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: 7/31/2018

Item 1. Reports to Stockholders.

LOGO

Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			12

Fund Expenses			16

Statement of Investments			18

Statement of Assets and Liabilities			24

Statement of Operations			25

Statements of Changes in Net Assets			26

Statement of Cash Flows			27

Financial Highlights			28

Notes to Financial Statements			34

Report of Independent Registered Public Accounting Firm			51

Federal Income Tax Information			52

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			53

Distribution Sources			54

Trustees and Officers			55

Privacy Notice			62

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/18


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond Index
1-Year	5.22%	0.22%	0.99%
5-Year	3.81	2.81	3.76
10-Year	4.56	4.06	4.41

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

Our Twitter handle is @RochesterFunds.

2 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Fund Performance Discussion

Oppenheimer Rochester New Jersey Municipal Fund once again generated high levels of tax-free income during the 12-month reporting period that ended July 31, 2018. The Class A shares provided a yield-driven, annual total return of 5.22% at net asset value (NAV) and a distribution yield of 2.76% at NAV. The Fund outperformed the Bloomberg Barclays Municipal Bond Index, its benchmark, by 423 basis points. Tax-free income comprised over 60% of this Fund’s total return this reporting period, further evidence supporting our focus on yield as the long-term driver of performance.

MARKET OVERVIEW

The first quarter-point increase of this reporting period was announced after the FOMC’s December 2017 meeting. The rate was also raised in March and June 2018. The Fed Funds target rate remained unchanged at its July meeting. The FOMC’s policy statement issued after that meeting repeatedly referred to the economy and labor markets as “strong” and signaled that subsequent rate rises will be needed to keep the economy steady. A majority of officials at the July meeting suggested at least two more rate increases this year.

The target range, which was set to the range of zero to 0.25% between December 2008 and December 2015, has had six increases of 0.25 percentage points to date.

The Fed’s efforts to “normalize” its balance sheet, which began in October 2017 with reductions of $10 billion a month, continued throughout this reporting period. The Fed has said that it expects reductions to reach $50 billion a month by year-end 2018.

During this reporting period, the muni market’s reactions to the Fed’s


YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		2.76%
Dividend Yield with sales charge		2.63
Standardized Yield		1.47
Taxable Equivalent Yield		2.75
Last distribution (7/24/18 )	$	0.021
Total distributions (8/1/17 to 7/31/18)	$	0.283

Endnotes for this discussion begin on page 14 of this report.

3 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

announcements did not appear to be especially significant or lasting.

In December 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act of 2017. The top federal income tax rate for 2018 was lowered to 37%, from 39.6%. Although it had been targeted for elimination, the federal tax exemption on the net investment income generated by muni bonds and muni bond funds remained intact. Additionally, this income will continue to be exempt from the 3.8% tax on unearned income that applies to the income generated by investments in other asset classes.

At the end of this reporting period, the ICE BofA Merrill Lynch AAA Municipal Securities Index – the AAA subset of the broader ICE BofA Merrill Lynch US Municipal Securities Index – yielded 2.41%, 66 basis points higher than at the reporting period’s outset.

The high-grade muni yield curve as a whole rose during this reporting period, though yields at the short end of the curve rose more than yields on securities with maturities of 10 years or longer. The rise in the Treasury curve was also greater at the short end of the curve. The Treasury curve continued to flatten during this reporting period, giving investors in government securities fewer incentives to purchase longer-maturity bonds; a flatter curve typically reflects an expectation of rising rates. The muni yield curve remained relatively flat as of July 31, 2018; it was somewhat steeper at the outset of this reporting period than at the end. As a result of the changes in

the two yield curves, as of end of July, 30-year AAA-rated munis were considered cheap to 30-year Treasuries.

On a nominal basis, Treasury yields were higher than the yields on AAA-rated munis with comparable maturities as of July 31, 2018. Nonetheless, a AAA-rated muni with a maturity of 10 years would provide more income on an after-tax basis than a 10-year Treasury security for New Jersey taxpayers in all but the two lowest 2018 federal tax brackets. The yields on the 30-year Treasury and AAA-rated muni were virtually identical at the end of this reporting period, meaning that nearly every taxpayer would earn more on an after-tax basis by investing in the muni versus the Treasury. Treasury bonds are backed by the full faith and credit of the U.S. government, while municipal securities are exempt from federal income taxes and, where applicable, state and local income taxes as well.

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 lower-rated and unrated securities typically outperform municipal securities with higher credit ratings.

Avoiding a government shutdown, New Jersey Governor Phil Murphy struck a $37.4 billion budget deal at the last minute, the first for the Democratic governor sworn into office in January 2018. The budget includes a 2% tax on corporations with more than $1

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million in annual earnings, increased funding for New Jersey Transit, pre-K education, and a $3.2 billion payment to the state’s pension system; the cash infusion into the pension fund, we believe, is a credit positive in that it demonstrates the state’s greater political will to meet its pension obligations. As an aside, the state was the last in the nation to finalize its fiscal 2019 budget.

The fiscal 2019 budget also contains a multimillionaires’ marginal tax rate of 10.75% that will help raise revenue for education, transportation, and public pensions; the marginal rate of 8.97% continues to apply to individuals earning more than $500,000 and the new tax kicks in once income surpasses $5 million and is retroactive to January 1, 2018. The Garden State’s sales tax will remain 6.25%, and higher gasoline taxes are expected to help fund infrastructure repairs.

While the Garden State’s sales tax remains unchanged – at 6.25% -- sales tax collections in New Jersey are poised to rise significantly in light of the U.S. Supreme Court ruling in South Dakota vs. Wayfair. The governor’s office estimates that the Court’s decision requiring certain online retailers to collect taxes will lead to an additional $125 million in tax revenues this fiscal year. The federal Government Accountability Office, however, indicates that the additional revenue from the online purchases by New Jersey residents could reach $351 million.

A second recent Supreme Court ruling could also have a positive effect on New Jersey’s

labor costs and its negotiating power. In a 5-4 ruling, the Court decided that unions cannot compel those who do not wish to join the union to pay an “agency fee.” As a long-term result, unions may eventually shrink and face reduced bargaining power.

The state’s Treasury Department projected in April 2018 that income tax collections during fiscal year 2019, which runs through June 30, 2019, will be $1.25 billion higher than in the previous fiscal year, with nearly half of the growth attributable to wage and employment gains.

According to the New Jersey Division of Gaming Enforcement, the state’s three sports betting facilities had $3.5 million in gross revenue in the latter half of June 2018, taking in nearly 25% of the $16 million wagered. A recent study predicts that New Jersey’s revenues from sports betting will fall in the range of $330 million to $650 million. This new revenue stream is expected to rise significantly during football season.

State senators passed legislation at the end of the reporting period to restructure the board of New Jersey Transit and increase commuter involvement in decisions that affect the nation’s third-busiest rail public transportation system. Plagued by years of deficits and revenue shortfalls, the NJ Transit agency will also undergo an audit ordered by Gov. Murphy.

The New Jersey Economic Development Authority (NJEDA), which issued $350 million

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in bonds in September 2017, returned to the market in January 2018 with $376 million in bonds that the NJEDA had authorized the prior month. Some New Jersey lawmakers filed suit in the Mercer County Superior Court to block this second bond offering on the grounds that it required voter approval. The agency prevailed, and the bond sale occurred as planned. Proceeds will be used to finance two new buildings for the state’s departments of taxation, agriculture and health.

The Garden State’s American Dream Meadowlands megamall project, located in East Rutherford, is expected to deliver billions in tax revenues from a variety of sources, including sales and income taxes, over the next two decades. The megamall is slated to open in March 2019.

Late in the reporting period, the U.S. Department of Transportation agreed to extend the deadline related to federal grants that the state hopes will help defray some of the $1.7 billion cost of replacing the Portal North Bridge. New Jersey officials have said that they hope financing for the bridge will be included in the U.S. government’s financial assistance for the Gateway Project, which calls for new rail tunnels beneath the Hudson River.

As of July 31, 2018, New Jersey’s general obligation (G.O.) bonds were rated A3 by Moody’s, A-minus by S&P Global Ratings, and A 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 Commonwealth of Puerto Rico and the federal oversight board established by PROMESA (the Puerto Rico Oversight, Management and Economic Stability Act) continued to generate headlines throughout this reporting period; additional information about the developments in Puerto Rico can be found on our online PR Roundup (oppenheimerfunds.com/puerto-rico).

At the end of this reporting period, some 10 months after Hurricane Maria, power was not fully restored across the Commonwealth. Despite the hurricane’s impact during the final quarter of 2017, Puerto Rico’s retail sales rose 10.7% in 2017, and bonds issued by the Commonwealth (in aggregate) have rallied during this reporting period.

PREPA, the Commonwealth’s energy utilities authority, remained a focal point during this reporting period. In January 2018, creditors raised concerns about a plan to loan $1.3 billion to PREPA and the government’s proposal to privatize PREPA, among other issues; in a decision favorable to bondholders, U.S. District Court Judge Laura Taylor Swain rejected the proposed loan. Investors will recall that PREPA failed to make its July 2017 debt payment and has made no debt-service payments since. Its cash on hand continues to be more than projected, according to officials in Puerto Rico.

In July 2018, a board shakeup ensued after Gov. Ricardo Rosselló Nevares appointed Rafael Diaz-Granados as PREPA’s new executive director, replacing Walter Higgins,

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who held the position for four months. Diaz-Granados quit after one day over a pay dispute, and four other board members also resigned in protest. Jose Ortiz, who had previously led PRASA, the Commonwealth’s aqueduct and sewer authority, returned to PREPA; he had been the board’s chairman from 2011 to 2013. Ortiz became the fifth person to lead PREPA since the hurricane hit.

Ortiz has expressed interest in selling some of PREPA’s power plants. The governor remains an advocate for privatization, a solution that typically requires assumption of debt. He has also said the federal government is not qualified to take over the utility and has asked Congress to provide PREPA with $30 billion for modernization efforts.

At the very end of this reporting period, the oversight board established under PROMESA, the government of Puerto Rico, and certain bondholders, including OppenheimerFunds, reached a new restructuring support agreement (RSA) for PREPA debt. The pact, which has not been finalized, comes 13 months after the oversight board voted against an RSA that had been reached in September 2015 and extended numerous times. Like the earlier RSA, the new agreement is designed to reduce PREPA’s debt burden and protect the best interests of Fund shareholders.

As anticipated, Hurricane Maria had an adverse impact on sales and use tax (SUT) collections during fiscal year 2018, which ended June 30. At $2.52 billion for the fiscal

year ended June 30, 2018, SUT collections were 1.2% lower than in the previous fiscal year. The ruling by the U.S. Supreme Court in South Dakota vs. Wayfair is expected to increase Puerto Rico’s sales tax collections by an estimated $40 million annually, according to Puerto Rico’s Treasury Department.

Prices on many bonds issued in Puerto Rico rose materially on news of an agreement between an agent of the Commonwealth of Puerto Rico and an agent of the COFINA bondholders. Negotiations are ongoing and many details need to be worked out, but a preliminary structure for a settlement was reached in mid-June 2018. Judge Swain has approved the segregating SUT collections into three separate pools, as stipulated in the agreement. Among other provisions, the agreement calls for bondholders to receive the $1.2 billion in unpaid debt service that the Bank of New York-Mellon, the COFINA trustee, has amassed. Very early in this reporting period, the Commonwealth said its deposits with the BoNY trustee had already satisfied its fiscal 2018 requirements related to the COFINA debt.

Puerto Rico did not make debt payments on its G.O. securities during this reporting period, despite a requirement in the Commonwealth’s Constitution that general fund revenues be used to pay G.O. debt service ahead of any other government expense. The legal protections for our G.O. holdings have not yet been tested before a court.

7 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

In June 2018, officials in the Commonwealth’s Treasury Department said that general fund revenues for the first 11 months of fiscal year 2018 were $78.9 million, or 1%, ahead of projections. Treasury officials also said then that they anticipate that revenues for the entire fiscal year will also exceed projections, but those figures had not been released as of July 31, 2018.

On the last day of the reporting period, the government reported that Puerto Rico’s latest cash position had reached its highest level in at least a year: As of July 20, 2018, Puerto Rico had $3.23 billion in cash, topping the high point of fiscal 2018 by more than $100 million.

In other positive economic news, the employment level in June was higher than at any time since October 2013. At 9.3%, the unemployment rate remained high relative to the U.S. rate, but was nonetheless the lowest monthly rate since at least 1975, according to the U.S. Bureau of Labor Statistics; Puerto Rico’s Department of Labor and Human Resources, meanwhile, says the annual rate is the lowest since at least 1941.

During the reporting period, the oversight board, the Rosselló administration, legislators, and owners of Puerto Rico debt remained at odds about the extent of the board’s authority, with significant debate about the budget and fiscal plan proposals that have been drafted and repeatedly revised. While it intended to certify a plan by late March, the oversight board extended the

deadline and said that the new plan must demonstrate “consistency with historical actual expenditures.”

In April, the projected surplus by fiscal 2023 was raised to $6.4 billion and then to $6.7 billion. Audited results for fiscal 2015 were released in the final months of this reporting period; audited results for fiscal years 2016 and 2017 have yet to be released.

Among the ongoing issues are debt-service obligations, pensions, Law 80 (the repeal of which would allow at-will employment), and Christmas bonuses for public sector employees.

In the latter half of this reporting period, the chairman of the U.S. House committee that oversees Puerto Rico sent the governor a letter that recommended the takeover of the Commonwealth’s government by the oversight board and an increased focus on bondholder concerns. The governor fired back, calling the chairman’s letter “truly disturbing in its reckless disregard for collaboration and cooperation.”

8 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

PROMESA provisions that allow it to impose its own budget if the government does not submit a compliant budget; government officials, meanwhile, argue that the board is trying to set public policy.

Clearly, the situation remains dynamic. All issuers can be affected positively or adversely by economic and fiscal conditions: were the economic situation in Puerto Rico to worsen, for example, then the performance of Rochester municipal funds that hold Puerto Rican debt, including this Fund, may be adversely affected. Our team continues to believe that the best interests of all stakeholders can be met through negotiated settlements that offer Puerto Rico a path forward, strengthen its economy and improve the quality of life of its residents while providing investors with an appropriate return.

FUND PERFORMANCE

Oppenheimer Rochester New Jersey Municipal Fund held more than 150 securities as of July 31, 2018. 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 2.6 cents per share beginning with the September 2017 payout, to 2.4 cents per share beginning with the December 2017 payout, and again to 2.1 cents per share beginning with the March 2018 payout. In all, the Fund distributed 28.3 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.

Six of the Fund’s 10 largest sectors were among the 10 strongest sectors this reporting period. The Fund’s performance this reporting period was primarily driven by its holdings of sales tax revenue. Debt-service payments on securities in this sector, almost all of which were issued in Puerto Rico, are paid using the issuing municipality’s sales tax revenue. Securities in tobacco bonds were the second strongest performer this reporting period. These high-yielding bonds, which are backed by proceeds from the landmark 1998 Master Settlement Agreement (MSA), were also the Fund’s largest sector as of July 31, 2018. The Fund’s second, fourth, sixth, and ninth-largest sectors (government appropriations, transportation infrastructure, marine/aviation facilities, and casino, respectively) were also ranked among the 10 best-performing sectors.

Research-based security selection continued to be a factor in the strong performance of these sectors. Securities in the marine/aviation facilities sector, the Fund’s third strongest contributor to performance, are typically

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high-grade investments backed by valuable collateral.

The government appropriation sector, which included one bond issued in Puerto Rico, was the fourth strongest performer this reporting period. The municipal issuer of this type of security agrees to include an allocation in its budget that will be used to make its debt payments. Because municipalities need reliable access to future capital, these appropriations tend to be off limits during budget negotiations. The transportation infrastructure sector was the fifth strongest performer this reporting period; this type of financing supports the construction of critical projects such as rail, bridges, ports, and public buildings. The casino sector was the third strongest performer as of January 31, 2018. The Fund’s holdings in this sector are secured by specific tax revenue streams that have traditionally easily exceeded the debt-service obligations and have been isolated from financial difficulties in the industry.

Three sectors detracted slightly from the Fund’s performance this reporting period, though in aggregate performance was reduced less than 1.5 percentage points by the underperforming sectors. The detractors as of July 31, 2018, include the G.O. sector, the Fund’s eighth largest, as well as municipal leases and sewer utilities. These sectors were

adversely affected by developments in Puerto Rico, as discussed above.

The Fund’s investments in securities issued in the Commonwealth of Puerto Rico are exempt from federal, state, and local income taxes, and the Fund’s holdings as of July 31, 2018 included securities from many different sectors. Investors should note that some of this Fund’s investments in securities issued in Puerto Rico are insured. A complete listing of securities held by this Fund can be found in this report’s Statement of Investments.

INVESTMENT STRATEGY

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

10 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

benefit fixed income investors through interest rate and economic cycles.

LOGO

Elizabeth Mossow, CFA

Senior Portfolio Manager

Elizabeth Mossow has been named portfolio manager of the Fund. With support as needed from the Oppenheimer Municipal Fund Management Team, Elizabeth will continue to adhere to a consistent investment approach based on the belief that tax-free yield can help investors achieve their long-term financial objectives even when market conditions fluctuate. The Fund will not be managed 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.

11 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES


Tobacco Master Settlement Agreement	13.0	%
Government Appropriation	9.5
Sales Tax Revenue	9.0
Transportation Infrastructure	8.8
Higher Education	8.4
Marine/Aviation Facilities	7.5
Hospital/Healthcare	6.4
General Obligation	6.1
Casino	4.5
Water Utilities	3.8

Portfolio holdings are subject to change. Percentages are as of July 31, 2018 and are based on total assets.

CREDIT ALLOCATION


	NRSRO- Rated			Sub- Adviser- Rated			Total
AAA		0.7	%		0.0	%		0.7	%
AA		15.8			0.0			15.8
A		23.5			0.0			23.5
BBB		35.7			0.6			36.3
BB or lower		23.1			0.6			23.7
Total		98.8	%		1.2	%		100.0	%

The percentages above are based on the market value of the securities as of July 31, 2018 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.

12 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Performance

DISTRIBUTION YIELDS

As of 7/31/18


	Without Sales Charge			With Sales Charge
Class A		2.76	%		2.63	%
Class C		2.15			N/A
Class Y		2.96			N/A

STANDARDIZED YIELDS

TAXABLE EQUIVALENT YIELDS

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/18


	Inception Date		1-Year			5-Year			10-Year			Since Inception
Class A (ONJAX)		3/1/94		5.22	%		3.81	%		4.56	%		4.49	%
Class C (ONJCX)		8/29/95		4.41			3.06			3.78			3.80
Class Y (ONJYX)		11/29/10		5.35			4.01			N/A			4.35

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/18


	Inception Date		1-Year			5-Year			10-Year			Since Inception
Class A (ONJAX)		3/1/94		0.22	%		2.81	%		4.06	%		4.29	%
Class C (ONJCX)		8/29/95		3.41			3.06			3.78			3.80
Class Y (ONJYX)		11/29/10		5.35			4.01			N/A			4.35

13 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 C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Municipal 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 index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses, or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.021 for the 28-day accrual period ended July 24, 2018. 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 24, 2018; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0164 and $0.0226, respectively, for the 28-day accrual period ended July 24, 2018 and on the corresponding net asset values on that date.

14 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Taxable equivalent yield is based on the standardized yield and the 2018 top federal and New Jersey tax rate of 46.45%. 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 ICE BofA Merrill Lynch AAA Municipal Securities index is the AAA subset of the ICE BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of dollar-denominated, investment-grade, tax-exempt debt issued by U.S. states and territories and their political subdivisions; index constituents are weighted based on capitalization, and accrued interest is calculated assuming next-day settlement.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio managers and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on July 31, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

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

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

15 OPPENHEIMER ROCHESTER 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, 2018.

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, 2018” to estimate the expenses you paid on your account during this period.

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

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

16 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Actual	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During 6 Months Ended July 31, 2018
Class A	$ 1,000.00	$ 1,109.70	$ 6.77
Class C	1,000.00	1,106.00	10.23
Class Y	1,000.00	1,110.80	5.56

Hypothetical (5% return before expenses)
Class A	1,000.00	1,018.40	6.48
Class C	1,000.00	1,015.12	9.79
Class Y	1,000.00	1,019.54	5.32

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, 2018 are as follows:


Class	Expense Ratios
Class A		1.29	%
Class C		1.95
Class Y		1.06

17 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2018


	Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—109.8%
New Jersey—77.0%
	$1,000,000	Atlantic City, NJ GO¹		5.000	%		03/01/2037	$	1,105,640
	1,250,000	Atlantic City, NJ GO¹		5.000			03/01/2042		1,375,250
	1,000,000	Atlantic County, NJ Improvement Authority (Stockton University)¹		5.000			07/01/2034		1,124,940
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000			02/15/2033		1,073,320
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000			02/15/2034		1,071,250
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000			02/15/2035		1,069,170
	2,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.000			11/01/2031		2,163,440
	1,665,000	Casino Reinvestment Devel. Authority of NJ¹		5.250			01/01/2024		1,669,978
	3,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.250			11/01/2039		3,220,740
	3,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.250			11/01/2044		3,215,580
	420,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)¹		5.000			01/01/2025		421,100
	760,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)¹		5.250			01/01/2022		765,366
	1,000,000	Casino Reinvestment Devel. Authority of NJ (Luxury Tax)¹		5.000			11/01/2028		1,093,440
	130,000	Essex County, NJ Improvement Authority (Newark)¹		5.125			04/01/2029		130,451
	250,000	Essex County, NJ Improvement Authority (Newark)¹		6.250			11/01/2030		261,845
	140,000	Garden State Preservation Trust, NJ Open Space & Farmland Preservation		3.565	²		11/01/2026		109,249
	310,000	Garden State Preservation Trust, NJ Open Space & Farmland Preservation¹		5.750			11/01/2028		366,098
	1,000,000	Hudson County, NJ Improvement Authority¹		6.000			01/01/2040		1,057,780
	2,655,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.500			06/01/2041		2,892,543
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)¹		5.500			09/01/2030		20,064
	5,000	Neptune City, NJ Hsg. Authority¹		6.000			04/01/2019		5,012
	445,000	New Brunswick, NJ Parking Authority¹		5.000			09/01/2027		488,436
	605,000	New Brunswick, NJ Parking Authority¹		5.000			09/01/2029		663,068
	1,000,000	New Brunswick, NJ Parking Authority¹		5.000			09/01/2042		1,142,540
	1,000,000	New Brunswick, NJ Parking Authority¹		5.000			09/01/2047		1,140,000
	430,000	Newark, NJ GO¹		5.000			07/15/2029		450,545
	3,000,000	Newark, NJ GO¹		5.000			07/15/2029		3,152,580
	410,000	Newark, NJ Hsg. Authority (Port Newark Marine Terminal Rental)¹		5.000			01/01/2032		471,102
	2,000,000	Newark, NJ Hsg. Authority (Secured Police Facility)¹		5.000			12/01/2038		2,230,360
	600,000	NJ Building Authority¹		5.000			06/15/2028		678,150
	300,000	NJ Building Authority¹		5.000			06/15/2029		338,184
	2,095,000	NJ EDA¹		5.000			06/15/2028		2,224,094
	750,000	NJ EDA¹		5.000			06/15/2029		794,535

18 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


	Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
	$3,000,000	NJ EDA¹		5.000	%		06/15/2035	$	3,225,120
	3,000,000	NJ EDA¹		5.000			06/15/2036		3,213,870
	3,000,000	NJ EDA (Continental Airlines)¹		5.625			11/15/2030		3,398,100
	3,100,000	NJ EDA (Cranes Mill)¹		5.100			06/01/2027		3,103,720
	70,000	NJ EDA (Dept. of Human Services)¹		6.250			07/01/2024		70,213
	350,000	NJ EDA (Foundation Academy Charter School)¹		5.000			07/01/2038		376,365
	1,000,000	NJ EDA (Foundation Academy Charter School)¹		5.000			07/01/2050		1,065,650
	2,820,000	NJ EDA (Harrogate)¹		5.875			12/01/2026		2,819,718
	90,000	NJ EDA (Metromall Urban Renewal)¹		6.500			04/01/2031		87,461
	3,000,000	NJ EDA (Motor Vehicle Surcharges)¹		5.000			07/01/2033		3,361,470
	160,000	NJ EDA (Municipal Rehabilitation)¹		5.000			04/01/2028		160,402
	5,320,000	NJ EDA (New Jersey American Water Company)¹		5.600			11/01/2034		5,602,811
	4,350,000	NJ EDA (New Jersey American Water Company)¹		5.700			10/01/2039		4,516,692
	735,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2027		735,456
	1,400,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2037		1,400,714
	1,000,000	NJ EDA (North Star Academy Charter School of Newark)¹		5.000			07/15/2047		1,073,820
	500,000	NJ EDA (Provident Group-Kean Properties)¹		5.000			07/01/2037		542,100
	1,000,000	NJ EDA (Provident Group-Montclair Properties)¹		5.000			06/01/2042		1,104,260
	1,000,000	NJ EDA (School Facilities)¹		5.250			09/01/2026		1,054,170
	65,000	NJ EDA (St. Barnabas Medical Center)		6.827	²		07/01/2021		61,267
	25,000	NJ EDA (St. Barnabas Medical Center)		7.147	²		07/01/2020		24,116
	3,000,000	NJ EDA (State Government Buildings)¹		5.000			06/15/2047		3,237,240
	20,000	NJ EDA (State Office Buildings)¹		5.000			06/15/2020		20,052
	3,200,000	NJ EDA (Team Academy Charter School)¹		6.000			10/01/2043		3,514,496
	10,650,000	NJ EDA (The Goethals Bridge Replacement)¹		5.375			01/01/2043		11,659,726
	1,500,000	NJ EDA (UMM Energy Partners)¹		5.000			06/15/2037		1,552,665
	1,250,000	NJ EDA (UMM Energy Partners)¹		5.125			06/15/2043		1,295,812
	125,000	NJ Educational Facilities Authority (Drew University)¹		5.250			07/01/2019		129,272
	1,590,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.000			07/01/2033		1,702,015
	1,485,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.000			07/01/2035		1,579,342
	1,640,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.000			07/01/2036		1,740,417
	5,000	NJ Educational Facilities Authority (Public Library)¹		5.000			09/01/2022		5,015
	185,000	NJ Educational Facilities Authority (Rider University)¹		5.000			07/01/2035		201,939
	300,000	NJ Educational Facilities Authority (Rider University)¹		5.000			07/01/2036		326,523
	1,000,000	NJ Educational Facilities Authority (Rider University)¹		5.000			07/01/2037		1,033,330
	3,250,000	NJ Educational Facilities Authority (Rider University)¹		5.000			07/01/2047		3,494,075

19 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
	$2,025,000	NJ Educational Facilities Authority (Stockton University)¹		5.000	%		07/01/2041	$	2,186,798
	2,000,000	NJ Educational Facilities Authority (William Patterson University)¹		5.000			07/01/2047		2,237,720
	5,000,000	NJ GO³		5.000			06/01/2027		5,778,744
	5,000,000	NJ GO³		5.000			06/01/2028		5,707,844
	3,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)¹		5.000			07/01/2044		3,273,570
	5,085,000	NJ Health Care Facilities Financing Authority (Catholic Health East)¹		5.000			11/15/2033		5,437,085
	2,000,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)¹		5.000			10/01/2038		2,173,940
	230,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)¹		5.250			10/01/2038		231,486
	65,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)¹		5.250			10/01/2038		65,420
	500,000	NJ Health Care Facilities Financing Authority (SJHS/SJH&MC Obligated Group)¹		5.000			07/01/2036		537,830
	1,960,000	NJ Health Care Facilities Financing Authority (St. Luke’s Warren Hospital)¹		5.000			08/15/2034		2,120,034
	2,000,000	NJ Health Care Facilities Financing Authority (University Hospital)¹		5.000			07/01/2046		2,195,640
	125,000	NJ Health Care Facilities Financing Authority (Virtua Health/Virtua Memorial Hospital Burlington County Obligated Group)¹		5.750			07/01/2033		129,814
	1,590,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		5.500			12/01/2025		1,701,984
	45,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		5.750			12/01/2029		48,082
	1,000,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)¹		3.800			10/01/2032		997,790
	2,000,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2037		2,233,520
	4,400,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2046		4,724,896
	6,350,000	NJ Tobacco Settlement Financing Corp.¹		5.250			06/01/2046		7,126,796
	50,000	NJ Transportation Trust Fund Authority¹		5.000			12/15/2025		50,110
	2,740,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2030		3,046,359
	2,800,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2031		3,100,832
	1,625,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2038		1,692,698
	5,000,000	NJ Transportation Trust Fund Authority¹		5.500			06/15/2041		5,231,550
	4,518,000	NJ Transportation Trust Fund Authority¹		6.000			06/15/2035		4,920,328
	850,000	NJ Turnpike Authority¹		5.000			01/01/2040		969,782
	20,000	Passaic County, NJ Improvement Authority (Paterson Parking Deck)¹		4.100			04/15/2019		20,023
	6,330,000	Rutgers State University NJ³		5.000			05/01/2029		7,056,231
	5,380,000	Rutgers State University NJ³		5.000			05/01/2030		5,985,021
	4,000,000	Rutgers State University NJ³		5.000			05/01/2038		4,432,410
	1,350,000	South Jersey, NJ Port Corp. (Marine Terminal)¹		5.000			01/01/2039		1,459,202
	3,650,000	South Jersey, NJ Transportation Authority¹		5.000			11/01/2039		3,963,170

20 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


	Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
	$55,000	Union County, NJ Improvement Authority (Linden Airport)¹		5.000	%		03/01/2028	$	55,148
	40,000	West Milford Township, NJ (Municipal Utilities Authority)¹		5.375			08/01/2031		40,132

									197,407,253

New York—7.6%
	2,689,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022		2,806,724
	8,710,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		9,091,585
	5,100,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.500			12/01/2028		5,359,029
	1,305,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		1,365,213
	850,000	Port Authority NY/NJ, 206th Series¹		5.000			11/15/2037		960,373

									19,582,924

U.S. Possessions—25.2%
	10,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		10,128
	125,000	Guam Power Authority, Series A¹		5.000			10/01/2024		136,814
	250,000	Guam Power Authority, Series A¹		5.000			10/01/2030		267,502
	1,965,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,852,012
	19,195,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		19,362,956
	2,150,000	Puerto Rico Commonwealth GO⁴		5.250			07/01/2037		903,000
	5,000,000	Puerto Rico Commonwealth GO⁴		6.000			07/01/2029		2,087,500
	3,000,000	Puerto Rico Commonwealth GO⁴		6.500			07/01/2040		1,252,500
	168,097	Puerto Rico Electric Power Authority⁴		10.000			07/01/2019		105,481
	168,096	Puerto Rico Electric Power Authority⁴		10.000			07/01/2019		105,480
	165,099	Puerto Rico Electric Power Authority⁴		10.000			01/01/2021		103,600
	165,099	Puerto Rico Electric Power Authority⁴		10.000			07/01/2021		103,600
	55,033	Puerto Rico Electric Power Authority⁴		10.000			01/01/2022		34,533
	55,033	Puerto Rico Electric Power Authority⁴		10.000			07/01/2022		34,533
	1,700,000	Puerto Rico Electric Power Authority, Series A⁴		5.000			07/01/2029		1,041,250
	45,000	Puerto Rico Electric Power Authority, Series A⁴		5.050			07/01/2042		27,563
	3,000,000	Puerto Rico Electric Power Authority, Series A⁴		7.000			07/01/2043		1,882,500
	5,000,000	Puerto Rico Electric Power Authority, Series AAA⁴		5.250			07/01/2030		3,062,500
	550,000	Puerto Rico Electric Power Authority, Series AAA⁴		5.250			07/01/2031		336,875
	50,000	Puerto Rico Electric Power Authority, Series CCC⁴		5.000			07/01/2021		30,625
	90,000	Puerto Rico Electric Power Authority, Series CCC⁴		5.000			07/01/2025		55,125
	45,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2020		45,378
	100,000	Puerto Rico Electric Power Authority, Series TT⁴		5.000			07/01/2023		61,250
	80,000	Puerto Rico Electric Power Authority, Series TT⁴		5.000			07/01/2037		49,000
	750,000	Puerto Rico Highway & Transportation Authority, FGIC⁵		5.750			07/01/2020		600,000
	575,000	Puerto Rico Infrastructure⁴		5.000			07/01/2027		60,375
	4,750,000	Puerto Rico Infrastructure⁴		5.000			07/01/2037		498,750
	2,610,000	Puerto Rico Infrastructure⁶		5.000			07/01/2041		274,050

21 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
	$975,000	Puerto Rico Infrastructure, AMBAC		6.995	%²		07/01/2035	$	387,475
	3,000,000	Puerto Rico Infrastructure, FGIC⁵		7.046	²		07/01/2042		651,690
	400,000	Puerto Rico Infrastructure (Mepsi Campus)⁴		6.500			10/01/2037		81,000
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		830,025
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		92,000
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		90,000
	175,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		166,688
	1,000,000	Puerto Rico ITEMECF (Polytechnic University), ACA¹		5.000			08/01/2032		982,770
	2,000,000	Puerto Rico Municipal Finance Agency, Series A, AGC¹		5.250			08/01/2020		2,053,260
	305,000	Puerto Rico Public Buildings Authority⁴		5.250			07/01/2033		123,144
	5,000,000	Puerto Rico Public Buildings Authority⁶		5.250			07/01/2042		1,968,750
	1,000,000	Puerto Rico Public Buildings Authority, NPFGC¹		6.000			07/01/2028		1,032,760
	5,235,000	Puerto Rico Public Finance Corp., Series B⁴		6.000			08/01/2026		143,963
	2,500,000	Puerto Rico Sales Tax Financing Corp., Series A⁴		5.500			08/01/2021		1,025,000
	4,850,000	Puerto Rico Sales Tax Financing Corp., Series A⁴		5.500			08/01/2022		1,988,500
	4,925,000	Puerto Rico Sales Tax Financing Corp., Series A⁴		5.500			08/01/2042		2,019,250
	16,675,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.807	²		08/01/2041		4,951,641
	325,000	Puerto Rico Sales Tax Financing Corp., Series A⁴		6.375			08/01/2039		133,250
	6,800,000	Puerto Rico Sales Tax Financing Corp., Series A⁴		6.500			08/01/2044		2,788,000
	9,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁴		5.750			08/01/2057		7,537,500
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.497	²		05/15/2035		319,627
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.622	²		05/15/2035		816,230

									64,567,403
Total Investments, at Value (Cost $305,740,459)—109.8%									281,557,580
Net Other Assets (Liabilities)—(9.8)									(25,244,325	)

Net Assets—100.0%								$	256,313,255

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. 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.

5. 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.

