UT Charter School Finance Authority (Endeavor Hall)¹		6.000			07/15/2032		1,811,967
3,870,000	UT Charter School Finance Authority (Endeavor Hall)¹		6.250			07/15/2042		4,016,325
6,550,000	UT Charter School Finance Authority (Hawthorn Academy)¹		8.250			07/15/2046		7,131,050
750,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)¹		6.300			07/15/2032		817,410
1,640,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)¹		6.550			07/15/2042		1,791,684
825,000	Utah County, UT Charter School (Renaissance Academy)¹		5.625			07/15/2037		825,198
415,000	Utah County, UT Charter School (Ronald Wilson Reagan Academy)¹		5.000			02/15/2036		425,425
855,000	Utah County, UT Charter School (Ronald Wilson Reagan Academy)¹		5.000			02/15/2046		868,082
								25,036,866

Virginia—1.1%
1,649,000	Celebrate, VA North CDA Special Assessment⁴		6.750			03/01/2034		1,064,364
4,562,000	Celebrate, VA South CDA Special Assessment³		6.250			03/01/2037		2,280,635
8,000,000	Chesapeake Bay, VA Bridge & Tunnel District¹		5.000			07/01/2046		9,026,480
14,300,000	Farms New Kent, VA Community Devel. Authority Special Assessment⁴		5.125			03/01/2036		3,575,000
9,200,000	Farms New Kent, VA Community Devel. Authority Special Assessment⁴		5.450			03/01/2036		2,300,000
3,206,000	Farms New Kent, VA Community Devel. Authority Special Assessment⁴		5.800			03/01/2036		801,500
622,000	Lewistown, VA Commerce Center Community Devel. Authority¹		6.050			03/01/2044		598,998
1,278,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2044		1,176,028
1,995,000	Lewistown, VA Commerce Center Community Devel. Authority⁴		6.050			03/01/2054		297,215
2,900,000	New Port, VA CDA³		5.600			09/01/2036		1,448,521
1,945,000	Norfolk, VA EDA, Series A		6.000			11/01/2036		1,801,265
18,446,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation¹		6.450			09/01/2037		18,466,106
2,160,000	Richmond, VA Redevel. & Hsg. Authority (American Tobacco Apartments)¹		5.550			01/01/2037		2,172,463

49 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Virginia (Continued)
$233,700,000	VA Tobacco Settlement Financing Corp.		7.470	%⁵		06/01/2047	$	20,215,050
2,404,674	West Point, VA IDA Solid Waste (Chesapeake Corp.)³		6.375			03/01/2019		24
								65,223,649

Washington—2.0%
750,000	Greater Wenatchee, WA Regional Events Center¹		5.000			09/01/2027		782,940
200,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)¹		5.600			03/01/2028		200,042
50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)¹		6.100			10/01/2031		50,038
1,790,000	Seattle, WA Hsg. Authority (Newholly Phase II)¹		7.000			01/01/2032		1,807,023
3,329,358	Tacoma, WA Consolidated Local Improvements District No. 65		5.750			04/01/2043		3,333,553
1,500,000	Tes Properties, WA⁶		5.500			12/01/2029		1,624,590
12,000,000	Tes Properties, WA⁶		5.625			12/01/2038		13,023,960
21,710,000	WA EDFA (Columbia Pulp I)⁷		7.500			01/01/2032		22,971,351
5,000,000	WA GO¹		5.000			08/01/2029		6,080,150
12,425,000	WA GO¹		5.000			02/01/2030		15,145,826
18,075,000	WA Health Care Facilities Authority (Catholic Health Initiatives)⁶		6.375			10/01/2036		19,042,190
17,410,000	WA Health Care Facilities Authority (Peacehealth)⁶		5.000			11/01/2028		18,527,896
1,000,000	WA Hsg. Finance Commission (Heron’s Key)		7.000			07/01/2045		997,480
1,700,000	WA Hsg. Finance Commission (Heron’s Key)		7.000			07/01/2050		1,678,325
10,860,000	WA Kalispel Tribe Indians Priority District¹		6.750			01/01/2038		11,453,608
								116,718,972

West Virginia—0.4%
3,000,000	Brooke County, WV (Bethany College)¹		6.500			10/01/2031		3,091,080
4,500,000	Brooke County, WV (Bethany College)¹		6.750			10/01/2037		4,658,400
27,145,000	Harrison County, WV Tax Increment (Charles Pointe)⁴		7.000			06/01/2035		13,560,013
								21,309,493

Wisconsin—3.6%
3,000,000	WI H&EFA (AE Nursing Centers)		7.250			06/01/2038		3,085,260
750,000	WI H&EFA (Beloit College)¹		6.125			06/01/2035		855,705
2,015,000	WI H&EFA (Beloit College)¹		6.125			06/01/2039		2,298,994
6,335,000	WI H&EFA (Wellington Homes)		6.750			09/01/2037		6,339,941
53,000,000	WI Public Finance Authority (American Dream at Meadowlands Project)		6.750			08/01/2031		55,987,080
25,000,000	WI Public Finance Authority (American Dream at Meadowlands Project)		7.000			12/01/2050		27,419,000
2,000,000	WI Public Finance Authority (Bancroft Neurohealth/ Bancroft Rehabilitation Services Obligated Group)¹		5.125			06/01/2048		2,014,820
5,200,000	WI Public Finance Authority (FNC&M / FBA / FCP / FFC / FGC / FJeffC / FJC / FMN / FTS / FP1 / FP2 / FRB Obligated Group)¹		5.000			12/01/2045		5,474,716
3,800,000	WI Public Finance Authority (FNC&M / FBA / FCP / FFC / FGC / FJeffC / FJC / FMN / FTS / FP1 / FP2 / FRB Obligated Group)¹		5.150			12/01/2050		3,995,700

50 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Wisconsin (Continued)
$6,790,000	WI Public Finance Authority (FNC&M / FBA / FCP / FFC / FGC / FJeffC / FJC / FMN / FTS / FP1 / FP2 / FRB Obligated Group)¹		5.350	%		12/01/2052	$	7,206,363
1,665,000	WI Public Finance Authority (Las Ventanas Retirement Community)		0.210	⁵		10/01/2042		713,502
6,657,500	WI Public Finance Authority (Las Ventanas Retirement Community)		7.000			10/01/2042		6,679,403
2,000,000	WI Public Finance Authority (Las Ventanas Retirement Community)		36.095	⁵		10/01/2042		37,800
54,600,000	WI Public Finance Authority (Natogasoline)⁸		10.000			06/30/2021		54,572,700
660,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)¹		7.000			07/01/2031		698,782
2,500,000	WI Public Finance Authority Charter School (Envision Science Academy)		5.250			05/01/2046		2,400,150
1,230,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)¹		5.750			07/15/2032		1,324,156
845,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)¹		6.000			07/15/2042		910,040
1,910,000	WI Public Finance Authority Educational Facility (Ask Academy)¹		6.000			02/01/2045		1,931,812
5,875,000	WI Public Finance Authority Educational Facility (Horizon Academy West Charter School)¹		6.000			09/01/2045		6,003,428
6,815,000	WI Public Finance Authority Higher Education Facilities (Wittenberg University)		5.250			12/01/2039		6,554,531
10,960,000	WI Public Financing Authority Multifamily Hsg. (Trinity-Eagle’s Point)¹		5.250			01/01/2052		11,447,939
								207,951,822

U.S. Possessions—11.1%
27,050,000	Northern Mariana Islands Commonwealth, Series B		5.000			10/01/2033		23,439,366
10,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.000			07/01/2025		10,216
11,980,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		9,689,544
250,000	Puerto Rico Aqueduct & Sewer Authority		5.500			07/01/2028		206,437
25,035,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		20,439,575
3,325,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		2,797,987
7,645,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		6,397,260
30,945,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		25,779,661
4,685,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		4,725,994
7,260,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		7,200,468
3,065,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		3,023,653
152,450,000	Puerto Rico Children’s Trust Fund (TASC)		9.352	⁵		05/15/2055		7,982,282
2,145,000	Puerto Rico Commonwealth GO, AGC¹¹		3.200			07/01/2019		2,142,898
285,000	Puerto Rico Commonwealth GO, AGC¹¹		3.220			07/01/2020		285,995
1,500,000	Puerto Rico Commonwealth GO³		5.000			07/01/2024		851,250
2,550,000	Puerto Rico Commonwealth GO³		5.000			07/01/2033		1,447,125
5,000,000	Puerto Rico Commonwealth GO³		5.000			07/01/2033		2,837,500
10,000	Puerto Rico Commonwealth GO, AGC¹		5.000			07/01/2034		10,017
1,660,000	Puerto Rico Commonwealth GO³		5.000			07/01/2034		942,050
6,765,000	Puerto Rico Commonwealth GO³		5.000			07/01/2041		3,754,575

51 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount			Coupon			Maturity		Value
U.S. Possessions (Continued)
$700,000	��	Puerto Rico Commonwealth GO³		5.125	%		07/01/2031	$	397,250
2,000,000		Puerto Rico Commonwealth GO³		5.125			07/01/2037		1,135,000
5,000		Puerto Rico Commonwealth GO, AGC		5.250			07/01/2024		5,284
1,920,000		Puerto Rico Commonwealth GO³		5.250			07/01/2026		1,089,600
2,165,000		Puerto Rico Commonwealth GO³		5.250			07/01/2037		1,228,637
40,000		Puerto Rico Commonwealth GO³		5.500			07/01/2018		22,700
14,695,000		Puerto Rico Commonwealth GO³		5.500			07/01/2026		8,339,412
3,255,000		Puerto Rico Commonwealth GO³		5.500			07/01/2026		1,847,212
340,000		Puerto Rico Commonwealth GO³		5.500			07/01/2027		192,950
62,180,000		Puerto Rico Commonwealth GO³		5.500			07/01/2039		35,287,150
11,540,000		Puerto Rico Commonwealth GO³		5.750			07/01/2036		6,548,950
1,345,000		Puerto Rico Commonwealth GO, AGC		5.750			07/01/2037		1,347,946
3,000,000		Puerto Rico Commonwealth GO³		5.750			07/01/2038		1,702,500
65,250,000		Puerto Rico Commonwealth GO³		5.750			07/01/2041		37,029,375
2,625,000		Puerto Rico Commonwealth GO³		6.000			07/01/2035		1,489,687
1,480,000		Puerto Rico Commonwealth GO³		6.000			07/01/2038		839,900
2,250,000		Puerto Rico Commonwealth GO³		6.000			07/01/2039		1,276,875
9,265,000		Puerto Rico Commonwealth GO³		6.000			07/01/2039		5,257,887
14,550,000		Puerto Rico Commonwealth GO³		6.500			07/01/2037		8,257,125
13,000,000		Puerto Rico Commonwealth GO³		6.500			07/01/2040		7,377,500
1,545,000		Puerto Rico Commonwealth GO³		8.000			07/01/2035		927,000
1,501,705		Puerto Rico Electric Power Authority³		10.000			07/01/2019		919,389
1,501,705		Puerto Rico Electric Power Authority³		10.000			07/01/2019		919,389
1,629,052		Puerto Rico Electric Power Authority³		10.000			01/01/2021		998,234
1,629,051		Puerto Rico Electric Power Authority³		10.000			07/01/2021		998,527
543,017		Puerto Rico Electric Power Authority³		10.000			01/01/2022		333,277
543,018		Puerto Rico Electric Power Authority³		10.000			07/01/2022		333,277
3,100,000		Puerto Rico Electric Power Authority, Series A³		5.000			07/01/2029		1,891,000
7,070,000		Puerto Rico Electric Power Authority, Series A³		5.000			07/01/2042		4,312,700
11,535,000		Puerto Rico Electric Power Authority, Series A³		5.050			07/01/2042		7,036,350
20,375,000		Puerto Rico Electric Power Authority, Series A³		6.750			07/01/2036		12,428,750
10,330,000		Puerto Rico Electric Power Authority, Series A³		7.000			07/01/2033		6,301,300
480,000		Puerto Rico Electric Power Authority, Series A³		7.000			07/01/2040		292,800
9,080,000		Puerto Rico Electric Power Authority, Series A³		7.000			07/01/2043		5,538,800
160,000		Puerto Rico Electric Power Authority, Series A³		7.250			07/01/2030		97,600
40,000		Puerto Rico Electric Power Authority, Series AAA³		5.250			07/01/2021		24,400
40,000		Puerto Rico Electric Power Authority, Series AAA³		5.250			07/01/2022		24,400
10,000		Puerto Rico Electric Power Authority, Series AAA³		5.250			07/01/2023		6,100
500,000		Puerto Rico Electric Power Authority, Series AAA³		5.250			07/01/2025		305,000
4,570,000		Puerto Rico Electric Power Authority, Series AAA³		5.250			07/01/2026		2,787,700
2,600,000		Puerto Rico Electric Power Authority, Series AAA³		5.250			07/01/2028		1,586,000
445,000		Puerto Rico Electric Power Authority, Series AAA³		5.250			07/01/2029		271,450
95,000		Puerto Rico Electric Power Authority, Series AAA³		5.250			07/01/2030		57,950
310,000		Puerto Rico Electric Power Authority, Series CCC³		5.000			07/01/2022		189,100
35,000		Puerto Rico Electric Power Authority, Series CCC³		5.000			07/01/2024		21,350
20,000		Puerto Rico Electric Power Authority, Series CCC³		5.000			07/01/2025		12,200
285,000		Puerto Rico Electric Power Authority, Series CCC³		5.000			07/01/2027		173,850
540,000		Puerto Rico Electric Power Authority, Series CCC³		5.000			07/01/2028		329,400

52 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$2,570,000	Puerto Rico Electric Power Authority, Series CCC³		5.250	%		07/01/2027	$	1,567,700
385,000	Puerto Rico Electric Power Authority, Series CCC³		5.250			07/01/2028		234,850
185,000	Puerto Rico Electric Power Authority, Series DDD³		5.000			07/01/2022		112,850
15,000	Puerto Rico Electric Power Authority, Series NN³		5.500			07/01/2020		9,150
170,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2018		103,700
20,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2018		12,200
5,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2020		3,050
55,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2021		33,550
210,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2022		128,100
280,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2023		170,800
15,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2024		9,150
375,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2025		228,750
895,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2026		545,950
1,990,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2027		1,213,900
7,355,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2032		4,486,550
6,100,000	Puerto Rico Electric Power Authority, Series TT³		5.000			07/01/2037		3,721,000
390,000	Puerto Rico Electric Power Authority, Series UU³		1.614	⁹		07/01/2017		230,607
685,000	Puerto Rico Electric Power Authority, Series WW³		5.000			07/01/2028		417,850
185,000	Puerto Rico Electric Power Authority, Series WW³		5.250			07/01/2025		112,850
415,000	Puerto Rico Electric Power Authority, Series WW³		5.250			07/01/2033		253,150
85,000	Puerto Rico Electric Power Authority, Series WW³		5.375			07/01/2022		51,850
390,000	Puerto Rico Electric Power Authority, Series WW³		5.375			07/01/2024		237,900
60,000	Puerto Rico Electric Power Authority, Series WW³		5.500			07/01/2021		36,600
605,000	Puerto Rico Electric Power Authority, Series WW³		5.500			07/01/2038		369,050
10,000	Puerto Rico Electric Power Authority, Series XX³		5.250			07/01/2026		6,100
845,000	Puerto Rico Electric Power Authority, Series XX³		5.250			07/01/2027		515,450
2,660,000	Puerto Rico Electric Power Authority, Series XX³		5.250			07/01/2035		1,622,600
38,430,000	Puerto Rico Electric Power Authority, Series XX³		5.250			07/01/2040		23,442,300
18,575,000	Puerto Rico Electric Power Authority, Series XX³		5.750			07/01/2036		11,330,750
190,000	Puerto Rico Electric Power Authority, Series ZZ³		4.625			07/01/2025		115,900
140,000	Puerto Rico Electric Power Authority, Series ZZ³		5.000			07/01/2018		85,400
820,000	Puerto Rico Electric Power Authority, Series ZZ³		5.000			07/01/2018		500,200
95,000	Puerto Rico Electric Power Authority, Series ZZ3		5.000			07/01/2021		57,950
850,000	Puerto Rico Electric Power Authority, Series ZZ³		5.000			07/01/2022		518,500
215,000	Puerto Rico Electric Power Authority, Series ZZ³		5.000			07/01/2024		131,150
10,000	Puerto Rico Electric Power Authority, Series ZZ³		5.000			07/01/2026		6,100
515,000	Puerto Rico Electric Power Authority, Series ZZ³		5.250			07/01/2018		314,150
25,000	Puerto Rico Electric Power Authority, Series ZZ³		5.250			07/01/2021		15,250
50,000	Puerto Rico Electric Power Authority, Series ZZ³		5.250			07/01/2022		30,500
380,000	Puerto Rico Electric Power Authority, Series ZZ³		5.250			07/01/2024		231,800
275,000	Puerto Rico Electric Power Authority, Series ZZ³		5.250			07/01/2025		167,750
310,000	Puerto Rico Electric Power Authority, Series ZZ³		5.250			07/01/2026		189,100
215,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.000			07/01/2023		217,055
45,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.000			07/01/2027		45,430
1,360,000	Puerto Rico Highway & Transportation Authority³		5.000			07/01/2028		824,622
2,175,000	Puerto Rico Highway & Transportation Authority³		5.000			07/01/2028		108,750
250,000	Puerto Rico Highway & Transportation Authority, NPFGC¹		5.000			07/01/2029		250,295