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

22 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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


ACA		American Capital Access
AGC		Assured Guaranty Corp.
AMBAC		AMBAC Indemnity Corp.
EDA		Economic Devel. Authority
FGIC		Financial Guaranty Insurance Co.
GO		General Obligation
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK		John Fitzgerald Kennedy
NPFGC		National Public Finance Guarantee Corp.
NY/NJ		New York/New Jersey
SJH&MC		St. Joseph’s Health and Medical Center
SJHS		St. Joseph Health System
TASC		Tobacco Settlement Asset-Backed Bonds
V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

23 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2018



Assets
Investments, at value (cost $305,740,459) — see accompanying statement of investments	$	281,557,580

Cash		227,210

Receivables and other assets:
Interest		2,206,680
Investments sold on a when-issued or delayed delivery basis		2,079,742
Shares of beneficial interest sold		159,876
Other		136,222

Total assets		286,367,310


Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		19,280,000
Payable for borrowings (See Note 9)		9,600,000
Shares of beneficial interest redeemed		895,246
Dividends		109,471
Trustees’ compensation		66,620
Distribution and service plan fees		43,780
Shareholder communications		6,150
Interest expense on borrowings		4,181
Other		48,607

Total liabilities		30,054,055


Net Assets	$	256,313,255



Composition of Net Assets
Paid-in capital	$	415,533,548

Accumulated net investment income		1,639,193

Accumulated net realized loss on investments		(136,676,607)

Net unrealized depreciation on investments		(24,182,879)

Net Assets	$	256,313,255



Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $162,954,996 and 17,732,158 shares of beneficial interest outstanding)		$9.19

Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$9.65


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $71,387,917 and 7,758,043 shares of beneficial interest outstanding)		$9.20


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $21,970,342 and 2,387,861 shares of beneficial interest outstanding)		$9.20

See accompanying Notes to Financial Statements.

24 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT

OF OPERATIONS For the Year Ended July 31, 2018



Investment Income
Interest	$	12,931,444

Expenses
Management fees		1,623,322

Distribution and service plan fees:
Class A		416,189
Class B¹		6,994
Class C		717,803

Transfer and shareholder servicing agent fees:
Class A		170,964
Class B¹		777
Class C		79,794
Class Y		26,093

Shareholder communications:
Class A		13,928
Class B¹		302
Class C		7,486
Class Y		3,199

Borrowing fees		377,335

Legal, auditing and other professional fees		359,619

Interest expense on borrowings		138,780

Interest expense and fees on short-term floating rate notes issued (See Note 4)		112,037

Trustees’ compensation		3,710

Custodian fees and expenses		2,795

Other		11,342

Total expenses		4,072,469

Net Investment Income		8,858,975

Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(17,751,789)

Net change in unrealized appreciation/depreciation on investment transactions		17,551,210

Net Increase in Net Assets Resulting from Operations	$	8,658,396

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

25 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2018		Year Ended July 31, 2017

Operations
Net investment income	$	8,858,975	$	14,549,519

Net realized gain (loss)		(17,751,789)		762,842

Net change in unrealized appreciation/depreciation		17,551,210		(27,232,735)

Net increase (decrease) in net assets resulting from operations		8,658,396		(11,920,374)


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(5,547,022)		(9,969,457)
Class B¹		(20,939)		(77,318)
Class C		(2,065,669)		(4,031,761)
Class Y		(914,187)		(1,454,078)

		(8,547,817)		(15,532,614)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(45,576,678)		(32,878,334)
Class B¹		(1,609,917)		(1,052,793)
Class C		(26,229,722)		(18,824,104)
Class Y		(14,241,261)		10,270,816

		(87,657,578)		(42,484,415)


Net Assets
Total decrease		(87,546,999)		(69,937,403)

Beginning of period		343,860,254		413,797,657

End of period (including accumulated net investment income of $1,639,193 and $540,374, respectively)	$	256,313,255	$	343,860,254

1. Effective June 1, 2018 all Class B shares converted to Class A Shares.

See accompanying Notes to Financial Statements.

26 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT

OF CASH FLOWS For the Year Ended July 31, 2018



Cash Flows from Operating Activities
Net increase in net assets from operations	$	8,658,396

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(68,359,752)
Proceeds from disposition of investment securities		168,338,432
Short-term investment securities, net		(4,740,676)
Premium amortization		1,353,902
Discount accretion		(1,260,547)
Net realized loss on investment transactions		17,751,789
Net change in unrealized appreciation/depreciation on investment transactions		(17,551,210)
Change in assets:
Increase in other assets		(7,829)
Decrease in interest receivable		672,799
Decrease in receivable for securities sold		2,323,468
Change in liabilities:
Decrease in other liabilities		(64,598)
Decrease in payable for securities purchased		(1,165,990)

Net cash provided by operating activities		105,948,184


Cash Flows from Financing Activities
Proceeds from borrowings		128,700,000
Payments on borrowings		(138,700,000)
Payments/proceeds on short-term floating rate notes issued		405,000
Proceeds from shares sold		21,504,571
Payments on shares redeemed		(117,023,068)
Cash distributions paid		(1,159,809)

Net cash used in financing activities		(106,273,306)

Net decrease in cash		(325,122)

Cash, beginning balance		552,332

Cash, ending balance	$	227,210

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $7,498,899.

Cash paid for interest on borrowings—$151,852.

Cash paid for interest on short-term floating rate notes issued—$112,037.

See accompanying Notes to Financial Statements.

27 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$9.02		$9.70		$9.34		$9.67	$9.60

Income (loss) from investment operations:
Net investment income¹		0.29		0.38		0.43		0.48	0.52
Net realized and unrealized gain (loss)		0.16		(0.66)		0.40		(0.31)	0.07

Total from investment operations		0.45		(0.28)		0.83		0.17	0.59

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.28)		(0.40)		(0.47)		(0.50)	(0.52)

Net asset value, end of period		$9.19		$9.02		$9.70		$9.34	$9.67



Total Return, at Net Asset Value²		5.22%		(3.01)%		9.25%		1.64%	6.40%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$162,955		$207,958		$257,608		$263,873	$306,172

Average net assets (in thousands)		$170,793		$231,289		$260,521		$301,779	$326,496

Ratios to average net assets³
Net investment income		3.36%		4.05%		4.55%		4.89%	5.58%
Expenses excluding specific expenses listed below		1.07%		0.90%		0.87%		0.87%	0.83%
Interest and fees from borrowings		0.19%		0.13%		0.22%		0.23%	0.15%
Interest and fees on short-term floating rate notes issued⁴		0.04%		0.06%		0.04%		0.07%	0.08%

Total expenses		1.30%		1.09%		1.13%		1.17%	1.06%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.30%		1.09%		1.13%		1.17%	1.06%⁵

Portfolio turnover rate		23%		9%		11%		7%	30%

28 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

29 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class C	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$9.04		$9.71		$9.35		$9.68		$9.61

Income (loss) from investment operations:
Net investment income¹		0.24		0.31		0.36		0.40		0.45
Net realized and unrealized gain (loss)		0.15		(0.64)		0.40		(0.30)		0.06

Total from investment operations		0.39		(0.33)		0.76		0.10		0.51

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.23)		(0.34)		(0.40)		(0.43)		(0.44)

Net asset value, end of period		$9.20		$9.04		$9.71		$9.35		$9.68



Total Return, at Net Asset Value²		4.41%		(3.70)%		8.54%		0.87%		5.60%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$71,388		$97,517		$124,488		$131,468		$142,154

Average net assets (in thousands)		$79,705		$112,466		$125,656		$142,243		$150,721

Ratios to average net assets:³
Net investment income		2.70%		3.36%		3.80%		4.06%		4.83%
Expenses excluding specific expenses listed below		1.73%		1.62%		1.61%		1.62%		1.59%
Interest and fees from borrowings		0.19%		0.13%		0.22%		0.23%		0.15%
Interest and fees on short-term floating rate notes issued⁴		0.04%		0.06%		0.04%		0.07%		0.08%

Total expenses		1.96%		1.81%		1.87%		1.92%		1.82%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.96%		1.81%		1.87%		1.92%		1.82%⁵

Portfolio turnover rate		23%		9%		11%		7%		30%

30 OPPENHEIMER ROCHESTER NEW JERSEY 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 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.

31 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$9.04		$9.71		$9.35		$9.68		$9.60

Income (loss) from investment operations:
Net investment income¹		0.32		0.38		0.44		0.49		0.54
Net realized and unrealized gain (loss)		0.14		(0.63)		0.40		(0.30)		0.07

Total from investment operations		0.46		(0.25)		0.84		0.19		0.61

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30)		(0.42)		(0.48)		(0.52)		(0.53)

Net asset value, end of period		$9.20		$9.04		$9.71		$9.35		$9.68



Total Return, at Net Asset Value²		5.35%		(2.83)%		9.51%		1.79%		6.66%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$21,970		$36,708		$28,817		$23,579		$23,842

Average net assets (in thousands)		$26,034		$32,570		$23,906		$25,005		$20,998

Ratios to average net assets:³
Net investment income		3.61%		4.10%		4.66%		5.02%		5.71%
Expenses excluding specific expenses listed below		0.83%		0.73%		0.71%		0.72%		0.69%
Interest and fees from borrowings		0.19%		0.13%		0.22%		0.23%		0.15%
Interest and fees on short-term floating rate notes issued⁴		0.04%		0.06%		0.04%		0.07%		0.08%

Total expenses		1.06%		0.92%		0.97%		1.02%		0.92%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.06%		0.92%		0.97%		1.02%		0.92%⁵

Portfolio turnover rate		23%		9%		11%		7%		30%

32 OPPENHEIMER ROCHESTER NEW JERSEY 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 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

NOTES TO FINANCIAL STATEMENTS July 31, 2018

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 were permitted. Reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds were permitted through May 31, 2018. Effective June 1, 2018 (the “Conversion Date”), all Class B shares converted to Class A shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, 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 and C shares have, and Class B shares had, separate distribution and/or service plans under which they pay, and Class B shares paid, fees. Class I and Class Y shares do not pay such fees. Previously issued Class B shares automatically converted 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

34 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

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, 2018, 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.

35 OPPENHEIMER ROCHESTER NEW JERSEY 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

$4,116,610		$—		$136,672,359		$22,786,564

1. At period end, the Fund had $136,672,359 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

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

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

4. During the reporting period, $22,257,929 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

$22,257,929		$787,661		$21,470,268

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2018		Year Ended July 31, 2017

Distributions paid from:
Exempt-interest dividends	$	8,341,469	$	15,041,090
Ordinary income		206,348		491,524

Total	$	8,547,817	$	15,532,614

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

36 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

gain or loss.


Federal tax cost of securities	$	284,406,897¹

Gross unrealized appreciation	$	12,614,349
Gross unrealized depreciation		(35,400,913)

Net unrealized depreciation	$	(22,786,564)

1. The Federal tax cost of securities does not include cost of $19,937,247, 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.

New Accounting Pronouncement. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager is evaluating the impacts of these changes on the 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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

Valuation Methods and Inputs

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

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt

37 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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

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

Classifications

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

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

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated

38 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

3. Securities Valuation (Continued)

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	$	—	$	197,407,253	$	—	$	197,407,253
New York		—		19,582,924		—		19,582,924
U.S. Possessions		—		64,567,403		—		64,567,403

Total Assets	$	—	$	281,557,580	$	—	$	281,557,580

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

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

4. Investments and Risks

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, 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

39 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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.

40 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

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.

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

41 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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 $28,960,250 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $19,280,000 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

$ 1,250,000	NJ GO Tender Option Bond Series 2017-XF0553-1 Trust		12.030%		6/1/27	$	2,028,575
1,250,000	NJ GO Tender Option Bond Series 2017-XF0553-2 Trust		12.030		6/1/28		1,958,013
1,585,000	Rutgers State University NJ Tender Option Bond Series 2015-XF2105 Trust		12.572		5/1/29		2,311,231
1,345,000	Rutgers State University NJ Tender Option Bond Series 2015-XF2105-2 Trust		12.590		5/1/30		1,950,021
1,000,000	Rutgers State University NJ Tender Option Bond Series 2015-XF2105-3 Trust		12.590		5/1/38		1,432,410

						$	9,680,250

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).

42 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

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 $19,280,000 or 6.73% 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 sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions

Sold securities		$ 2,079,742

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 and/or principal payment

43 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

(“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 may 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	$	54,350,088
Market Value	$	27,675,647
Market Value as % of Net Assets		10.80%

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 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.

44 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

5. Market Risk Factors (Continued)

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, 2018				Year Ended July 31, 2017
	Shares		Amount		Shares		Amount
Class A
Sold¹		1,247,452	$	10,931,851		2,501,657	$	23,393,526
Dividends and/or distributions reinvested		544,997		4,746,712		899,783		8,406,903
Redeemed		(7,103,366)		(61,255,241)		(6,922,609)		(64,678,763)
Net decrease		(5,310,917)	$	(45,576,678)		(3,521,169)	$	(32,878,334)


Class B
Sold		—	$	—		166	$	1,509
Dividends and/or distributions reinvested		2,409		20,887		7,818		73,424
Redeemed¹		(187,602)		(1,630,804)		(119,541)		(1,127,726)
Net decrease		(185,193)	$	(1,609,917)		(111,557)	$	(1,052,793)


Class C
Sold		403,037	$	3,471,733		677,554	$	6,313,913
Dividends and/or distributions reinvested		216,093		1,882,421		354,830		3,318,598
Redeemed		(3,652,882)		(31,583,876)		(3,062,135)		(28,456,615)
Net decrease		(3,033,752)	$	(26,229,722)		(2,029,751)	$	(18,824,104)


Class Y
Sold		808,666	$	7,129,287		2,435,390	$	22,697,741
Dividends and/or distributions reinvested		97,328		848,879		140,507		1,309,757
Redeemed		(2,581,033)		(22,219,427)		(1,480,370)		(13,736,682)
Net increase (decrease)		(1,675,039)	$	(14,241,261)		1,095,527	$	10,270,816

1. All outstanding Class B shares converted to Class A shares on June 1, 2018.

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term

45 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Purchases and Sales of Securities (Continued)

obligations, for the reporting period were as follows:


	Purchases		Sales
Investment securities	$	68,359,752	$	168,338,432

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 0.59% of average annual net assets before any applicable waivers.

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

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

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

46 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

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		3,220
Accumulated Liability as of July 31, 2018		27,763

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.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

47 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

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 C shares’ daily net assets. The Fund paid the Distributor an annual asset-based sales charge of 0.75% on Class B shares prior to their Conversion Date. The Fund also pays a service fee under the Plans at an annual rate of 0.15% of daily net assets and previously paid this fee for Class B prior to their Conversion Date. 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 B¹Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
July 31, 2018		$10,193		$2,890		$1,694		$3,208

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

9. Borrowings and Other Financing

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

The Fund 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

48 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

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 (2.1405% 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 0.15% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 2.1405%.

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


Average Daily Loan Balance	$	9,128,493
Average Daily Interest Rate		1.613	%
Fees Paid	$	287,945
Interest Paid	$	151,852

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.

49 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

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 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		$	108,466

50 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Multi-State Municipal Trust:

Opinion on the Financial Statements

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, 2018, 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 related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations and its 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.

Basis for Opinion

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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

September 27, 2018

51 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 97.59% 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.

52 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

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

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. 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.

53 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 the Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. If the Fund (or an underlying fund in which the Fund invests) invests in real estate investment trusts (REITs) and/or master limited partnerships (MLPs), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and/or MLPs in which the Fund (or underlying fund) invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

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


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

Oppenheimer Rochester New Jersey Municipal Fund		2/20/18		85.2%		0.0%		14.8%

Oppenheimer Rochester New Jersey Municipal Fund		5/22/18		94.3%		0.0%		5.7%

Oppenheimer Rochester New Jersey Municipal Fund		7/24/18		81.9%		0.0%		18.1%

54 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/
Fund, Length of Service, Year of		Directorships Held.
Birth

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. Each of the Trustees in the chart below oversees 48 portfolios in the OppenheimerFunds complex.

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. (registered business development company) (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). 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		Director, Board of Directors of Caron Engineering Inc. (since January 2018); Advisor, Board of Advisors of Caron Engineering Inc. (December 2014-December 2017); 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). 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		Director of THL Credit, Inc. (since November 2016) (alternative credit investment manager); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (April 2012-September 2016); 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) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster

55 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Edmund P. Giambastiani, Jr., Continued		Worldwide, Inc. (career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (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); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-October 2007); Supreme Allied Commander of NATO Allied Command Transformation (2003- 2005) and 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. 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		Trustee of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member (since April 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). 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). 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.

56 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 and Investment Committee 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). 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 Simon & Co. (wealth management), LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (healthcare) (since November 2012); Advisory Board Director of The Alberleen Group LLC (investment banking) (since March 2012); Governing Council Member (since 2016) and Chair of Education Committee (since 2017) of Independent Directors Council (IDC) (since 2016); Board Member of 100 Women in Finance (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Director of The Komera Project (non-profit) (April 2012-2016); New York Advisory Board Director of Peace First (non-profit) (March 2010-2013); 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 (investment banking): 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). 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.

57 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 (since January 2015) and Treasurer and Chairman of the Audit Committee and Finance Committee (since January 2016) of Board of Trustees of Huntington Disease Foundation of America; 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-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).

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. 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.

58 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		Senior Portfolio Manager of the Sub-Adviser (since January 2017); Vice President and Portfolio Manager of the Sub-Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016); Associate Portfolio Manager of the Sub-Adviser (June 2013-January 2016); Portfolio Research Analyst of the Sub-Adviser (June 2011 to June 2013); Credit Analyst of the Sub-Adviser (May 2007 to May 2011). She was a Risk Management Analyst at Manning & Napier Associates (September 2006-May 2007); Analyst/Trading Assistant at The Baupost Group (August 2000-March 2006). 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).

59 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, 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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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).

60 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

61 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

PRIVACY NOTICE

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

Information Sources

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

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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.

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

62 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Internet Security and Encryption

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

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

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

63 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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RA0395.001.0718 September 27, 2018

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Table of Contents



Fund Performance Discussion			3

Top Holdings and Allocations			12

Fund Expenses			17

Statement of Investments			19

Statement of Assets and Liabilities			29

Statement of Operations			30

Statement of Changes in Net Assets			31

Statement of Cash Flows			32

Financial Highlights			33

Notes to Financial Statements			39

Report of Independent Registered Public Accounting Firm			57

Federal Income Tax Information			58

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			59

Distribution Sources			60

Trustees and Officers			61

Privacy Notice			68

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/18


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond Index
1-Year	3.84%	-1.10%	0.99%
5-Year	5.22	4.20	3.76
10-Year	5.21	4.69	4.41

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

Our Twitter handle is @RochesterFunds.

2 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Fund Performance Discussion

Oppenheimer Rochester Pennsylvania Municipal Fund once again generated high levels of tax-free income during the 12-month reporting period that ended July 31, 2018. The Class A shares provided a yield-driven, annual total return of 3.84% at net asset value (NAV) and a distribution yield of 3.47% at NAV. The Fund outperformed the Bloomberg Barclays Municipal Bond Index, its benchmark, by 285 basis points. Tax-free income comprised 100% of this fund’s total return this reporting period, further evidence supporting our focus on yield as the long-term driver of Fund performance.

MARKET OVERVIEW

The average distribution yield in Lipper’s Pennsylvania Debt Funds category was 3.24% at the end of this reporting period. At 3.47%, the distribution yield at NAV for this Fund’s Class A shares was 23 basis points higher than the category average.

The target range, which was set to the range of zero to 0.25% between December 2008 and December 2015, has had six increases of 0.25 percentage points to date.


YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		3.47%
Dividend Yield with sales charge		3.30
Standardized Yield		2.65
Taxable Equivalent Yield		4.63
Last distribution (7/24/18)	$	0.030
Total distributions (8/1/17 to 7/31/18)	$	0.420

Endnotes for this discussion begin on page 14 of this report.

3 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

During this reporting period, the muni market’s reactions to the Fed’s announcements did not appear to be especially significant or lasting.

curve. The Treasury curve continued to flatten during this reporting period, giving investors in government securities fewer incentives to purchase longer-maturity bonds; a flatter curve typically reflects an expectation of rising rates. The muni yield curve remained relatively flat as of July 31, 2018; it was somewhat steeper at the outset of this reporting period than at the end. As a result of the changes in the two yield curves, as of end of July, 30-year AAA-rated munis were considered cheap to 30-year Treasuries.

On a nominal basis, Treasury yields were higher than the yields on AAA-rated munis with comparable maturities as of July 31, 2018. Nonetheless, a AAA-rated muni with a maturity of 10 years would provide more income on an after-tax basis than a 10-year Treasury security for Philadelphia taxpayers in all but the lowest 2018 tax bracket; everywhere else in Pennsylvania, the muni would provide more after-tax income than the Treasury in all but the two lowest 2018 federal tax brackets. (Philadelphia levies a city income tax rate of 3.89%, which makes a municipal bond’s after-tax income advantage even more pronounced.) The yields on the 30-year Treasury and AAA-rated muni were virtually identical at the end of this reporting period, meaning that nearly every taxpayer would earn more on an after-tax basis by investing in the muni versus the Treasury. Treasury bonds are backed by the full faith and credit of the U.S. government, while municipal securities are exempt from federal income taxes and, where applicable, state and local income taxes as well.

4 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Pennsylvania’s governor, Tom Wolf, signed a $32.7 billion fiscal 2019 spending plan in June 2018, his first on-time budget package since taking office in January 2015. Commonwealth officials said they achieved $100 million in annual savings from procurement efficiencies, contract renewal reductions, and live, reverse auctions for contracts. The governor also introduced initiatives designed to create recurring savings of $2.2 billion, among them: downsizing facilities, consolidating agencies, and merging human resources and internet technology across all state agencies. Gov. Wolf also announced a $22 million deposit into the state’s rainy-day fund, exceeding pre-budget estimates by $8 million. The governor expects this deposit, the first in nearly a decade, to resonate with bond rating agencies.

The ruling by the U.S. Supreme Court in South Dakota vs. Wayfair requiring certain online retailers to collect taxes will likely bolster the legality of the Marketplace Sales Act, which the Legislature passed as part of the 2017-2018 budget, according to The Allentown Morning Call. The Act will require companies that sell at least $10,000 of merchandise annually to Pennsylvania residents via a

website or online retail platform to collect and remit sales taxes. The taxes could be collected at the point of sale or retailers could send annual tax notices to their customers and to the Pennsylvania Revenue Department. In 2020, taxpayers would need to report these taxes on their tax returns. The Morning Call also reported that online sales to Pennsylvanians are forecast to generate more than $40 million in revenues annually.

Pennsylvania came to market in May 2018 with $1.2 billion of general obligation (G.O.) bonds. Proceeds will fund Growing Greener Projects, a program that includes a variety of sustainable initiatives; the Pennsylvania Infrastructure Investment Authority (Pennvest); and various capital facilities projects.

While the future of Philadelphia’s beverage tax is being argued in the State Supreme Court, Mayor Jim Kenney has requested that the city move forward with planned capital enhancements funded by the controversial policy and already approved in the city’s 2018 fiscal budget. Revenues from the 1.5 cent-per-ounce tax on sugary beverages, which went into effect January 2017, are slated to fund the majority of Philadelphia’s Rebuilding Community Infrastructure initiative to make capital improvements to parks, recreation centers, and libraries. Construction on several projects is set to start later in 2018, and the city has plans to initiate a larger set if the beverage tax is upheld by the State Supreme Court.

5 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Pittsburgh has terminated its status as a distressed municipality after 14 years under the state’s Act 47 program, which provides fiscal management oversight, technical assistance, planning, and financial aid to municipalities experiencing severe fiscal distress. Boosted by a recent surge in the city’s technology and medical sectors, stabilized finances, and healthy surpluses, Pittsburgh is the second city and 14th municipality to exit the program.

As of July 31, 2018, Pennsylvania’s G.O. bonds were rated Aa3 with a stable outlook by Moody’s Investors Service, A-plus with a stable outlook by S&P Global Ratings (S&P), and AA-minus with a negative outlook by Fitch Ratings. G.O.s are backed by the full faith and taxing authority of the state or local government that issues them.

Commonwealth (in aggregate) have rallied during this reporting period.

In July 2018, a board shakeup ensued after Gov. Ricardo Rosselló Nevares appointed Rafael Diaz-Granados as PREPA’s new executive director, replacing Walter Higgins, who held the position for four months. Diaz-Granados quit after one day over a pay dispute, and four other board members also resigned in protest. Jose Ortiz, who had previously led PRASA, the Commonwealth’s aqueduct and sewer authority, returned to PREPA; he had been the board’s chairman from 2011 to 2013. Ortiz became the fifth person to lead PREPA since the hurricane hit.

6 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Congress to provide PREPA with $30 billion for modernization efforts.

As anticipated, Hurricane Maria had an adverse impact on sales and use tax (SUT) collections during fiscal year 2018, which ended June 30. At $2.52 billion for the fiscal year ended June 30, 2018, SUT collections were 1.2% lower than in the previous fiscal year. The ruling by the U.S. Supreme Court in South Dakota vs. Wayfair is expected to increase Puerto Rico’s sales tax collections by an estimated $40 million annually, according to Puerto Rico’s Treasury Department.

approved the segregating SUT collections into three separate pools, as stipulated in the agreement. Among other provisions, the agreement calls for bondholders to receive the $1.2 billion in unpaid debt service that the Bank of New York-Mellon, the COFINA trustee, has amassed. Very early in this reporting period, the Commonwealth said its deposits with the BoNY trustee had already satisfied its fiscal 2018 requirements related to the COFINA debt.

7 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Among the ongoing issues are debt-service obligations, pensions, Law 80 (the repeal of which would allow at-will employment), and Christmas bonuses for public sector employees.

On June 30, 2018, the oversight board certified a budget for Puerto Rico, allocating $8.76 billion for the general fund and $20.7 billion for the consolidated budget. The next month, both the governor and legislative leaders filed lawsuits claiming that the oversight board was overstepping its authority. These suits followed the board’s rejection of the budget that the Legislature had passed. The oversight board cited the PROMESA provisions that allow it to impose its own budget if the government does not submit a compliant budget; government officials, meanwhile, argue that the board is trying to set public policy.

8 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

forward, strengthen its economy and improve the quality of life of its residents while providing investors with an appropriate return.

FUND PERFORMANCE

Oppenheimer Rochester Pennsylvania Municipal Fund held more than 250 securities as of July 31, 2018. 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 4.2 cents per share at the outset, was reduced several times over the reporting period, ending at 3.0 cents per share beginning with the June 2018 payout. In all, the Fund distributed 42.0 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 Fund’s 10 largest sectors were among the 10 strongest sectors this reporting period. The Fund’s performance this reporting period was primarily driven by its holdings of sales tax revenue. Debt-service payments on securities in this sector, almost all of which were issued in Puerto Rico and one issued in the US Virgin Islands, are paid using the

issuing municipality’s sales tax revenue. Securities in tobacco bonds were the second strongest performer this reporting period.

These high-yielding bonds, which are backed by proceeds from the landmark 1998 Master Settlement Agreement (MSA), were the Fund’s third largest sector as of July 31, 2018. The Fund’s first, second, fifth, eighth, and ninth-largest sectors (education, higher education, US government obligations, student housing, and highways/commuter facilities, respectively) were also ranked among the 10 best-performing sectors.

Research-based security selection continued to be a factor in the strong performance of these sectors. The investment-grade bonds we hold in the higher education sector, five of which were invested in Puerto Rico, have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest. This sector was the Fund’s third strongest contributor to performance.

Bonds in the education sector, the Fund’s fourth strongest performer and largest sector overall this reporting period, primarily finance the infrastructure needs of a variety of charter schools around the state. The U.S. Government Obligations sector, the Fund’s fifth strongest performer, includes any securities held by the Fund that have been pre-refunded. In a refunding, new securities with lower coupon rates are sold by a municipality to pay off debt that has higher interest rates; the proceeds are escrowed in

9 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

U.S. Treasury bonds and earmarked to pay off the previously issued bonds. The student housing sector, which was the sixth strongest this reporting period, tends to perform well because the nation’s colleges and universities typically have predictable student populations and thus accurate revenue forecasts. The highway/commuter facilities sector was the Fund’s tenth strongest performer this reporting period. Bonds in this sector are used to build and maintain roadways and highway amenities.

Three sectors detracted slightly from the Fund’s performance this reporting period, though in aggregate performance was reduced less than 1.5 percentage point by the underperforming sectors. The detractors as of July 31, 2018, includes G.O. bonds (the Fund’s fourth largest), as well as municipal leases, and electric utilities. These sectors were adversely affected by developments in Puerto Rico, as discussed above.

Puerto Rico are insured. A complete listing of securities held by this Fund can be found in this report’s Statement of Investments.

INVESTMENT STRATEGY

The Oppenheimer Municipal Fund Management 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, 2018, 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.

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

10 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

benefit fixed income investors through

interest rate and economic cycles.

Charles S. Pulire, CFA

Vice President and Senior Portfolio

Manager

Charlie Pulire has been named portfolio manager of the Fund. With support as needed from the Oppenheimer Municipal Fund Management Team, Charlie will continue to adhere to a consistent investment approach based on the belief that tax-free yield can help investors achieve their long-term financial objectives even when market conditions fluctuate. The Fund will not be managed based on predictions of interest rate changes. In closing, we believe that the structure and sector composition of this Fund and the use of time-tested strategies will continue to benefit fixed income investors through interest rate and economic cycles.

11 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES


Education	13.6	%
Higher Education	12.6
Tobacco Master Settlement Agreement	11.6
General Obligation	9.4
U.S. Government Obligations	8.7
Hospital/Healthcare	5.7
Sales Tax Revenue	5.4
Housing - Student	5.2
Highways/Commuter Facilities	4.8
Government Appropriation	3.7

Portfolio holdings are subject to change. Percentages are as of July 31, 2018 and are based on total assets.

CREDIT ALLOCATION


	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		0.0%		2.5%		2.5%
AA		16.4		0.0		16.4
A		29.5		0.0		29.5
BBB		17.7		3.2		20.9
BB or lower		20.6		10.1		30.7
Total		84.2%		15.8%		100.0%

12 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Performance

DISTRIBUTION YIELDS

As of 7/31/18


	Without Sales Charge	With Sales Charge
Class A	3.47%	3.30%
Class C	2.87	N/A
Class Y	3.69	N/A

TAXABLE EQUIVALENT YIELDS


As of 7/31/18
Class A		4.63%
Class C		3.72
Class Y		5.27

STANDARDIZED YIELDS


For the 30 Days Ended 7/31/18
Class A		2.65%
Class C		2.13
Class Y		3.02

UNSUBSIDIZED STANDARDIZED YIELDS


For the 30 Days Ended 7/31/18
Class A		2.64%
Class C		2.13
Class Y		3.02

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/18


	Inception Date	1-Year	5-Year	10-Year	Since Inception
Class A (OPATX)	9/18/89	3.84%	5.22%	5.21%	5.57%
Class C (OPACX)	8/29/95	3.07	4.45	4.42	4.33
Class Y (OPAYX)	11/29/10	3.98	5.40	N/A	5.47

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/18


	Inception Date	1-Year	5-Year	10-Year	Since Inception
Class A (OPATX)	9/18/89	-1.10%	4.20%	4.69%	5.40%
Class C (OPACX)	8/29/95	2.08	4.45	4.42	4.33
Class Y (OPAYX)	11/29/10	3.98	5.40	N/A	5.47

13 OPPENHEIMER ROCHESTER PENNSYLVANIA 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 C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares.

Distribution yields for Class A shares are based on dividends of $0.030 for the 28-day accrual period ended July 24, 2018. 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 24, 2018; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0248 and $0.0319, respectively, for the 28-day accrual period ended July 24, 2018 and on the corresponding net asset values on that date.

14 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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, 2018 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 then annualized. Falling share prices will tend to artificially raise yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended July 31, 2018. The calculation excludes any expense reimbursements and thus may result in a lower yield.

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 60 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 2018 top federal and Pennsylvania tax rate of 42.73%. 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.

15 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

16 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, 2018.