53 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$1,035,000	Puerto Rico Highway & Transportation Authority³		5.000	%		07/01/2035	$	611,654
7,895,000	Puerto Rico Highway & Transportation Authority³		5.300			07/01/2035		4,665,787
25,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.500			07/01/2023		27,777
5,000,000	Puerto Rico Highway & Transportation Authority³		5.500			07/01/2029		3,013,950
3,250,000	Puerto Rico Highway & Transportation Authority³		5.500			07/01/2030		1,951,332
45,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.750			07/01/2019		45,538
6,940,000	Puerto Rico Highway & Transportation Authority, FGIC¹²		5.750			07/01/2019		4,432,925
350,000	Puerto Rico Highway & Transportation Authority, FGIC¹²		5.750			07/01/2021		223,562
9,000,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.750			07/01/2022		9,107,550
605,000	Puerto Rico Highway & Transportation Authority, Series H³		5.450			07/01/2035		148,981
4,715,000	Puerto Rico Highway & Transportation Authority, Series M³		5.000			07/01/2046		1,161,069
5,000,000	Puerto Rico Infrastructure⁴		5.000			07/01/2031		362,500
3,000,000	Puerto Rico Infrastructure⁴		5.000			07/01/2037		217,500
7,300,000	Puerto Rico Infrastructure (Mepsi Campus)³		6.500			10/01/2037		3,616,347
25,000	Puerto Rico Infrastructure Financing Authority, AGC¹		5.000			07/01/2041		25,040
2,500,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		2,362,825
4,050,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		6.000			07/01/2033		4,155,341
300,000	Puerto Rico ITEMECF (University of the Sacred Heart)¹		5.000			10/01/2020		261,714
100,000	Puerto Rico ITEMECF (University of the Sacred Heart)¹		5.000			10/01/2021		83,841
25,000	Puerto Rico Municipal Finance Agency, Series B, AGC¹		5.250			07/01/2019		26,346
3,870,000	Puerto Rico Public Buildings Authority⁴		5.000			07/01/2032		2,041,425
4,880,000	Puerto Rico Public Buildings Authority⁴		5.000			07/01/2036		2,482,700
150,000	Puerto Rico Public Buildings Authority⁴		5.000			07/01/2037		78,562
100,000	Puerto Rico Public Buildings Authority⁴		5.250			07/01/2023		53,500
1,640,000	Puerto Rico Public Buildings Authority⁴		5.250			07/01/2033		856,900
83,395,000	Puerto Rico Public Buildings Authority⁴		5.250			07/01/2042		42,635,694
260,000	Puerto Rico Public Buildings Authority⁴		5.500			07/01/2023		139,100
200,000	Puerto Rico Public Buildings Authority⁴		5.500			07/01/2037		105,250
15,860,000	Puerto Rico Public Buildings Authority⁴		5.625			07/01/2039		8,366,150
12,845,000	Puerto Rico Public Buildings Authority³		5.750			07/01/2022		6,872,075
7,000,000	Puerto Rico Public Buildings Authority⁴		5.875			07/01/2039		3,640,000
8,825,000	Puerto Rico Public Buildings Authority⁴		6.000			07/01/2041		4,699,312
12,000,000	Puerto Rico Public Buildings Authority⁴		6.125			07/01/2023		6,450,000
5,100,000	Puerto Rico Public Buildings Authority⁴		6.250			07/01/2026		2,747,625
4,980,000	Puerto Rico Public Buildings Authority⁴		6.750			07/01/2036		2,664,300
410,000	Puerto Rico Public Buildings Authority⁴		7.000			07/01/2021		222,425
1,515,000	Puerto Rico Public Buildings Authority, Series D⁴		5.250			07/01/2036		791,588
49,020,000	Puerto Rico Public Finance Corp., Series B⁴		5.500			08/01/2031		1,348,050
9,500,000	Puerto Rico Sales Tax Financing Corp.³		6.900	²		08/01/2026		2,351,250
220,000	Puerto Rico Sales Tax Financing Corp. (Build America Bonds)³		5.750			08/01/2042		54,450
42,745,000	Puerto Rico Sales Tax Financing Corp., Series A³		0.000	²		08/01/2033		7,741,547
1,590,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.000			08/01/2019		427,313
1,630,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.000			08/01/2024		438,063
15,735,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.000			08/01/2043		4,228,781

54 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$11,885,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.250	%		08/01/2027	$	3,194,094
	51,045,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.375			08/01/2039		13,718,344
	700,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.500			08/01/2023		188,125
	4,145,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.500			08/01/2028		1,113,969
	14,720,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.500			08/01/2037		3,956,000
	45,145,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.500			08/01/2042		12,132,719
	44,060,000	Puerto Rico Sales Tax Financing Corp., Series A³		5.750			08/01/2037		11,841,125
	44,365,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.826	⁵		08/01/2043		9,849,917
	46,950,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.829	⁵		08/01/2042		11,002,263
	17,500,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.830	⁵		08/01/2041		4,316,725
	2,250,000	Puerto Rico Sales Tax Financing Corp., Series A³		6.125			08/01/2029		604,688
	3,000,000	Puerto Rico Sales Tax Financing Corp., Series A³		6.375			08/01/2039		806,250
	53,275,000	Puerto Rico Sales Tax Financing Corp., Series A³		6.500			08/01/2044		14,317,656
	7,945,000	Puerto Rico Sales Tax Financing Corp., Series A³		7.886	⁵		08/01/2034		604,138
	37,060,000	Puerto Rico Sales Tax Financing Corp., Series A³		8.691	⁵		08/01/2035		2,799,883
	30,980,000	Puerto Rico Sales Tax Financing Corp., Series A-1³		5.250			08/01/2043		8,325,875
	330,000	Puerto Rico Sales Tax Financing Corp., Series C³		4.000			08/01/2026		204,188
	300,000	Puerto Rico Sales Tax Financing Corp., Series C³		5.000			08/01/2035		80,625
	135,000	Puerto Rico Sales Tax Financing Corp., Series C³		5.000			08/01/2046		83,531
	63,720,000	Puerto Rico Sales Tax Financing Corp., Series C³		5.250			08/01/2041		17,124,750
	3,670,000	Puerto Rico Sales Tax Financing Corp., Series C³		5.375			08/01/2036		986,313
	5,290,000	Puerto Rico Sales Tax Financing Corp., Series C³		5.375			08/01/2038		1,421,688
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series C³		5.500			08/01/2040		2,687,500
	19,555,000	Puerto Rico Sales Tax Financing Corp., Series C³		5.750			08/01/2057		12,099,656
	5,000,000	Puerto Rico Sales Tax Financing Corp., Series C³		6.000			08/01/2039		1,343,750
	65,695,000	Puerto Rico Sales Tax Financing Corp., Series C³		6.000			08/01/2042		17,655,531
	10,865,000	Puerto Rico Sales Tax Financing Corp., Series C³		6.750	²		08/01/2032		2,919,969
	5,000,000	University of Puerto Rico, Series P		5.000			06/01/2030		2,500,000
									644,589,206
	Total Municipal Bonds and Notes (Cost $7,324,639,354)								6,532,150,910


	Corporate Bonds and Notes—0.1%
	3,030,000	TX German Pellets Series Secured Note, Series 2016¹³		8.000			12/10/2017		2,727,000
	2,890,000	TX German Pellets Series Secured Note, Series 2016¹³		8.000			12/10/2017		2,601,000
	Total Corporate Bonds and Notes (Cost $5,920,000)								5,328,000


	Corporate Loans—0.0%
	6,000,000	Aspen Power Senior Secured Bridge Promissory Note^3,13		9.000	⁹		11/16/2017		557,922
	2,750,000	Aspen Power Senior Secured Bridge Promissory Note^3,13		9.000	⁹		11/16/2017		255,714
	7,000,000	Aspen Power Senior Secured Bridge Promissory Note^3,13		9.000	⁹		11/16/2017		650,909

55 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Corporate Loans (Continued)
$3,500,000	Aspen Power Senior Secured Bridge Promissory Note^3,13		9.000	%⁹		11/16/2017	$	325,455
Total Corporate Loans (Cost $19,250,000)								1,790,000

Shares
Common Stocks—0.0%
7,679	Delta Air Lines, Inc.¹³							379,033
2,919	General Motors Co.¹³							105,026
Total Common Stocks (Cost $54,137)								484,059

Total Investments, at Value (Cost $7,349,863,491)—112.1%								6,539,752,969
Net Other Assets (Liabilities)—(12.1)								(706,411,126	)
Net Assets—100.0%							$	5,833,341,843

Footnotes to Statement of Investments

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

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

3. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

4. 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.

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

6. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 4 of the accompanying Notes.

7. 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.

8. Interest or dividend is paid-in-kind, when applicable.

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

10. Security received as the result of issuer reorganization.

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

12. The issuer of this security has missed or is expected to miss interest and/or principal payments on this security. The security is insured and is accruing partial income at a rate anticipated to be recovered through the insurer. The rate shown is the contractual interest rate.

13. Received as a result of a corporate action.

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


ACMC		Advocate Condell Medical Center
AE		American Eagle
AGC		Assured Guaranty Corp.
AH&HC		Advocate Health & Hospitals Corp.
AHACHC		ARC/HDS Alamance Country Housing Corp.
AHCN		Advocate Health Care Metro
ANSHN		Advocate North Side Health Network
ARC		Assoc. of Retarded Citizens
BHCor		Baptist Health Corbin

56 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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


BHI		Baptist Homes of Indiana
BHL		Baptist Health Louisville
BHLex		Baptist Health Lexington
BHlthL		Baptist Health Lagrange
BHM		Baptist Hospital of Miami
BHP		Baptist Health Paducah
BHS		Baptist Healthcare System
BHSF		Baptist Health South Florida
BOS		Baptist Outpatient Services
BVHF		Blanchard Valley Health Foundation
BVRHC		Blanchard Valley Regional Health Care
CCHCS		Cook Children’s Health Care System
CCMCtr		Cook Children’s Medical Center
CCPN		Cook Children’s Physical Network
CDA		Communities Devel. Authority
CDHA		Central Dupage Hospital Association
CDHS		Central Dupage Health System
CHCC		Community Hospitals of Central California
CMCD		Children’s Medical Center of Dallas
CMCtrF		Children’s Medical Center Foundation
COHS		Community Health Service
COP		Certificates of Participation
CVHC		Conneaut Valley Health Center
DA		Dormitory Authority
DrsH		Doctors Hospital
EDA		Economic Devel. Authority
EDC		Economic Devel. Corp.
EDFA		Economic Devel. Finance Authority
FBA		FFAH Beaumont Avenue
FCHMC		Fresno Community Hospital & Medical Center
FCIM		French Creek Internal Medicine
FCommH		Fayette Community Hospital
FCP		FFAH Coleridge Road
FFC		FFAH Franklin Court
FGC		FFAH Glendale Court
FGIC		Financial Guaranty Insurance Co.
FJC		FFAH Johnson Court
FJeffC		FFAH Jefferson Court
FMN		FFAH Market North
FNC&M		FFAH North Carolina and Missouri
FP1		FFAH Plaza 1
FP2		FFAH Plaza 2
FRB		FFAH Riverview Bend
FTS		FFAH Tucker Street
GO		General Obligation

H&EFA		Health and Educational Facilities Authority
H&HEFA		Hospitals and Higher Education Facilities Authority
HCCO		Homecare Connections
HCrawC		Hospice of Crawford County
HDC		Housing Devel. Corp.

57 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

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


HDS		Housing Devel. Services
HE&HFB		Higher Educational and Housing Facility Board
HEFA		Higher Education Facilities Authority
HFA		Housing Finance Agency
HFC		Housing Finance Corp.
HFDC		Health Facilities Devel. Corp.
HFHS		Henry Ford Health System
HFMHCT		Henry Ford Macomb Hospital Corp.-Clinton Township
HFWH		Henry Ford Wyandotte Hospital
HHI		Homestead Hospital
HHlthS		Holzer Health Systems
HMCG		Holzer Medical Center-Gallipolis
HMCJ		Holzer Medical Center-Jackson
IDA		Industrial Devel. Agency
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK		John Fitzgerald Kennedy
KGC		Kuakini Geriatric Care
KHS		Kaukini Health System
KMC		Kuakini Medical Center
KSS		Kuakini Support Services
MarH		Mariners Hospital
MHRMC		Mission Hospital Regional Medical Center
MMedC		Meadville Medical Center
MMedCF		Meadville Medical Center Foundation
MPHS		Mills-Peninsula Health Services
MPS		Meadville Physician Services
MRC		Methodist Retirement Communities
MTA		Metropolitan Transportation Authority
NPFGC		National Public Finance Guarantee Corp
NY/NJ		New York/New Jersey
NYC		New York City
NYS		New York State
PAS		Presence Ambulatory Services
PBH		Presence Behavioral Health
PC&SHN		Presence Central & Suburban Hospitals Network
PCHN		Presence Chicago Hospitals Network
PClinic		Piedmont Clinic
PCTC		Presence Care Transformation Corp.
PHC		Piedmont Healthcare
PHCr		Presence Home Care
PHF		Piedmont Hospital Foundation
PHFBT		Presence Health Food Foundation Board of Trustees
PHHosp		Piedmont Henry Hospital
PHI		Piedmont Heart Institute
PHIP		Piedmont Heart Institute Physicians
PHlthCF		Piedmont Healthcare Foundation
PHN		Presence Health Network
PHosp		Piedmont Hospital
PLC		Presence Life Connections
PMCC		Piedmont Medical Care Corp.

58 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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


PMSH		Piedmont Mountainside Hospital
PNH		Piedmont Newnan Hospital
PSSC		Presence Senior Services - Chicagoland
QVMCNC		Queen of the Valley Medical Center of Napa California
RBM		Rocketship Brilliant Minds
RDP		Rocketship Discovery Prep
RE		Rocketship Education
Res Rec		Resource Recovery Facility
REW		Rocketship Education Wisconsin
RLSA		Rocketship Los Suenos Academy
RMS		Rocketship Mateo Sheedy
RNNE		Rocketship Nashville Northeast Elementary
RRCP		Rocketship Redwood City Prep
RSA		Rocketship Spark Academy
RSCP		Rocketship Southside Community Prep
RSSPA		Rocketship Si Se Puede Academy
SBH		Sutter Bay Hospitals
SBMF		Sutter Bay Medical Foundation
SCHosp		Sutter Coast Hospital
SEBH		Sutter East Bay Hospitals
SGMF		Sutter Gould Medical Foundation
SHlth		Sutter Health
SJHCN		St. Joseph Home Care Network
SJHE		St. Joseph Hospital of Eureka
SJHO		St. Joseph Hospital of Orange
SJHosp		St. Jude Hospital
SJHS		St. Joseph Health System
SL2016		Senior Living 2016
SLC		Senior Living Chesteron
SLF		Senior Living Fairfield
SLFW		Senior Living Fort Wayne
SLW		Senior Living Waterville
SMH		South Miami Hospital
SMMCtr		St. Mary’s Medical Center
SVlyH		Sutter Valley Hospitals
SVMF		Sutter Vialley Medical Foundation
SVNA&H		Sutter Visiting Nurse Association & Hospice

TAH		Titusville Area Hospital
TAHC		Titusville Area Health Center
TAHCF		Titusville Area Health Foundation
TAHS		Titusville Area Health Service
TASC		Tobacco Settlement Asset-Backed Bonds
UDC		Urban Development Corporation
VOA		Volunteers of America
WAFMH		W A Foote Memorial Hospital
WICF		W.I. Cook Foundation
WKBP		West Kendall Baptist Hospital

See accompanying Notes to Financial Statements.

59 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2017



Assets
Investments, at value (cost $7,349,863,491)—see accompanying statement of investments	$	6,539,752,969

Cash		983,350

Receivables and other assets:
Interest		64,234,123
Shares of beneficial interest sold		9,396,318
Investments sold on a when-issued or delayed delivery basis		3,204,965
Other		2,311,464

Total assets		6,619,883,189

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		522,985,000
Payable for borrowings (See Note 9)		193,700,000
Investments purchased on a when-issued or delayed delivery basis		56,170,281
Shares of beneficial interest redeemed		5,769,449
Dividends		5,586,092
Distribution and service plan fees		844,320
Trustees’ compensation		648,513
Interest expense on borrowings		165,883
Shareholder communications		19,569
Other		652,239

Total liabilities		786,541,346

Net Assets	$	5,833,341,843



Composition of Net Assets
Paid-in capital	$	8,604,381,110

Accumulated net investment income		95,220,787

Accumulated net realized loss on investments		(2,056,149,532)

Net unrealized depreciation on investments		(810,110,522)

Net Assets	$	5,833,341,843

60 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND



Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $3,182,442,684 and 438,013,675 shares of beneficial interest outstanding)	$	7.27
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	7.63


Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $15,244,223 and 2,087,525 shares of beneficial interest outstanding)	$	7.30


Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,301,304,452 and 179,837,218 shares of beneficial interest outstanding)	$	7.24


Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,334,350,484 and 183,831,829 shares of beneficial interest outstanding)	$	7.26

See accompanying Notes to Financial Statements.