17 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Actual	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During 6 Months Ended July 31, 2018
Class A	$ 1,000.00	$ 1,096.60	$ 6.20
Class C	1,000.00	1,093.40	9.64
Class Y	1,000.00	1,097.90	4.95

Hypothetical (5% return before expenses)
Class A	1,000.00	1,018.89	5.97
Class C	1,000.00	1,015.62	9.29
Class Y	1,000.00	1,020.08	4.77


Class	Expense Ratios
Class A		1.19%
Class C		1.85
Class Y		0.95

18 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2018


Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—108.2%
Pennsylvania—82.1%
$11,500,000	Allegheny County, PA GO¹		5.000	%		11/01/2041	$	12,971,770
4,960,000	Allegheny County, PA GO¹		5.000			11/01/2043		5,646,166
35,000	Allegheny County, PA HDA (UPMC Health System)¹		5.375			08/15/2029		36,345
160,000	Allegheny County, PA HDA (UPMC Health System)¹		5.500			08/15/2034		166,115
1,075,000	Allegheny County, PA HEBA (Carlow University)¹		6.000			11/01/2021		1,157,162
1,125,000	Allegheny County, PA HEBA (Carlow University)¹		6.750			11/01/2031		1,294,459
1,000,000	Allegheny County, PA HEBA (Chatham University)¹		5.000			09/01/2035		1,044,160
615,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.000			10/15/2037		670,824
1,500,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.000			10/15/2047		1,621,650
2,250,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.500			10/15/2030		2,373,862
3,650,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.750			10/15/2040		3,851,845
2,355,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.900			10/15/2028		2,376,642
5,000	Allegheny County, PA HEBA (Robert Morris University)¹		6.000			05/01/2028		5,666
2,000,000	Allegheny County, PA HEBA (Robert Morris University)¹		6.000			10/15/2038		2,018,800
1,200,000	Allegheny County, PA IDA (Propel Charter School-East)¹		6.375			08/15/2035		1,251,828
800,000	Allegheny County, PA IDA (Propel Charter School-Montour)^1,2		6.750			08/15/2035		840,352
1,500,000	Allegheny County, PA IDA (Propel Charter School-Sunrise)¹		6.000			07/15/2038		1,565,040
820,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.000			09/01/2021		821,812
1,225,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.100			09/01/2026		1,227,144
530,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.125			09/01/2031		530,514
300,000	Allegheny County, PA IDA (School Facility Devel.)^1,2		5.900			08/15/2026		313,941
10,760,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)¹		5.600			07/01/2023		10,603,550
1,575,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)¹		5.950			01/20/2043		1,603,539
1,220,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)¹		6.100			01/20/2043		1,244,254
1,580,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)¹		6.160			01/20/2043		1,612,817
1,250,000	Allentown, PA City School District¹		5.000			06/01/2036		1,377,400
1,255,000	Allentown, PA City School District¹		5.000			06/01/2037		1,379,295

19 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$375,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)¹		5.000	%		05/15/2037	$	408,619
500,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)¹		5.000			05/15/2042		542,490
600,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)¹		5.000			05/15/2047		648,666
13,400,000	Berks County, PA IDA (THlth/RHosp/BHospital/ CHH/JH/PHospital/PottsH Obligated Group)³		5.000			11/01/2047		14,792,544
6,500,000	Berks County, PA Municipal Authority (Tower Health)³		5.500			11/01/2031		6,791,281
6,500,000	Berks County, PA Municipal Authority (Tower Health)³		5.500			11/01/2031		6,788,812
3,000,000	Bethlehem, PA Area School District¹		5.000			08/01/2035		3,382,230
1,750,000	Bethlehem, PA GO¹		6.500			12/01/2032		1,975,417
480,000	Butler County, PA IDA (Greenview Gardens Apartments)¹		6.000			07/01/2023		480,994
1,760,000	Butler County, PA IDA (Greenview Gardens Apartments)¹		6.250			07/01/2033		1,762,693
50,000	Butler, PA Area School District¹		4.500			10/01/2022		50,261
950,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)¹		6.250			11/15/2041		1,082,962
2,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)¹		7.000			11/15/2046		2,327,540
2,000,000	Chester County, PA H&EFA (Main Line Health System)¹		5.000			10/01/2052		2,223,420
1,000,000	Chester County, PA IDA (West Chester University Student Hsg.)¹		5.000			08/01/2035		1,063,040
1,000,000	Clairton, PA Municipal Authority¹		5.000			12/01/2037		1,067,620
1,220,000	Clarion County, PA IDA (Clarion University Foundation)¹		5.000			07/01/2024		1,302,850
1,310,000	Clarion County, PA IDA (Clarion University Foundation)¹		5.000			07/01/2034		1,376,234
2,430,000	Clarion County, PA IDA (Clarion University of Pennsylvania Hsg.)¹		5.000			07/01/2029		2,576,456
3,500,000	Clarion County, PA IDA (Clarion University of Pennsylvania Hsg.)¹		5.000			07/01/2033		3,688,230
260,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries)¹		6.250			01/01/2024		264,480
1,000,000	Cumberland County, PA Municipal Authority (Dickinson College)¹		5.000			05/01/2031		1,140,260
775,000	Cumberland County, PA Municipal Authority (Dickinson College)¹		5.000			05/01/2032		880,834
3,965,000	Delaware County, PA Authority (Eastern University)¹		5.250			10/01/2032		3,967,617
1,750,000	Delaware County, PA Authority (Elwyn/ElwynNJ/ElwynCA/Family Support Services Obligated Group)¹		5.000			06/01/2037		1,896,755
75,000	Delaware County, PA Authority (MAS/MCMCSPA/ MHH/MHP/MHSSPA Obligated Group)¹		5.375			11/15/2023		77,199

20 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$1,160,000	Delaware County, PA Authority (Neumann College)¹		6.000	%		10/01/2025	$	1,168,712
280,000	Delaware County, PA Authority (Neumann College)¹		6.000			10/01/2030		282,103
1,000,000	Delaware County, PA Authority (Neumann College)¹		6.125			10/01/2034		1,007,710
650,000	Delaware County, PA Authority (Neumann College)¹		6.250			10/01/2038		655,148
1,150,000	Delaware County, PA Authority (Neumann University)¹		5.000			10/01/2025		1,218,896
1,425,000	Delaware County, PA Authority (Neumann University)¹		5.000			10/01/2031		1,541,508
2,305,000	Delaware County, PA Authority (Neumann University)¹		5.000			10/01/2035		2,469,462
1,250,000	Delaware County, PA Authority (Neumann University)¹		5.250			10/01/2031		1,300,450
820,000	East Hempfield Township, PA IDA (Millersville University Student Services)¹		5.000			07/01/2030		887,076
1,000,000	East Hempfield Township, PA IDA (Millersville University Student Services)¹		5.000			07/01/2030		1,068,080
1,060,000	East Hempfield Township, PA IDA (Millersville University Student Services)¹		5.000			07/01/2035		1,131,359
1,250,000	East Hempfield Township, PA IDA (Millersville University Student Services)¹		5.000			07/01/2035		1,321,787
75,000	Erie, PA City School District¹		5.250			03/01/2039		75,206
7,840,000	Erie, PA Higher Education Building Authority (Gannon University)¹		5.000			05/01/2038		8,332,195
1,000,000	Erie, PA Higher Education Building Authority (Gannon University)¹		5.375			05/01/2030		1,040,260
2,565,000	Erie, PA Higher Education Building Authority (Gannon University)¹		5.500			05/01/2040		2,663,009
3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)¹		5.500			03/15/2038		3,014,940
1,450,000	Fayette County, PA Redevel. Authority (Fayette Crossing)¹		7.000			09/01/2019		1,460,512
2,100,000	Lackawanna County, PA GO¹		6.000			09/15/2032		2,193,429
436,444	Lehigh County, PA GPA (Kidspeace Obligated Group)¹		6.000			11/01/2018		438,215
3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)¹		6.000			11/01/2023		3,608,352
2,747,774	Lehigh County, PA GPA (Kidspeace)^1,4		0.000	⁵		02/01/2044		898,440
2,721,970	Lehigh County, PA GPA (Kidspeace)⁴		7.500			02/01/2044		490
3,484,140	Lehigh County, PA GPA (Kidspeace/KC/KNCONY/ KCH/KMAKNC/KNCONM/IRSch Obligated Group)¹		7.500			02/01/2044		3,484,140
1,525,000	Luzerne County, PA GO¹		6.750			11/01/2023		1,614,502
500,000	Luzerne County, PA GO¹		7.000			11/01/2026		530,880
5,000,000	Luzerne County, PA IDA¹		7.750			12/15/2027		5,408,300

21 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$3,115,000	Luzerne County, PA IDA (Pennsylvania-American Water Company)¹		5.500	%		12/01/2039	$	3,266,607
4,000,000	Montgomery County, PA HEHA (Thomas Jefferson University)¹		5.000			09/01/2048		4,448,360
5,425,000	Montgomery County, PA IDA (ARLC/LVE/ATI/ ASCS/AMS Obligated Group)¹		5.000			11/15/2036		5,997,446
300,000	Montgomery County, PA IDA (Philadelphia Presbyterian Homes)¹		6.500			12/01/2025		344,952
4,500,000	Northampton County, PA General Purpose Authority (Lafayette College)¹		5.000			11/01/2047		5,093,685
2,860,000	Northampton County, PA General Purpose Authority (Moravian College)¹		5.000			07/01/2031		3,058,770
2,250,000	Northampton County, PA General Purpose Authority (Moravian College)¹		5.000			10/01/2036		2,452,725
7,785,000	Northampton County, PA General Purpose Authority (St. Luke’s University Health Network)¹		4.000			08/15/2048		7,816,918
1,500,000	Northampton County, PA IDA (Morningstar Senior Living)¹		5.000			07/01/2027		1,558,200
14,826,610	Northampton County, PA IDA (Northampton Generating)^4,6,9		5.000			12/31/2023		4,447,983
2,697,930	Northampton County, PA IDA (Northampton Generating)^4,6,9		5.000			12/31/2023		809,379
16,000,000	PA Commonwealth Financing Authority¹		5.000			06/01/2032		16,793,120
2,000,000	PA Commonwealth Financing Authority¹		5.000			06/01/2035		2,227,020
4,500,000	PA Commonwealth Financing Authority¹		5.000			06/01/2035		5,029,335
3,000,000	PA EDFA (Forum)¹		5.000			03/01/2029		3,196,950
3,000,000	PA EDFA (Philadelphia Biosolids Facility)¹		6.250			01/01/2032		3,136,020
17,715,000	PA Geisinger Authority Health System³		5.000			02/15/2045		19,770,887
115,000	PA GO¹		5.000			06/01/2022		126,675
9,000,000	PA GO³		5.000			06/01/2022		9,912,690
4,055,000	PA GO¹		5.000			07/01/2022		4,473,679
1,245,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.000			11/01/2027		1,260,089
535,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.000			11/01/2042		519,587
3,000,000	PA HEFA (Edinboro University Foundation)¹		5.800			07/01/2030		3,226,470
3,500,000	PA HEFA (Edinboro University Foundation)¹		6.000			07/01/2043		3,777,340
1,300,000	PA HEFA (Gwynedd Mercy College)¹		5.375			05/01/2042		1,355,575
750,000	PA HEFA (Indiana University Foundation)¹		5.000			07/01/2041		834,585
2,650,000	PA HEFA (La Salle University)¹		5.000			05/01/2029		2,844,430
40,000	PA HEFA (Pennsylvania State University)¹		5.000			03/01/2022		40,121
1,400,000	PA HEFA (Shippensburg University Student Services)¹		5.000			10/01/2035		1,456,952
3,000,000	PA HEFA (Shippensburg University)¹		6.000			10/01/2031		3,269,580
7,000,000	PA HEFA (Shippensburg University)¹		6.250			10/01/2043		7,633,640
1,750,000	PA HEFA (St. Francis University)¹		6.000			11/01/2031		1,975,435
2,250,000	PA HEFA (St. Francis University)¹		6.250			11/01/2041		2,557,485
1,000,000	PA HEFA (University Properties Student Hsg.)¹		5.000			07/01/2031		1,083,460
1,000,000	PA HEFA (Ursinus College)¹		5.000			01/01/2029		1,054,100

22 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$1,000,000	PA HEFA (Widener University)¹		5.000	%		07/15/2038	$	1,052,490
5,000,000	PA Public School Building Authority (Harrisburg Area Community College)¹		5.000			10/01/2031		5,288,200
3,500,000	PA Public School Building Authority (School District of Philadelphia)¹		5.000			04/01/2027		3,753,610
4,410,000	PA Public School Building Authority (School District of Philadelphia)¹		5.000			04/01/2028		4,715,260
3,000,000	PA Public School Building Authority (School District of Philadelphia)¹		5.000			04/01/2029		3,198,000
250,000	PA Public School Building Authority (School District of Philadelphia)¹		5.000			04/01/2030		265,698
2,250,000	PA Public School Building Authority (School District of Philadelphia)¹		5.000			04/01/2031		2,383,290
4,780,000	PA Public School Building Authority (School District of Philadelphia)¹		5.000			04/01/2032		5,054,659
1,000,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2029		1,127,890
12,940,000	PA Southcentral General Authority (Wellspan Health Obligated Group)³		6.000			06/01/2029		13,118,716
3,750,000	PA State Public School Building Authority (Philadelphia School District)¹		5.000			06/01/2027		4,269,413
8,795,000	PA State Public School Building Authority (Philadelphia School District)¹		5.000			06/01/2032		9,862,273
4,800,000	PA State Public School Building Authority (Philadelphia School District)¹		5.000			06/01/2036		5,308,848
200,000	PA State Public School Building Authority (Philadelphia School District)¹		5.000			06/01/2036		238,214
1,750,000	PA Turnpike Commission¹		5.000			06/01/2030		1,957,935
500,000	PA Turnpike Commission¹		5.000			12/01/2030		568,520
1,000,000	PA Turnpike Commission¹		5.000			12/01/2031		1,134,210
2,000,000	PA Turnpike Commission¹		5.000			12/01/2032		2,215,620
5,750,000	PA Turnpike Commission¹		5.000			12/01/2040		6,393,482
4,100,000	PA Turnpike Commission¹		5.500	⁵		12/01/2034		4,452,436
900,000	PA Turnpike Commission¹		5.500	⁵		12/01/2034		977,364
5,000,000	PA Turnpike Commission¹		5.500			12/01/2042		5,720,850
570,000	PA Turnpike Commission¹		6.000	⁵		12/01/2034		625,484
610,000	PA Turnpike Commission¹		6.000	⁵		12/01/2034		669,377
2,820,000	PA Turnpike Commission¹		6.000	⁵		12/01/2034		3,087,703
10,000,000	PA Turnpike Commission¹		6.375	⁵		12/01/2038		12,316,000
2,000,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)¹		5.625			01/01/2032		2,218,480
1,835,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)¹		6.500			01/01/2041		2,040,098
1,430,000	Pennsylvania State University¹		5.000			09/01/2041		1,631,644
2,500,000	Pennsylvania State University¹		5.000			09/01/2047		2,866,975
2,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)¹		6.125			03/15/2043		1,826,075
450,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)¹		5.875			04/01/2032		455,787

23 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$500,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)¹		6.250	%		04/01/2042	$	508,435
1,000,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)¹		5.750			11/15/2030		1,023,520
500,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)¹		6.375			11/15/2040		514,740
2,040,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)¹		5.375			06/15/2030		2,121,314
4,000,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)¹		5.625			06/15/2042		4,123,760
1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)¹		6.250			05/01/2033		1,429,670
2,000,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)¹		6.750			06/15/2033		2,181,000
3,090,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)¹		7.000			06/15/2043		3,383,241
9,230,000	Philadelphia, PA Authority for Industrial Devel. (TJU/TJUHS/TJUH/JUP/AHlth/AHlthF/ AMH/LHosp/AriaH/AHSys Obligated Group)¹		5.000			09/01/2047		10,212,257
4,165,000	Philadelphia, PA Authority for Industrial Devel. (University Plaza Associates)¹		5.000			12/01/2058		4,408,944
2,825,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)¹		5.625			07/01/2035		2,827,938
3,500,000	Philadelphia, PA GO¹		5.000			08/01/2035		3,968,650
6,260,000	Philadelphia, PA GO¹		6.500			08/01/2041		6,856,703
250,000	Philadelphia, PA Hsg. Authority¹		5.000			12/01/2021		250,833
1,300,000	Philadelphia, PA Hsg. Authority¹		5.000			05/01/2039		1,434,433
2,415,000	Philadelphia, PA Hsg. Authority¹		5.000			05/01/2042		2,668,551
3,335,000	Philadelphia, PA Hsg. Authority (PHA Headquarters)¹		5.000			05/01/2047		3,658,895
1,000,000	Philadelphia, PA Municipal Authority¹		6.500			04/01/2034		1,033,700
20,000	Philadelphia, PA Parking Authority, Series A¹		5.250			02/15/2029		20,066
10,000,000	Philadelphia, PA School District¹		5.000			09/01/2028		11,348,700
10,000,000	Philadelphia, PA School District¹		5.000			09/01/2029		11,310,500
1,000,000	Philadelphia, PA School District¹		5.000			09/01/2032		1,118,190
5,000	Philadelphia, PA School District¹		6.000			09/01/2038		5,019
5,000	Philadelphia, PA School District¹		6.000			09/01/2038		5,019
45,000	Philadelphia, PA School District¹		6.000			09/01/2038		45,169
1,895,000	Philadelphia, PA Water & Wastewater¹		5.000			10/01/2052		2,116,109
2,690,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)¹		6.130			01/20/2043		2,746,813
4,000,000	Pottsville, PA Hospital Authority (LVHN/LVlyH/ LVHM/SRehC/SRMC/NPHC/SMCSJS/PMCtr/PHSys Obligated Group)¹		5.000			07/01/2041		4,418,560
900,000	Reading, PA Hsg. Auth (Goggle Works Apts.)¹		5.625			06/01/2042		923,301
2,895,000	Reading, PA Hsg. Auth (Goggle Works Apts.)¹		5.875			06/01/2052		2,976,118
1,500,000	Reading, PA School District¹		5.000			03/01/2037		1,677,270
1,500,000	Reading, PA School District¹		5.000			03/01/2038		1,673,730
820,000	Scranton, PA School District¹		5.000			12/01/2034		919,236

24 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$750,000	Scranton, PA School District¹		5.000	%		12/01/2035	$	837,593
2,000,000	Westmoreland County, PA Municipal Authority¹		5.000			08/15/2038		2,230,520
2,600,000	Wilkes-Barre, PA Area School District¹		5.000			08/01/2034		2,904,772
2,125,000	Wilkes-Barre, PA Area School District¹		5.000			08/01/2036		2,360,833
100,000	York County, PA IDA (York Water)¹		4.750			10/01/2036		100,111
								520,970,681

U.S. Possessions—26.1%
700,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		708,981
185,000	Guam Power Authority, Series A¹		5.000			10/01/2023		204,488
235,000	Guam Power Authority, Series A¹		5.000			10/01/2024		257,210
420,000	Guam Power Authority, Series A¹		5.000			10/01/2030		449,404
575,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		559,187
1,155,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,088,587
855,000	Northern Mariana Islands Ports Authority, Series A		6.600			03/15/2028		850,725
3,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2037		2,527,500
810,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		682,425
1,460,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		1,230,050
1,005,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		846,712
1,980,000	Puerto Rico Aqueduct & Sewer Authority		6.125	⁵		07/01/2024		1,687,950
27,270,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		27,448,346
53,320,000	Puerto Rico Children’s Trust Fund (TASC)		7.153	⁷		05/15/2050		5,905,190
826,500,000	Puerto Rico Children’s Trust Fund (TASC)		7.622	⁷		05/15/2057		36,746,190
2,000,000	Puerto Rico Commonwealth GO⁸		5.000			07/01/2020		840,000
3,000,000	Puerto Rico Commonwealth GO⁸		5.125			07/01/2028		1,260,000
2,500,000	Puerto Rico Commonwealth GO⁸		5.375			07/01/2033		1,050,000
5,000,000	Puerto Rico Commonwealth GO⁸		5.500			07/01/2026		2,050,000
7,360,000	Puerto Rico Commonwealth GO⁸		5.500			07/01/2039		3,017,600
9,000,000	Puerto Rico Commonwealth GO⁸		5.750			07/01/2036		3,690,000
3,000,000	Puerto Rico Commonwealth GO⁸		5.750			07/01/2041		1,230,000
15,000	Puerto Rico Commonwealth GO, NPFGC¹		6.000			07/01/2027		15,530
790,000	Puerto Rico Commonwealth GO⁸		6.000			07/01/2028		329,825
13,500,000	Puerto Rico Commonwealth GO⁸		8.000			07/01/2035		5,433,750
403,059	Puerto Rico Electric Power Authority⁸		10.000			07/01/2019		252,920
403,060	Puerto Rico Electric Power Authority⁸		10.000			07/01/2019		252,920
336,338	Puerto Rico Electric Power Authority⁸		10.000			01/01/2021		211,052
336,339	Puerto Rico Electric Power Authority⁸		10.000			07/01/2021		211,053
112,113	Puerto Rico Electric Power Authority⁸		10.000			01/01/2022		70,351
112,113	Puerto Rico Electric Power Authority⁸		10.000			07/01/2022		70,351
3,000,000	Puerto Rico Electric Power Authority, Series A⁸		6.750			07/01/2036		1,852,500
1,435,000	Puerto Rico Electric Power Authority, Series AAA⁸		5.250			07/01/2024		878,938
5,540,000	Puerto Rico Electric Power Authority, Series AAA⁸		5.250			07/01/2027		3,393,250
6,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2025		6,022,260
1,450,000	Puerto Rico Electric Power Authority, Series TT⁸		5.000			07/01/2032		888,125
2,445,000	Puerto Rico Electric Power Authority, Series XX⁸		5.250			07/01/2040		1,497,563

25 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$725,000	Puerto Rico Electric Power Authority, Series ZZ⁸		5.000	%		07/01/2022	$	444,063
1,000,000	Puerto Rico Highway & Transportation Authority⁸		5.300			07/01/2035		607,500
10,000	Puerto Rico Highway & Transportation Authority, Series A⁸		5.000			07/01/2038		2,050
325,000	Puerto Rico Highway & Transportation Authority, Series H⁸		5.000			07/01/2028		66,625
270,000	Puerto Rico Infrastructure⁴		5.000			07/01/2041		28,350
1,400,000	Puerto Rico Infrastructure (Mepsi Campus)⁸		6.500			10/01/2037		283,500
1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		1,115,625
125,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		115,000
185,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		166,500
1,265,000	Puerto Rico Public Buildings Authority⁸		6.000			07/01/2019		510,744
2,070,000	Puerto Rico Public Buildings Authority⁴		6.000			07/01/2041		815,062
1,500,000	Puerto Rico Public Buildings Authority⁸		6.500			07/01/2030		605,625
1,000,000	Puerto Rico Public Buildings Authority⁴		6.750			07/01/2036		403,750
3,000,000	Puerto Rico Public Buildings Authority⁸		10.000			07/01/2034		1,211,250
1,015,000	Puerto Rico Public Buildings Authority, Series D⁸		5.250			07/01/2036		409,806
5,725,000	Puerto Rico Public Finance Corp., Series B⁸		5.500			08/01/2031		157,438
5,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁸		5.375			08/01/2039		2,050,000
950,000	Puerto Rico Sales Tax Financing Corp., Series A⁸		5.500			08/01/2042		389,500
5,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁸		5.750			08/01/2037		2,050,000
5,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁸		6.375			08/01/2039		2,050,000
3,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁸		6.500			08/01/2044		1,230,000
30,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁸		7.276	⁷		08/01/2034		3,537,300
18,015,000	Puerto Rico Sales Tax Financing Corp., Series C⁸		5.711	⁷		08/01/2038		1,782,584
20,130,000	Puerto Rico Sales Tax Financing Corp., Series C⁸		5.750			08/01/2057		16,858,875
5,500,000	Puerto Rico Sales Tax Financing Corp., Series C⁸		6.000			08/01/2039		2,255,000
1,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁸		6.000			08/01/2042		410,000
3,235,000	University of Puerto Rico, Series P		5.000			06/01/2030		2,507,125
1,300,000	University of Puerto Rico, Series Q		5.000			06/01/2030		1,007,500
2,500,000	V.I. Public Finance Authority, Series C		5.000			10/01/2039		2,237,500
2,195,000	V.I. Tobacco Settlement Financing Corp.		6.497	⁷		05/15/2035		637,801
4,150,000	V.I. Tobacco Settlement Financing Corp.		6.872	⁷		05/15/2035		1,092,695
7,000,000	V.I. Tobacco Settlement Financing Corp.		7.622	⁷		05/15/2035		1,843,100
1,475,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2031		1,477,994
								166,070,795

Total Investments, at Value (Cost $750,368,097)—108.2%								687,041,476
Net Other Assets (Liabilities)—(8.2)								(52,324,737	)
Net Assets—100.0%							$	634,716,739

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. 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.

26 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Footnotes to Statement of Investments (Continued)

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

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

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

8. 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.

9. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Notes.

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


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.
BHospital		Brandywine Hospital
CHH		Chestnut Hill Hospital
EDFA		Economic Devel. Finance Authority
ElwynCA		Elwyn California
ElwynNJ		Elwyn New Jersey
GO		General Obligation
GPA		General Purpose Authority
H&EFA		Health and Educational Facilities Authority
HDA		Hospital Devel. Authority
HEBA		Higher Education Building Authority
HEFA		Higher Education Facilities Authority
HEHA		Higher Education and Health Authority
IDA		Industrial Devel. Agency
IRSch		Iron Range School
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JH		Jennersville Hospital
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.
LVHM		Lehigh Valley Hospital-Muhlenberg
LVHN		Lehigh Valley Health Network

27 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

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


LVlyH		Lehigh Valley Hospital
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.
NPHC		Northeastern Pennsylvania Health Corp.
PHospital		Phoenixville Hospital
PHSys		Pocono Health System
PMCtr		Pocono Medical Center
PottsH		Pottstown Hospital
RHosp		Reading Hospital
RR		Residential Resources
RRDC		Residential Resources Devel. Corp.
RRSW		Residential Resources Southwest
SMCSJS		Schuylkill Medical Center South Jackson Street
SRehC		Simpson Retirement Communities
SRMC		Schuylkill Regional Medical Center
TASC		Tobacco Settlement Asset-Backed Bonds
THlth		Tower Health
TJU		Thomas Jefferson University
TJUH		Thomas Jefferson University Hospital
TJUHS		TJUH System
UPMC		University of Pittsburgh Medical Center
V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

28 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2018



Assets
Investments, at value (cost $750,368,097) —see accompanying statement of investments	$	687,041,476

Cash		245,651

Receivables and other assets:
Interest		6,657,461
Investments sold (including $130,000 sold on a when-issued or delayed delivery basis)		4,832,598
Shares of beneficial interest sold		505,746
Other		249,498

Total assets		699,532,430

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		48,565,000
Payable for borrowings (See Note 9)		15,100,000
Shares of beneficial interest redeemed		473,673
Dividends		348,396
Trustees’ compensation		120,276
Distribution and service plan fees		110,812
Interest expense on borrowings		18,122
Shareholder communications		7,283
Other		72,129

Total liabilities		64,815,691

Net Assets	$	634,716,739



Composition of Net Assets
Paid-in capital	$	784,788,579

Accumulated net investment income		2,149,979

Accumulated net realized loss on investments		(88,895,198)

Net unrealized depreciation on investments		(63,326,621)

Net Assets	$	634,716,739



Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $423,210,042 and 40,700,256 shares of beneficial interest outstanding)		$10.40
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$10.92


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $161,664,043 and 15,589,817 shares of beneficial interest outstanding)		$10.37


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $49,842,654 and 4,790,616 shares of beneficial interest outstanding)		$10.40

See accompanying Notes to Financial Statements.

29 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT

OF OPERATIONS For the Year Ended July 31, 2018



Investment Income
Interest	$	34,932,410

Expenses
Management fees		3,488,935

Distribution and service plan fees:
Class A		1,076,898
Class B ¹		9,073
Class C		1,559,909

Transfer and shareholder servicing agent fees:
Class A		443,886
Class B ¹		1,008
Class C		173,572
Class Y		45,878

Shareholder communications:
Class A		18,734
Class B ¹		337
Class C		9,271
Class Y		2,253

Borrowing fees		768,923

Legal, auditing and other professional fees		618,718

Interest expense on borrowings		397,022

Interest expense and fees on short-term floating rate notes issued (See Note 4)		218,382

Trustees’ compensation		8,951

Custodian fees and expenses		4,661

Other		13,054

Total expenses		8,859,465

Net Investment Income		26,072,945


Realized and Unrealized Gain (Loss)

Net realized loss on investment transactions		(39,669,100)

Net change in unrealized appreciation/depreciation on investment transactions		31,315,112

Net Increase in Net Assets Resulting from Operations	$	17,718,957

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

30 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2018		Year Ended July 31, 2017

Operations
Net investment income	$	26,072,945	$	32,872,346

Net realized loss		(39,669,100)		(9,483,626)

Net change in unrealized appreciation/depreciation		31,315,112		(1,942,210)

Net increase in net assets resulting from operations		17,718,957		21,446,510


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(18,501,626)		(26,488,471)
Class B¹		(37,707)		(175,422)
Class C		(6,124,203)		(9,427,119)
Class Y		(2,018,635)		(2,143,487)

		(26,682,171)		(38,234,499)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(71,558,257)		(14,663,846)
Class B¹		(2,593,497)		(2,888,195)
Class C		(35,340,354)		(16,468,612)
Class Y		(3,952,301)		24,874,445

		(113,444,409)		(9,146,208)


Net Assets
Total decrease		(122,407,623)		(25,934,197)

Beginning of period		757,124,362		783,058,559

End of period (including accumulated net investment income (loss) of $2,149,979 and $(1,280,355), respectively)	$	634,716,739	$	757,124,362

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

31 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT

OF CASH FLOWS For the Year Ended July 31, 2018



Cash Flows from Operating Activities
Net increase in net assets from operations	$	17,718,957

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(91,297,678)
Proceeds from disposition of investment securities		187,694,157
Short-term investment securities, net		(11,180,699)
Premium amortization		3,455,543
Discount accretion		(7,459,587)
Net realized loss on investment transactions		39,669,100
Net change in unrealized appreciation/depreciation on investment transactions		(31,315,112)
Change in assets:
Decrease in other assets		13,160
Decrease in interest receivable		764,832
Decrease in receivable for securities sold		1,287,128
Change in liabilities:
Decrease in other liabilities		(31,568)
Decrease in payable for securities purchased		(7,376,480)

Net cash provided by operating activities		101,941,753


Cash Flows from Financing Activities
Proceeds from borrowings		198,300,000
Payments on borrowings		(183,200,000)
Payments/proceeds on short-term floating rate notes issued		23,105,000
Proceeds from shares sold		68,287,885
Payments on shares redeemed		(205,327,659)
Cash distributions paid		(3,535,560)

Net cash used in financing activities		(102,370,334)

Net decrease in cash		(428,581)

Cash, beginning balance		674,232

Cash, ending balance	$	245,651

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $23,431,610.

Cash paid for interest on borrowings—$379,269.

Cash paid for interest on short-term floating rate notes issued—$218,382.

See accompanying Notes to Financial Statements.

32 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$10.44		$10.67		$10.49		$10.38	$10.53

Income (loss) from investment operations:
Net investment income¹		0.41		0.47		0.59		0.63	0.67
Net realized and unrealized gain (loss)		(0.03)		(0.16)		0.20		0.09	(0.22)

Total from investment operations		0.38		0.31		0.79		0.72	0.45

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.42)		(0.54)		(0.61)		(0.61)	(0.60)

Net asset value, end of period		$10.40		$10.44		$10.67		$10.49	$10.38



Total Return, at Net Asset Value²		3.84%		2.96%		7.84%		6.98%	4.57%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$423,210		$500,340		$526,247		$552,146	$586,870

Average net assets (in thousands)		$443,594		$509,600		$537,284		$589,000	$624,096

Ratios to average net assets:³
Net investment income		4.09%		4.50%		5.59%		5.93%	6.60%
Expenses excluding specific expenses listed below		0.97%		0.83%		0.80%		0.77%	0.76%
Interest and fees from borrowings		0.18%		0.11%		0.11%		0.11%	0.14%
Interest and fees on short-term floating rate notes issued⁴		0.03%		0.06%		0.06%		0.07%	0.13%

Total expenses		1.18%		1.00%		0.97%		0.95%	1.03%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.18%		1.00%		0.97%		0.95%	1.03%⁵

Portfolio turnover rate		13%		20%		6%		12%	6%

33 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

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 PENNSYLVANIA MUNICIPAL FUND


Class C	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$10.42		$10.64		$10.47		$10.36	$10.51

Income (loss) from investment operations:
Net investment income¹		0.34		0.40		0.51		0.55	0.60
Net realized and unrealized gain (loss)		(0.04)		(0.15)		0.19		0.09	(0.22)

Total from investment operations		0.30		0.25		0.70		0.64	0.38

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.35)		(0.47)		(0.53)		(0.53)	(0.53)

Net asset value, end of period		$10.37		$10.42		$10.64		$10.47	$10.36



Total Return, at Net Asset Value²		3.07%		2.23%		7.06%		6.19%	3.79%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$161,664		$199,497		$220,769		$226,296	$236,269

Average net assets (in thousands)		$173,445		$209,822		$221,129		$239,680	$255,808

Ratios to average net assets:³
Net investment income		3.43%		3.79%		4.84%		5.17%	5.84%
Expenses excluding specific expenses listed below		1.62%		1.56%		1.55%		1.52%	1.52%
Interest and fees from borrowings		0.18%		0.11%		0.11%		0.11%	0.14%
Interest and fees on short-term floating rate notes issued⁴		0.03%		0.06%		0.06%		0.07%	0.13%

Total expenses		1.83%		1.73%		1.72%		1.70%	1.79%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.83%		1.73%		1.72%		1.70%	1.79%⁵

Portfolio turnover rate		13%		20%		6%		12%	6%

35 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

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 PENNSYLVANIA MUNICIPAL FUND


Class Y	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$10.45		$10.68		$10.50		$10.38	$10.53

Income (loss) from investment operations:
Net investment income¹		0.44		0.47		0.60		0.65	0.69
Net realized and unrealized gain (loss)		(0.05)		(0.14)		0.20		0.10	(0.22)

Total from investment operations		0.39		0.33		0.80		0.75	0.47

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.44)		(0.56)		(0.62)		(0.63)	(0.62)

Net asset value, end of period		$10.40		$10.45		$10.68		$10.50	$10.38



Total Return, at Net Asset Value²		3.98%		3.14%		7.99%		7.23%	4.72%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$49,843		$54,584		$30,357		$29,137	$26,322

Average net assets (in thousands)		$45,899		$39,973		$28,378		$30,378	$28,437

Ratios to average net assets:³
Net investment income		4.33%		4.53%		5.73%		6.07%	6.75%
Expenses excluding specific expenses listed below		0.72%		0.65%		0.65%		0.62%	0.62%
Interest and fees from borrowings		0.18%		0.11%		0.11%		0.11%	0.14%
Interest and fees on short-term floating rate notes issued⁴		0.03%		0.06%		0.06%		0.07%	0.13%

Total expenses		0.93%		0.82%		0.82%		0.80%	0.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.93%		0.82%		0.82%		0.80%	0.89%

Portfolio turnover rate		13%		20%		6%		12%	6%

37 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

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.

See accompanying Notes to Financial Statements.

38 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2018

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.

Dividends and Distributions to Shareholders. Dividends and distributions to

39 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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

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.

40 OPPENHEIMER ROCHESTER PENNSYLVANIA 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

$6,571,834		$—		$88,806,694		$65,683,244

1. At period end, the Fund had $88,806,694 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

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, $43,078,455 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

Reduction
to Accumulated
Net Investment
Loss

Reduction
to Accumulated Net
Realized Loss
on Investments

$43,078,455

$4,039,560

$39,038,895

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2018		Year Ended July 31, 2017
Distributions paid from:
Exempt-interest dividends	$	26,429,383	$	38,057,756
Ordinary income		252,788		176,743

Total	$	26,682,171	$	38,234,499

41 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	703,770,720¹


Gross unrealized appreciation	$	22,297,854

Gross unrealized depreciation		(87,981,098)

Net unrealized depreciation	$	(65,683,244)

1. The Federal tax cost of securities does not include cost of $48,954,000, 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

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

42 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

3. Securities Valuation (Continued)

Classifications

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

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

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

43 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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	$	—	$	515,713,319	$	5,257,362	$	520,970,681
U.S. Possessions		—		166,070,795		—		166,070,795

Total Assets	$	—	$	681,784,114	$	5,257,362	$	687,041,476

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 into Level 2*		Transfers out of Level 2**		Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	27	$	(4,878,730)	$	4,878,730	$	(27)

Total Assets	$	27	$	(4,878,730)	$	4,878,730	$	(27)

*Transferred from Level 3 to Level 2 due to the availability of market data for this security.

**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

44 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)

“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.

45 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

(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 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

46 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)

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 $28,395,000.

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 $71,174,930 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $48,565,000 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
	$ 4,465,000	Berks County, PA IDA (THlth/RHosp/BHospital/ CHH/JH/PHospital/PottsH Obligated Group) Tender Option Bond Series 2018-XF2533 Trust³		9.655%		11/1/47	$	5,857,544
	3,250,000	Berks County, PA Municipal Authority Tender Option Bond Series 2015-XF2016 Trust³		14.113		11/1/31		3,830,093
	3,545,000	Geisinger, PA Authority (Geisinger Health System) Tender Option Bond Series 2015 XF-0602 Trust		15.520		2/15/45		5,600,887
	3,000,000	PA GO Tender Option Bond Series 2016-XF0534 Trust		9.903		6/1/22		3,912,690

47 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Principal
Amount

Inverse Floater¹

Coupon
Rate²

Maturity
Date

Value

$ 3,230,000

PA Southcentral General Authority (Wellspan Health, York Hospital, Gettysburg Hospital Obligated Group) Tender Option Bond Series 2015-XF2131 Trust³

16.241%

6/1/29

3,408,716

22,609,930

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 $48,565,000 or 6.94% of its total assets at period end.

48 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)

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


	When-Issued or Delayed Delivery Basis Transactions

Sold securities		$ 130,000

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 may 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			$123,663,560
Market Value			$65,392,058
Market Value as % of Net Assets			10.30%

5. Market Risk Factors

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

49 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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.

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.