61 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF

OPERATIONS For the Year Ended July 31, 2017


Investment Income
Interest	$	356,924,691
Dividends		10,657

Total investment income		356,935,348
Expenses
Management fees		20,865,458
Distribution and service plan fees:
Class A		5,745,204
Class B		195,298
Class C		11,945,026
Transfer and shareholder servicing agent fees:
Class A		3,159,413
Class B		21,712
Class C		1,327,390
Class Y		1,060,187
Shareholder communications:
Class A		42,540
Class B		194
Class C		24,331
Class Y		14,410
Interest expense and fees on short-term floating rate notes issued (See Note 4)		10,298,216
Borrowing fees		6,896,100
Legal, auditing and other professional fees		5,217,227
Interest expense on borrowings		325,717
Trustees’ compensation		85,144
Custodian fees and expenses		38,281
Other		58,714

Total expenses		67,320,562
Net Investment Income		289,614,786
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(184,071,772)
Net change in unrealized appreciation/depreciation on investment transactions		132,331,091
Net Increase in Net Assets Resulting from Operations	$	237,874,105

See accompanying Notes to Financial Statements.

62 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2017			Year Ended July 31, 2016
Operations
Net investment income	$	289,614,786		$	331,235,088
Net realized loss		(184,071,772	)		(2,076,581)
Net change in unrealized appreciation/depreciation		132,331,091			385,032,195

Net increase in net assets resulting from operations		237,874,105			714,190,702
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(185,836,275	)		(202,787,362)
Class B		(1,115,064	)		(2,211,758)
Class C		(68,905,668	)		(76,045,026)
Class Y		(64,206,346	)		(54,440,217)

		(320,063,353	)		(335,484,363)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(15,209,173	)		51,939,322
Class B		(15,086,186	)		(21,534,658)
Class C		(51,062,821	)		46,666,928
Class Y		424,801,625			170,204,604

		343,443,445			247,276,196
Net Assets
Total increase		261,254,197			625,982,535
Beginning of period		5,572,087,646			4,946,105,111

End of period (including accumulated net investment income of $95,220,787 and $90,404,914, respectively)	$	5,833,341,843		$	5,572,087,646

See accompanying Notes to Financial Statements.

63 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF

CASH FLOWS For the Year Ended July 31, 2017


Cash Flows from Operating Activities
Net increase in net assets from operations	$	237,874,105
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(2,437,576,456)
Proceeds from disposition of investment securities		1,785,838,532
Short-term investment securities, net		100,427,999
Premium amortization		19,784,766
Discount accretion		(96,593,963)
Net realized loss on investment transactions		184,071,772
Net change in unrealized appreciation/depreciation on investment transactions		(132,331,091)
Change in assets:
Decrease in other assets		52,226
Decrease in interest receivable		12,938,381
Decrease in receivable for securities sold		118,027,146
Change in liabilities:
Increase in other liabilities		636,331
Increase in payable for securities purchased		9,737,675

Net cash used in operating activities		(197,112,577)
Cash Flows from Financing Activities
Proceeds from borrowings		786,300,000
Payments on borrowings		(592,600,000)
Payments on short-term floating rate notes issued		(91,175,000)
Proceeds from shares sold		1,881,115,804
Payments on shares redeemed		(1,777,588,943)
Cash distributions paid		(53,544,658)

Net cash provided by financing activities		152,507,203
Net decrease in cash		(44,605,374)
Cash, beginning balance		45,588,724

Cash, ending balance	$	983,350

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $265,779,175.

Cash paid for interest on borrowings—$159,834.

Cash paid for interest on short-term floating rate notes issued— $10,298,216.

See accompanying Notes to Financial Statements.

64 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$7.37		$6.86		$7.01		$6.87		$7.50

Income (loss) from investment operations:
Net investment income¹		0.39		0.46		0.51		0.50		0.51
Net realized and unrealized gain (loss)		(0.07)		0.52		(0.18)		0.13		(0.65)

Total from investment operations		0.32		0.98		0.33		0.63		(0.14)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.42)		(0.47)		(0.48)		(0.49)		(0.49)

Net asset value, end of period		$7.27		$7.37		$6.86		$7.01		$6.87



Total Return, at Net Asset Value²		4.47%		14.91%		4.59%		9.63%		(2.19)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,182,443		$3,245,013		$2,968,690		$3,260,438		$3,688,901

Average net assets (in thousands)		$3,159,138		$3,064,632		$3,258,788		$3,477,994		$4,450,000

Ratios to average net assets:³
Net investment income		5.36%		6.54%		7.19%		7.24%		6.69%
Expenses excluding specific expenses listed below		0.75%		0.74%		0.74%		0.71%		0.73%
Interest and fees from borrowings		0.13%		0.09%		0.08%		0.09%		0.10%
Interest and fees on short-term floating rate notes issued⁴		0.18%		0.17%		0.17%		0.25%		0.25%

Total expenses		1.06%		1.00%		0.99%		1.05%		1.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.06%		1.00%		0.99%		1.05%⁵		1.08%⁵

Portfolio turnover rate		29%		20%		16%		16%		18%

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

3. Annualized for periods less than one full year.

4. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate securities.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

65 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class B	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$7.41		$6.89		$7.04		$6.89		$7.53

Income (loss) from investment operations:
Net investment income¹		0.35		0.41		0.46		0.45		0.45
Net realized and unrealized gain (loss)		(0.09)		0.52		(0.19)		0.14		(0.66)

Total from investment operations		0.26		0.93		0.27		0.59		(0.21)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.37)		(0.41)		(0.42)		(0.44)		(0.43)

Net asset value, end of period		$7.30		$7.41		$6.89		$7.04		$6.89



Total Return, at Net Asset Value²		3.55%		14.14%		3.79%		8.89%		(3.12)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$15,244		$30,878		$49,792		$77,369		$107,602

Average net assets (in thousands)		$21,639		$37,720		$65,703		$90,234		$142,525

Ratios to average net assets:³
Net investment income		4.83%		5.84%		6.43%		6.49%		5.86%
Expenses excluding specific expenses listed below		1.47%		1.49%		1.50%		1.49%		1.56%
Interest and fees from borrowings		0.13%		0.09%		0.08%		0.09%		0.10%
Interest and fees on short-term floating rate notes issued⁴		0.18%		0.17%		0.17%		0.25%		0.25%

Total expenses		1.78%		1.75%		1.75%		1.83%		1.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.78%		1.75%		1.75%		1.83%⁵		1.91%⁵

Portfolio turnover rate		29%		20%		16%		16%		18%

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

3. Annualized for periods less than one full year.

4. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate securities.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

66 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Class C	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$7.35		$6.83		$6.99		$6.85		$7.48

Income (loss) from investment operations:
Net investment income¹		0.33		0.41		0.46		0.44		0.45
Net realized and unrealized gain (loss)		(0.07)		0.53		(0.20)		0.14		(0.65)

Total from investment operations		0.26		0.94		0.26		0.58		(0.20)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.37)		(0.42)		(0.42)		(0.44)		(0.43)

Net asset value, end of period		$7.24		$7.35		$6.83		$6.99		$6.85



Total Return, at Net Asset Value²		3.74%		14.13%		3.68%		8.84%		(2.94)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,301,304		$1,375,239		$1,234,906		$1,311,700		$1,463,567

Average net assets (in thousands)		$1,327,082		$1,289,508		$1,344,166		$1,337,849		$1,735,006

Ratios to average net assets:³
Net investment income		4.66%		5.80%		6.43%		6.49%		5.92%
Expenses excluding specific expenses listed below		1.47%		1.49%		1.50%		1.47%		1.50%
Interest and fees from borrowings		0.13%		0.09%		0.08%		0.09%		0.10%
Interest and fees on short-term floating rate notes issued⁴		0.18%		0.17%		0.17%		0.25%		0.25%

Total expenses		1.78%		1.75%		1.75%		1.81%		1.85%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.78%		1.75%		1.75%		1.81%⁵		1.85%⁵

Portfolio turnover rate		29%		20%		16%		16%		18%

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

3. Annualized for periods less than one full year.

4. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate securities.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

67 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013

Per Share Operating Data
Net asset value, beginning of period		$7.37		$6.85		$7.00		$6.86		$7.50

Income (loss) from investment operations:
Net investment income¹		0.39		0.47		0.52		0.50		0.52
Net realized and unrealized gain (loss)		(0.06)		0.53		(0.18)		0.14		(0.66)