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, 2018						Year Ended July 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold¹		3,264,565		$	32,744,691			5,257,460		$	55,073,746
Dividends and/or distributions reinvested		1,583,701			15,894,703			2,152,725			22,561,837
Redeemed		(12,061,229	)		(120,197,651	)		(8,819,104	)		(92,299,429	)
Net decrease		(7,212,963	)	$	(71,558,257	)		(1,408,919	)	$	(14,663,846	)

50 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

6. Shares of Beneficial Interest (Continued)


	Year Ended July 31, 2018				Year Ended July 31, 2017
	Shares		Amount		Shares		Amount
Class B
Sold		34	$	343		3,082	$	32,328
Dividends and/or distributions reinvested		3,459		34,714		14,637		153,394
Redeemed¹		(262,554)		(2,628,554)		(292,025)		(3,073,917)
Net decrease		(259,061)	$	(2,593,497)		(274,306)	$	(2,888,195)


Class C
Sold		1,216,982	$	12,191,245		2,001,073	$	20,955,609
Dividends and/or distributions reinvested		562,752		5,632,066		789,856		8,257,664
Redeemed		(5,343,607)		(53,163,665)		(4,378,996)		(45,681,885)
Net decrease		(3,563,873)	$	(35,340,354)		(1,588,067)	$	(16,468,612)


Class Y
Sold		2,307,383	$	23,263,618		3,186,877	$	33,267,075
Dividends and/or distributions reinvested		185,867		1,870,127		182,375		1,912,475
Redeemed		(2,926,787)		(29,086,046)		(988,574)		(10,305,105)
Net increase (decrease)		(433,537)	$	(3,952,301)		2,380,678	$	24,874,445

1. All outstanding Class B shares converted to Class A shares on June 1, 2018.

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	$	91,297,678	$	187,694,157

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 $4 billion			0.35
Over $5 billion			0.33

The Fund’s effective management fee for the reporting period was 0.53% of average annual net assets before any applicable waivers.

51 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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		5,460
Accumulated Liability as of July 31, 2018		47,083

52 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

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 Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C shares, and had previously adopted a similar plan for Class B 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 C shares’ daily net assets. The Fund paid the Distributor an annual asset-based sales charge of 0.75% on Class B shares prior to their Conversion Date. The Fund also pays a service fee under the Plans at an annual rate of 0.15% of daily net assets and previously paid this fee for Class B prior to their Conversion Date. 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.

53 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)


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 Distributor¹		Class C Contingent Deferred Sales Charges Retained by Distributor
July 31, 2018		$54,954		$13,836		$1,055		$20,920

1. All outstanding Class B shares converted to Class A shares on June 1, 2018.

9. Borrowings and Other Financing

54 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

paper issuance rates (2.1405% 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 0.15% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 2.1405%.

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


Average Daily Loan Balance	$	23,661,096
Average Daily Interest Rate		1.658	%
Fees Paid	$	554,613
Interest Paid	$	379,269

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

55 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

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		$	195,696

56 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Multi-State Municipal Trust:

Opinion on the Financial Statements

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, 2018, 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 related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations and its 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.

Basis for Opinion

KPMG LLP

Denver, Colorado

September 27, 2018

57 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 99.05% 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.

58 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

Householding—Delivery of Shareholder Documents

59 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

DISTRIBUTION SOURCES Unaudited

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


Fund Name	Pay Date	Net Income	Net Profit from Sale	Other Capital Sources
Oppenheimer Rochester Pennsylvania Municipal Fund	2/20/18	94.5%	0.0%	5.5%

Oppenheimer Rochester Pennsylvania Municipal Fund	4/24/18	80.8%	0.0%	19.2%

Oppenheimer Rochester Pennsylvania Municipal Fund	5/22/18	80.1%	0.0%	19.9%

Oppenheimer Rochester Pennsylvania Municipal Fund	7/24/18	94.8%	0.0%	5.2%

60 OPPENHEIMER ROCHESTER PENNSYLVANIA 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.

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. Each of the Trustees in the chart below oversees 48 portfolios in the OppenheimerFunds complex.

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. (registered business development company) (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). 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		Director, Board of Directors of Caron Engineering Inc. (since January 2018); Advisor, Board of Advisors of Caron Engineering Inc. (December 2014-December 2017); 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). 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		Director of THL Credit, Inc. (since November 2016) (alternative credit investment manager); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (April 2012-September 2016); 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) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster

61 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Edmund P. Giambastiani, Jr., Continued		Worldwide, Inc. (career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (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); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-October 2007); Supreme Allied Commander of NATO Allied Command Transformation (2003- 2005) and 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. 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		Trustee of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member (since April 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). 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). 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.

62 OPPENHEIMER ROCHESTER PENNSYLVANIA 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 and Investment Committee 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). 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 Simon & Co. (wealth management), LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (healthcare) (since November 2012); Advisory Board Director of The Alberleen Group LLC (investment banking) (since March 2012); Governing Council Member (since 2016) and Chair of Education Committee (since 2017) of Independent Directors Council (IDC) (since 2016); Board Member of 100 Women in Finance (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Director of The Komera Project (non-profit) (April 2012-2016); New York Advisory Board Director of Peace First (non-profit) (March 2010-2013); 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 (investment banking): 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). 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.

63 OPPENHEIMER ROCHESTER PENNSYLVANIA 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 (since January 2015) and Treasurer and Chairman of the Audit Committee and Finance Committee (since January 2016) of Board of Trustees of Huntington Disease Foundation of America; 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-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).

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. 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.

64 OPPENHEIMER ROCHESTER PENNSYLVANIA 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		Senior Portfolio Manager of the Sub-Adviser (since January 2017); Vice President and Portfolio Manager of the Sub-Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016); Associate Portfolio Manager of the Sub-Adviser (June 2013-January 2016); Portfolio Research Analyst of the Sub-Adviser (June 2011 to June 2013); Credit Analyst of the Sub-Adviser (May 2007 to May 2011). She was a Risk Management Analyst at Manning & Napier Associates (September 2006-May 2007); Analyst/Trading Assistant at The Baupost Group (August 2000-March 2006). 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).

65 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, 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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

66 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		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

67 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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71 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

LOGO

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Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

225 Liberty Street, New York, NY 10281-1008

RA0740.001.0718 September 27, 2018

LOGO

Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			10

Fund Expenses			15

Statement of Investments			17

Statement of Assets and Liabilities			65

Statement of Operations			67

Statements of Changes in Net Assets			68

Statement of Cash Flows			69

Financial Highlights			70

Notes to Financial Statements			73

Report of Independent Registered Public Accounting Firm			100

Federal Income Tax Information			101

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			102

Trustees and Officers			103

Privacy Notice			110

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/18


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond Index
1-Year	6.34%	1.29%	0.99%
5-Year	7.92	6.87	3.76
10-Year	5.38	4.87	4.41

Our Twitter handle is @RochesterFunds.

2 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fund Performance Discussion

Oppenheimer Rochester High Yield Municipal Fund once again generated high levels of tax-free income during the 12-month reporting period that ended July 31, 2018. The Class A shares provided a yield-driven, annual total return of 6.34% at net asset value (NAV) and a distribution yield of 4.92% at NAV. Additionally, the fund outperformed the Bloomberg Barclays Municipal Bond Index, its benchmark, by 535 basis points. Tax-free income comprised nearly 85% of this fund’s total return this reporting period, further evidence supporting our focus on yield as the long-term driver of Fund performance.

MARKET OVERVIEW

“strong” and signaled that subsequent rate rises will be needed to keep the economy steady. A majority of officials at the July meeting suggested at least two more rate increases this year.

The average distribution yield in Lipper’s High Yield Municipal Debt Funds category was 3.76% at the end of this reporting period. At 4.92%, the distribution yield at NAV for this Fund’s Class A shares was 116 basis points higher than the category average.

The target range, which was set to the range of zero to 0.25% between December 2008 and December 2015, has had six increases of 0.25 percentage points to date.



YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		4.92	%
Dividend Yield with sales charge		4.68
Standardized Yield		3.12
Taxable Equivalent Yield		4.95
Last distribution (7/24/18)	$	0.030
Total distributions (8/1/17 to 7/31/18)	$	0.372

Endnotes for this discussion begin on page 12 of this report.

3 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

During this reporting period, the muni market’s reactions to the Fed’s announcements did not appear to be especially significant or lasting.

On a nominal basis, Treasury yields were higher than the yields on AAA-rated munis with comparable maturities as of July 31, 2018. Nonetheless, a AAA-rated muni with a maturity of 10 years would provide more income on an after-tax basis than a 10-year Treasury security for U.S. taxpayers in all but the two lowest 2018 federal tax brackets. The yields on the 30-year Treasury and AAA-rated muni were virtually identical at the end of this reporting period, meaning that nearly every taxpayer would earn more on an after-tax basis by investing in the muni versus the Treasury. Treasury bonds are backed by the full faith and credit of the U.S. government, while municipal securities are exempt from federal income taxes and, where applicable, state and local income taxes as well.

4 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

securities typically outperform municipal securities with higher credit ratings.

5 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

South Dakota vs. Wayfair requiring certain online retailers to collect taxes is expected to increase Puerto Rico’s sales tax collections by an estimated $40 million annually, according to Puerto Rico’s Treasury Department.

Puerto Rico did not make debt payments on its general obligation (G.O.) securities during this reporting period, despite a requirement in the Commonwealth’s Constitution that general fund revenues be used to pay G.O.

debt service ahead of any other government expense. The legal protections for our G.O. holdings have not yet been tested before a court.

July 31, 2018.

During the reporting period, the oversight board, the Rosselló administration, legislators, and owners of Puerto Rico debt remained at odds about the extent of the board’s

6 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

authority, with significant debate about the budget and fiscal plan proposals that have been drafted and repeatedly revised. While it intended to certify a plan by late March, the oversight board extended the deadline and said that the new plan must demonstrate “consistency with historical actual expenditures.”

Among the ongoing issues are debt-service obligations, pensions, Law 80 (the repeal of which would allow at-will employment), and Christmas bonuses for public sector employees.

legislative leaders filed lawsuits claiming that the oversight board was overstepping its authority. These suits followed the board’s rejection of the budget that the Legislature had passed. The oversight board cited the PROMESA provisions that allow it to impose its own budget if the government does not submit a compliant budget; government officials, meanwhile, argue that the board is trying to set public policy.

FUND PERFORMANCE

Oppenheimer Rochester High Yield Municipal Fund held more than 1295 securities as of July 31, 2018. 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.

7 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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 3.3 cents per share at the outset of this reporting period, was reduced to 3.1 cents per share beginning with the November 2017 payout, and again to 3.0 cents per share beginning with the February 2018 payout. In all, the Fund distributed 37.2 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.

Six of the Fund’s 10 largest sectors were among the 10 strongest sectors this reporting period. The Fund’s performance 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), were also the Fund’s largest sector as of July 31, 2018. The sales tax revenue sector was the second largest sector and strongest performer this reporting period. Debt-service payments on securities in this sector, over half of which were issued in Puerto Rico, are paid using the issuing municipality’s sales tax revenue. The Fund’s fifth through eighth-largest sectors (Special Assessment, adult living facilities, education, and hospital/ healthcare, respectively) were also ranked among the 10 best-performing sectors.

Research-based security selection continued to be a factor in the strong performance

of these sectors. Securities in the special assessment sector, the Fund’s third strongest contributor to performance, are land development (or “dirt”) bonds, which help finance the infrastructure needs of new real estate development.

Securities in the adult living facilities sector, the Fund’s fifth strongest contributor to performance, finance various projects at senior living centers and tend to perform well in densely populated geographies with strong real estate values and in more rural areas with stable home prices. Most of the securities in the hospital/healthcare sector, the Fund’s eighth strongest contributor to performance, are investment grade, though the Fund also invests across the credit spectrum in this sector. Bonds in the education sector, the Fund’s tenth-strongest performer this reporting period, primarily finance the infrastructure needs of a variety of charter schools around the state.

A number of sectors detracted slightly from the Fund’s performance this reporting period, though in aggregate performance was reduced less than 1 percentage point by the underperforming sectors. The list of detractors as of July 31, 2018, includes G.O. bonds (the Fund’s third largest), as well as municipal leases, student housing, correctional facilities, single-family housing; oil, gas & consumable fuels; and transportation infrastructure. Many of these sectors were adversely affected by pricing pressure, which was prevalent among high quality muni securities.

8 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

INVESTMENT STRATEGY

The Oppenheimer Municipal Fund Management Team focuses exclusively on municipal bonds, and this Fund invests primarily in investment-grade municipal securities. This high yield fund has neither a maturity cap nor a limit on below-investment-grade securities, or “junk” bonds.

In closing, we believe that the structure and sector composition of this Fund and the 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

Scott S. Cottier has been named portfolio manager of the Fund. With support as needed from the Oppenheimer Municipal Fund Management Team, Scott will continue to adhere to a consistent investment approach based on the belief that tax-free yield can help investors achieve their long-term financial objectives even when market conditions fluctuate. The Fund will not be managed 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.

9 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Top Holdings and Allocations


TOP TEN CATEGORIES
Tobacco Master Settlement Agreement			15.4%
Sales Tax Revenue			8.2
General Obligation			8.2
Special Tax			5.4
Special Assessment			5.3
Adult Living Facilities			4.6
Education			4.6
Hospital/Healthcare			4.5
Electric Utilities			4.4
U.S. Government Obligations			4.3

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2018 and are based on total assets.

CREDIT ALLOCATION


	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		10.4%		2.4%		12.8%
AA		19.7		0.0		19.7
A		6.4		0.0		6.4
BBB		10.0		2.5		12.5
BB or lower		21.6		27.0		48.6
Total		68.1%		31.9%		100.0%

10 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Performance


DISTRIBUTION YIELDS
As of 7/31/18
	Without Sales Charge		With Sales Charge
Class A		4.92%		4.68%
Class C		4.34		N/A
Class Y		5.15		N/A


STANDARDIZED YIELDS
For the 30 Days Ended 7/31/18
Class A			3.12%
Class C			2.63
Class Y			3.53

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/18


	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (ORNAX)		10/1/93		6.34%		7.92%		5.38%		4.75%
Class C (ORNCX)		8/29/95		5.68		7.14		4.60		4.06
Class Y (ORNYX)		11/29/10		6.61		8.11		N/A		7.90
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/18
	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (ORNAX)		10/1/93		1.29%		6.87%		4.87%		4.55%
Class C (ORNCX)		8/29/95		4.68		7.14		4.60		4.06
Class Y (ORNYX)		11/29/10		6.61		8.11		N/A		7.90

11 OPPENHEIMER ROCHESTER HIGH YIELD 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 C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares.

Distribution yields for Class A shares are based on dividends of $0.030 for the 28-day accrual period ended July 24, 2018. 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 24, 2018; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0263 and $0.0314, respectively, for the 28-day accrual period ended July 24, 2018 and on the corresponding net asset values on that date.

12 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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, 2018 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended July 31, 2018. The calculation excludes any expense reimbursements and thus may result in a lower yield.

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 181 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 2018 top federal 37.00%. 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 views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio manager and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on July 31, 2018 and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

13 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

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

14 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, 2018.

15 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Actual	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During 6 Months Ended July 31, 2018
Class A	$ 1,000.00	$ 1,079.30	$ 5.38
Class C	1,000.00	1,076.20	8.79
Class Y	1,000.00	1,080.70	4.14

Hypothetical
(5% return before expenses)
Class A	1,000.00	1,019.64	5.22
Class C	1,000.00	1,016.36	8.53
Class Y	1,000.00	1,020.83	4.02


Class	Expense Ratios
Class A		1.04%
Class C		1.70
Class Y		0.80

16 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2018


Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—113.6%
Alabama—4.4%
$5,000,000	AL Economic Settlement Authority (BP Exploration & Production)¹		4.000	%		09/15/2033	$	5,146,650
2,710,000	AL Port Authority (Alabama Docks Dept.)¹		5.000			10/01/2028		3,087,747
2,380,000	AL Port Authority (Alabama Docks Dept.)¹		5.000			10/01/2029		2,699,634
12,870,000	Birmingham-Jefferson, AL Civic Center Authority^1,2		5.000			05/01/2048		14,416,331
18,120,000	Birmingham-Jefferson, AL Civic Center Authority²		5.000			07/01/2048		20,377,027
4,500,000	Homewood, AL Educational Building Authority (Samford University)¹		5.000			12/01/2047		4,951,305
21,895,000	Jefferson County, AL Sewer¹		0.000	³		10/01/2039		18,890,130
30,000,000	Jefferson County, AL Sewer¹		0.000	³		10/01/2046		25,791,000
20,045,000	Jefferson County, AL Sewer¹		0.000	³		10/01/2046		17,505,699
44,050,000	Jefferson County, AL Sewer¹		0.000	³		10/01/2050		37,793,138
17,500,000	Jefferson County, AL Sewer¹		0.000	³		10/01/2050		15,275,225
5,000,000	Jefferson County, AL Sewer¹		5.500			10/01/2053		5,562,100
51,500,000	Jefferson County, AL Sewer¹		6.500			10/01/2053		60,376,540
25,000,000	Jefferson County, AL Sewer¹		7.000			10/01/2051		30,090,750
500,000	Mobile, AL Improvement District (McGowin Park)¹		5.250			08/01/2030		512,795
1,300,000	Mobile, AL Improvement District (McGowin Park)¹		5.500			08/01/2035		1,331,746
6,550,000	Selma, AL Industrial Devel. Board (International Paper Company)¹		6.250			11/01/2033		6,904,290
								270,712,107

Alaska—0.3%
1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)^4,6		5.875			12/01/2027		111,375
500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)^4,6		6.000			12/01/2036		33,750
1,755,000	AK Municipal Bond Bank Authority¹		5.000			12/01/2030		1,966,618
1,365,000	AK Municipal Bond Bank Authority¹		5.000			12/01/2031		1,525,374
1,960,000	AK Municipal Bond Bank Authority¹		5.000			12/01/2032		2,184,263
2,055,000	AK Municipal Bond Bank Authority¹		5.000			12/01/2033		2,282,262
10,350,000	Koyukuk, AK (Tanana Chiefs Conference Health Care Facility)¹		7.750			10/01/2041		11,069,532
								19,173,174

Arizona—1.5%
580,000	AZ IDA (Franklin Phonetic Charter School)¹		5.500			07/01/2037		564,033
680,000	AZ IDA (Franklin Phonetic Charter School)¹		5.750			07/01/2047		667,740
645,000	AZ IDA (Franklin Phonetic Charter School)¹		5.875			07/01/2052		639,801
3,603,000	Buckeye, AZ Watson Road Community Facilities District		6.000			07/01/2030		3,473,148
3,180,000	East San Luis, AZ Community Facilities District Special Assessment (Area One)^5,6		6.375			01/01/2028		1,812,600
140,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)^5,6		8.500			01/01/2028		70,000
2,500,000	Glendale, AZ IDA (Beatitudes Campus)¹		5.000			11/15/2045		2,569,000

17 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$7,225,000	Maricopa County, AZ IDA (Christian Care Surprise)		6.000	%		01/01/2048	$	7,387,201
220,000	Maricopa County, AZ IDA (Greathearts Arizona)¹		5.000			07/01/2037		248,492
405,000	Maricopa County, AZ IDA (Greathearts Arizona)¹		5.000			07/01/2048		453,138
1,870,000	Maricopa County, AZ IDA (Immanuel Campus Care)^5,6		8.500			04/20/2041		1,290,300
294,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien¹		5.250			07/01/2024		294,376
435,000	Merrill Ranch, AZ Community Facilities District No. 2¹		5.250			07/15/2040		482,976
262,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien¹		5.250			07/01/2024		262,335
641,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien¹		5.300			07/01/2030		641,647
420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.300			07/15/2025		393,040
350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.350			07/15/2031		307,842
1,000,000	Phoenix, AZ IDA (Downtown Phoenix Student Hsg.)¹		5.000			07/01/2042		1,099,190
1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		1,641,107
4,135,000	Phoenix, AZ IDA (Freedom Academy)¹		5.500			07/01/2046		4,284,976
1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)⁶		5.875			11/01/2037		1,581,321
5,530,000	Phoenix, AZ IDA (Milestone Charter School)		6.500			11/01/2047		5,388,211
2,970,000	Pima County, AZ IDA (American Leadership Academy)¹		5.000			06/15/2052		2,979,148
1,550,000	Pima County, AZ IDA (Christian Care Tucson)¹		5.000			06/15/2037		1,706,225
2,830,000	Pima County, AZ IDA (Christian Care Tucson)¹		5.000			12/15/2047		3,100,690
2,400,000	Pima County, AZ IDA (Excalibur Charter School)¹		5.500			09/01/2046		2,356,104
2,955,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)¹		8.125			07/01/2041		2,980,029
3,315,000	Pima County, AZ IDA (P.L.C. Charter Schools)¹		6.000			12/01/2036		3,483,037
6,310,000	Pima County, AZ IDA (P.L.C. Charter Schools)¹		6.000			12/01/2046		6,565,050
5,730,000	Pima County, AZ IDA (P.L.C. Charter Schools)¹		7.500			04/01/2041		6,846,777
1,025,000	Pima County, AZ IDA (Paideia Academies)¹		6.000			07/01/2035		1,044,065
3,310,000	Pima County, AZ IDA (Paideia Academies)¹		6.125			07/01/2045		3,366,601
500,000	Pinal County, AZ IDA (San Manuel Facility)¹		6.250			06/01/2026		506,365
1,022,000	Prescott Valley, AZ Southside Community Facilities District No. 1		7.250			07/01/2032		616,889
10,000,000	Salt River, AZ Agricultural Improvement & Power District¹		5.000			01/01/2038		11,647,300
245,000	Show Low Bluff, AZ Community Facilities District		5.600			07/01/2031		218,623
1,000,000	Tartesso West, AZ Community Facilities District¹		5.900			07/15/2032		987,840
1,010,000	Tempe, AZ IDA (Mirabella at ASUN)¹		6.000			10/01/2037		1,104,415
2,360,000	Tempe, AZ IDA (Mirabella at ASUN)¹		6.125			10/01/2052		2,582,147
695,000	Tempe, AZ IDA (Tempe Life Care Village)¹		6.000			12/01/2032		743,490
1,550,000	Tempe, AZ IDA (Tempe Life Care Village)¹		6.250			12/01/2042		1,661,135
675,000	Verrado, AZ Community Facilities District No. 1¹		5.700			07/15/2029		715,811

18 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$1,800,000	Verrado, AZ Community Facilities District No. 1¹		6.000	%		07/15/2027	$	1,941,804
610,000	Verrado, AZ Community Facilities District No. 1¹		6.000			07/15/2033		647,424
								93,353,443

Arkansas—0.1%
5,470,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)^4,6		6.250			02/01/2038		3,993,100

California—13.6%
2,500,000	Adelanto, CA Public Utility Authority¹		6.750			07/01/2039		2,621,450
7,300,000	Alameda, CA Corridor Transportation Authority¹		5.000			10/01/2034		8,293,311
750,000	Alhambra, CA (Atherton Baptist Homes)¹		7.625			01/01/2040		814,455
50,000	Beaumont, CA Financing Authority, Series C¹		5.000			09/01/2022		50,052
180,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)¹		6.200			05/01/2031		180,052
5,500,000	Brea, CA Community Facilities District (Brea Plaza Area)¹		7.375			09/01/2039		5,839,405
127,310,000	CA County Tobacco Securitization Agency		5.307	⁷		06/01/2046		21,245,493
107,400,000	CA County Tobacco Securitization Agency		5.502	⁷		06/01/2050		10,926,876
212,950,000	CA County Tobacco Securitization Agency		6.341	⁷		06/01/2055		10,920,076
33,920,000	CA County Tobacco Securitization Agency		6.647	⁷		06/01/2046		5,107,334
215,100,000	CA County Tobacco Securitization Agency		6.998	⁷		06/01/2055		12,753,279
7,165,000	CA County Tobacco Securitization Agency		8.145	⁷		06/01/2033		3,083,458
7,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		6,999,510
275,000	CA County Tobacco Securitization Agency (TASC)¹		5.500			06/01/2033		279,078
520,920,000	CA County Tobacco Securitization Agency (TASC)		5.559	⁷		06/01/2050		73,225,724
18,500,000	CA County Tobacco Securitization Agency (TASC)¹		5.650	³		06/01/2041		18,611,000
18,030,000	CA County Tobacco Securitization Agency (TASC)¹		5.700	³		06/01/2046		18,111,856
2,775,000	CA County Tobacco Securitization Agency (TASC)¹		5.875			06/01/2035		2,803,860
7,285,000	CA County Tobacco Securitization Agency (TASC)¹		5.875			06/01/2043		7,390,414
19,120,000	CA County Tobacco Securitization Agency (TASC)¹		6.000			06/01/2042		19,308,714
5,000,000	CA County Tobacco Securitization Agency (TASC)¹		6.125			06/01/2038		5,000,850
9,125,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		9,735,463
16,780,000	CA GO⁸		4.000			11/01/2033		18,111,619
24,160,000	CA GO⁸		4.000			11/01/2034		25,895,604
20,000,000	CA GO⁸		4.000			11/01/2035		21,287,750
3,740,000	CA GO¹		5.000			08/01/2030		4,472,516
2,160,000	CA GO¹		5.000			09/01/2031		2,544,199
15,845,000	CA GO¹		5.000			08/01/2033		18,738,772
10,000,000	CA GO¹		5.000			10/01/2039		11,470,500
555,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.000			06/01/2029		636,818
10,000,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.000			06/01/2035		11,336,000
5,350,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.300	³		06/01/2037		5,592,516
30,420,000	CA Health Facilities Financing Authority (SJHS/ SJHCN/SJHE/SJHO Obligated Group)⁸		5.750			07/01/2039		31,594,323

19 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon				Maturity		Value
California (Continued)
$1,835,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)¹		6.250	%			07/15/2050	$	1,939,742
10,000,000	CA Infrastructure and Economic Devel. (SanfordConsortium)⁸		5.000				05/15/2040		10,631,700
1,710,000	CA Infrastructure and Economic Devel. (University of California)¹		5.000				05/15/2052		1,968,330
5,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)¹		5.000				02/01/2047		5,527,800
750,000	CA Municipal Finance Authority (Harbor Regional Center)¹		8.500				11/01/2039		814,800
20,800,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)¹		5.000				12/31/2043		23,337,808
2,750,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)¹		5.000				12/31/2047		3,073,317
2,575,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)¹		5.000				06/01/2048		2,866,619
3,000,000	CA Pollution Control Financing Authority (Aemerge Redpak Services Southern CA)		8.000				12/01/2027		3,006,300
6,075,000	CA Pollution Control Financing Authority (Calplant I)		7.500				07/01/2032		6,281,671
14,995,000	CA Pollution Control Financing Authority (Calplant I)		8.000				07/01/2039		15,996,066
60,000	CA Public Works¹		6.625				11/01/2034		60,116
5,945,000	CA School Finance Authority Charter School (Grimmway Schools)¹		5.250				07/01/2051		6,127,036
385,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.000		��		05/01/2027		366,351
900,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.750				05/01/2037		862,101
1,230,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.875				05/01/2047		1,167,073
595,000	CA School Finance Authority Charter School (RE/ REW/RLSA/RDP/RRCP/RSCP/RNNE/RMS/RSSPA/ RBM/RSA Obligated Group)		5.125				06/01/2047		621,674
665,000	CA School Finance Authority Charter School (RE/ REW/RLSA/RDP/RRCP/RSCP/RNNE/RMS/RSSPA/ RBM/RSA Obligated Group)		5.250				06/01/2052		695,783
4,330,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)		6.500				07/01/2050		4,347,103
61,600,000	CA Silicon Valley Tobacco Securitization Authority		8.146	⁷			06/01/2056		4,991,448
58,990,000	CA Silicon Valley Tobacco Securitization Authority		8.898	⁷			06/01/2047		10,941,465
60,785,000	CA Silicon Valley Tobacco Securitization Authority		8.995	⁷			06/01/2036		22,607,765
13,505,000	CA Silicon Valley Tobacco Securitization Authority		8.998	⁷			06/01/2047		2,287,882
25,920,000	CA State University⁸		5.000				11/01/2047		29,752,272
1,145,000	CA Statewide CDA (Albert Einstein Academy)^5,6		6.000				11/01/2032		1,030,500
1,730,000	CA Statewide CDA (Albert Einstein Academy)^5,6		6.250				11/01/2042		1,557,000
10,000	CA Statewide CDA (Escrow Term)¹		6.750				09/01/2037		10,012
4,020,000	CA Statewide CDA (Guidance Charter School)⁶		6.500				07/01/2037		2,412,000
14,690,000	CA Statewide CDA (Guidance Charter School)⁶		6.750				07/01/2052		8,814,000

20 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
California (Continued)
$2,019,578	CA Statewide CDA (Microgy Holdings)^5,6		9.000	%		12/01/2038	$	20
7,900,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)		6.000			09/02/2044		7,842,646
4,515,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000			05/01/2037		4,517,980
100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000			05/01/2043		100,029
1,120,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000			05/01/2043		1,120,325
2,500,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)¹		7.250			08/01/2033		2,847,850
1,440,000	Coyote Canyon, CA Public Facilities Community Facilities District No. 2004-1¹		6.625			09/01/2039		1,520,554
1,215,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation¹		5.000			09/01/2030		1,410,020
18,275,000	Fremont, CA Union High School District⁸		4.000			08/01/2043		18,823,994
7,780,000	Fresno, CA Unified School District		4.319	⁷		08/01/2042		2,910,187
1,205,000	Lathrop, CA Special Tax Community Facilities District No. 03-2¹		7.000			09/01/2033		1,208,374
4,000,000	Long Beach, CA Harbor Revenue¹		5.000			05/15/2043		4,524,560
21,000,000	Los Angeles CA Dept Wtr & Pwr Revenue⁸		5.000			07/01/2035		24,544,310
7,420,000	Los Angeles County, CA Redevel. Refunding Authority (Long Beach Project Area)¹		5.000			08/01/2035		8,481,134
1,625,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)¹		5.750			09/01/2040		1,660,555
1,500,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.000			05/15/2033		1,696,860
1,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.000			05/15/2035		1,151,070
1,385,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.000			05/15/2036		1,589,218
5,000,000	Los Angeles, CA Dept. of Water & Power⁸		5.000			07/01/2034		5,073,038
2,900,000	Los Angeles, CA Dept. of Water & Power¹		5.000			07/01/2038		3,398,510
7,555,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)^1,2		9.250			08/01/2024		7,604,108
2,105,000	Madera, CA Redevel. Agency¹		5.000			09/01/2034		2,486,931
255,000	Maywood, CA Public Financing Authority¹		7.000			09/01/2038		255,344
10,000,000	Northern CA Tobacco Securitization Authority (TASC)¹		5.375			06/01/2038		10,053,900
45,000	Placer County, CA Improvement Bond Act 1915¹		6.500			09/02/2030		45,016
3,975,000	Rialto, CA Redevel. Agency (Merged Project Area)¹		5.000			09/01/2037		4,635,725
21,711,000	River Rock, CA Entertainment Authority⁵		8.000			11/01/2018		7,924,515
1,750,000	Riverside County, CA Redevel. Agency¹		7.125			10/01/2042		2,040,588
27,015,000	Riverside County, CA Transportation Commission⁸		4.000			06/01/2036		28,566,624
2,000,000	San Buenaventura, CA Community Memorial Health Systems¹		8.000			12/01/2031		2,279,120

21 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
California (Continued)
$31,370,000	San Francisco, CA City & County Airports Commission (San Francisco International Airport)¹		5.000	%		05/01/2046	$	34,874,656
750,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)¹		6.750			08/01/2041		846,353
1,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)¹		7.000			08/01/2041		1,134,580
15,920,000	Santa Clara County, CA GO⁸		4.000			08/01/2040		16,458,295
6,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)¹		5.750			06/01/2026		6,696,840
12,115,000	Stockton, CA Unified School District		5.918	⁷		08/01/2038		5,541,401
14,735,000	Stockton, CA Unified School District		5.948	⁷		08/01/2041		5,913,008
17,145,000	Stockton, CA Unified School District		5.948	⁷		08/01/2043		6,292,901
6,245,000	Stockton, CA Unified School District		5.997	⁷		08/01/2037		2,998,225
1,335,000	Susanville, CA Public Financing Authority (Utility Enterprises)¹		5.875			06/01/2035		1,375,637
1,425,000	Susanville, CA Public Financing Authority (Utility Enterprises)¹		6.000			06/01/2045		1,467,408
11,000,000	University of California¹		5.000			05/15/2043		12,802,570
15,000,000	University of California¹		5.000			05/15/2048		17,375,400
3,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)¹		7.500			09/01/2042		4,072,250
								847,240,690

Colorado—2.4%
1,075,000	Amber Creek, CO Metropolitan District		5.125			12/01/2047		1,074,108
515,000	Amber Creek, CO Metropolitan District		7.750			12/15/2047		514,928
2,500,000	Arkansas River, CO Power Authority¹		5.000			10/01/2043		2,768,650
3,100,000	Base Village, CO Metropolitan District No. 2¹		5.750			12/01/2046		3,120,956
500,000	Blue Lake, CO Metropolitan District No. 2		8.000			12/15/2046		506,870
1,750,000	Blue Lake, CO Metropolitan District No. 3¹		5.250			12/01/2048		1,753,377
551,000	BNC, CO Metropolitan District No. 1		7.375			12/15/2047		556,350
670,000	Brighton Crossing, CO Metropolitan District No. 4		7.000			12/15/2047		663,883
1,000,000	Bromley Park, CO Metropolitan District No. 2		6.375			12/15/2047		1,001,760
2,734,000	Buffalo Ridge, CO Metropolitan District		7.375			12/15/2047		2,746,522
1,345,000	Cherrylane, CO Metropolitan District¹		5.250			12/01/2047		1,355,733
574,000	Cherrylane, CO Metropolitan District		7.375			12/15/2047		576,629
500,000	Clear Creek Station, CO Metropolitan District No. 2		7.375			12/15/2047		503,450
4,500,000	CO Canyons Metropolitan District No. 5		6.125			12/01/2047		4,596,660
2,000,000	CO Canyons Metropolitan District No. 6		6.125			12/01/2047		2,001,540
1,025,000	CO Country Club Highlands Metropolitan District^4,6		7.250			12/01/2037		871,250
2,600,000	CO Elbert and Highway 86 Metropolitan District¹		5.750			12/01/2046		2,748,902
4,475,000	CO Elbert and Highway 86 Metropolitan District^4,6		7.500			12/01/2032		3,356,250
1,780,000	CO Fossil Ridge Metropolitan District No. 1¹		7.250			12/01/2040		1,864,906
1,100,000	CO Health Facilities Authority (Catholic Health Initiatives)¹		5.000			09/01/2036		1,111,715

22 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$4,425,000	CO Health Facilities Authority (ELGS/ELGSS/ ELGSF/GSSH Obligated Group)¹		5.000	%		06/01/2047	$	4,833,826
14,350,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System)⁸		5.000			01/01/2044		15,598,665
1,030,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)¹		5.300			07/01/2037		1,030,041
1,040,000	CO International Center Metropolitan District No. 3		7.500			12/15/2038		1,042,496
1,945,000	CO Midcities Metropolitan District No. 2		7.750			12/15/2046		1,941,480
12,585,000	CO Park Valley Water and Sanitation Metropolitan District⁶		5.481	⁷		12/15/2017		2,642,850
1,590,000	CO Potomac Farms Metropolitan District		7.250			12/01/2037		1,502,343
225,000	CO Potomac Farms Metropolitan District		7.625	³		12/01/2023		214,078
494,000	CO Silver Peaks Metropolitan District		5.750			12/01/2036		445,800
1,720,000	CO Sorrell Ranch Metropolitan District^5,6		6.750			12/15/2036		602,000
569,000	CO Table Mountain Metropolitan District		7.750			12/15/2045		586,502
8,000,000	CO Talon Pointe Metropolitan District^5,6		8.000			12/01/2039		560,000
500,000	Copperleaf, CO Metropolitan District No. 3		5.000			12/01/2037		494,470
700,000	Copperleaf, CO Metropolitan District No. 3		5.125			12/01/2047		691,054
506,000	Copperleaf, CO Metropolitan District No. 3		7.625			12/15/2047		500,141
3,415,000	Cundall Farms, CO Metropolitan District¹		6.875			12/01/2044		3,630,521
750,000	Cundall Farms, CO Metropolitan District		7.375			12/15/2047		741,142
785,000	Cundall Farms, CO Metropolitan District¹		7.750			12/15/2044		867,700
792,000	Cundall Farms, CO Metropolitan District		12.000			12/15/2049		783,732
10,000,000	Denver, CO City & County Board of Water Commissioners¹		5.000			09/15/2047		11,559,100
1,250,000	Denver, CO Connection West Metropolitan District		5.375			08/01/2047		1,254,025
1,360,000	Denver, CO Gateway Center Metropolitan District		5.500			12/01/2038		1,390,886
2,130,000	Denver, CO Gateway Center Metropolitan District		5.625			12/01/2048		2,181,716
1,690,000	Dublin North, CO Metropolitan District No. 2		5.125			12/01/2047		1,693,853
2,000,000	Erie Farm, CO Metropolitan District		5.500			12/01/2045		2,035,100
600,000	Erie Farm, CO Metropolitan District		7.750			12/15/2045		602,538
2,065,000	Hawthorn, CO Metropolitan District No. 2¹		6.375			12/01/2044		2,193,113
950,000	Hawthorn, CO Metropolitan District No. 2		7.750			12/15/2044		1,055,706
928,000	Hawthorn, CO Metropolitan District No. 2		10.000			12/15/2051		916,391
775,000	Iliff Commons, CO Metropolitan District No. 3		6.000			12/01/2046		787,958
2,235,000	Interpark, CO Metropolitan District		5.500			12/01/2048		2,225,010
1,365,000	Interquest South, CO Business Improvement District¹		5.000			12/01/2047		1,352,456
1,626,000	Lewis Pointe, CO Metropolitan District		7.750			12/15/2047		1,634,504
500,000	Leyden Ranch, CO Metropolitan District		7.000			12/15/2047		509,680
1,195,000	Leyden Rock, CO Metropolitan District No. 10		7.250			12/15/2045		1,191,487
1,025,000	Leyden Rock, CO Metropolitan District No. 10		10.750			12/15/2049		1,012,802
1,000,000	Mountain Shadows, CO Metropolitan District¹		5.000			12/01/2046		1,015,260
1,760,000	North Holly, CO Metropolitan District		5.500			12/01/2048		1,759,859
2,595,000	Prairiestar, CO Metropolitan District No. 2		5.750			12/01/2046		2,703,575
1,200,000	Sheridan Station West, CO Metropolitan District		6.000			12/01/2047		1,196,592

23 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$810,000	Southglenn, CO Metropolitan District¹		5.000	%		12/01/2036	$	829,359
2,000,000	Stone Creek, CO Metropolitan District		5.625			12/01/2047		2,011,040
600,000	Stone Creek, CO Metropolitan District		7.875			12/15/2047		603,342
710,000	Tabernash Meadows, CO Water & Sanitation District¹		7.125			12/01/2034		741,148
294,000	Tallyns Reach, CO Metropolitan District No. 3¹		5.000			12/01/2033		310,864
1,220,000	Tallyns Reach, CO Metropolitan District No. 3		6.750			11/01/2038		1,223,148
750,000	Thompson Crossing, CO Metropolitan District No. 6¹		6.000			12/01/2044		760,492
1,500,000	Timnath Ranch, CO Metropolitan District No. 4¹		5.250			12/01/2037		1,506,915
1,900,000	Timnath Ranch, CO Metropolitan District No. 4¹		5.375			12/01/2047		1,909,348
953,000	Timnath Ranch, CO Metropolitan District No. 4		7.750			12/15/2047		956,926
1,375,000	Village at Southgate, CO Metropolitan District		5.625			12/01/2048		1,383,882
1,645,000	Villas Eastlake Reservoir, CO Metropolitan District¹		6.500			12/01/2046		1,715,719
5,271,763	Woodmen Heights, CO Metropolitan District No. 1¹		6.000			12/01/2041		5,315,466
20,183,519	Woodmen Heights, CO Metropolitan District No. 1		7.300	³		12/15/2041		17,725,166
1,245,000	York Street, CO Metropolitan District		6.250			12/01/2047		1,261,720
								150,929,426

Connecticut—1.0%
12,500,000	CT GO¹		4.000			08/15/2030		13,131,125
5,295,000	CT GO¹		4.000			08/15/2031		5,550,907
18,275,000	CT Special Tax¹		5.000			09/01/2028		20,656,050
6,000,000	CT Special Tax¹		5.000			08/01/2032		6,644,520
7,965,000	CT Special Tax¹		5.000			08/01/2033		8,794,395
6,515,000	CT Special Tax (Transportation Infrastructure)¹		5.000			09/01/2027		7,260,968
470,000	Georgetown, CT Special Taxing District⁵		5.125			10/01/2036		150,400
1,580,000	Hartford, CT GO¹		5.000			10/01/2033		1,713,952
12,569,079	Mashantucket Western Pequot Tribe CT5,9		6.050			07/01/2031		392,784
								64,295,101

Delaware—0.1%
1,100,000	Bridgeville, DE Special Obligation (Heritage Shores)¹		5.450			07/01/2035		1,099,901
7,000,000	Millsboro, DE Special Obligation (Plantation Lakes)¹		5.450			07/01/2036		6,317,360
								7,417,261

District of Columbia—2.9%
4,745,000	District of Columbia (Howard University)¹		6.250			10/01/2032		5,294,281
5,255,000	District of Columbia (Howard University)¹		6.250			10/01/2032		5,591,635
315,000	District of Columbia (Howard University)¹		6.500			10/01/2041		353,505
19,295,000	District of Columbia (Howard University)¹		6.500			10/01/2041		20,581,591
3,055,000	District of Columbia Center for Strategic & International Studies¹		6.375			03/01/2031		3,370,551

24 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
District of Columbia (Continued)
$2,000,000	District of Columbia Center for Strategic & International Studies¹		6.625	%		03/01/2041	$	2,246,540
32,680,000	District of Columbia Tobacco Settlement Financing Corp.¹		6.750			05/15/2040		33,987,200
1,275,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		5.912	⁷		06/15/2055		63,171,674
1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.211	⁷		06/15/2055		40,216,600
1,000,000	Metropolitan Washington D.C. Airport Authority¹		5.125			10/01/2023		1,005,920
1,960,000	Metropolitan Washington D.C. Airport Authority¹		5.125			10/01/2034		1,972,250
								177,791,747

Florida—7.7%
750,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)¹		8.000			10/01/2032		868,515
1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)¹		8.000			10/01/2042		1,152,200
1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)¹		8.000			10/01/2046		1,148,080
4,655,000	Amelia Concourse, FL Community Devel. District^5,6		5.750			05/01/2038		4,329,150
3,285,000	Amelia Concourse, FL Community Devel. District		6.000			05/01/2047		3,271,269
5,080,000	Arlington Ridge, FL Community Devel. District¹		5.500			05/01/2036		5,080,051
1,045,000	Avignon Villages, FL Community Devel. District^5,6		5.300			05/01/2014		73,150
755,000	Avignon Villages, FL Community Devel. District^5,6		5.400			05/01/2037		52,850
14,549,400	Baker, FL Correctional Devel. Corp. (Baker County Detention Center)		8.500			02/01/2030		12,141,038
7,555,000	Belle Isle, FL Charter School (Cornerstone Charter Academy & Cornerstone Charter High School Obligated Group)¹		6.000			10/01/2042		7,838,086
700,000	Boynton Village, FL Community Devel. District Special Assessment		6.000			05/01/2038		699,958
5,845,000	Buckeye Park, FL Community Devel. District⁵		7.875			05/01/2038		2,104,200
835,000	Carlton Lakes, FL Community Devel. District Special Assessment²		5.625			11/01/2036		861,303
2,030,000	Carlton Lakes, FL Community Devel. District Special Assessment²		5.750			11/01/2047		2,091,570
24,545,000	CFM, FL Community Devel. District, Series A^5,6		6.250			05/01/2035		8,713,475
7,075,000	Chapel Creek, FL Community Devel. District Special Assessment^5,6		5.500			05/01/2038		6,367,500
13,074,058	Clearwater Cay, FL Community Devel. District^5,6		5.500			05/01/2037		7,452,213
1,150,000	Collier County, FL IDA (Gulf Coast Charter Academy South)¹		5.000			12/01/2037		1,130,335
1,875,000	Collier County, FL IDA (Gulf Coast Charter Academy South)¹		5.000			12/01/2047		1,802,400
1,690,000	Creekside, FL Community Devel. District^5,6		5.200			05/01/2038		692,900
840,000	Crosscreek, FL Community Devel. District		5.600			05/01/2037		832,230
20,000	Crosscreek, FL Community Devel. District⁴		5.600			05/01/2039		19,425
1,560,000	Crosscreek, FL Community Devel. District		6.750			11/30/2021		1,569,235

25 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$55,000	Dade County, FL HFA (Golden Lakes Apartments)¹		6.050	%		11/01/2039	$	55,070
700,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)¹		8.000			06/01/2022		703,185
1,940,000	Durbin Crossing, FL Community Devel. District Special Assessment^4,6		5.250			11/01/2020		48,500
3,340,000	FL Capital Trust Agency (AHFP/AAD/AAHI/APH/ AWHC/AAHII/AW Obligated Group)¹		6.000			07/01/2042		3,261,677
990,000	FL Capital Trust Agency (Elim Senior Hsg.)		5.625			08/01/2037		1,013,503
2,350,000	FL Capital Trust Agency (Elim Senior Hsg.)		5.875			08/01/2052		2,411,875
1,100,000	FL Capital Trust Agency (Viera Charter School)¹		5.000			10/15/2047		1,103,949
755,000	FL Capital Trust Agency (Viera Charter School)¹		5.000			10/15/2052		748,824
3,725,000	FL Dept. of Transportation (Acquisition & Bridge Construction)¹		4.000			07/01/2037		3,930,955
4,030,000	FL Dept. of Transportation (Acquisition & Bridge Construction)¹		4.000			07/01/2038		4,245,847
4,195,000	FL Dept. of Transportation (Acquisition & Bridge Construction)¹		4.000			07/01/2039		4,412,469
4,360,000	FL Dept. of Transportation (Acquisition & Bridge Construction)¹		4.000			07/01/2040		4,574,730
6,045,000	FL Devel. Finance Corp. (Florida Charter Educational Foundation)		5.000			07/15/2046		5,964,178
300,000	FL Devel. Finance Corp. (Learning Gate Community School)¹		5.000			02/15/2038		321,129
985,000	FL Devel. Finance Corp. (Learning Gate Community School)¹		5.000			02/15/2048		1,046,375
85,000	FL HFA (Stoddert Arms Apartments)¹		6.250			09/01/2026		85,122
2,490,284	FL Lake Ashton II Community Devel. District¹		5.375			05/01/2036		2,301,022
3,334,862	Glades, FL Correctional Devel. Corp.³		0.000			03/01/2030		8,371
5,834,388	Glades, FL Correctional Devel. Corp.		7.000			03/01/2030		4,957,479
2,815,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District¹		5.500			05/01/2038		2,687,565
1,615,000	Harbor Bay, FL Community Devel. District¹		6.750			05/01/2034		1,622,106
335,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A		5.500			05/01/2036		334,987
4,775,000	Indigo, FL Community Devel. District^4,6		5.750			05/01/2036		3,342,500
15,300,000	Lake County, FL Senior Living (Village Veranda at Lady Lake/VVLL Properties Obligated Group)		7.125			01/01/2052		14,927,904
17,280,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)¹		5.400			05/01/2037		17,348,602
1,785,000	Lee County, FL IDA (VOA Lee County Health Care Facility)		5.750			12/01/2052		1,831,481
3,390,000	Legends Bay, FL Community Devel. District		5.875			05/01/2038		3,391,288
5,000,000	Magnolia Creek, FL Community Devel. District^5,6		5.600			05/01/2014		1,050,000
5,360,000	Magnolia Creek, FL Community Devel. District^5,6		5.900			05/01/2039		1,125,600
205,000	Magnolia West, FL Community Devel. District Special Assessment¹		5.350			05/01/2037		204,982
1,355,000	Main Street, FL Community Devel. District¹		6.800			05/01/2038		1,355,691
1,635,000	Miami, FL Special Obligation (Street & Sidewalk Program)¹		5.625			01/01/2039		1,662,288

26 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$1,715,000	Miami, FL World Center Community Devel. District¹		5.125	%		11/01/2039	$	1,796,548
2,570,000	Miami, FL World Center Community Devel. District¹		5.250			11/01/2049		2,720,653
4,000,000	Miami-Dade County, FL School Board¹		5.000			05/01/2031		4,477,400
5,455,000	Miami-Dade County, FL School Board¹		5.000			05/01/2032		6,091,980
10,000,000	Miami-Dade County, FL School Board COP⁸		5.000			02/01/2027		10,168,600
10,000,000	Miami-Dade County, FL School Board COP⁸		5.250			02/01/2027		10,185,350
50,000,000	Miami-Dade County, FL School Board COP⁸		5.375			02/01/2034		50,938,500
7,280,234	Montecito, FL Community Devel. District^5,6		5.100			05/01/2013		6,989,024
5,405,000	Montecito, FL Community Devel. District^4,6		5.500			05/01/2037		5,188,800
9,745,000	Nassau County, FL (Nassau Care Centers)		6.900			01/01/2038		9,841,670
3,640,000	Naturewalk, FL Community Devel. District^5,6		5.300			05/01/2016		2,875,600
4,345,000	Naturewalk, FL Community Devel. District^4,6		5.500			05/01/2038		3,432,550
3,000,000	Palm Beach County, FL Health Facilities Authority (Sinai Residences Boca Raton)¹		7.500			06/01/2049		3,450,930
11,620,000	Palm Coast Park, FL Community Devel. District Special Assessment		5.700			05/01/2037		11,565,851
1,850,000	Palm River, FL Community Devel. District^5,6		5.150			05/01/2013		925,000
1,565,000	Palm River, FL Community Devel. District^5,6		5.375			05/01/2036		782,500
1,395,000	Parkway Center, FL Community Devel. District, Series A¹		6.300			05/01/2034		1,398,111
5,274,584	Pine Ridge Plantation, FL Community Devel. District		5.400			05/01/2037		4,737,790
2,250,000	Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy)¹		7.125			09/15/2041		2,348,078
9,200,000	Portico, FL Community Devel. District		5.450			05/01/2037		9,087,024
5,905,000	Portofino Isles, FL Community Devel. District (Portofino Court)^5,6		5.600			05/01/2036		2,480,100
530,686	Portofino Landings, FL Community Devel. District Special Assessment^5,6		5.200			05/01/2017		74,296
1,955,000	Portofino Landings, FL Community Devel. District Special Assessment^5,6		5.400			05/01/2038		938,400
2,470,000	Portofino Vista, FL Community Devel. District^5,6		5.000			05/01/2013		1,235,000
3,420,000	Reunion East, FL Community Devel. District^4,6		5.800			05/01/2036		34
1,465,000	Reunion East, FL Community Devel. District		6.600			05/01/2033		1,495,120
3,485,000	Reunion East, FL Community Devel. District		6.600			05/01/2036		3,556,652
1,425,000	Reunion East, FL Community Devel. District^4,6		7.375			05/01/2033		14
140,000	Ridgewood Trails, FL Community Devel. District		5.650			05/01/2038		137,536
7,580,000	River Glen, FL Community Devel. District Special Assessment^5,6		5.450			05/01/2038		4,548,000
148,471	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		141,148
1,895,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)¹		6.500			07/01/2040		1,951,395
3,790,000	Seminole County, FL IDA (Progressive Health)¹		7.500			03/01/2035		3,793,222
3,240,000	South Bay, FL Community Devel. District^4,6		0.000	³		05/01/2025		1,631,534
8,750,000	South Bay, FL Community Devel. District^4,6		0.000	³		05/01/2036		4,410,613
7,035,000	South Bay, FL Community Devel. District¹		5.125			05/01/2020		7,061,803
5,110,000	South Bay, FL Community Devel. District^5,6		5.950			05/01/2036		51

27 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$7,000,000	South Bay, FL Community Devel. District¹		5.950	%		05/01/2036	$	6,938,750
3,570,000	South Fork East, FL Community Devel. District¹		6.500	³		05/01/2038		3,702,626
14,000,000	South Miami, FL Health Facilities Authority (BHSF/BHM/HHI/SMH/MarH/DrsH/WKBP/ BOS/FHlth/BHlth/BethH Obligated Group)⁸		4.000			08/15/2036		14,371,070
3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)¹		5.875			08/01/2040		3,783,605
3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)¹		6.000			08/01/2045		3,792,145
1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250			10/01/2041		844,990
16,765,000	Tern Bay, FL Community Devel. District^5,6		5.000			05/01/2015		5,448,625
19,075,000	Tern Bay, FL Community Devel. District^5,6		5.375			05/01/2037		6,199,375
10,305,000	Town Center, FL at Palm Coast Community Devel. District¹		6.000			05/01/2036		10,319,427
4,950,000	Treeline, FL Preservation Community Devel. District^5,6		6.800			05/01/2039		1,732,500
535,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		4.750			05/01/2026		517,120
1,080,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		5.250			05/01/2036		1,006,679
1,815,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		5.375			05/01/2046		1,669,292
2,805,000	Villages of Glen Creek FL Community Devel. District Community Devel. District²		5.375			05/01/2046		2,579,815
3,630,098	Waterford Estates, FL Community Devel. District Special Assessment^5,6		5.125			05/01/2013		3,448,593
2,837,715	Waterford Estates, FL Community Devel. District Special Assessment^5,6		5.500			05/01/2037		2,695,829
126,000	Waters Edge, FL Community Devel. District¹		5.350			05/01/2039		123,666
3,355,000	Waters Edge, FL Community Devel. District¹		6.600	³		05/01/2039		3,361,140
14,800,000	Waterstone, FL Community Devel. District^5,6		5.500			05/01/2018		11,840,000
1,215,000	West Villages, FL Improvement District^5,6		5.350			05/01/2015		935,550
18,150,000	West Villages, FL Improvement District^5,6		5.800			05/01/2036		13,975,500
14,925,000	Westridge, FL Community Devel. District^5,6		5.800			05/01/2037		9,552,000
11,045,000	Westside, FL Community Devel. District^4,6		5.650			05/01/2037		6,295,650
16,135,000	Westside, FL Community Devel. District^4,6		7.200			05/01/2038		9,681,000
7,420,000	Wyld Palms, FL Community Devel. District^5,6		5.400			05/01/2015		1,706,600
4,340,000	Wyld Palms, FL Community Devel. District^5,6		5.500			05/01/2038		1,041,600
3,786,132	Zephyr Ridge, FL Community Devel. District^5,6		5.250			05/01/2013		3,180,351
2,634,476	Zephyr Ridge, FL Community Devel. District^5,6		5.625			05/01/2037		2,212,959
								477,783,721

Georgia—1.2%
700,000	Atlanta, GA Tax Allocation (Beltline)¹		7.500			01/01/2031		717,815
3,500,000	Atlanta, GA Tax Allocation (Beltline)¹		7.500			01/01/2031		3,589,075
1,445,000	Cobb County, GA Devel. Authority (Provident Group-Creekside Properties)		6.000			07/01/2036		1,345,989

28 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Georgia (Continued)
$5,440,000	Cobb County, GA Devel. Authority (Provident Group-Creekside Properties)		6.000	%		07/01/2051	$	4,851,011
31,945,000	Fulton County, GA Devel. Authority (Piedmont Healthcare)⁸		5.000			06/15/2029		32,900,563
13,730,000	Fulton County, GA Devel. Authority (Piedmont Healthcare/Piedmont Hospital/Piedmont Hospital Foundation Obligated Group)⁸		5.250			06/15/2037		14,169,466
1,525,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)¹		5.125			03/15/2031		1,555,058
9,100,000	GA Road & Tollway Authority (I-75 S Express Lanes)¹		0.000	³		06/01/2049		6,207,292
2,250,000	GA Road & Tollway Authority (I-75 S Express Lanes)		6.246	⁷		06/01/2024		1,614,375
3,750,000	GA Road & Tollway Authority (I-75 S Express Lanes)		6.748	⁷		06/01/2034		1,343,062
1,720,000	Gainesville & Hall County, GA Devel. Authority Educational Facilities (Riverside Military Academy)¹		5.000			03/01/2047		1,801,803
1,720,000	Gainesville & Hall County, GA Devel. Authority Educational Facilities (Riverside Military Academy)¹		5.125			03/01/2052		1,810,713
								71,906,222

Hawaii—0.0%
580,000	HI Dept. of Transportation (Continental Airlines)¹		5.625			11/15/2027		581,288
1,430,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)¹		6.300			07/01/2022		1,433,904
								2,015,192

Idaho—0.0%
960,000	ID Health Facilities Authority (Valley Vista Care Corp./Vista Community Hsg. Corp. Obligated Group)¹		5.250			11/15/2047		990,538
109,200	Nampa, ID Local Improvement District No. 148		6.625			09/01/2030		111,470
								1,102,008

Illinois—6.5%
3,000,000	Carol Stream, IL Park District¹		5.000			01/01/2037		3,328,740
30,685,000	Caseyville, IL Tax (Forest Lakes)^4,6		7.000			12/30/2022		306,850
1,850,000	Chicago, IL Board of Education¹		5.000			12/01/2023		2,031,892
3,500,000	Chicago, IL Board of Education¹		5.000			12/01/2024		3,877,335
2,500,000	Chicago, IL Board of Education¹		5.000			12/01/2025		2,790,125
1,725,000	Chicago, IL Board of Education¹		5.000			12/01/2026		1,935,657
2,100,000	Chicago, IL Board of Education¹		5.000			12/01/2027		2,366,616
2,000,000	Chicago, IL Board of Education¹		5.000			12/01/2029		2,254,400
1,250,000	Chicago, IL Board of Education¹		5.000			12/01/2032		1,394,088
1,000,000	Chicago, IL Board of Education¹		5.000			12/01/2035		1,103,490
5,700,000	Chicago, IL Board of Education¹		6.000			04/01/2046		6,670,767
1,500,000	Chicago, IL Board of Education¹		6.500			12/01/2046		1,717,605

29 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$7,000,000	Chicago, IL Board of Education¹		7.000	%		12/01/2044	$	8,148,350
18,790,000	Chicago, IL GO¹		5.250			01/01/2033		18,817,058
6,870,000	Chicago, IL Metropolitan Water Reclamation¹		5.000			12/01/2044		7,556,725
3,000,000	Chicago, IL Midway Airport, Series A¹		5.000			01/01/2033		3,264,840
30,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)^1,2		6.125			02/20/2042		30,131
2,500,000	Chicago, IL O’Hare International Airport¹		5.000			01/01/2047		2,721,750
3,750,000	Chicago, IL O’Hare International Airport¹		5.000			07/01/2048		4,102,500
5,000,000	Chicago, IL O’Hare International Airport¹		5.000			01/01/2052		5,424,700
2,755,000	Chicago, IL Waterworks¹		5.250			11/01/2030		3,199,078
2,900,000	Chicago, IL Waterworks¹		5.250			11/01/2031		3,357,388
2,135,000	Chicago, IL Waterworks¹		5.250			11/01/2032		2,464,366
2,000,000	Chicago, IL Waterworks¹		5.250			11/01/2033		2,299,940
2,885,000	Chicago, IL Waterworks¹		5.250			11/01/2035		3,297,901
10,032,000	Cortland, IL Special Tax (Sheaffer System)⁴		5.500			03/01/2017		2,006,400
1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)¹		5.625			03/01/2036		1,000,340
1,585,000	Franklin Park, IL GO¹		6.250			07/01/2030		1,763,756
2,103,214	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375			03/01/2034		1,905,954
6,165,000	Harvey, IL GO⁴		5.500			12/01/2027		3,390,750
1,800,000	Harvey, IL GO⁴		5.625			12/01/2032		990,000
9,900,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)¹		6.500			12/01/2037		9,906,336
1,000,000	IL Finance Authority (Admiral at the Lake)		5.125			05/15/2038		1,001,670
3,220,000	IL Finance Authority (Admiral at the Lake)		5.250			05/15/2042		3,246,790
2,825,000	IL Finance Authority (Admiral at the Lake)		5.250			05/15/2054		2,824,774
5,820,000	IL Finance Authority (Advocate Health Care)⁸		5.375			04/01/2044		5,964,889
5,180,000	IL Finance Authority (Advocate Health Care)⁸		5.375			04/01/2044		5,308,956
19,410,000	IL Finance Authority (Advocate Health Care)⁸		5.375			04/01/2044		19,895,480
21,765,000	IL Finance Authority (Advocate Health Care)⁸		5.375			04/01/2044		22,309,384
10,575,000	IL Finance Authority (Advocate Health Care)⁸		5.500			04/01/2044		10,847,148
9,425,000	IL Finance Authority (Advocate Health Care)⁸		5.500			04/01/2044		9,667,552
320,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group)¹		5.375			04/01/2044		328,198
365,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group)¹		5.375			04/01/2044		374,351
100,000	IL Finance Authority (Art Institute of Chicago)¹		5.250			03/01/2040		105,254
12,500,000	IL Finance Authority (CDHS)⁸		5.500			11/01/2039		13,082,969
5,000,000	IL Finance Authority (CDHS/CDHA)⁸		5.375			11/01/2039		5,225,500
5,460,000	IL Finance Authority (DeKalb Supportive Living)¹		6.100			12/01/2041		5,326,885
2,000,000	IL Finance Authority (Friendship Village Schaumburg)		5.000			02/15/2027		2,047,400
1,000,000	IL Finance Authority (Lake Forest College)¹		6.000			10/01/2048		1,069,070
715,000	IL Finance Authority (Luther Oaks)²		6.000			08/15/2026		716,022
1,500,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2039		1,500,660
100,000	IL Finance Authority (Memorial Health System/ Memorial Medical Center-Woodstock Obligated Group)¹		5.500			04/01/2039		102,395

30 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$6,500,000	IL Finance Authority (NWMH/MJRH&C/NWMHlth/ LFH&FI/NWLFH/DCH/NWMFF/CDHDHS/KS/ VWCH/KCHosp/CDHA/NWMF/RMClinic/CDPG/ KPG Obligated Group)¹		4.000	%		07/15/2047	$	6,617,845
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		11,747,808
105,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group)¹		7.750			08/15/2034		111,631
575,000	IL Finance Authority (Rogers Park Montessori School)¹		6.000			02/01/2034		604,032
1,310,000	IL Finance Authority (Rogers Park Montessori School)¹		6.125			02/01/2045		1,373,024
575,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)¹		5.000			08/01/2042		624,427
700,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)¹		5.000			08/01/2047		756,854
11,860,000	IL Finance Authority (St. Anthony Lassing)¹		6.500			12/01/2032		12,218,409
1,500,000	IL Finance Authority (The New Admiral at the Lake)¹		8.000			05/15/2040		1,660,710
5,775,000	IL Finance Authority (The New Admiral at the Lake)¹		8.000			05/15/2046		6,393,734
4,065,000	IL Finance Authority (Villa St. Benedict)¹		6.125			11/15/2035		4,447,395
4,400,000	IL Finance Authority (Villa St. Benedict)¹		6.375			11/15/2043		4,844,180
1,640,000	IL Hsg. Devel. Authority (Stonebridge Gurnee)		5.450			01/01/2046		1,511,047
1,775,000	IL Hsg. Devel. Authority (Stonebridge Gurnee)		5.600			01/01/2056		1,642,319
31,755,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.418	⁷		06/15/2047		8,812,330
6,450,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.509	⁷		06/15/2043		2,158,751
15,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.539	⁷		06/15/2046		4,363,500
22,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.549	⁷		12/15/2056		3,914,460
10,225,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.609	⁷		06/15/2044		3,266,581
5,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.628	⁷		12/15/2041		1,770,250
15,580,000	IL Sales Tax¹		4.000			06/15/2028		16,285,930
5,000,000	IL Sales Tax¹		4.000			06/15/2029		5,198,450
10,625,000	IL Sales Tax¹		4.000			06/15/2030		10,994,750
7,010,000	IL Sales Tax¹		4.000			06/15/2031		7,229,553
5,820,000	IL Sales Tax¹		4.000			06/15/2032		5,982,145
11,690,000	IL Sales Tax Securitization Corp.¹		5.000			01/01/2037		13,115,596
2,830,000	IL Sales Tax Securitization Corp.¹		5.000			01/01/2038		3,170,279
4,000,000	IL Sales Tax Securitization Corp.¹		5.000			01/01/2048		4,430,200
1,778,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)^5,6		5.750			03/01/2022		444,500

31 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$3,491,000	Plano, IL Special Service Area No. 5⁵		6.000	%		03/01/2036	$	2,234,240
5,400,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)^2,6		6.375			08/01/2040		3,987,306
162	Robbins, IL Res Rec (Robbins Res Rec Partners)¹		7.250			10/15/2024		161
2,440,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)		6.625			06/01/2037		1,918,816
1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		1,338,825
11,020,000	Southwestern IL Devel. Authority (Local Government Programming)⁶		7.000			10/01/2022		6,391,600
3,675,000	Southwestern IL Devel. Authority (Village of Sauget)¹		5.625			11/01/2026		3,507,824
12,675,000	Upper, IL River Valley Devel. Authority (DeerPath Huntley)¹		6.500			12/01/2032		12,673,479
								404,114,116

Indiana—1.6%
2,000,000	Allen County, IN Economic Devel. (Storypoint/ SL2016/SLW/SLC/SLFW/SLF Obligated Group)		6.875			01/15/2052		2,157,220
1,140,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)^4,6		9.000			12/01/2045		11
4,300,000	Carmel, IN Redevel. District COP¹		6.500			07/15/2035		4,777,257
1,225,000	Chesterton, IN Economic Devel. (Storypoint/ SL2016/SLW/SLC Obligated Group)		6.375			01/15/2051		1,281,485
5,805,000	East Chicago, IN Solid Waste Disposal (USG Corp.)¹		6.375			08/01/2029		5,818,874
3,430,000	Evansville, IN Multifamily Hsg. (Silver Birch Evansville)¹		5.450			01/01/2038		3,425,712
595,000	Fort Wayne, IN Multifamily Hsg. (Silver Birch Fort Wayne)¹		5.125			01/01/2032		587,313
3,850,000	Fort Wayne, IN Multifamily Hsg. (Silver Birch Fort Wayne)¹		5.350			01/01/2038		3,799,488
2,050,000	IN Finance Authority (Avondale Meadows Academy)¹		5.375			07/01/2047		2,050,615
1,675,000	IN Finance Authority (BHI Senior Living)¹		5.500			11/15/2031		1,800,139
2,850,000	IN Finance Authority (BHI Senior Living)¹		5.750			11/15/2041		3,075,748
11,505,000	IN Finance Authority (Marian University)¹		6.375			09/15/2041		12,371,672
925,000	IN Finance Authority Educational Facilities (Irvington Community)¹		9.000			07/01/2039		946,756
3,950,000	IN Hsg. & Community Devel. Authority (Evergreen Village Bloomington)¹		5.500			01/01/2037		3,959,322
6,225,000	IN Hsg. & Community Devel. Authority (Hammond Assisted Living Community)¹		5.750			01/01/2036		5,986,458
1,095,000	Kokomo, IN Multifamily Hsg. (Silver Birch of Kokomo)¹		5.750			01/01/2034		1,123,328
4,570,000	Kokomo, IN Multifamily Hsg. (Silver Birch of Kokomo)¹		5.875			01/01/2037		4,708,700
1,060,000	Lafayette, IN Multifamily Hsg. (Glasswater Creek of Lafayette)¹		5.600			01/01/2033		1,080,045

32 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Indiana (Continued)
$5,160,000	Lafayette, IN Multifamily Hsg. (Glasswater Creek of Lafayette)¹		5.800	%		01/01/2037	$	5,282,240
4,965,000	Merrillville, IN Economic Devel. (Belvedere Hsg.)¹		5.750			04/01/2036		4,726,730
14,565,000	Michigan City, IN Multifamily Hsg. (Silver Birch Project)¹		5.150			01/01/2037		14,076,781
4,975,000	Mishawaka, IN Multifamily Hsg. (Silver Birch Mishawaka)¹		5.375			01/01/2038		4,924,504
2,560,000	Muncie, IN Multifamily Hsg. (Silver Birch Project)¹		5.250			01/01/2037		2,503,731
4,205,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)¹		6.500			07/01/2022		4,214,587
3,880,000	Terre Haute, IN Multifamily Hsg. (Silver Birch of Terre Haute)¹		5.350			01/01/2038		3,829,094
3,425,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)		6.250			01/01/2029		3,515,763
								102,023,573

Iowa—0.1%
1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)^4,6		5.900			12/01/2028		78,300
730,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)¹		5.375			06/01/2025		730,066
2,845,000	IA Tobacco Settlement Authority (TASC)¹		6.500			06/01/2023		2,898,201
								3,706,567

Kansas—0.0%
3,176,456	Olathe, KS Tax Increment (Gateway)^4,6		5.000			03/01/2026		1,905,874

Kentucky—0.4%
1,775,000	Kuttawa, KY (1st Mtg.-GF/Kentucky)		6.750			03/01/2029		1,775,089
1,250,000	KY EDFA (Masonic Home Independent Living II)¹		7.250			05/15/2041		1,430,950
1,000,000	KY EDFA (Masonic Home Independent Living II)¹		7.375			05/15/2046		1,148,140
6,785,000	KY Municipal Power Agency¹		5.000			09/01/2034		7,475,713
5,000,000	KY Municipal Power Agency¹		5.000			09/01/2036		5,483,200
1,900,000	KY Property & Building Commission¹		5.000			05/01/2031		2,175,785
1,900,000	KY Property & Building Commission¹		5.000			05/01/2032		2,167,254
900,000	KY Property & Building Commission¹		5.000			05/01/2033		1,022,580
900,000	KY Property & Building Commission¹		5.000			05/01/2034		1,019,376
								23,698,087

Louisiana—0.2%
1,200,000	Juban Park, LA Community Devel. District Special Assessment^5,6		5.150			10/01/2014		336,000
11,415,000	LA HFA (La Chateau)¹		7.250			09/01/2039		11,125,858
1,220,000	LA Local Government EF&CD Authority (Better Waterworks)¹		5.250			05/01/2043		1,172,542
								12,634,400

Maine—0.5%
2,000,000	ME Finance Authority (Casella Waste Systems)¹		4.375	¹⁰		08/01/2035		2,017,400