Total from investment operations		0.33		1.00		0.34		0.64		(0.14)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.44)		(0.48)		(0.49)		(0.50)		(0.50)

Net asset value, end of period		$7.26		$7.37		$6.85		$7.00		$6.86



Total Return, at Net Asset Value²		4.66%		15.10%		4.61%		9.96%		(2.19)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,334,351		$920,958		$692,717		$562,641		$472,068

Average net assets (in thousands)		$1,061,569		$804,978		$700,339		$501,364		$572,611

Ratios to average net assets:³
Net investment income		5.40%		6.68%		7.33%		7.36%		6.83%
Expenses excluding specific expenses listed below		0.57%		0.59%		0.59%		0.56%		0.59%
Interest and fees from borrowings		0.13%		0.09%		0.08%		0.09%		0.10%
Interest and fees on short-term floating rate notes issued⁴		0.18%		0.17%		0.17%		0.25%		0.25%

Total expenses		0.88%		0.85%		0.84%		0.90%		0.94%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.88%		0.85%		0.84%		0.90%		0.94%⁵

Portfolio turnover rate		29%		20%		16%		16%		18%

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

3. Annualized for periods less than one full year.

4. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate securities.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

68 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2017

1. Organization

Oppenheimer Rochester High-Yield Municipal Fund (the “Fund”) is a separate series of Oppenheimer Multi-State Municipal Trust, 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.

2. Significant Accounting Policies

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

69 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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.

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.

The tax components of capital shown in the following table represent distribution

70 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

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


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$298,469,974		$—		$2,051,407,963		$812,991,290

1. At period end, the Fund had $2,051,407,963 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

2018	$	915,944,693
2019		35,463,515
No expiration		1,099,999,755

Total	$	2,051,407,963

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

3. During the previous reporting period, the Fund utilized $17,180,805 of capital loss carryforward to offset capital gains realized in that fiscal year.

4. During the reporting period, $566,789,505 of unused capital loss carryforward expired.

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


Reduction to Paid-in Capital	Increase to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Loss on Investments

$567,915,819		$35,264,440		$532,651,379

The tax character of distributions paid during the reporting periods:

71 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)


	Year Ended July 31, 2017		Year Ended July 31, 2016

Distributions paid from:
Exempt-interest dividends	$	312,380,979	$	330,474,963
Ordinary income		7,682,374		5,009,400

Total	$	320,063,353	$	335,484,363


Federal tax cost of securities	$	6,806,154,940¹

Gross unrealized appreciation	$	384,170,429
Gross unrealized depreciation		(1,197,161,719)

Net unrealized depreciation	$	(812,991,290)

1. The Federal tax cost of securities does not include cost of $546,589,319, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note in Note 4.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day

72 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

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.

Valuation Methods and Inputs

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

Loans are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include information obtained from market participants regarding broker-dealer price quotations.

Securities for which market quotations are not readily available or a significant event has occurred that would materially affect the value of the security, the security is fair valued

73 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

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

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

74 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama	$	—	$	231,725,394	$	—	$	231,725,394
Alaska		—		21,660,680		198,875		21,859,555
Arizona		—		68,411,009		4,102,307		72,513,316
Arkansas		—		—		3,355,896		3,355,896
California		—		858,025,943		20		858,025,963
Colorado		—		195,976,426		3,623,602		199,600,028
Connecticut		—		52,153,715		—		52,153,715
Delaware		—		7,542,426		—		7,542,426
District of Columbia		—		154,017,278		—		154,017,278
Florida		—		504,091,219		26,285,478		530,376,697
Georgia		—		95,097,382		—		95,097,382
Hawaii		—		2,416,557		—		2,416,557
Idaho		—		1,257,788		—		1,257,788
Illinois		—		372,735,026		15,707,402		388,442,428
Indiana		—		87,851,976		—		87,851,976
Iowa		—		22,615,169		107,300		22,722,469
Kansas		—		1,886,318		—		1,886,318
Kentucky		—		34,136,392		—		34,136,392
Louisiana		—		35,902,906		—		35,902,906
Maine		—		19,317,499		—		19,317,499
Maryland		—		4,359,880		807,409		5,167,289
Massachusetts		—		56,881,512		—		56,881,512
Michigan		—		145,491,635		—		145,491,635
Minnesota		—		38,899,424		—		38,899,424
Mississippi		—		12,351,800		—		12,351,800
Missouri		—		68,270,422		—		68,270,422
Montana		—		—		1,184,923		1,184,923
Nebraska		—		22,686,617		—		22,686,617
Nevada		—		8,056,464		—		8,056,464
New Hampshire		—		8,159,366		—		8,159,366
New Jersey		—		249,309,716		—		249,309,716
New Mexico		—		12,296,979		—		12,296,979
New York		—		593,229,639		—		593,229,639
North Carolina		—		12,673,405		—		12,673,405
Ohio		—		541,694,164		4		541,694,168
Oklahoma		—		8,535,816		—		8,535,816
Oregon		—		5,172,935		—		5,172,935
Pennsylvania		—		138,326,301		4,346,107		142,672,408
Rhode Island		—		19,087,260		—		19,087,260
South Carolina		—		29,968,129		13,521,799		43,489,928
South Dakota		—		1,391,285		—		1,391,285
Tennessee		—		27,304,887		—		27,304,887

75 OPPENHEIMER ROCHESTER HIGH YIELD 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
Municipal Bonds and Notes (Continued)
Texas	$	—	$	607,110,583	$	458	$	607,111,041
Utah		—		25,036,866		—		25,036,866
Virginia		—		58,547,125		6,676,524		65,223,649
Washington		—		116,718,972		—		116,718,972
West Virginia		—		21,309,493		—		21,309,493
Wisconsin		—		207,914,022		37,800		207,951,822
U.S. Possessions		—		644,589,206		—		644,589,206
Corporate Bonds and Notes		—		—		5,328,000		5,328,000
Corporate Loans		—		—		1,790,000		1,790,000
Common Stocks		484,059		—		—		484,059

Total Assets	$	484,059	$	6,452,195,006	$	87,073,904	$	6,539,752,969

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.


	Transfers out of Level 2*		Transfers into Level 3*
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	(181,417)	$	181,417
Arizona		(3,041,860)		3,041,860
Florida		(1,111,327)		1,111,327
Illinois		(10,481,571)		10,481,571
Iowa		(127,542)		127,542
Maryland		(769,327)		769,327
Corporate Bonds and Notes		(2,904,450)		2,904,450

Total Assets	$	(18,617,494)	$	18,617,494

* Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:

76 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)


			Value as of July 31, 2016			Realized gain (loss)			Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discount^a
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska			$	54,975		$	—		$	(37,374	)	$	(143	)
Arizona				1,147,646			—			(86,710	)		(489	)
Arkansas				3,357,081			—			(1,185	)		—
California				20			—			—			—
Colorado				5,227,731			—			(2,310,882	)		706,753
Florida				21,139,065			31,767			3,494,452			798,867
Illinois				12,502,117			—			(4,281,286	)		—
Iowa				—			—			(20,242	)		—
Louisiana				1,771,441			(3,024,810	)		1,334,774			122,818
Maryland				—			—			(15,403	)		53,485
Montana				1,186,169			—			(23,326	)		22,080
Ohio				—			—			—			—
Pennsylvania				1,044,881			—			3,301,226			—
South Carolina				13,881,542			42,329			(68,023	)		5,951
Texas				7,662,359			—			(3,006,901	)		—
Virginia				6,676,492			—			(51,067	)		51,099
Wisconsin				38,600			—			(800	)		—
Corporate Bonds and Notes				—			—			(606,450	)		—
Corporate Loans				13,475,000			—			(11,685,000	)		—

Total Assets			$	89,165,119		$	(2,950,714	)	$	(14,064,197	)	$	1,760,421


a. Included in net investment income.