33 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Maine (Continued)
$6,850,000	ME H&HEFA (Bowdoin College)¹		5.000	%		07/01/2039	$	7,042,622
2,000,000	ME H&HEFA (Maine General Medical Center)¹		6.750			07/01/2041		2,156,060
4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)		6.625			07/01/2020		4,799,760
12,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)		6.875			10/01/2026		12,264,141
								28,279,983

Maryland—0.7%
9,525,000	Baltimore County, MD GO¹		4.000			03/01/2040		10,020,586
1,100,000	Baltimore, MD Special Obligation (Center/West Devel.)¹		5.375			06/01/2036		1,121,384
1,360,000	Baltimore, MD Special Obligation (Center/West Devel.)¹		5.500			06/01/2043		1,389,376
25,950,000	MD Stadium Authority (Construction & Revitalization Program)⁸		5.000			05/01/2047		29,667,018
6,856,636	Salisbury, MD Special Obligation (Villages at Salisbury Lake)^4,6		3.787	⁷		01/01/2037		788,513
								42,986,877

Massachusetts—1.0%
6,905,000	MA Devel. Finance Agency (Lasell College)¹		6.000			07/01/2041		7,472,660
1,600,702	MA Devel. Finance Agency (Linden Ponds)		1.009	⁷		11/15/2056		329,665
195,000	MA Devel. Finance Agency (Linden Ponds)¹		4.680			11/15/2021		196,137
3,235,000	MA Devel. Finance Agency (Linden Ponds)^1,2		4.680			11/15/2021		3,253,860
312,377	MA Devel. Finance Agency (Linden Ponds)¹		5.500			11/15/2046		312,452
444,906	MA Devel. Finance Agency (Linden Ponds)¹		6.250			11/15/2018		446,890
2,057,748	MA Devel. Finance Agency (Linden Ponds)¹		6.250			11/15/2039		2,128,843
6,062,305	MA Devel. Finance Agency (Linden Ponds)¹		6.250			11/15/2046		6,270,909
1,000,000	MA Devel. Finance Agency (VOA Concord)¹		5.200			11/01/2041		1,000,060
13,000,000	MA GO¹		5.000			01/01/2040		14,980,030
9,820,000	MA H&EFA (Milford Regional Medical Center)¹		5.000			07/15/2032		9,909,166
7,080,000	MA HFA, Series C⁸		5.350			12/01/2042		7,158,694
660,000	MA Port Authority (Delta Air Lines)¹		5.000			01/01/2027		667,253
2,240,000	Saugus, MA GO¹		4.000			03/01/2039		2,339,725
2,500,000	Saugus, MA GO¹		4.000			03/01/2040		2,609,225
2,670,000	Saugus, MA GO¹		4.000			03/01/2041		2,784,436
2,750,000	Saugus, MA GO¹		4.000			03/01/2042		2,865,582
								64,725,587

Michigan—2.4%
1,600,000	American Montessori Academy, MI Public School Academy		7.000			12/01/2046		1,591,968
3,465,000	Arts & Technology Academy Pontiac, MI Public School Academy		6.000			11/01/2046		3,241,819
2,740,000	Charyl Stockwell Academy, MI Public School Academy¹		5.500			10/01/2035		2,715,751
4,140,000	Charyl Stockwell Academy, MI Public School Academy¹		5.750			10/01/2045		4,139,627

34 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Michigan (Continued)
$10,100,000	Detroit, MI City School District⁸		6.000	%		05/01/2029	$	11,955,421
803,643	Detroit, MI GO¹		5.000			04/01/2020		800,284
906,750	Detroit, MI GO¹		5.000			04/01/2021		889,005
350,300	Detroit, MI GO¹		5.250			04/01/2020		348,570
155,000	Detroit, MI GO		5.250			04/01/2020		154,234
342,550	Detroit, MI GO		5.250			04/01/2021		338,511
206,150	Detroit, MI GO¹		5.250			04/01/2022		201,444
15,500	Detroit, MI GO		5.250			04/01/2023		14,971
1,165,000	Detroit, MI Local Devel. Finance Authority¹		6.700			05/01/2021		1,175,951
565,000	Detroit, MI Local Devel. Finance Authority¹		6.850			05/01/2021		570,311
8,000,000	Great Lakes, MI Water Authority Supply System¹		5.250			07/01/2033		9,314,560
200,000	MI Finance Authority (HFHS/HFMHCT/HFWH/ WAFMH Obligated Group)¹		5.000			11/15/2041		220,650
1,215,000	MI Hospital Finance Authority (McLaren Health Care Corp.)¹		5.000			05/15/2034		1,352,101
685,000	MI Public Educational Facilities Authority (American Montessori)		6.500			12/01/2037		684,959
1,400,000	MI Public Educational Facilities Authority (Old Redford Academy)¹		6.000			12/01/2035		1,387,960
1,071,375	MI Strategic Fund Limited Obligation (Wolverine Human Services)¹		7.875			08/31/2028		1,073,325
3,000,000	MI Strategic Fund Solid Waste (Genesee Power Station)¹		7.500			01/01/2021		2,962,860
2,725,780,000	MI Tobacco Settlement Finance Authority		7.965	⁷		06/01/2058		85,289,656
1,400,000	Old Redford Academy, MI Public School Academy¹		5.900			12/01/2030		1,398,656
3,500,000	Summit Academy North, MI Public School Academy¹		5.000			11/01/2031		3,516,170
2,800,000	Summit Academy North, MI Public School Academy¹		5.000			11/01/2035		2,736,524
13,635,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)¹		6.000			12/01/2029		13,664,997
								151,740,285

Minnesota—0.7%
1,000,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)¹		5.000			06/01/2048		1,013,790
600,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)¹		5.000			06/01/2053		604,794
1,625,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)¹		5.250			06/01/2058		1,651,910
6,915,000	Brooklyn Center, MN Multifamily Hsg. (Sanctuary Brooklyn Center)¹		5.500			11/01/2035		6,936,506
3,115,000	Brooklyn Center, MN Multifamily Hsg. (Sanctuary Brooklyn Center)¹		6.500			11/01/2035		2,891,468
6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)		6.850			12/01/2029		6,369,554
1,075,000	Minneapolis, MN Charter School (Spero Academy)		6.250			07/01/2037		1,065,518

35 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Minnesota (Continued)
$4,740,000	Minneapolis, MN Charter School (Spero Academy)		6.500	%		07/01/2048	$	4,678,143
715,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)¹		5.400			04/01/2028		714,993
5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)¹		5.500			04/01/2042		5,327,558
500,000	Minneapolis, MN Student Hsg. (Riverton Community Hsg.)¹		5.000			08/01/2053		507,905
515,000	Red Wing, MN Senior Hsg. (Benedictine Living Community of Northfield)		5.000			08/01/2053		515,335
1,475,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)¹		7.000			09/15/2037		1,475,501
1,524,036	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)¹		5.630			10/01/2033		1,524,782
2,259,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)¹		6.250			03/01/2029		2,184,317
1,075,000	St. Paul, MN Hsg. & Redevel. Authority (Great River School)		5.500			07/01/2052		1,105,444
2,305,000	St. Paul, MN Hsg. & Redevel. Authority Charter School (Hmong College Prep Academy)¹		5.500			09/01/2043		2,359,675
200,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)¹		6.000			02/01/2019		199,142
								41,126,335

Mississippi—0.4%
1,875,000	Meridian, MS Tax Increment (Meridian Crossroads)¹		8.750			12/01/2024		1,952,344
13,015,000	Mississippi State University Educational Building¹		4.000			08/01/2043		13,462,716
3,630,000	MS Business Finance Corp. (Cooperative Energy Mississippi Electric)¹		4.700			05/01/2024		3,702,781
1,395,000	Ridgeland, MS Tax Increment (Colony Park)¹		5.250			10/01/2027		1,432,526
1,755,000	Ridgeland, MS Tax Increment (Colony Park)¹		5.375			10/01/2028		1,804,087
16,410,000	Stonebridge, MS Public Improvement District Special Assessment⁵		7.500			10/01/2042		1,312,800
								23,667,254

Missouri—0.8%
4,900,000	Branson, MO Commerce Park Community Improvement District⁴		5.750			06/01/2026		1,078,000
2,390,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		2,375,038
12,600,000	Branson, MO IDA (Branson Hills Redevel.)		7.050			05/01/2027		12,609,324
495,000	Branson, MO IDA (Branson Landing)		5.250			06/01/2021		482,140
2,970,000	Branson, MO IDA (Branson Landing)		5.500			06/01/2029		2,887,018
570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)^4,6		6.125			12/01/2036		370,500
785,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.500			04/01/2021		673,342
3,100,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		2,299,518
880,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)		5.000			11/01/2023		782,936

36 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Missouri (Continued)
$1,000,000	Kansas City, MO IDA (Sales Tax)¹		5.000	%		04/01/2036	$	1,033,360
740,000	Kansas City, MO IDA (Sales Tax)¹		5.000			04/01/2046		753,150
1,129,000	Kansas City, MO IDA (West Paseo)¹		6.750			07/01/2036		1,128,898
1,200,000	Lees Summit, MO IDA (Kensington Farms)⁴		5.500			03/01/2021		768,000
750,000	Lees Summit, MO IDA (Kensington Farms)⁴		5.750			03/01/2029		480,000
2,800,000	Lees Summit, MO Tax (Summit Fair Community Improvement District)¹		6.000			05/01/2042		2,809,800
3,020,000	MO Dardenne Town Square Transportation Devel. District⁴		5.000			05/01/2026		906,000
3,825,000	MO Dardenne Town Square Transportation Devel. District⁴		5.000			05/01/2036		1,147,500
205,000	MO Grindstone Plaza Transportation Devel. District		5.250			10/01/2021		202,524
400,000	MO Grindstone Plaza Transportation Devel. District		5.400			10/01/2026		382,416
115,000	MO Grindstone Plaza Transportation Devel. District		5.550			10/01/2036		103,215
2,000,000	Move Rolla, MO Transportation Devel. District¹		4.625			06/01/2042		2,050,740
700,000	Northwoods, MO Transportation Devel. District		5.850			02/01/2031		651,847
2,750,000	Saint Charles County, MO IDA (Suemandy/Mid- Rivers Community Improvement District)¹		5.000			10/01/2046		2,629,825
4,580,000	St. Louis, MO IDA (Railway Exchange Building Redevel.)^5,6		8.000			04/27/2033		137,400
2,000,000	St. Louis, MO Land Clearance Redevel. Authority (14th & Market Community Improvement District)¹		6.375			04/01/2043		1,965,580
4,000,000	St. Louis, MO Land Clearance Redevel. Authority (Scottrade Center)¹		5.000			04/01/2038		4,407,200
2,442,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)^4,6		6.000			08/21/2026		683,760
2,032,491	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		1,358,273
1,660,000	St. Louis, MO Tax Increment (Printers Lofts)^4,6		6.000			08/21/2026		448,200
3,043,000	St. Louis, MO Tax Increment (Security Building Redevel.)^4,6		6.300			04/01/2027		1,217,200
1,510,000	St. Louis, MO Tax Increment (Washington East Condominiums)^4,6		5.500			01/20/2028		362,400
2,321,000	St. Louis, MO Tax Increment (Washington East Condominiums)⁶		5.500			01/20/2028		1,160,500
1,108,000	St. Louis, MO Tax Increment Financing, Series A⁶		5.500			09/02/2028		498,600
1,865,000	Stone Canyon, MO Improvement District (Infrastructure)^5,6		5.700			04/01/2022		456,925

37 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Missouri (Continued)
$975,000	Stone Canyon, MO Improvement District (Infrastructure)^5,6		5.750	%		04/01/2027	$	238,875
								51,540,004

Montana—0.0%
5,935,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)^4,6		6.250	³		09/01/2031		771,550

Nebraska—0.6%
20,000,000	Douglas County, NE Hospital Authority (Methodist Health System)⁸		5.750			11/01/2048		20,142,494
3,000,000	NE Central Plains Gas Energy¹		5.000			09/01/2042		3,569,880
10,000,000	Omaha, NE Public Power District¹		5.000			02/01/2042		11,528,800
								35,241,174

Nevada—0.6%
27,500,000	Clark County, NV GO⁸		5.000			05/01/2048		31,535,969
975,000	Clark County, NV Improvement District¹		5.000			02/01/2026		983,346
750,000	Clark County, NV Improvement District¹		5.050			02/01/2031		755,535
275,000	Director of the State of NV Dept. of Business & Industry (Las Vegas Monorail)		7.329	⁷		01/01/2019		265,375
90,000	Mesquite, NV Special Improvement District (Canyon Creek)^1,2		5.400			08/01/2020		90,768
315,000	Mesquite, NV Special Improvement District (Canyon Creek)^1,2		5.500			08/01/2025		316,468
30,000,000	Reno, NV Sales Tax		6.143	⁷		07/01/2058		3,349,500
								37,296,961

New Hampshire—0.1%
1,365,000	NH Business Finance Authority (Huggins Hospital)¹		6.875			10/01/2039		1,438,751
100,000	NH H&EFA (Hillside Village)		5.250			07/01/2027		101,719
1,725,000	NH H&EFA (Hillside Village)		6.125			07/01/2037		1,845,198
3,875,000	NH H&EFA (Hillside Village)		6.125			07/01/2052		4,113,700
865,000	NH H&EFA (Hillside Village)		6.250			07/01/2042		929,088
								8,428,456

New Jersey—1.9%
3,583,000	Newark, NJ GO¹		5.000			07/15/2029		3,765,231
5,000,000	NJ EDA¹		5.000			06/15/2041		5,389,300
75,000	NJ EDA (Continental Airlines)¹		4.875			09/15/2019		76,379
3,750,000	NJ EDA (Continental Airlines)¹		5.625			11/15/2030		4,247,625
2,055,000	NJ EDA (Friends of Teaneck Community Charter School)¹		5.125			09/01/2052		1,979,664
1,865,000	NJ EDA (Hatikvah International Academy Charter School)		5.375			07/01/2047		1,913,378
565,000	NJ EDA (Leap Academy Charter School)¹		6.000			10/01/2034		578,068
750,000	NJ EDA (Leap Academy Charter School)¹		6.200			10/01/2044		762,960
500,000	NJ EDA (Leap Academy Charter School)¹		6.300			10/01/2049		510,675

38 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
$1,875,000	NJ EDA (North Star Academy Charter School of Newark)¹		5.000	%		07/15/2047	$	2,013,412
1,000,000	NJ EDA (Paterson Charter School Science & Technology)¹		6.100			07/01/2044		1,007,530
650,000	NJ EDA (Provident Group-Kean Properties)¹		5.000			07/01/2047		699,881
5,000,000	NJ Educational Facilities Authority (College of St. Elizabeth)¹		5.000			07/01/2046		5,042,050
5,515,000	NJ Educational Facilities Authority (Princeton University)⁸		4.000			07/01/2037		5,921,300
7,975,000	NJ Educational Facilities Authority (Princeton University)⁸		4.000			07/01/2038		8,543,056
4,000,000	NJ Educational Facilities Authority (Princeton University)⁸		4.000			07/01/2039		4,275,080
5,000,000	NJ Educational Facilities Authority (Princeton University)⁸		4.000			07/01/2040		5,339,838
40,600,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2046		43,597,904
18,650,000	NJ Tobacco Settlement Financing Corp.¹		5.250			06/01/2046		20,931,455
3,300,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2031		3,654,552
210,000	Weehawken Township, NJ GO¹		6.000			08/01/2021		226,279
210,000	Weehawken Township, NJ GO¹		6.000			08/01/2022		225,553
								120,701,170

New Mexico—0.2%
615,000	Boulders, NM Pubic Improvement District¹		5.750			10/01/2044		615,658
3,500,000	Farmington, NM Pollution Control (Public Service Company of New Mexico)¹		2.125	¹⁰		06/01/2040		3,430,910
355,000	Mariposa East, NM Public Improvement District		5.900	³		09/01/2032		353,683
560,000	Mariposa East, NM Public Improvement District		5.900			09/01/2032		534,688
75,000	Mariposa East, NM Public Improvement District¹		5.900			09/01/2032		74,995
475,000	Mariposa East, NM Public Improvement District		12.874	⁷		03/01/2032		71,250
1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,803,321
4,235,000	Saltillo, NM Improvement District¹		7.625			10/01/2037		4,245,969
								11,130,474

New York—16.5%
14,945,000	Brookhaven, NY IDA (BK at Lake Grove)¹		7.750	¹⁰		11/01/2046		15,928,531
14,910,000	Brookhaven, NY IDA (BK at Lake Grove)¹		7.750	¹⁰		11/01/2046		15,891,227
9,950,000	Brookhaven, NY IDA (BK at Lake Grove)¹		7.750	¹⁰		11/01/2046		10,175,069
17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		5.630	⁷		06/01/2055		970,845
4,245,000	Essex County, NY IDA (Champlain Valley Milling Corp.)		6.250			06/01/2047		4,312,665
5,400,000	Guilderland, NY IDA (Promenade Albany Senior Living)		5.875			01/01/2052		5,356,692
13,500,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2037		15,421,590
7,500,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2039		8,537,400
1,470,000	Islip, NY IDA (Engel Burman at Sayville)¹		7.750	¹⁰		11/01/2045		1,566,741
1,000,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		6.000			06/01/2030		1,101,950

39 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$2,937,408	Nassau County, NY IDA (Amsterdam at Harborside)⁵		2.000	%		01/01/2049	$	499,359
911,543	Nassau County, NY IDA (Amsterdam at Harborside)¹		5.500			07/01/2020		924,368
187,500	Nassau County, NY IDA (Amsterdam at Harborside)¹		5.875			01/01/2023		194,593
922,500	Nassau County, NY IDA (Amsterdam at Harborside)¹		6.500			01/01/2032		979,132
1,780,000	Nassau County, NY IDA (Amsterdam at Harborside)¹		6.700			01/01/2049		1,889,612
6,100,000	Nassau County, NY IDA (Amsterdam at Harborside)¹		6.700			01/01/2049		6,479,237
10,000,000	New York St Dorm Auth St Personal Income Tax Revenue⁸		5.000			02/15/2037		11,372,753
234,000,000	NY Counties Tobacco Trust V		6.732	⁷		06/01/2060		7,857,720
37,380,000	NY Liberty Devel. Corp. (Bank of America Tower)⁸		5.125			01/15/2044		38,979,918
5,005,000	NY MTA¹		5.250			11/15/2056		5,618,913
3,000,000	NY MTA (Green Bond)¹		4.000			11/15/2038		3,098,100
9,300,000	NY MTA (Green Bond)¹		5.000			11/15/2035		10,772,841
10,000,000	NY MTA (Green Bond)¹		5.250			11/15/2057		11,582,900
10,000,000	NY MTA Hudson Rail Yards¹		5.000			11/15/2046		10,337,300
33,190,000	NY MTA Hudson Rail Yards¹		5.000			11/15/2056		35,904,942
485,000	NY MTA, Series D¹		5.250			11/15/2027		565,534
560,000	NY MTA, Series D¹		5.250			11/15/2028		652,988
900,000	NY MTA, Series D¹		5.250			11/15/2029		1,049,445
900,000	NY MTA, Series D¹		5.250			11/15/2030		1,049,445
900,000	NY MTA, Series D¹		5.250			11/15/2031		1,049,445
900,000	NY MTA, Series D¹		5.250			11/15/2032		1,049,445
900,000	NY MTA, Series D¹		5.250			11/15/2033		1,049,445
12,250,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2042		14,027,598
6,895,000	NYC GO¹		5.000			04/01/2035		8,019,023
11,975,000	NYC GO¹		5.000			04/01/2039		13,807,894
11,355,000	NYC GO¹		5.000			03/01/2041		13,060,067
9,050,000	NYC GO¹		5.250			10/01/2031		10,847,059
7,450,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.650			10/01/2028		7,527,033
18,665,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.750			10/01/2036		18,857,996
8,670,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		6.200			10/01/2022		8,863,254
27,945,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2038		32,159,106
10,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2038		11,438,200
20,740,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2040		23,831,297
15,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2048		17,144,250
5,000,000	NYC Transitional Finance Authority (Building Aid)¹		4.000			07/15/2037		5,217,050
7,700,000	NYC Transitional Finance Authority (Building Aid)¹		5.250			07/15/2035		9,203,040
20,000,000	NYC Transitional Finance Authority (Building Aid)¹		5.250			07/15/2036		23,828,000
7,700,000	NYC Transitional Finance Authority (Building Aid)¹		5.250			07/15/2036		9,173,780
15,000,000	NYC Transitional Finance Authority (Future Tax)⁸		4.000			08/01/2041		15,582,638

40 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$5,000,000	NYC Transitional Finance Authority (Future Tax)¹		4.000	%		08/01/2042	$	5,172,000
1,360,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2032		1,574,839
7,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2035		8,020,600
10,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2037		11,298,100
17,500,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			08/01/2037		20,078,450
2,450,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2039		2,783,641
10,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			08/01/2039		11,431,200
19,970,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2040		22,549,725
29,000,000	NYC Transitional Finance Authority (Future Tax)^1,2		5.000			08/01/2040		33,427,430
9,545,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			08/01/2040		10,903,063
75,000,000	NYC Transitional Finance Authority (Future Tax)⁸		5.000			05/01/2042		85,287,000
6,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2042		6,822,960
20,085,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2043		22,756,104
7,640,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			08/01/2045		8,694,931
5,000,000	NYS DA (Memorial Sloan-Kettering Cancer Center)¹		5.000			07/01/2042		5,697,200
25,000,000	NYS DA (Sales Tax)¹		5.000			03/15/2037		28,969,000
13,270,000	NYS DA (Sales Tax)¹		5.000			03/15/2039		15,328,973
15,000,000	NYS DA (Sales Tax)¹		5.000			03/15/2040		17,313,900
31,720,000	NYS DA (Sales Tax)		5.000			03/15/2041		36,584,579
14,000,000	NYS DA (Sales Tax)¹		5.000			03/15/2043		15,963,920
17,900,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		18,733,961
10,000,000	NYS DA (State Personal Income Tax Authority)¹		5.000			02/15/2032		11,542,100
6,500,000	NYS DA (State Personal Income Tax Authority)¹		5.000			02/15/2043		7,342,855
6,705,000	NYS DA (State University of New York)¹		5.000			07/01/2048		7,536,554
21,750,000	NYS Liberty Devel. Corp. (4 World Trade Center)¹		5.750			11/15/2051		24,227,978
2,500,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹		5.000			07/01/2034		2,716,775
5,000,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹		5.000			07/01/2041		5,369,750
7,000,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹		5.250			01/01/2050		7,590,660
13,000,000	NYS Transportation Devel. Corp. (American Airlines/JFK International Airport)¹		5.000			08/01/2026		13,713,180
2,525,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B)¹		4.000			07/01/2031		2,587,772
200,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		208,762
1,210,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		1,265,829
11,050,000	Port Authority NY/NJ, 200th Series⁸		5.000			04/15/2057		12,460,443
13,000,000	Port Authority NY/NJ, 205th Series⁸		5.000			05/15/2057		14,754,610
2,000,000	Port Authority NY/NJ, 206th Series¹		5.000			11/15/2042		2,249,500
9,725,000	Port Authority NY/NJ, 206th Series¹		5.000			11/15/2047		10,897,057
10,000,000	Port Authority NY/NJ, 206th Series⁸		5.000			11/15/2047		11,205,225
12,915,000	Port Authority NY/NJ, 207th Series¹		5.000			09/15/2025		14,890,091
8,385,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		8,390,115

41 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,140,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-C		6.200	%		03/01/2020	$	1,140,080
								1,024,288,342

North Carolina—0.3%
15,000,000	NC Capital Facilities Finance Agency (Duke University)¹		5.000			10/01/2055		16,858,650
1,650,000	NC Medical Care Commission (Whitestone)¹		7.750			03/01/2031		1,891,016
								18,749,666

Ohio—7.7%
9,950,000	Allen County, OH Hospital Facilities (Catholic Healthcare)⁸		5.000			06/01/2038		10,528,676
9,225,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.125			06/01/2024		9,213,469
17,325,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.375			06/01/2024		17,325,346
5,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.750			06/01/2034		5,012,550
43,385,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2030		43,601,925
69,490,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹		5.875			06/01/2047		70,088,309
12,937,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹		6.000			06/01/2042		12,937,129
62,055,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.250	³		06/01/2037		65,000,130
66,170,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹		6.500			06/01/2047		68,154,438
733,800,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.508	⁷		06/01/2052		33,343,872
5,645,000	Butler County, OH Port Authority (Maple Knoll Communities)¹		7.000			07/01/2043		6,258,047
1,000,000	Butler County, OH Port Authority (Storypoint/ SL2016/SLW/SLC/SLFW/SLF Obligated Group)		6.250			01/15/2034		1,052,890
1,000,000	Butler County, OH Port Authority (Storypoint/ SL2016/SLW/SLC/SLFW/SLF Obligated Group)		6.375			01/15/2043		1,051,590
2,250,000	Butler County, OH Port Authority (Storypoint/ SL2016/SLW/SLC/SLFW/SLF Obligated Group)		6.500			01/15/2052		2,370,870
815,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)¹		5.250			12/01/2038		893,240
735,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)¹		5.500			12/01/2043		816,975
2,900,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)¹		5.500			12/01/2053		3,197,830
205,000	Columbus-Franklin County, OH Finance Authority, Series A¹		6.000			05/15/2035		207,308
14,550,000	Cuyahoga County, OH Hospital (Metro Health System)¹		5.500			02/15/2052		15,883,944

42 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Ohio (Continued)
$4,900,000	Cuyahoga County, OH Hospital (Metro Health System)¹		5.500	%		02/15/2057	$	5,330,906
30,900,000	Gallia County, OH Hospital Facilities (Holzer/HHlthS/HMCG/HMCJ Obligated Group)		8.000			07/01/2042		35,238,978
1,450,000	Hancock County, OH Hospital (BVRHC/BVHF Obligated Group)¹		6.250			12/01/2034		1,624,682
105,000	Lake County, OH Hospital Facilities (Lake Hospital System)¹		5.750			08/15/2038		105,165
20,000	Lake County, OH Hospital Facilities (Lake Hospital System)¹		5.750			08/15/2038		20,066
375,000	Lorain County, OH Port Authority (Alumalloy LLC)¹		6.000			11/15/2025		375,026
10,000,000	Montgomery County, OH (Miami Valley Hospital)⁸		5.750			11/15/2023		10,823,100
1,100,000	Norwood, OH Special Obligation (Central Parke)¹		6.000			12/01/2046		1,122,550
700,000	OH Air Quality Devel. Authority (FirstEnergy Generation)⁵		5.625			06/01/2018		675,500
2,000,000	OH Air Quality Devel. Authority (FirstEnergy Generation)⁵		3.100	¹⁰		03/01/2023		1,110,000
7,750,000	OH Air Quality Devel. Authority (FirstEnergy Generation)⁵		3.750	¹⁰		12/01/2023		4,301,250
10,795,000	OH Air Quality Devel. Authority (FirstEnergy Generation)⁵		4.250	¹⁰		08/01/2029		10,417,175
5,400,000	OH HFA (Sanctuary at Springboro)		5.450			01/01/2038		5,380,506
18,700,000	OH Higher Educational Facility Commission (Hiram College)¹		6.000			10/01/2041		19,380,119
1,500,000	OH Water Devel. Authority (FirstEnergy Generation)⁵		3.000			05/15/2019		832,500
1,330,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.300			02/15/2024		1,324,441
2,500,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400			02/15/2034		2,478,100
4,100,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)¹		5.750			12/01/2032		4,417,914
1,225,000	Toledo-Lucas County, OH Port Authority (Storypoint/SL2016/SLW/SLC Obligated Group)		6.125			01/15/2034		1,279,525
1,700,000	Toledo-Lucas County, OH Port Authority (Storypoint/SL2016/SLW/SLC Obligated Group)		6.375			01/15/2051		1,778,387
1,482,499	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)¹		5.400			11/01/2036		1,454,984
3,415,000	Warren County, OH Port Authority (Corridor 75 Park)¹		7.500			12/01/2034		3,484,051
								479,893,463

Oklahoma—0.4%
5,000,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)		6.625			10/01/2037		4,000,000
4,635,000	Grady County, OK Criminal Justice Authority¹		7.000			11/01/2041		4,726,958
14,000,000	OK Devel. Finance Authority (OU Medicine)¹		5.500			08/15/2057		15,945,300

43 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Oklahoma (Continued)
$100,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)¹		6.500	%		09/01/2026	$	100,328
								24,772,586

Oregon—0.1%
700,000	OR Facilities Authority (Concordia University)¹		6.125			09/01/2030		751,282
2,625,000	OR Facilities Authority (Personalized Learning- Redmond Proficiency Academy)¹		5.250			06/15/2051		2,584,444
1,740,000	OR Facilities Authority (Personalized Learning- Redmond Proficiency Academy)¹		5.750			06/15/2046		1,789,503
								5,125,229

Pennsylvania—3.6%
1,000,000	Allentown, PA Neighborhood Improvement Zone¹		5.000			05/01/2033		1,104,650
3,000,000	Allentown, PA Neighborhood Improvement Zone¹		5.000			05/01/2042		3,262,740
22,300,000	Beaver County, PA IDA (FirstEnergy Generation)⁵		4.500	¹⁰		06/01/2028		21,519,500
2,700,000	Chester County, PA H&EFA (Immaculata University)¹		7.000			11/01/2041		3,341,844
5,180,000	Chester County, PA IDA (Hickman Friends Senior Community of West Chester)		5.500			01/01/2052		5,086,449
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		2,953,802
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		3,442,461
5,180,000	Lancaster, PA GO^1,2		4.000			11/01/2039		5,328,459
4,395,000	Lancaster, PA GO^1,2		4.000			11/01/2040		4,498,370
5,655,000	Lancaster, PA GO^1,2		4.000			11/01/2041		5,783,199
7,425,000	Lancaster, PA GO^1,2		4.000			11/01/2042		7,587,013
4,775,000	Lancaster, PA GO^1,2		4.000			11/01/2043		4,875,132
355,000	Luzerne County, PA IDA¹		7.500			12/15/2019		368,859
500,000	Luzerne County, PA IDA¹		7.750			12/15/2027		540,830
1,010,000	Montgomery County, PA HEHA (Pennsylvania LTC)¹		5.000			12/01/2032		1,009,929
1,705,000	Montgomery County, PA HEHA (Pennsylvania LTC)¹		5.250			12/01/2037		1,711,104
500,000	Montgomery County, PA HEHA (Pennsylvania LTC)¹		5.300			12/01/2038		490,810
3,140,000	Montgomery County, PA HEHA (Pennsylvania LTC)¹		5.375			12/01/2047		3,114,535
8,238,655	Northampton County, PA IDA (Northampton Generating)^4,6,9		5.000			12/31/2023		2,471,596
1,499,147	Northampton County, PA IDA (Northampton Generating)^4,6,9		5.000			12/31/2023		449,744
3,750,000	PA Commonwealth Financing Authority¹		5.000			06/01/2034		4,207,650
15,000,000	PA EDFA (FirstEnergy Generation)⁵		4.500	¹⁰		06/01/2028		14,475,000
1,210,000	PA EDFA (UPMC/M-WHOUPMC/UPMC-P/UPMC-PS/UPMC-SM Obligated Group)¹		4.000			03/15/2036		1,236,076

44 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$11,500,000	PA Geisinger Authority Health System, Series A⁸		5.250	%		06/01/2039	$	11,841,550
2,150,000	PA GO¹		4.000			09/15/2031		2,267,347
2,980,000	PA GO¹		4.000			09/15/2032		3,131,771
12,500,000	PA GO¹		4.000			03/01/2035		12,942,875
5,000,000	PA GO¹		5.000			03/01/2032		5,724,100
4,000,000	PA HEFA (Shippensburg University)¹		6.250			10/01/2043		4,362,080
1,370,000	PA HEFA (Ursinus College)¹		5.000			01/01/2027		1,451,392
15,819,000	PA HFA Multifamily Hsg. (Country Commons Apartments)		3.600			08/01/2035		15,844,627
3,000,000	PA Public School Building Authority (School District of Philadelphia)¹		5.000			04/01/2030		3,188,370
20,000,000	PA State Public School Building Authority (Philadelphia School District)¹		5.000			06/01/2032		22,427,000
1,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)¹		6.125			03/15/2043		1,095,645
725,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)¹		5.500			06/15/2022		756,008
2,000,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)¹		5.500			06/15/2032		2,073,060
8,075,000	Philadelphia, PA Authority for Industrial Devel. (Temple University)¹		5.000			04/01/2033		9,126,850
8,430,000	Philadelphia, PA Authority for Industrial Devel. (University of the Arts)¹		5.000			03/15/2045		8,571,203
2,390,000	Philadelphia, PA Gas Works¹		5.000			10/01/2033		2,696,828
3,350,000	Philadelphia, PA H&HEFA (Temple University Health System)¹		5.625			07/01/2036		3,637,531
5,250,000	Philadelphia, PA H&HEFA (Temple University Health System)¹		5.625			07/01/2042		5,674,515
785,000	Reading, PA School District¹		5.000			03/01/2035		882,748
720,000	Reading, PA School District¹		5.000			03/01/2036		807,372
5,580,000	York, PA GO¹		7.250			11/15/2041		6,419,790
								223,782,414

Rhode Island—0.1%
44,240,000	Central Falls, RI Detention Facility⁴		7.250			07/15/2035		7,963,200

South Carolina—1.1%
6,417,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)		7.750			11/01/2039		6,435,032
12,555,000	Lancaster County, SC School District⁸		4.000			03/01/2036		13,101,768
13,172,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)⁶		6.200			11/01/2036		11,868,631
7,050,507	SC Connector 2000 Assoc. Toll Road, Series B		2.879	⁷		01/01/2020		6,393,470
189,461	SC Connector 2000 Assoc. Toll Road, Series B		6.295	⁷		01/01/2026		113,110
7,995,545	SC Connector 2000 Assoc. Toll Road, Series B		6.619	⁷		01/01/2024		4,830,028
11,170,000	SC Public Service Authority¹		5.000			12/01/2050		11,893,034
5,070,000	SC Public Service Authority (Santee Cooper)¹		5.000			12/01/2029		5,359,193

45 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
South Carolina (Continued)
$6,465,000	SC Public Service Authority (Santee Cooper)¹		5.500	%		12/01/2033	$	7,168,069
								67,162,335

Tennessee—0.5%
1,000,000	Bristol, TN Industrial Devel. Board		5.022	⁷		12/01/2022		823,670
9,000,000	Shelby County, TN HE&HFB (Trezevant Manor)		5.500			09/01/2047		8,610,120
6,350,000	Shelby County, TN HE&HFB (Trezevant Manor)⁵		8.000			09/01/2044		6,329,934
15,000,000	TN Energy Acquisition Gas Corp.¹		4.000	¹⁰		05/01/2048		15,931,650
								31,695,374

Texas—11.7%
890,000	Argyle, TX Special Assessment (Highlands Argyle Public Improvement District No. 1)		5.000			09/01/2037		886,716
1,475,000	Argyle, TX Special Assessment (Highlands Argyle Public Improvement District No. 1)		5.250			09/01/2047		1,470,560
1,325,000	Arlington, TX Higher Education Finance Corp. (Leadership Prep School)¹		5.000			06/15/2046		1,336,898
785,000	Arlington, TX Higher Education Finance Corp. (UMEP)¹		5.000			08/15/2053		758,208
700,000	Aubrey, TX Special Assessment (Jackson Ridge Public Improvement District No. 1)¹		7.250			09/01/2045		718,361
250,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)¹		7.750			12/01/2028		235,410
41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^5,6,11		5.000			03/01/2041		—
13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^5,6,11		5.400			05/01/2029		—
2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^5,6,11		6.300			07/01/2032		—
11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^5,6,11		6.750			10/01/2038		—
10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^5,6,11		7.700			03/01/2032		—
26,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)^5,6,11		7.700			04/01/2033		—
1,925,000	Brushy Creek, TX Regional Utility Authority¹		4.000			08/01/2030		2,078,018
2,000,000	Brushy Creek, TX Regional Utility Authority¹		4.000			08/01/2031		2,144,200
2,000,000	Brushy Creek, TX Regional Utility Authority¹		4.000			08/01/2032		2,129,540
1,755,000	Brushy Creek, TX Regional Utility Authority¹		4.000			08/01/2033		1,862,283
15,135,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)⁵		7.000			11/01/2039		11,719,333
675,000	Celina, TX Special Assessment¹		5.375			09/01/2028		678,091
400,000	Celina, TX Special Assessment¹		5.500			09/01/2032		400,504
1,100,000	Celina, TX Special Assessment¹		5.875			09/01/2040		1,104,477
1,895,000	Celina, TX Special Assessment¹		6.250			09/01/2045		1,958,615
4,020,000	Celina, TX Special Assessment		7.500			09/01/2045		4,357,157
1,000,000	Celina, TX Special Assessment (Sutton Fields II)		7.250			09/01/2045		996,390
750,000	Clifton, TX Higher Education Finance Corp. (Idea Public Schools)¹		5.750			08/15/2041		831,975

46 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$1,250,000	Crane, TX Independent School District¹		5.000	%		02/15/2030	$	1,253,775
34,970,000	Denton, TX Independent School District⁸		5.000			08/15/2045		39,182,029
1,400,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)¹		6.125			09/01/2028		1,422,120
1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)¹		6.500			09/01/2036		1,524,210
2,000,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)¹		6.750			09/01/2043		2,027,140
2,100,000	Galveston, TX Special Assessment²		5.625			09/01/2028		1,787,352
3,700,000	Galveston, TX Special Assessment		6.000			09/01/2038		3,125,760
3,500,000	Galveston, TX Special Assessment		6.125			09/01/2044		2,951,375
15,000,000	Grand Parkway, TX Transportation Corp.¹		5.000			10/01/2043		17,174,850
32,525,000	Grand Parkway, TX Transportation Corp.¹		5.000			10/01/2048		37,095,738
10,000,000	Grand Parkway, TX Transportation Corp.⁸		5.000			04/01/2053		10,937,000
11,238,709	Gulf Coast, TX IDA (Microgy Holdings)^5,6		7.000			12/01/2036		112
20,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)¹		8.000			04/01/2028		20,199
3,225,000	Harris County, TX Cultural Education Facilities Finance Corp. (Space Center Houston)¹		7.000			08/15/2028		3,407,342
6,170,000	Harris County-Houston, TX Sports Authority		4.066	⁷		11/15/2034		3,119,058
8,250,000	Houston, TX Airport System (United Airlines)¹		5.000			07/15/2028		9,230,843
11,605,000	Houston, TX Airport System (United Airlines)¹		5.000			07/15/2030		12,603,726
435,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)¹		6.500			05/15/2031		489,162
380,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)¹		6.500			05/15/2031		427,314
500,000	Houston, TX Higher Education Finance Corp. (Ninos)¹		6.000			08/15/2036		514,820
750,000	Houston, TX Higher Education Finance Corp. (Ninos)¹		6.000			08/15/2041		770,025
43,605,000	Lamar, TX Consolidated Independent School District¹		5.000			02/15/2043		49,496,472
425,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)¹		5.375			09/01/2028		425,213
600,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)¹		5.750			09/01/2038		599,964
600,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)¹		5.875			09/01/2044		600,072
450,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)¹		5.375			09/15/2035		452,268
400,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)¹		5.500			09/15/2040		401,032
11,845,000	Mesquite, TX Independent School District^1,2		5.000			08/15/2043		13,546,416
8,750,000	Mission, TX EDC (Carbonlite Recycling)		6.500			12/01/2033		8,615,775
24,970,000	Mission, TX EDC (Natgasoline)¹		5.750			10/01/2031		25,800,253
13,000,000	Mission, TX EDC (Natgasoline)¹		5.750			10/01/2031		13,432,250
10,000,000	Navasota, TX Independent School District¹		5.000			02/15/2048		11,103,700

47 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$3,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)¹		4.000	%		08/15/2033	$	3,122,400
2,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)¹		4.000			08/15/2034		2,073,740
3,280,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)¹		4.000			08/15/2035		3,390,634
4,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)¹		5.000			08/15/2047		4,474,480
700,000	New Hope, TX Cultural Educational Facilities Finance Corp. (East Grand Preparatory Academy)¹		5.500			08/15/2046		712,292
1,200,000	New Hope, TX Cultural Educational Facilities Finance Corp. (East Grand Preparatory Academy)¹		5.500			08/15/2051		1,217,688
2,085,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Jubilee Academic Center)¹		5.125			08/15/2047		2,103,306
1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Legacy Preparatory Charter Academy)		6.000			08/15/2037		1,046,510
11,435,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Legacy Preparatory Charter Academy)		6.000			08/15/2047		11,854,550
500,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)¹		5.000			07/01/2038		549,355
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)¹		5.000			07/01/2048		1,907,465
2,400,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)¹		5.000			07/01/2058		2,585,856
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		387,793
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		1,898,540
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		1,892,310
400,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living- Langford Project)		5.375			11/15/2036		406,516
650,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living- Langford Project)		5.500			11/15/2046		661,622

48 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.500	%		11/15/2052	$	1,014,520
1,080,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University-Collegiate Hsg. Corpus Christi II)¹		5.000			04/01/2048		1,103,371
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		2,384,658
1,300,000	New Hope, TX Educational Facilities Finance Corp. Retirement Facility (Wesleyan Homes)		5.500			01/01/2049		1,382,836
785,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)¹		5.875			04/01/2036		873,470
1,950,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)¹		6.000			04/01/2045		2,168,634
1,600,000	North Central TX HFC (Village Kaufman Apartments)¹		6.150	¹⁰		01/01/2043		1,637,504
38,000,000	North Central TX HFDC (Children’s Medical Center)⁸		5.750			08/15/2039		39,583,555
655,000	Pottsboro, TX Higher Education Finance Corp. (Imagine International Academy of North Texas)¹		5.000			08/15/2036		667,805
1,000,000	Pottsboro, TX Higher Education Finance Corp. (Imagine International Academy of North Texas)¹		5.000			08/15/2046		1,001,290
12,875,000	Prosper, TX Independent School District		5.000			02/15/2044		14,800,843
22,450,000	Prosper, TX Independent School District¹		5.000			02/15/2048		25,728,374
2,000,000	Red River, TX Educational Finance Corp. (Houston Baptist University)¹		5.500			10/01/2046		2,220,320
3,000,000	Red River, TX Health Facilities Devel. Corp. (Happy Harbor Methodist Home)		8.000			11/15/2049		3,474,750
10,000,000	Rockwall, TX Independent School District¹		5.000			02/15/2046		11,122,500
455,000	Rowlett, TX Special Assessment (Bayside Public Improvement District)		6.000			09/15/2046		439,985
1,995,000	Sabine Neches, TX HFC (Fox Run Apartments)¹		6.150			01/01/2043		2,029,294
4,100,000	Sabine River Authority, TX Pollution Control (TXU Electric Company)^5,6,11		6.150			08/01/2022		—
1,800,000	Sabine River Authority, TX Pollution Control (TXU Electric Company)^5,6,11		6.450			06/01/2021		—
3,125,000	San Antonio, TX GO COP¹		4.000			08/01/2032		3,359,594
26,820,000	Sanger, TX Industrial Devel. Corp. (Texas Pellets)^5,6		7.500			07/01/2038		6,436,800
7,935,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)⁸		5.750			11/15/2024		8,043,659
32,600,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)⁸		6.250			11/15/2029		33,004,892
3,810,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)		5.750			11/15/2037		3,406,407

49 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		6.750	%		11/15/2047	$	3,899,280
2,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		6.750			11/15/2052		2,220,680
13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)⁸		5.000			12/01/2033		14,112,630
27,525,000	Travis County, TX HFDC (Longhorn Village)¹		7.125			01/01/2046		30,936,724
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2031		1,174,770
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2032		1,170,440
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2033		1,166,120
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2034		1,161,820
2,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2035		2,316,780
1,000,000	Trinity River Authority, TX Central Regional Wastewater System¹		5.000			08/01/2037		1,152,420
2,495,000	Trinity River Authority, TX Pollution Control (TXU Electric Company)^5,6,11		6.250			05/01/2028		—
34,600,000	TX Angelina & Neches River Authority (Aspen Power)^5,6		6.500			11/01/2029		346
57,760,000	TX Municipal Gas Acquisition & Supply Corp.¹		6.250			12/15/2026		67,241,304
400,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)¹		6.250			09/01/2036		400,272
410,000	TX Student Hsg. Corp. (University of North Texas)¹		6.750			07/01/2021		410,492
200,000	TX Student Hsg. Corp. (University of North Texas)¹		6.850			07/01/2031		196,376
2,760,000	TX Water Devel. Board¹		4.000			10/15/2032		2,955,187
5,000,000	TX Water Devel. Board¹		4.000			10/15/2033		5,312,400
50,000,000	TX Water Devel. Board¹		5.000			10/15/2043		57,769,500
2,057,000	Vintage Township, TX Public Facilities Corp.¹		7.375			10/01/2038		2,057,987
6,375,000	Waxahachie, TX Special Assessment		6.000			08/15/2045		6,341,021
2,920,000	Wise County, TX (Parket County Junior College District)¹		7.500			08/15/2025		3,223,476
4,615,000	Wise County, TX (Parket County Junior College District)¹		7.750			08/15/2028		5,091,176
								725,685,420

Utah—0.4%
195,000	Hideout, UT Local District No. 1 Special Assessment²		7.750			08/01/2024		211,468
610,000	Hideout, UT Local District No. 1 Special Assessment		8.250			08/01/2034		642,727
495,000	UT Charter School Finance Authority (Endeavor Hall)		5.500			07/15/2022		498,297
1,750,000	UT Charter School Finance Authority (Endeavor Hall)		6.000			07/15/2032		1,773,223

50 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Utah (Continued)
$3,870,000	UT Charter School Finance Authority (Endeavor Hall)		6.250	%		07/15/2042	$	3,910,209
4,810,000	UT Charter School Finance Authority (Freedom Academy Foundation)		5.250			06/15/2037		4,884,651
6,015,000	UT Charter School Finance Authority (Freedom Academy Foundation)		5.375			06/15/2048		6,101,375
750,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)¹		6.300			07/15/2032		812,475
1,640,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)¹		6.550			07/15/2042		1,775,874
800,000	Utah County, UT Charter School (Renaissance Academy)¹		5.625			07/15/2037		800,240
415,000	Utah County, UT Charter School (Ronald Wilson Reagan Academy)¹		5.000			02/15/2036		425,462
855,000	Utah County, UT Charter School (Ronald Wilson Reagan Academy)¹		5.000			02/15/2046		868,389
								22,704,390

Vermont—0.1%
1,650,000	VT EDA (Casella Waste Systems)¹		4.625	¹⁰		04/01/2036		1,650,544
5,990,000	VT Educational & Health Buildings Financing Agency (UVHN/CVMCtr/UVMedC/ CVPHMC/ECHosp Obligated Group)¹		5.000			12/01/2046		6,574,684
								8,225,228

Virginia—0.4%
1,608,000	Celebrate, VA North CDA Special Assessment^4,6		6.750			03/01/2034		964,800
4,562,000	Celebrate, VA South CDA Special Assessment^5,6		6.250			03/01/2037		1,596,700
8,000,000	Chesapeake Bay, VA Bridge & Tunnel District¹		5.000			07/01/2046		8,898,960
2,876,000	Lewistown, VA Commerce Center Community Devel. Authority¹		6.050			03/01/2044		2,790,554
1,258,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2044		1,220,625
1,965,000	Lewistown, VA Commerce Center Community Devel. Authority⁴		6.050			03/01/2054		358,612
2,900,000	New Port, VA CDA^5,6		5.600			09/01/2036		1,319,500
2,160,000	Richmond, VA Redevel. & Hsg. Authority (American Tobacco Apartments)¹		5.550			01/01/2037		2,204,280
4,000,000	VA College Building Authority Educational Facilities (21st Century College and Equipment)¹		5.000			02/01/2032		4,725,760
1,690,000	VA Small Business Financing Authority (Covanta Holding Corp.)¹		5.000	¹⁰		01/01/2048		1,718,612
1,515,000	VA Tobacco Settlement Financing Corp.¹		5.000			06/01/2047		1,514,970
2,404,674	West Point, VA IDA Solid Waste (Chesapeake Corp.)^5,6		6.375			03/01/2019		48
								27,313,421

Washington—2.1%
750,000	Greater Wenatchee, WA Regional Events Center¹		5.000			09/01/2027		769,995

51 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Washington (Continued)
$200,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)¹		5.600	%		03/01/2028	$	200,014
50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)¹		6.100			10/01/2031		50,037
10,000,000	Port of Seattle, WA Revenue¹		5.000			05/01/2043		11,169,300
2,909,358	Tacoma, WA Consolidated Local Improvements District No. 65		5.750			04/01/2043		2,916,224
1,500,000	Tes Properties, WA⁸		5.500			12/01/2029		1,548,428
12,000,000	Tes Properties, WA⁸		5.625			12/01/2038		12,393,270
21,710,000	WA EDFA (Columbia Pulp I)		7.500			01/01/2032		24,934,804
2,425,000	WA GO¹		5.000			02/01/2030		2,843,967
14,430,000	WA GO¹		5.000			02/01/2037		16,683,533
8,000,000	WA GO¹		5.000			02/01/2040		9,213,760
18,075,000	WA Health Care Facilities Authority (Catholic Health Initiatives)⁸		6.375			10/01/2036		18,240,884
17,410,000	WA Health Care Facilities Authority (Peacehealth)⁸		5.000			11/01/2028		18,019,176
1,000,000	WA Hsg. Finance Commission (Heron’s Key)		7.000			07/01/2045		1,086,440
1,700,000	WA Hsg. Finance Commission (Heron’s Key)		7.000			07/01/2050		1,841,865
500,000	WA Kalispel Tribe Indians Priority District¹		5.000			01/01/2032		509,000
2,250,000	WA Kalispel Tribe Indians Priority District¹		5.000			01/01/2032		2,290,500
1,000,000	WA Kalispel Tribe Indians Priority District¹		5.250			01/01/2038		1,025,340
3,000,000	WA Kalispel Tribe Indians Priority District¹		5.250			01/01/2038		3,076,020
								128,812,557

West Virginia—0.4%
3,000,000	Brooke County, WV (Bethany College)¹		6.500			10/01/2031		3,007,620
4,500,000	Brooke County, WV (Bethany College)¹		6.750			10/01/2037		4,510,260
27,145,000	Harrison County, WV Tax Increment (Charles Pointe)⁴		7.000			06/01/2035		13,572,500
3,435,000	Monongalia County, WV Special District Excise Tax (University Town Center)		5.750			06/01/2043		3,584,422
								24,674,802

Wisconsin—2.6%
3,000,000	WI H&EFA (AE Nursing Centers)		7.250			06/01/2038		2,853,450
750,000	WI H&EFA (Beloit College)¹		6.125			06/01/2035		809,543
2,015,000	WI H&EFA (Beloit College)¹		6.125			06/01/2039		2,174,971
6,335,000	WI H&EFA (Wellington Homes)		6.750			09/01/2037		6,342,792
53,000,000	WI Public Finance Authority (American Dream at Meadowlands Project)		6.750			08/01/2031		58,677,890
22,500,000	WI Public Finance Authority (American Dream at Meadowlands Project)		7.000			12/01/2050		25,857,000
2,075,000	WI Public Finance Authority (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group)¹		5.125			06/01/2048		2,125,256
1,821,047	WI Public Finance Authority (Conference Center & Hotel)		5.360	⁷		01/01/2067		55,287

52 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Wisconsin (Continued)
$151,210	WI Public Finance Authority (Conference Center & Hotel)		5.449	%⁷		01/01/2066	$	4,595
7,336,930	WI Public Finance Authority (Conference Center & Hotel)⁹		5.500			07/01/2056		7,313,305
140,331	WI Public Finance Authority (Conference Center & Hotel)		5.542	⁷		01/01/2065		4,267
142,507	WI Public Finance Authority (Conference Center & Hotel)		5.638	⁷		01/01/2064		4,338
145,770	WI Public Finance Authority (Conference Center & Hotel)		5.738	⁷		01/01/2063		4,442
149,034	WI Public Finance Authority (Conference Center & Hotel)		5.841	⁷		01/01/2062		4,546
153,385	WI Public Finance Authority (Conference Center & Hotel)		5.948	⁷		01/01/2061		4,683
155,561	WI Public Finance Authority (Conference Center & Hotel)		6.059	⁷		01/01/2060		4,754
158,824	WI Public Finance Authority (Conference Center & Hotel)		6.175	⁷		01/01/2059		4,858
163,176	WI Public Finance Authority (Conference Center & Hotel)		6.294	⁷		01/01/2058		4,996
167,527	WI Public Finance Authority (Conference Center & Hotel)		6.418	⁷		01/01/2057		5,136
151,210	WI Public Finance Authority (Conference Center & Hotel)		6.548	⁷		01/01/2056		4,641
154,473	WI Public Finance Authority (Conference Center & Hotel)		6.682	⁷		01/01/2055		4,747
157,737	WI Public Finance Authority (Conference Center & Hotel)		6.823	⁷		01/01/2054		4,854
163,176	WI Public Finance Authority (Conference Center & Hotel)		6.969	⁷		01/01/2053		5,027
165,352	WI Public Finance Authority (Conference Center & Hotel)		7.122	⁷		01/01/2052		5,101
127,277	WI Public Finance Authority (Conference Center & Hotel)		7.282	⁷		01/01/2051		3,933
129,453	WI Public Finance Authority (Conference Center & Hotel)		7.449	⁷		01/01/2050		4,005
133,804	WI Public Finance Authority (Conference Center & Hotel)		7.624	⁷		01/01/2049		4,147
135,980	WI Public Finance Authority (Conference Center & Hotel)		7.807	⁷		01/01/2048		4,222
155,561	WI Public Finance Authority (Conference Center & Hotel)		8.000	⁷		01/01/2047		4,838
865,000	WI Public Finance Authority (DHSEP/NMA/CAA/ HCA/HAA/HA/LV/MwA/WA/WHA Obligated Group)¹		5.000			12/01/2052		856,532
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		5,463,172

53 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
Wisconsin (Continued)
$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	$	4,005,922
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		7,220,622
1,335,000	WI Public Finance Authority (Las Ventanas Retirement Community)		0.210	⁷		10/01/2042		674,482
6,657,500	WI Public Finance Authority (Las Ventanas Retirement Community)		7.000			10/01/2042		6,680,402
2,000,000	WI Public Finance Authority (Las Ventanas Retirement Community)⁶		36.095	⁷		10/01/2042		41,200
660,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)¹		7.000			07/01/2031		671,669
7,000,000	WI Public Finance Authority Charter School (Denver International Airport Great Hall)¹		5.000			09/30/2049		7,655,760
2,500,000	WI Public Finance Authority Charter School (Envision Science Academy)		5.250			05/01/2046		2,384,025
1,175,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)¹		5.750			07/15/2032		1,253,008
845,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)¹		6.000			07/15/2042		897,635
1,910,000	WI Public Finance Authority Educational Facility (Ask Academy)¹		6.000			02/01/2045		1,880,128
5,875,000	WI Public Finance Authority Educational Facility (Horizon Academy West Charter School)¹		6.000			09/01/2045		5,916,830
10,960,000	WI Public Financing Authority Multifamily Hsg. (Trinity-Eagle’s Point)¹		5.250			01/01/2052		11,374,507
								163,277,518

U.S. Possessions—11.7%
26,420,000	Northern Mariana Islands Commonwealth, Series B		5.000			10/01/2033		24,735,725
10,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.000			07/01/2025		10,293
11,980,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		10,093,150
250,000	Puerto Rico Aqueduct & Sewer Authority		5.500			07/01/2028		210,625
25,035,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		21,091,987
3,325,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		2,826,250
7,645,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		6,498,250
30,945,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		26,071,162
9,475,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		9,568,044
7,260,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		7,307,480
46,330,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		46,735,387
28,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.749	⁷		05/15/2050		3,101,000
152,450,000	Puerto Rico Children’s Trust Fund (TASC)		9.352	⁷		05/15/2055		9,531,174
285,000	Puerto Rico Commonwealth GO, AGC¹²		3.483			07/01/2020		285,712
1,500,000	Puerto Rico Commonwealth GO⁵		5.000			07/01/2024		630,000
5,000,000	Puerto Rico Commonwealth GO⁵		5.000			07/01/2033		2,100,000
2,550,000	Puerto Rico Commonwealth GO⁵		5.000			07/01/2033		1,045,500

54 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$10,000	Puerto Rico Commonwealth GO, AGC¹		5.000	%		07/01/2034	$	10,190
1,660,000	Puerto Rico Commonwealth GO⁵		5.000			07/01/2034		697,200
6,765,000	Puerto Rico Commonwealth GO⁵		5.000			07/01/2041		2,706,000
450,000	Puerto Rico Commonwealth GO⁵		5.125			07/01/2031		189,000
2,000,000	Puerto Rico Commonwealth GO⁵		5.125			07/01/2037		820,000
5,000	Puerto Rico Commonwealth GO, AGC		5.250			07/01/2024		5,369
1,920,000	Puerto Rico Commonwealth GO⁵		5.250			07/01/2026		806,400
2,165,000	Puerto Rico Commonwealth GO⁵		5.250			07/01/2037		909,300
40,000	Puerto Rico Commonwealth GO⁵		5.500			07/01/2018		16,700
14,695,000	Puerto Rico Commonwealth GO⁵		5.500			07/01/2026		6,024,950
3,255,000	Puerto Rico Commonwealth GO⁵		5.500			07/01/2026		1,334,550
340,000	Puerto Rico Commonwealth GO⁵		5.500			07/01/2027		139,400
62,180,000	Puerto Rico Commonwealth GO⁵		5.500			07/01/2039		25,493,800
11,540,000	Puerto Rico Commonwealth GO⁵		5.750			07/01/2036		4,731,400
1,345,000	Puerto Rico Commonwealth GO, AGC		5.750			07/01/2037		1,385,337
3,000,000	Puerto Rico Commonwealth GO⁵		5.750			07/01/2038		1,260,000
65,250,000	Puerto Rico Commonwealth GO⁵		5.750			07/01/2041		26,752,500
2,625,000	Puerto Rico Commonwealth GO⁵		6.000			07/01/2035		1,095,937
1,480,000	Puerto Rico Commonwealth GO⁵		6.000			07/01/2038		621,600
12,250,000	Puerto Rico Commonwealth GO⁵		6.000			07/01/2039		5,145,000
9,265,000	Puerto Rico Commonwealth GO⁵		6.000			07/01/2039		3,891,300
14,550,000	Puerto Rico Commonwealth GO⁵		6.500			07/01/2037		6,111,000
13,000,000	Puerto Rico Commonwealth GO⁵		6.500			07/01/2040		5,427,500
1,545,000	Puerto Rico Commonwealth GO⁵		8.000			07/01/2035		621,862
1,501,705	Puerto Rico Electric Power Authority⁵		10.000			07/01/2019		942,320
1,501,705	Puerto Rico Electric Power Authority⁵		10.000			07/01/2019		942,320
1,629,052	Puerto Rico Electric Power Authority⁵		10.000			01/01/2021		1,022,230
1,629,051	Puerto Rico Electric Power Authority⁵		10.000			07/01/2021		1,022,229
543,017	Puerto Rico Electric Power Authority⁵		10.000			01/01/2022		340,743
543,018	Puerto Rico Electric Power Authority⁵		10.000			07/01/2022		340,744
3,100,000	Puerto Rico Electric Power Authority, Series A⁵		5.000			07/01/2029		1,898,750
7,070,000	Puerto Rico Electric Power Authority, Series A⁵		5.000			07/01/2042		4,330,375
11,925,000	Puerto Rico Electric Power Authority, Series A⁵		5.050			07/01/2042		7,304,063
20,375,000	Puerto Rico Electric Power Authority, Series A⁵		6.750			07/01/2036		12,581,562
480,000	Puerto Rico Electric Power Authority, Series A⁵		7.000			07/01/2040		301,200
9,080,000	Puerto Rico Electric Power Authority, Series A⁵		7.000			07/01/2043		5,697,700
160,000	Puerto Rico Electric Power Authority, Series A⁵		7.250			07/01/2030		100,400
40,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2021		24,500
40,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2022		24,500
10,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2023		6,125
4,570,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2026		2,799,125
2,600,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2028		1,592,500
445,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2029		272,563
95,000	Puerto Rico Electric Power Authority, Series AAA⁵		5.250			07/01/2030		58,188
310,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.000			07/01/2022		189,875
35,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.000			07/01/2024		21,438
20,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.000			07/01/2025		12,250
285,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.000			07/01/2027		174,563

55 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$540,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.000	%		07/01/2028	$	330,750
2,570,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.250			07/01/2027		1,574,125
385,000	Puerto Rico Electric Power Authority, Series CCC⁵		5.250			07/01/2028		235,813
185,000	Puerto Rico Electric Power Authority, Series DDD⁵		5.000			07/01/2022		113,313
15,000	Puerto Rico Electric Power Authority, Series NN⁵		5.500			07/01/2020		9,187
170,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2017		103,700
20,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2018		12,200
5,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2020		3,062
55,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2021		33,687
210,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2022		128,625
280,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2023		171,500
15,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2024		9,187
895,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2026		548,187
1,990,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2027		1,218,875
7,355,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2032		4,504,937
6,100,000	Puerto Rico Electric Power Authority, Series TT⁵		5.000			07/01/2037		3,736,250
390,000	Puerto Rico Electric Power Authority, Series UU⁵		0.000	¹⁰		07/01/2017		236,925
22,000,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250			07/01/2033		23,316,700
685,000	Puerto Rico Electric Power Authority, Series WW⁵		5.000			07/01/2028		419,563
185,000	Puerto Rico Electric Power Authority, Series WW⁵		5.250			07/01/2025		113,313
415,000	Puerto Rico Electric Power Authority, Series WW⁵		5.250			07/01/2033		254,188
85,000	Puerto Rico Electric Power Authority, Series WW⁵		5.375			07/01/2022		52,063
390,000	Puerto Rico Electric Power Authority, Series WW⁵		5.375			07/01/2024		238,875
60,000	Puerto Rico Electric Power Authority, Series WW⁵		5.500			07/01/2021		36,750
605,000	Puerto Rico Electric Power Authority, Series WW⁵		5.500			07/01/2038		370,563
10,000	Puerto Rico Electric Power Authority, Series XX⁵		5.250			07/01/2026		6,125
845,000	Puerto Rico Electric Power Authority, Series XX⁵		5.250			07/01/2027		517,563
2,660,000	Puerto Rico Electric Power Authority, Series XX⁵		5.250			07/01/2035		1,629,250
38,430,000	Puerto Rico Electric Power Authority, Series XX⁵		5.250			07/01/2040		23,538,375
18,575,000	Puerto Rico Electric Power Authority, Series XX⁵		5.750			07/01/2036		11,377,188
190,000	Puerto Rico Electric Power Authority, Series ZZ⁵		4.625			07/01/2025		116,375
820,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.000			07/01/2017		500,200
95,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.000			07/01/2021		58,188
850,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.000			07/01/2022		520,625
215,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.000			07/01/2024		131,688
10,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.000			07/01/2026		6,125
25,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.250			07/01/2021		15,313
50,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.250			07/01/2022		30,625
380,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.250			07/01/2024		232,750
275,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.250			07/01/2025		168,438
1,135,000	Puerto Rico Electric Power Authority, Series ZZ⁵		5.250			07/01/2026		695,188
215,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.000			07/01/2023		221,272
45,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.000			07/01/2027		46,318
1,360,000	Puerto Rico Highway & Transportation Authority⁵		5.000			07/01/2028		826,200
2,175,000	Puerto Rico Highway & Transportation Authority⁵		5.000			07/01/2028		101,377

56 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$250,000	Puerto Rico Highway & Transportation Authority, NPFGC¹		5.000	%		07/01/2029	$	250,255
1,035,000	Puerto Rico Highway & Transportation Authority⁵		5.000			07/01/2035		628,762
7,895,000	Puerto Rico Highway & Transportation Authority⁵		5.300			07/01/2035		4,796,212
25,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.500			07/01/2023		27,633
5,000,000	Puerto Rico Highway & Transportation Authority⁵		5.500			07/01/2029		3,037,500
3,250,000	Puerto Rico Highway & Transportation Authority⁵		5.500			07/01/2030		1,974,375
45,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.750			07/01/2019		45,871
350,000	Puerto Rico Highway & Transportation Authority, FGIC¹³		5.750			07/01/2021		280,000
9,000,000	Puerto Rico Highway & Transportation Authority, AGC¹		5.750			07/01/2022		9,362,610
605,000	Puerto Rico Highway & Transportation Authority, Series H⁵		5.450			07/01/2035		124,025
4,715,000	Puerto Rico Highway & Transportation Authority, Series M⁵		5.000			07/01/2046		966,575
5,000,000	Puerto Rico Infrastructure⁴		5.000			07/01/2031		525,000
3,000,000	Puerto Rico Infrastructure⁴		5.000			07/01/2037		315,000
7,300,000	Puerto Rico Infrastructure (Mepsi Campus)⁵		6.500			10/01/2037		1,478,250
25,000	Puerto Rico Infrastructure Financing Authority, AGC¹		5.000			07/01/2041		25,327
2,500,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		2,374,434
4,050,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		6.000			07/01/2033		4,217,022
300,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2020		285,750
100,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2021		94,500
25,000	Puerto Rico Municipal Finance Agency, Series B, AGC¹		5.250			07/01/2019		25,658
3,870,000	Puerto Rico Public Buildings Authority⁴		5.000			07/01/2032		1,562,512
4,880,000	Puerto Rico Public Buildings Authority⁴		5.000			07/01/2036		1,970,300
150,000	Puerto Rico Public Buildings Authority⁴		5.000			07/01/2037		60,562
100,000	Puerto Rico Public Buildings Authority⁴		5.250			07/01/2023		39,375
1,640,000	Puerto Rico Public Buildings Authority⁴		5.250			07/01/2033		662,150
83,395,000	Puerto Rico Public Buildings Authority⁴		5.250			07/01/2042		32,836,781
260,000	Puerto Rico Public Buildings Authority⁴		5.500			07/01/2023		102,375
200,000	Puerto Rico Public Buildings Authority⁴		5.500			07/01/2037		80,750
5,860,000	Puerto Rico Public Buildings Authority⁴		5.625			07/01/2039		2,365,975
12,845,000	Puerto Rico Public Buildings Authority⁵		5.750			07/01/2022		5,057,719
7,000,000	Puerto Rico Public Buildings Authority⁴		5.875			07/01/2039		2,756,250
8,825,000	Puerto Rico Public Buildings Authority⁴		6.000			07/01/2041		3,474,844
12,000,000	Puerto Rico Public Buildings Authority⁴		6.125			07/01/2023		4,845,000
5,100,000	Puerto Rico Public Buildings Authority⁴		6.250			07/01/2026		2,059,125
4,980,000	Puerto Rico Public Buildings Authority⁴		6.750			07/01/2036		2,010,675
1,515,000	Puerto Rico Public Buildings Authority, Series D⁴		5.250			07/01/2036		611,681
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.⁵		6.900	³		08/01/2026		3,895,000

57 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$220,000	Puerto Rico Sales Tax Financing Corp. (Build America Bonds)⁵		5.750	%		08/01/2042	$	90,200
42,745,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		0.000	³		08/01/2033		14,205,873
1,590,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.000			08/01/2019		651,900
1,630,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.000			08/01/2024		668,300
15,735,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.000			08/01/2043		6,451,350
11,885,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.250			08/01/2027		4,872,850
41,045,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.375			08/01/2039		16,828,450
700,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.500			08/01/2023		287,000
4,145,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.500			08/01/2028		1,699,450
14,720,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.500			08/01/2037		6,035,200
47,645,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.500			08/01/2042		19,534,450
44,060,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.750			08/01/2037		18,064,600
44,365,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.826	⁷		08/01/2043		11,853,884
46,950,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.829	⁷		08/01/2042		13,224,876
17,500,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		5.830	⁷		08/01/2041		5,196,625
2,250,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		6.125			08/01/2029		922,500
3,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		6.375			08/01/2039		1,230,000
34,275,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		6.500			08/01/2044		14,052,750
7,945,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		7.886	⁷		08/01/2034		936,795
37,060,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		8.691	⁷		08/01/2035		4,343,061
30,980,000	Puerto Rico Sales Tax Financing Corp., Series A-1⁵		5.250			08/01/2043		12,701,800
330,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		4.000			08/01/2026		275,550
300,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.000			08/01/2035		123,000
135,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.000			08/01/2046		112,725
61,720,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.250			08/01/2041		25,305,200
3,670,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.375			08/01/2036		1,504,700
5,290,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.375			08/01/2038		2,168,900
10,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.500			08/01/2040		4,100,000
19,555,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.750			08/01/2057		16,377,313
5,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		6.000			08/01/2039		2,050,000
65,695,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		6.000			08/01/2042		26,934,950
10,865,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		6.750	³		08/01/2032		4,454,650
50,000	University of Puerto Rico, Series P		5.000			06/01/2021		38,750
100,000	University of Puerto Rico, Series P		5.000			06/01/2022		77,500
5,000,000	University of Puerto Rico, Series P		5.000			06/01/2030		3,875,000
1,025,000	University of Puerto Rico, Series Q		5.000			06/01/2036		794,375
								727,168,228
Total Municipal Bonds and Notes (Cost $7,645,917,293)								7,064,726,092
Corporate Bonds and Notes—0.1%
3,030,000	TX German Pellets Series Secured Note, Series 2016^1,6,14		8.000			12/10/2018		2,424,000

58 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
Corporate Bonds and Notes (Continued)
$2,890,000	TX German Pellets Series Secured Note, Series 2016^1,6,14		8.000	%		12/10/2018	$	2,312,000
Total Corporate Bonds and Notes (Cost $5,920,000)								4,736,000
Corporate Loans—0.0%
6,000,000	Aspen Power Senior Secured Bridge Promissory Note^5,6,14		9.000	¹⁰		11/16/2018		446,338
2,750,000	Aspen Power Senior Secured Bridge Promissory Note^5,6,14		9.000	¹⁰		11/16/2018		204,571
7,000,000	Aspen Power Senior Secured Bridge Promissory Note^5,6,14		9.000	¹⁰		11/16/2018		520,727
3,500,000	Aspen Power Senior Secured Bridge Promissory Note^5,6,14		9.000	¹⁰		11/16/2018		260,364
Total Corporate Loans (Cost $19,250,000)								1,432,000

Shares
Common Stocks—0.0%
7,679	Delta Air Lines, Inc.¹⁴							417,891
2,919	General Motors Co.¹⁴							110,660
Total Common Stocks (Cost $54,137)								528,551

Total Investments, at Value (Cost $7,671,141,430)—113.7%								7,071,422,643
Net Other Assets (Liabilities)—(13.7)								(850,707,608	)
Net Assets—100.0%							$	6,220,715,035

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. 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.