	Purchases		Sales			Transfers into Level 3			Transfers out of Level 3			Value as of July 31, 2017
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	—	$	—		$	181,417		$	—		$	198,875
Arizona		—		—			3,041,860			—			4,102,307
Arkansas		—		—			—			—			3,355,896
California		—		—			—			—			20
Colorado		—		—			—			—			3,623,602
Florida		—		(290,000	)		1,111,327			—			26,285,478
Illinois		—		(2,995,000	)		10,481,571			—			15,707,402
Iowa		—		—			127,542			—			107,300
Louisiana		—		(204,223	)		—			—			—
Maryland		—		—			769,327			—			807,409
Montana		—		—			—			—			1,184,923
Ohio		4		—			—			—			4
Pennsylvania		—		—			—			—			4,346,107
South Carolina		—		(340,000	)		—			—			13,521,799
Texas		—		(4,655,000	)		—			—			458

77 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)


	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Value as of July 31, 2017
Assets Table Continued
Municipal Bonds and Notes (Continued)
Virginia	$	—	$	—		$	—	$	—	$	6,676,524
Wisconsin		—		—			—		—		37,800
Corporate Bonds and
Notes		3,030,000		—			2,904,450		—		5,328,000
Corporate Loans		—		—			—		—		1,790,000

Total Assets	$	3,030,004	$	(8,484,223	)	$	18,617,494	$	—	$	87,073,904

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held at period end:


	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	(37,374	)
Arizona		(86,710	)
Arkansas		(1,185	)
Colorado		(2,310,882	)
Florida		3,494,452
Illinois		(4,281,286	)
Iowa		(20,242	)
Maryland		(15,403	)
Montana		(23,326	)
Pennsylvania		3,301,226
South Carolina		(68,023	)
Texas		(3,457,924	)
Virginia		(51,067	)
Wisconsin		(800	)
Corporate Bonds and Notes		(606,450	)
Corporate Loans		(11,685,000	)

Total Assets	$	(15,849,994	)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

78 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

Value as of
July 31, 2017

Valuation
Technique

Unobservable
Input

Range of
Unobservable
Inputs

Unobservable
Input Used

Assets Table

Investments, at Value:

Municipal Bonds and Notes

Alaska

198,875

Pricing service

N/A

N/A (a)

Arizona

4,102,307

Pricing service

N/A

N/A (a)

Arkansas

3,355,896

Pricing service

N/A

N/A (a)

California

Pricing service

N/A

N/A (a)

Colorado

3,623,602

Pricing service

N/A

N/A (a)

Florida

26,285,478

Pricing service

N/A

N/A (a)

Illinois

15,707,402

Pricing service

N/A

N/A (a)

Iowa

107,300

Pricing service

N/A

N/A (a)

Maryland

807,409

Pricing service

N/A

N/A (a)

Montana

1,184,923

Pricing service

N/A

N/A (a)

Ohio

Pricing service

N/A

N/A (a)

Pennsylvania

4,346,107

Pricing service

N/A

N/A (a)

South Carolina

13,521,799

Pricing service

N/A

N/A (a)

Texas

458

Pricing service

N/A

N/A (a)

Virginia

6,676,524

Pricing service

N/A

N/A (a)

Wisconsin

37,800

Pricing service

N/A

N/A (a)

Discount to

expected
recovery

Discounted rate

Expected
recovery

N/A

10% (b)

Corporate Bond and Note

5,328,000

proceeds

N/A

100% of par

Corporate Loans

1,790,000

Expected
recovery
proceeds

$1.79 Million

$1.79

Million (c)

Total

87,073,904

(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Manager periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

(b) The Fund fair values certain corporate bonds at a discount to the expected recovery value to reflect uncertainty and illiquidity. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant increase (decrease) to the discount rate or a significant decrease (increase) to the expected recovery value will result in a significant decrease (increase) to the fair value of the investment.

(c) The Fund fair values certain corporate loans at the expected recovery proceeds. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant decrease (increase) to the expected recovery value will result in a significant decrease (increase) to the fair value of the investment.

4. Investments and Risks

79 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

80 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities, relative to the par value of the underlying municipal bond. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to resell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to

81 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At period end, municipal bond holdings with a value of $818,164,034 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $522,985,000 in short-term floating rate securities issued and outstanding at that date.

At period end, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal

Amount

Inverse Floater¹

Coupon
Rate²

Maturity
Date

Value

$ 2,490,000

Allen County, OH Hospital Facilities (Mercy Health) Tender Option Bond Series 2015 XF-0235 Trust

12.894%

6/1/38

3,208,390

82 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)


Principal Amount	Inverse Floater¹	Coupon Rate²		Maturity Date		Value

$ 3,750,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO/SJHosp/SMMCtr/MHRMC/QVMCNC Obligated Group) Tender Option Bond Series 2016-XF0330 Trust		18.713%		7/1/39	$	5,027,250
3,855,000	CA Health Facilities Financing Authority Tender Option Bond Series 2015-XF2104 Trust³		15.549		7/1/39		5,168,013
5,000,000	CA Infrastructure and Economic Devel. (Sanford Consortium) Tender Option Bond Series 2016- XF0335 Trust		7.232		5/15/40		6,110,600
8,640,000	CA State University Tender Option Bond Series 2017-XF0554 Trust		10.203		11/1/47		13,269,053
7,175,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System) Tender Option Bond Series 2015 XF0239 Trust		7.231		7/1/36		8,758,953
2,525,000	Detroit, MI City School District Tender Option Bond Series 2015 XF-0241 Trust³		15.442		11/1/23		4,929,305
4,675,000	Douglas County, NE Hospital Authority Tender Option Bond Series 2015-XF2132 Trust³		16.706		11/1/48		5,881,571
7,280,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/PMSH/PNH/ PMCC/PClinic/PHlthCF/PHI/PHIP/PHHosp Obligated Group) Tender Option Bond Series 2015-XF0024 Trust		12.870		6/15/29		9,483,292
3,465,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/PMSH/PNH/PMCC/PClinic/PHlthCF/PHI/PHIP/PHHosp Obligated Group) Tender Option Bond Series 2015-XF0024-2 Trust		13.645		6/15/37		4,569,573
680,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/PMSH/PNH/PMCC/PClinic/PHlthCF/PHI/PHIP/PHHosp Obligated Group) Tender Option Bond Series 2015-XF0024-3 Trust		13.587		6/15/29		898,736
2,875,000	Geisinger, PA Authority (Geisinger Health System) Tender Option Bond Series 2015 XF-0040 Trust		13.760		6/1/39		3,771,770
5,000,000	Grand Parkway, TX Transportation Corp. Tender Option Bond Series 2015-XF2034 Trust³		7.195		4/1/53		6,423,200
5,000,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023 Trust		14.620		4/1/44		6,361,600
4,345,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-2 Trust		14.200		4/1/44		5,478,133
2,750,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-3 Trust		14.193		4/1/44		3,467,337
2,500,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-4 Trust		14.205		4/1/44		3,152,200

83 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)


Principal Amount	Inverse Floater¹	Coupon Rate²		Maturity Date		Value

$ 2,200,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-5 Trust		14.179%		4/1/44	$	2,773,870
1,250,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-6 Trust		14.193		4/1/44		1,576,125
3,125,000	IL Finance Authority (CDHS/CDHA Obligated Group) Tender Option Bond Series 2015-XF0025 Trust		14.626		11/1/39		4,288,125
1,250,000	IL Finance Authority (CDHS/CDHA Obligated Group) Tender Option Bond Series 2015-XF0025-2 Trust		14.193		11/1/39		1,685,100
3,500,000	KY EDFA (BHS/BHP/BHL/BHCor/BHLex/BHlthL Obligated Group) Tender Option Bond Series 2015-XF2011 Trust³		13.379		8/15/24		4,102,140
7,985,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) Tender Option Bond Series 2015 XF-0041 Trust		14.013		5/15/30		8,983,125
1,250,000	Los Angeles, CA Dept. of Water & Power Tender Option Bond Series 2015 XF-0039 Trust		12.894		7/1/34		1,525,500
7,000,000	Los Angeles, CA Dept. of Water & Power Tender Option Bond Series 2017-XF0556 Trust		13.055		7/1/35		11,136,790
5,980,000	MA HFA Tender Option Bond Series 2015-XF2150 Trust³		7.837		12/1/42		6,757,041
2,500,000	Miami-Dade County, FL School Board Tender Option Bond Series 2015-XF2117 Trust³		13.666		2/1/27		3,141,700
2,500,000	Miami-Dade County, FL School Board Tender Option Bond Series 2015-XF2117-2 Trust³		12.800		2/1/27		3,104,600
12,500,000	Miami-Dade County, FL School Board Tender Option Bond Series 2015-XF2117-3 Trust³		14.099		2/1/34		15,801,500
2,500,000	Montgomery County, OH (Miami Valley Hospital) Tender Option Bond Series 2015-XF0029 Trust		15.103		11/15/23		3,788,200
9,500,000	North Central TX HFDC (CMCD/CMCtrF Obligated Group) Tender Option Bond Series 2015-XF0034 Trust		15.685		8/15/39		12,562,800
4,000,000	North TX Tollway Authority Tender Option Bond Series 2015-XF2036 Trust³		15.549		1/1/48		4,311,680
1,480,000	North TX Tollway Authority Tender Option Bond Series 2015-XF2037 Trust³		15.189		1/1/48		1,595,322
3,240,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2151 Trust³		15.735		6/15/40		3,805,218
25,000,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2472 Trust³		10.220		5/1/42		38,150,500
3,335,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF0555 Trust		10.139		2/15/37		5,089,777
18,695,000	NYS Liberty Devel. Corp. Tender Option Bond Series 2015-XF2146 Trust³		7.465		1/15/44		21,793,696
2,500,000	San Jacinto, TX Community College District Tender Option Bond Series 2015-XF2010 Trust³		13.383		2/15/38		2,729,700

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4. Investments and Risks (Continued)


Principal Amount	Inverse Floater¹	Coupon Rate²		Maturity Date		Value

$ 1,985,000	Tarrant County, TX Cultural Education Facilities Finance Corp. Tender Option Bond Series 2015-XF2057 Trust³		14.941%		11/15/29	$	2,477,201
8,150,000	Tarrant County, TX Cultural Education Facilities Finance Corp. Tender Option Bond Series 2015-XF2057-2 Trust³		16.682		11/15/29		10,380,492
6,750,000	Tarrant County, TX Health Facilities Devel. Corp. (CCMCtr/CCHCS/CCPN/WICF Obligated Group) Tender Option Bond Series 2015-XF0028 Trust		7.176		12/1/33		7,826,220
375,000	Tes Properties, WA Tender Option Bond Series 2015-XF0038 Trust		14.446		12/1/29		499,590
3,000,000	Tes Properties, WA Tender Option Bond Series 2015-XF0038-2 Trust		14.879		12/1/38		4,023,960
8,705,000	WA Health Care Facilities Authority (Peacehealth) Tender Option Bond Series 2015 XF-0042 Trust		6.946		11/1/28		9,822,896
4,520,000	WA Health Care Facilities Authority Tender Option Bond Series 2015-XF2035 Trust³		16.601		10/1/36		5,487,190

						$	295,179,034

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 35% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $522,985,000 or 7.90% of its total assets at period end.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged

85 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.

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

Purchased securities	$	56,170,281
Sold securities		3,204,965

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

86 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment.

Information concerning securities not accruing interest at period end is as follows:


Cost	$	1,101,585,649
Market Value		$543,578,987
Market Value as % of Net Assets		9.32%

5. Market Risk Factors

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

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NOTES TO FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

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

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Year Ended July 31, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount
Class A
Sold		115,327,306	$	828,957,347		86,452,000	$	611,505,576
Dividends and/or distributions reinvested		21,456,702		154,850,971		23,193,253		163,980,260
Redeemed		(138,859,277)		(999,017,491)		(102,437,853)		(723,546,514)
Net increase (decrease)		(2,075,269)	$	(15,209,173)		7,207,400	$	51,939,322


Class B
Sold		33,669	$	246,689		160,607	$	1,148,292
Dividends and/or distributions reinvested		141,531		1,026,583		280,246		1,984,560
Redeemed		(2,256,625)		(16,359,458)		(3,499,569)		(24,667,510)
Net decrease		(2,081,425)	$	(15,086,186)		(3,058,716)	$	(21,534,658)

88 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

6. Shares of Beneficial Interest (Continued)


	Year Ended July 31, 2017				Year Ended July 31, 2016
	Shares		Amount		Shares		Amount
Class C
Sold		31,846,432	$	228,909,131		35,755,468	$	252,677,043
Dividends and/or distributions reinvested		7,923,676		56,947,446		8,620,150		60,682,555
Redeemed		(47,160,297)		(336,919,398)		(37,865,695)		(266,692,670)
Net increase (decrease)		(7,390,189)	$	(51,062,821)		6,509,923	$	46,666,928


Class Y
Sold		110,295,897	$	792,134,437		60,869,249	$	430,204,335
Dividends and/or distributions reinvested		7,331,489		52,954,175		6,115,406		43,218,178
Redeemed		(58,811,699)		(420,286,987)		(43,086,261)		(303,217,909)
Net increase		58,815,687	$	424,801,625		23,898,394	$	170,204,604

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	$	2,437,576,456	$	1,785,838,532

8. Fees and Other Transactions with Affiliates

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


Fee Schedule

Up to $200 million			0.60%
Next $100 million			0.55
Next $200 million			0.50
Next $250 million			0.45
Next $250 million			0.40
Next $10 billion			0.35
Over $11 billion			0.34

The Fund’s effective management fee for the reporting period was 0.37% of average annual net assets before any applicable waivers.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and

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NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		36,410
Accumulated Liability as of July 31, 2017		263,150

90 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

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 0.15% of the daily net assets of Class A shares of the Fund. Effective April 1, 2017, this rate changed to 0.25%. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.


Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor

July 31, 2017		$685,866		$76,794		$19,150		$170,391

9. Borrowings and Other Financing

91 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (1.1825% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.09% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 1.1825%.

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


Average Daily Loan Balance	$	33,004,384
Average Daily Interest Rate		0.910 %
Fees Paid	$	4,417,024
Interest Paid	$	159,834

Reverse Repurchase Agreements. The Fund may engage in reverse repurchase

92 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.04% of the Fund’s average net assets on an annualized basis.

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		$	2,308,010

10. Subsequent Event

Since the reporting period end there have been two hurricanes that impacted Puerto Rico and

93 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

10. Subsequent Event (Continued)

94 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Multi-State Municipal Trust:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester High Yield Municipal Fund (the Fund), a separate series of Oppenheimer Multi-State Municipal Trust, including the statement of investments, as of July 31, 2017, and the related statements of operations and cash flows 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.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester High Yield Municipal Fund as of July 31, 2017, the results of its operations and cash flows 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

September 28, 2017

95 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

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

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 97.60% 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.

96 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

Householding—Delivery of Shareholder Documents

97 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


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

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

Brian F. Wruble, Chairman of the Board of Trustees (since 2007) and Trustee (since 2005) Year of Birth: 1943		Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968		Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948		Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (on-line career services) (March 2015-November 2016),

98 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Edmund P. Giambastiani, Jr., Continued		Director of Monster Worldwide, Inc. (on-line career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 57 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, 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		Director of Cartica Management, LLC Funds (private investment funds) (since 2017); Trustee of University of Florida Law Center Association, Inc. (since 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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 57 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

99 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


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

Joanne Pace, Trustee (since 2013) Year of Birth: 1958		Advisory Board Director of Massey Quick and Company, LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Board Member (since January 2015), Board Member of 100 Women in Hedge Funds (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 57 portfolios in the OppenheimerFunds 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.

100 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954		Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013) and Treasurer, Chairman of the Audit and Finance Committee (since January 2016); Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

INTERESTED 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 101 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971		Senior Vice President of the Sub-Adviser (since January 2017) and a Senior Portfolio Manager (since September 2002). Vice President of the Sub-Adviser (September 2002-January 2017). Portfolio Manager and trader at Victory Capital Management (1999-2002). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

101 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


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

Mark R. DeMitry, Vice President (since 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 S. Mossow, Vice President (since 2016) Year of Birth: 1978		Vice President of the Sub-Adviser (since January 2016) and Senior Portfolio Manager of the Sub-Adviser (since January 2017); Portfolio Manager of the Sub-Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016). Associate Portfolio Manager (June 2013-January 2016). Research Analyst of the Sub-Adviser (June 2011-June 2013) and was a Credit Analyst of the Sub-Adviser (May 2007-May 2011). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard A. 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).

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

102 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


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

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

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002-2007). An officer of 101 portfolios in the OppenheimerFunds complex.

103 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

OPPENHEIMER ROCHESTER HIGH YIELD 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

104 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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

Information Sources

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

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Applications or other forms

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

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

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Your transactions with us, our affiliates or others

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

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

Right of Refusal

105 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Internet Security and Encryption

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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

How You Can Help

Who We Are

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111 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

225 Liberty Street, New York, NY 10281-1008

RA0795.001.0717 September 26, 2017

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $148,600 in fiscal 2017 and $140,800 in fiscal 2016.

(b)	Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $12,150 in fiscal 2017 and $13,212 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $320,775 in fiscal 2017 and $736,335 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

(c)

Tax Fees

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

The principal accountant for the audit of the registrant’s annual financial statements billed $710,577 in fiscal 2017 and $298,261 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

(d)	All Other Fees

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

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

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

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

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

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

(2) 0%

(f)	Not applicable as less than 50%.

(g)

The principal accountant for the audit of the registrant’s annual financial statements billed $1,043,502 in fiscal 2017 and $1,047,808 in fiscal 2016 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 7/31/2017, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

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

Item 12. Exhibits.

(a)	(1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b)	Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Multi-State Municipal Trust



By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		9/12/2017

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



By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		9/12/2017

By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		9/12/2017

For the 30 Days Ended 7/31/17