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

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. 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 value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

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

8. 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.

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

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

11. Security received as the result of issuer reorganization.

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

59 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments (Continued)

13. 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.

14. Received as a result of a corporate action.

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


AAD		AHFO-Arbors at Denton
AAHI		AHFO-Arbors at Huntsville I
AAHII		AHFO-Arbors at Huntsville II
ACMC		Advocate Condell Medical Center
AE		American Eagle
AGC		Assured Guaranty Corp.
AH&HC		Advocate Health & Hospitals Corp.
AHCN		Advocate Health Care Metro
AHF		American Housing Foundation
AHFO		Atlantic Hsg. Foundation
AHFP		American Housing Foundation Properties
ANSHN		Advocate North Side Health Network
APH		AHFO-Palm House
ASUN		Arizona State University
AW		AHFO-Westfield
AWHC		AHF-Windover Health Club
BethH		Bethesda Hospital
BHI		Baptist Homes of Indiana
BHlth		Bethesda Health
BHM		Baptist Hospital of Miami
BHSF		Baptist Health South Florida
BOS		Baptist Outpatient Services
BVHF		Blanchard Valley Health Foundation
BVRHC		Blanchard Valley Regional Health Care
CAA		Cooks Avenue Affordable
CDA		Communities Devel. Authority
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
CDHDHS		CDH-Deinor Health System
CDHS		Central Dupage Health System
CDPG		Central DuPage Physician Group
CHCC		Community Hospitals of Central California
CHSTX		Children’s Health System of Texas
CMCD		Children’s Medical Center of Dallas
CMCtrF		Children’s Medical Center Foundation
COHF		Collegiate Housing Foundation
COHS		Community Health Service
COP		Certificates of Participation
CVHC		Conneaut Valley Health Center
CVMCtr		Central Vermont Medical Center
CVPHMC		Champlain Valley Physicians Hospital Medical Center

60 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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


DA		Dormitory Authority
DCH		Delnor-Community Hospital
DHSEP		Dogwoood Housing Southeast Portfolio
DrsH		Doctors Hospital
ECHosp		Elizabethtown Community Hospital
EDA		Economic Devel. Authority
EDC		Economic Devel. Corp.
EDFA		Economic Devel. Finance Authority
EF&CD		Environmental Facilities and Community Devel.
ELGS		Evangelical Lutheran Good Samaritan
ELGSF		Evangelical Lutheran Good Samaritan Foundation
ELGSS		Evangelical Lutheran Good Samaritan Society
FBA		FFAH Beaumont Avenue
FCHMC		Fresno Community Hospital & Medical Center
FCIM		French Creek Internal Medicine
FCommH		Fayette Community Hospital
FCP		FFAH Coleridge Road
FFAH		Foundation for Affordable Housing
FFC		FFAH Franklin Court
FGC		FFAH Glendale Court
FGIC		Financial Guaranty Insurance Co.
FHlth		Fishermen’s Health
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
GSSH		Georgia Southwestern University
H&EFA		Health and Educational Facilities Authority
H&HEFA		Hospitals and Higher Education Facilities Authority
HA		Heatherwood Affordable
HAA		Hidden Acres Affordable
HCA		Hickory Creek Affordable
HCCO		Homecare Connections
HCrawC		Hospice of Crawford County
HDC		Housing Devel. Corp.
HE&HFB		Higher Educational and Housing Facility Board
HEFA		Higher Education Facilities Authority
HEHA		Higher Education and Health 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

61 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

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


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
KCHosp		Kishwaukee Community Hospital
KGC		Kuakini Geriatric Care
KHS		Kaukini Health System
KMC		Kuakini Medical Center
KPG		Kishwaukee Physician Group
KS		Kishhealth System
KSS		Kuakini Support Services
LFH&FI		Lake Forest Hospital & Fitness Institute
LCMAS		Little Company of Mary Ancillary Services Corp.
LV		Lakeview Affordable
MarH		Mariners Hospital
M-WHOUPMC		Magee-Womens Hospital of UPMC
MarH		Mariners Hospital
MJRH&C		Marian Joy Rehabilitation Hospital & Clinic
MMedC		Meadville Medical Center
MMedCF		Meadville Medical Center Foundation
MPS		Meadville Physician Services
MRC		Methodist Retirement Communities
MTA		Metropolitan Transportation Authority
MwA		Mary Washington Hospital
NMA		New Main Affordable
NPFGC		National Public Finance Guarantee Corp.
NWLFH		Northwestern Lake Forest Hospital
NWMF		Northwestern Medical Faculty Foundation
NWMFF		Northwestern Memorial Foundation
NWMH		Northwestern Memorial Hospital
NWMHlth		Northwestern Memorial Healthcare
NY/NJ		New York/New Jersey
NYC		New York City
NYS		New York State
OU		Oklahoma University
PacMedC		PacMed Clinic
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.
PH&S		Providence Health & Services
PH&SO		Providence Health & Services-Oregon
PH&SW		Providence Health & Services-Washington
PH&SWW		Providence Health & Services - Western Washington
PHC		Piedmont Healthcare
PHCr		Presence Home Care

62 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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


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
PHSSC		Providence Health System-Southern CA
PLC		Presence Life Connections
PMCC		Piedmont Medical Care Corp.
PMSH		Piedmont Mountainside Hospital
PNH		Piedmont Newnan Hospital
PSJH		Providence St. Joseph Health
PSJHCtr		Providence St. John’s Health Center
PSJMC		Providence St. Joseph Medical Center
PSSC		Presence Senior Services - Chicagoland
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
RMClinic		Rehabilitation Medicine Clinic
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
SE		Swedish Edmonds
SHlthS		Swedish Health Services
SJHCN		St. Joseph Home Care Network
SJHE		St. Joseph Hospital of Eureka
SJHO		St. Joseph Hospital of Orange
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
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
UMEP		UME Preparatory Academy
UPMC		University of Pittsburgh Medical Center
UPMC-P		UPMC Passavant
UPMC-PS		UPMC Presbyterian Shadyside

63 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

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


UPMC-SM		UPMC St. Margaret
UVHN		University of Vermont Health Network
UVMedC		University of Vermont Medical Center
VOA		Volunteers of America
VWCH		Valley West Community Hospital
WA		Westlake Affordable
WAFMH		W A Foote Memorial Hospital
WHA		Weeden Heights Affordable
WICF		W.I. Cook Foundation
WKBP		West Kendall Baptist Hospital

See accompanying Notes to Financial Statements.

64 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2018



Assets
Investments, at value (cost $7,671,141,430)—see accompanying statement of investments	$	7,071,422,643

Cash		434,496

Receivables and other assets:
Investments sold on a when-issued or delayed delivery basis		92,380,247
Interest and dividends		68,660,200
Shares of beneficial interest sold		10,675,486
Other		2,364,442

Total assets		7,245,937,514

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		683,925,000
Payable for borrowings (See Note 9)		132,900,000
Investments purchased (including $109,854,663 purchased on a when-issued or delayed delivery basis)		191,138,794
Shares of beneficial interest redeemed		10,317,404
Dividends		5,027,252
Distribution and service plan fees		835,369
Trustees’ compensation		623,002
Interest expense on borrowings		82,354
Shareholder communications		19,497
Other		353,807

Total liabilities		1,025,222,479

Net Assets	$	6,220,715,035



Composition of Net Assets
Paid-in capital	$	8,018,540,882

Accumulated net investment income		52,184,371

Accumulated net realized loss on investments		(1,250,291,431)

Net unrealized depreciation on investments		(599,718,787)

Net Assets	$	6,220,715,035

65 OPPENHEIMER ROCHESTER HIGH YIELD 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 $3,164,887,780 and 431,292,746 shares of beneficial interest outstanding)	$	7.34
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	7.71


Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,231,057,205 and 168,494,452 shares of beneficial interest outstanding)	$	7.31


Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,824,770,050 and 248,951,067 shares of beneficial interest outstanding)	$	7.33

See accompanying Notes to Financial Statements.

66 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF

OPERATIONS For the Year Ended July 31, 2018


Investment Income
Interest	$	339,732,430
Dividends		16,493

Total investment income		339,748,923
Expenses
Management fees		21,252,387
Distribution and service plan fees:
Class A		7,567,977
Class B¹		64,313
Class C		11,085,643
Transfer and shareholder servicing agent fees:
Class A		3,060,505
Class B¹		7,150
Class C		1,231,924
Class Y		1,379,657
Shareholder communications:
Class A		35,050
Class B¹		376
Class C		21,766
Class Y		20,642
Borrowing fees		7,129,068
Legal, auditing and other professional fees		4,933,055
Interest expense and fees on short-term floating rate notes issued (See Note 4)		4,513,700
Interest expense on borrowings		1,213,516
Trustees’ compensation		77,581
Custodian fees and expenses		50,373
Other		53,242

Total expenses		63,697,925
Net Investment Income		276,050,998
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(137,548,911)
Net change in unrealized appreciation/depreciation on investment transactions		210,391,735
Net Increase in Net Assets Resulting from Operations	$	348,893,822

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

67 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2018		Year Ended July 31, 2017
Operations
Net investment income	$	276,050,998	$	289,614,786
Net realized loss		(137,548,911)		(184,071,772)
Net change in unrealized appreciation/depreciation		210,391,735		132,331,091

Net increase in net assets resulting from operations		348,893,822		237,874,105
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(159,145,298)		(185,836,275)
Class B¹		(329,684)		(1,115,064)
Class C		(56,369,148)		(68,905,668)
Class Y		(74,938,103)		(64,206,346)

		(290,782,233)		(320,063,353)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(46,720,186)		(15,209,173)
Class B¹		(14,915,107)		(15,086,186)
Class C		(79,703,206)		(51,062,821)
Class Y		470,600,102		424,801,625

		329,261,603		343,443,445
Net Assets
Total increase		387,373,192		261,254,197
Beginning of period		5,833,341,843		5,572,087,646

End of period (including accumulated net investment income of $52,184,371 and $95,220,787, respectively)	$	6,220,715,035	$	5,833,341,843

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

68 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF

CASH FLOWS For the Year Ended July 31, 2018


Cash Flows from Operating Activities
Net increase in net assets from operations	$	348,893,822
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(2,611,680,723)
Proceeds from disposition of investment securities		2,162,204,355
Short-term investment securities, net		49,184,373
Premium amortization		30,778,133
Discount accretion		(89,312,988)
Net realized loss on investment transactions		137,548,911
Net change in unrealized appreciation/depreciation on investment transactions		(210,391,735)
Change in assets:
Increase in other assets		(52,978)
Increase in interest receivable		(4,426,077)
Increase in receivable for securities sold		(89,175,282)
Change in liabilities:
Decrease in other liabilities		(416,495)
Increase in payable for securities purchased		134,968,513

Net cash used in operating activities		(141,878,171)
Cash Flows from Financing Activities
Proceeds from borrowings		1,547,900,000
Payments on borrowings		(1,608,700,000)
Payments/proceeds on short-term floating rate notes issued		160,940,000
Proceeds from shares sold		1,911,005,173
Payments on shares redeemed		(1,829,238,194)
Cash distributions paid		(40,577,662)

Net cash provided by financing activities		141,329,317
Net decrease in cash		(548,854)
Cash, beginning balance		983,350

Cash, ending balance	$	434,496

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $250,763,411.

Cash paid for interest on borrowings—$1,297,045.

Cash paid for interest on short-term floating rate notes issued—$4,513,700.

See accompanying Notes to Financial Statements.

69 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$7.27		$7.37		$6.86		$7.01		$6.87

Income (loss) from investment operations:
Net investment income¹		0.36		0.39		0.46		0.51		0.50
Net realized and unrealized gain (loss)		0.08		(0.07)		0.52		(0.18)		0.13

Total from investment operations		0.44		0.32		0.98		0.33		0.63

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.37)		(0.42)		(0.47)		(0.48)		(0.49)

Net asset value, end of period		$7.34		$7.27		$7.37		$6.86		$7.01



Total Return, at Net Asset Value²		6.34%		4.47%		14.91%		4.59%		9.63%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,164,888		$3,182,443		$3,245,013		$2,968,690		$3,260,438

Average net assets (in thousands)		$3,060,512		$3,159,138		$3,064,632		$3,258,788		$3,477,994

Ratios to average net assets:³
Net investment income		4.94%		5.36%		6.54%		7.19%		7.24%
Expenses excluding specific expenses listed below		0.81%		0.75%		0.74%		0.74%		0.71%
Interest and fees from borrowings		0.15%		0.13%		0.09%		0.08%		0.09%
Interest and fees on short-term floating rate notes issued⁴		0.08%		0.18%		0.17%		0.17%		0.25%

Total expenses		1.04%		1.06%		1.00%		0.99%		1.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.04%		1.06%		1.00%		0.99%		1.05%⁵

Portfolio turnover rate		34%		29%		20%		16%		16%

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.

70 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Class C	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$7.24		$7.35		$6.83		$6.99		$6.85

Income (loss) from investment operations:
Net investment income¹		0.31		0.33		0.41		0.46		0.44
Net realized and unrealized gain (loss)		0.09		(0.07)		0.53		(0.20)		0.14

Total from investment operations		0.40		0.26		0.94		0.26		0.58

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.33)		(0.37)		(0.42)		(0.42)		(0.44)

Net asset value, end of period		$7.31		$7.24		$7.35		$6.83		$6.99



Total Return, at Net Asset Value²		5.68%		3.74%		14.13%		3.68%		8.84%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,231,057		$1,301,304		$1,375,239		$1,234,906		$1,311,700

Average net assets (in thousands)		$1,231,693		$1,327,082		$1,289,508		$1,344,166		$1,337,849

Ratios to average net assets:³
Net investment income		4.29%		4.66%		5.80%		6.43%		6.49%
Expenses excluding specific expenses listed below		1.46%		1.47%		1.49%		1.50%		1.47%
Interest and fees from borrowings		0.15%		0.13%		0.09%		0.08%		0.09%
Interest and fees on short-term floating rate notes issued⁴		0.08%		0.18%		0.17%		0.17%		0.25%

Total expenses		1.69%		1.78%		1.75%		1.75%		1.81%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.69%		1.78%		1.75%		1.75%		1.81%⁵

Portfolio turnover rate		34%		29%		20%		16%		16%

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.

71 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014

Per Share Operating Data
Net asset value, beginning of period		$7.26		$7.37		$6.85		$7.00		$6.86

Income (loss) from investment operations:
Net investment income¹		0.38		0.39		0.47		0.52		0.50
Net realized and unrealized gain (loss)		0.08		(0.06)		0.53		(0.18)		0.14

Total from investment operations		0.46		0.33		1.00		0.34		0.64

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.39)		(0.44)		(0.48)		(0.49)		(0.50)

Net asset value, end of period		$7.33		$7.26		$7.37		$6.85		$7.00



Total Return, at Net Asset Value²		6.61%		4.66%		15.10%		4.61%		9.96%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,824,770		$1,334,351		$920,958		$692,717		$562,641

Average net assets (in thousands)		$1,381,976		$1,061,569		$804,978		$700,339		$501,364

Ratios to average net assets:³
Net investment income		5.19%		5.40%		6.68%		7.33%		7.36%
Expenses excluding specific expenses listed below		0.56%		0.57%		0.59%		0.59%		0.56%
Interest and fees from borrowings		0.15%		0.13%		0.09%		0.08%		0.09%
Interest and fees on short-term floating rate notes issued⁴		0.08%		0.18%		0.17%		0.17%		0.25%

Total expenses		0.79%		0.88%		0.85%		0.84%		0.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.79%		0.88%		0.85%		0.84%		0.90%

Portfolio turnover rate		34%		29%		20%		16%		16%

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.

See accompanying Notes to Financial Statements.

72 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2018

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.

Dividends and Distributions to Shareholders. Dividends and distributions to

73 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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, if any, 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.

74 OPPENHEIMER ROCHESTER HIGH YIELD 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

$244,083,254		$—		$1,248,828,943		$605,261,686

1. At period end, the Fund had $1,248,828,943 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

2019	$	35,463,515
No expiration		1,213,365,428

Total	$	1,248,828,943

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, $915,944,693 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	Reduction to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Loss on Investments

$915,101,831		$28,305,181		$943,407,012

The tax character of distributions paid during the reporting periods:

75 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)


	Year Ended July 31, 2018		Year Ended July 31, 2017
Distributions paid from:
Exempt-interest dividends	$	282,958,494	$	312,380,979
Ordinary income		7,823,739		7,682,374

Total	$	290,782,233	$	320,063,353


Federal tax cost of securities	$	7,004,228,223¹

Gross unrealized appreciation	$	337,649,870
Gross unrealized depreciation		(942,911,556)

Net unrealized depreciation	$	(605,261,686)

1. The Federal tax cost of securities does not include cost of $672,456,106, 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

76 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

Valuation Methods and Inputs

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

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

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.

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.

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.

77 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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.

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 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:

78 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama	$	—	$	270,712,107	$	—	$	270,712,107
Alaska		—		19,028,049		145,125		19,173,174
Arizona		—		88,599,222		4,754,221		93,353,443
Arkansas		—		—		3,993,100		3,993,100
California		—		833,427,170		13,813,520		847,240,690
Colorado		—		142,897,076		8,032,350		150,929,426
Connecticut		—		64,295,101		—		64,295,101
Delaware		—		7,417,261		—		7,417,261
District of Columbia		—		177,791,747		—		177,791,747
Florida		—		329,078,235		148,705,486		477,783,721
Georgia		—		71,906,222		—		71,906,222
Hawaii		—		2,015,192		—		2,015,192
Idaho		—		1,102,008		—		1,102,008
Illinois		—		392,983,860		11,130,256		404,114,116
Indiana		—		102,023,562		11		102,023,573
Iowa		—		3,628,267		78,300		3,706,567
Kansas		—		—		1,905,874		1,905,874
Kentucky		—		23,698,087		—		23,698,087
Louisiana		—		12,298,400		336,000		12,634,400
Maine		—		28,279,983		—		28,279,983
Maryland		—		42,198,364		788,513		42,986,877
Massachusetts		—		64,725,587		—		64,725,587
Michigan		—		151,740,285		—		151,740,285
Minnesota		—		41,126,335		—		41,126,335
Mississippi		—		23,667,254		—		23,667,254
Missouri		—		45,965,644		5,574,360		51,540,004
Montana		—		—		771,550		771,550
Nebraska		—		35,241,174		—		35,241,174
Nevada		—		37,296,961		—		37,296,961
New Hampshire		—		8,428,456		—		8,428,456
New Jersey		—		120,701,170		—		120,701,170
New Mexico		—		11,130,474		—		11,130,474
New York		—		1,024,288,342		—		1,024,288,342
North Carolina		—		18,749,666		—		18,749,666
Ohio		—		479,893,463		—		479,893,463
Oklahoma		—		24,772,586		—		24,772,586
Oregon		—		5,125,229		—		5,125,229
Pennsylvania		—		220,861,074		2,921,340		223,782,414
Rhode Island		—		7,963,200		—		7,963,200
South Carolina		—		55,293,704		11,868,631		67,162,335
Tennessee		—		31,695,374		—		31,695,374
Texas		—		719,248,162		6,437,258		725,685,420
Utah		—		22,704,390		—		22,704,390

79 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)
Vermont	$	—	$	8,225,228	$	—	$	8,225,228
Virginia		—		23,432,373		3,881,048		27,313,421
Washington		—		128,812,557		—		128,812,557
West Virginia		—		24,674,802		—		24,674,802
Wisconsin		—		163,236,318		41,200		163,277,518
U.S. Possessions		—		727,168,228		—		727,168,228
Corporate Bonds and Notes		—		—		4,736,000		4,736,000
Corporate Loans		—		—		1,432,000		1,432,000
Common Stocks		528,551		—		—		528,551

Total Assets	$	528,551	$	6,839,547,949	$	231,346,143	$	7,071,422,643

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
Arizona	$	(744,223)	��	$	744,223
California		(21,375,636)			21,375,636
Colorado		(4,047,087)			4,047,087
Florida		(118,188,837)			118,188,837
Illinois		(4,552,360)			4,552,360
Indiana		(569,863)			569,863
Kansas		(1,360,756)			1,360,756
Louisiana		(119,784)			119,784
Missouri		(9,245,414)			9,245,414
Pennsylvania		(2,710,947)			2,710,947
Texas		(7,607,493)			7,607,493
Virginia		(4,793,520)			4,793,520

Total Assets	$	(175,315,920)		$	175,315,920

* 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.

80 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:


			Value as of July 31, 2017			Realized gain (loss)			Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discount^a
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska			$	198,875		$	—		$	(54,427	)	$	677
Arizona				4,102,307			(142,986	)		1,849,514			(488)
Arkansas				3,355,896			47,757			939,391			1,461
California				20			—			(7,562,136	)		—
Colorado				3,623,602			875,856			1,596,165			351,548
Florida				26,285,478			(10,186	)		12,835,497			7,589,656
Illinois				15,707,402			—			81,339			—
Indiana				—			—			168,013			(168,261)
Iowa				107,300			—			(29,000	)		—
Kansas				—			11,593			850,225			(15,579)
Louisiana				—			—			216,216			—
Maryland				807,409			3,926			(129,868	)		112,742
Missouri				—			—			(2,921,703	)		(222,907)
Montana				1,184,923			—			(432,342	)		107,661
Ohio				4			15,107			—			(2,742)
Pennsylvania				4,346,107			(20,240,537	)		20,570,959			—
South Carolina				13,521,799			43,667			(1,345,146	)		7,311
Texas				458			—			(1,170,693	)		—
Virginia				6,676,524			(16,331,937	)		18,122,073			13,556
Wisconsin				37,800			—			3,400			—
Non-Convertible Corporate Bond and Note				5,328,000			—			(592,000	)		—
Corporate Loans				1,790,000			—			(358,000	)		—

Total Assets			$	87,073,904		$	(35,727,740	)	$	42,637,477		$	7,774,635


a. Included in net investment income.
						Transfers into Transfers out of						Value as of
	Purchases		Sales			Level 3			Level 3			July 31, 2018
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	—	$	—		$	—		$	—		$	145,125
Arizona		—		(1,798,349	)		744,223			—			4,754,221
Arkansas		—		(351,405	)		—			—			3,993,100
California		—		—			21,375,636			—			13,813,520
Colorado		—		(2,461,908	)		4,047,087			—			8,032,350
Florida		2,280,186		(18,463,982	)		118,188,837			—			148,705,486
Illinois		4,155		(9,215,000	)		4,552,360			—			11,130,256

81 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)


						Transfers into Transfers out of				Value as of
	Purchases		Sales			Level 3		Level 3		July 31, 2018
Assets Table Continued

Municipal Bonds and Notes (Continued)
Indiana	$	—	$	(569,604	)	$	569,863	$	—	$	11
Iowa		—		—			—		—		78,300
Kansas		—		(301,121	)		1,360,756		—		1,905,874
Louisiana		—		—			119,784		—		336,000
Maryland		—		(5,696	)		—		—		788,513
Missouri		—		(526,444	)		9,245,414		—		5,574,360
Montana		—		(88,692	)		—		—		771,550
Ohio		3,825		(16,194	)		—		—		—
Pennsylvania		230,825		(4,696,961	)		2,710,947		—		2,921,340
South Carolina		—		(359,000	)		—		—		11,868,631
Texas		—		—			7,607,493		—		6,437,258
Virginia		—		(9,392,688	)		4,793,520		—		3,881,048
Wisconsin		—		—			—		—		41,200
Non-Convertible Corporate
Bond and Note		—		—			—		—		4,736,000
Corporate Loans		—		—			—		—		1,432,000

Total Assets	$	2,518,991	$	(48,247,044	)	$	175,315,920	$	—	$	231,346,143

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	$	(54,427)
Arizona		1,849,514
Arkansas		939,391
California		(7,562,136)
Colorado		984,744
Florida		11,365,991
Illinois		89,343
Indiana		168,013
Iowa		(29,000)
Kansas		850,225
Louisiana		216,216
Maryland		(129,868)
Missouri		(2,921,703)
Montana		(432,342)
Pennsylvania		(20,432)
South Carolina		(1,345,146)

82 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)


	Change in unrealized appreciation/ depreciation
Municipal Bonds and Notes (Continued)
Texas	$	(1,170,693)
Virginia		(745,171)
Wisconsin		3,400
Corporate Bonds and Notes		(592,000)
Corporate Loans		(358,000)

Total Assets	$	1,105,919

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:

Value as of
July 31, 2018

Valuation
Technique

Unobservable
Input

Range of

Unobservable
Inputs

Unobservable
Input Used

Assets Table

Investments, at Value:

Municipal Bonds and Notes

Alaska

145,125

Pricing service

N/A

N/A (a)

Arizona

4,754,221

Pricing service

N/A

N/A (a)

Arkansas

3,993,100

Pricing service

N/A

N/A (a)

California

13,813,520

Pricing service

N/A

N/A (a)

Colorado

8,032,350

Pricing service

N/A

N/A (a)

Florida

148,705,486

Pricing service

N/A

N/A (a)

Illinois

11,130,256

Pricing service

N/A

N/A (a)

Indiana

Pricing service

N/A

N/A (a)

Iowa

78,300

Pricing service

N/A

N/A (a)

Kansas

1,905,874

Pricing service

N/A

N/A (a)

Louisiana

336,000

Pricing service

N/A

N/A (a)

Maryland

788,513

Pricing service

N/A

N/A (a)

Missouri

5,574,360

Pricing service

N/A

N/A (a)

Montana

771,550

Pricing service

N/A

N/A (a)

Pennsylvania

2,921,340

Pricing service

N/A

N/A (a)

South Carolina

11,868,631

Pricing service

N/A

N/A (a)

Texas

6,437,258

Pricing service

N/A

N/A (a)

Virginia

3,881,048

Pricing service

N/A

N/A (a)

Wisconsin

41,200

Pricing service

N/A

N/A (a)

Discount to
expected
recovery

Discounted rate
Expected
recovery

N/A

20% (b)

Corporate Bond and Note

4,736,000

proceeds

N/A

100% of par

83 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

Value as of
July 31, 2018

Valuation
Technique

Unobservable
Input

Range of

Unobservable
Inputs

Unobservable
Input Used

Assets Table

Investments, at Value (Continued)

Corporate Loans

1,432,000

Discount to
Expected
recovery
proceeds

Discounted rate
Expected
recovery
proceeds

N/A

$1.79 Million

20%

$1.79

Million (c)

Total

231,346,143

(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 a discount to the expected recovery proceeds 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.

4. Investments and Risks

84 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

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.

85 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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 re-sell 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.

86 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

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 $217,560,000.

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 $1,026,915,695 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $683,925,000 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		12.534%		6/1/38	$	3,068,676
5,000,000	CA GO Tender Option Bond Series 2017-XF0579 Trust		9.442		11/1/35		6,287,700
6,040,000	CA GO Tender Option Bond Series 2017-XF0579 Trust		9.442		11/1/34		7,775,654
4,195,000	CA GO Tender Option Bond Series 2017-XF0600 Trust		9.349		11/1/33		5,526,619
3,750,000	CA Health Facilities Financing Authority (PSJH/ PH&S/PH&SW/PHSSC/LCMAS/PSJHCtr/PSJMC/ PH&SO/PH&SWW/SHlthS/SE/PacMedC Obligated Group) Tender Option Bond Series 2016-XF0330 Trust		18.413		7/1/39		4,337,437
3,855,000	CA Health Facilities Financing Authority Tender Option Bond Series 2015-XF2104 Trust³		15.189		7/1/39		4,441,885
5,000,000	CA Infrastructure and Economic Devel. (Sanford Consortium for Regenerative Medicine) Tender Option Bond Series 2016-XF0335 Trust		7.182		5/15/40		5,631,700
8,640,000	CA State University Tender Option Bond Series 2017-XF0554 Trust		9.983		11/1/47		12,472,272
6,875,000	Clark County, NV GO (Stadium Improvements) Tender Option Bond Series 2018-XF2580 Trust		12.896		5/1/48		10,910,969

87 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

$ 7,175,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System) Tender Option Bond Series 2015 XF0239 Trust		7.111%		7/1/36	$	8,423,665
8,745,000	Denton, TX Independent School District Tender Option Bond Series 2018-XF0648 Trust		12.942		8/15/45		12,957,029
2,525,000	Detroit, MI City School District Tender Option Bond Series 2015 XF-0241 Trust³		15.532		11/1/23		4,380,420
4,675,000	Douglas County, NE Hospital Authority Tender Option Bond Series 2015-XF2132 Trust³		16.313		11/1/48		4,817,494
4,570,000	Fremont, CA Union High School District Tender Option Bond Series 2018-XF0647 Trust		9.565		8/1/43		5,118,994
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		12.480		6/15/29		8,149,305
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		13.260		6/15/37		3,904,466
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		13.170		6/15/29		766,258
2,875,000	Geisinger, PA Authority (Geisinger Health System) Tender Option Bond Series 2015 XF-0040 Trust		13.370		6/1/39		3,216,550
5,000,000	Grand Parkway, TX Transportation Corp. Tender Option Bond Series 2015-XF2034 Trust³		7.075		4/1/53		5,937,000
5,000,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023 Trust		14.240		4/1/44		5,514,700
4,345,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-2 Trust		13.800		4/1/44		4,777,545
2,750,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-3 Trust		13.800		4/1/44		3,023,845
2,500,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-4 Trust		13.800		4/1/44		2,748,950
2,200,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-5 Trust		13.800		4/1/44		2,419,494
1,250,000	IL Finance Authority (AHCN/ANSHN/ACMC/ AH&HC Obligated Group) Tender Option Bond Series 2015-XF0023-6 Trust		13.800		4/1/44		1,378,875

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4. Investments and Risks (Continued)


Principal Amount	Inverse Floater¹	Coupon Rate²		Maturity Date		Value

$ 3,125,000	IL Finance Authority (CDHS/CDHA Obligated Group) Tender Option Bond Series 2015-XF0025 Trust		14.240%		11/1/39	$	3,707,969
1,250,000	IL Finance Authority (CDHS/CDHA Obligated Group) Tender Option Bond Series 2015-XF0025-2 Trust		13.800		11/1/39		1,475,500
3,140,000	Lancaster County, SC School District Tender Option Bond Series 2018-XF2528 Trust³		9.121		3/1/36		3,686,768
1,250,000	Los Angeles, CA Dept. of Water & Power Tender Option Bond Series 2015 XF-0039 Trust		12.590		7/1/34		1,323,037
7,000,000	Los Angeles, CA Dept. of Water & Power Tender Option Bond Series 2017-XF0556 Trust		9.983		7/1/35		10,544,310
3,540,000	MA HFA Tender Option Bond Series 2015-XF2150 Trust³		7.717		12/1/42		3,618,694
6,490,000	MD Stadium Authority (Construction & Revitalization Program) Tender Option Bond Series 2018-XF2581 Trust		12.893		5/1/47		10,207,018
2,500,000	Miami-Dade County, FL School Board Tender Option Bond Series 2015-XF2117 Trust³		13.306		2/1/27		2,685,350
2,500,000	Miami-Dade County, FL School Board Tender Option Bond Series 2015-XF2117-2 Trust³		12.440		2/1/27		2,668,600
12,500,000	Miami-Dade County, FL School Board Tender Option Bond Series 2015-XF2117-3 Trust³		13.739		2/1/34		13,438,500
2,500,000	Montgomery County, OH (Miami Valley Hospital) Tender Option Bond Series 2015-XF0029 Trust		14.740		11/15/23		3,323,100
1,000,000	NJ Educational Facilities Authority (Princeton University) Tender Option Bond Series 2017- XF0601 Trust		9.318		7/1/39		1,275,080
1,995,000	NJ Educational Facilities Authority (Princeton University) Tender Option Bond Series 2017- XF0601 Trust		9.314		7/1/38		2,563,056
1,380,000	NJ Educational Facilities Authority (Princeton University) Tender Option Bond Series 2017- XF0601 Trust		9.311		7/1/37		1,786,300
1,250,000	NJ Educational Facilities Authority (Princeton University) Tender Option Bond Series 2017- XF0601 Trust		9.318		7/1/40		1,589,838
9,500,000	North Central TX HFDC (CMCD/CMCtrF Obligated Group) Tender Option Bond Series 2015-XF0034 Trust		15.325		8/15/39		11,083,555
25,000,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2472 Trust³		9.940		5/1/42		35,287,000
3,750,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2018 XF-2529 Trust		9.031		8/1/41		4,332,638
3,335,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF0555 Trust		9.939		2/15/37		4,707,753
18,695,000	NYS Liberty Devel. Corp. Tender Option Bond Series 2015-XF2146 Trust³		7.355		1/15/44		20,294,918

89 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

$ 2,760,000	Port Authority NY/NJ, 200th Series Tender Option Bond Series 2017-XF2487 Trust		12.820%		4/15/57	$	4,170,443
3,250,000	Port Authority NY/NJ, 205th Series Tender Option Bond Series 2017-XF2489 Trust		12.810		5/15/57		5,004,610
2,500,000	Port Authority NY/NJ, 206th Series Tender Option Bond Series 2017-XF2488 Trust		12.690		11/15/47		3,705,225
6,755,000	Riverside County, CA Transportation Commission Tender Option Bond Series 2017-XF2520 Trust		9.152		6/1/36		8,306,624
3,980,000	Santa Clara County, CA GO Tender Option Bond Series 2018-XF0646 Trust		9.567		8/1/40		4,518,295
3,500,000	South Miami, FL Health Facilities Authority (BHSF/BHM/HHI/SMH/MarH/DrsH/WKBP/ BOS/FHlth/BHlth/BethH Obligated Group) Tender Option Bond Series 2018-XF2530 Trust		9.049		8/15/36		3,871,070
1,985,000	Tarrant County, TX Cultural Education Facilities Finance Corp. Tender Option Bond Series 2015- XF2057 Trust³		14.581		11/15/24		2,093,659
8,150,000	Tarrant County, TX Cultural Education Facilities Finance Corp. Tender Option Bond Series 2015- XF2057-2 Trust³		16.322		11/15/29		8,554,892
6,750,000	Tarrant County, TX Health Facilities Devel. Corp. (CCMCtr/CCHCS/CCPN/WICF Obligated Group) Tender Option Bond Series 2015-XF0028 Trust		7.030		12/1/33		7,362,630
375,000	Tes Properties, WA Tender Option Bond Series 2015-XF0038 Trust		14.090		12/1/29		423,427
3,000,000	Tes Properties, WA Tender Option Bond Series 2015-XF0038-2 Trust		14.520		12/1/38		3,393,270
8,705,000	WA Health Care Facilities Authority (Peacehealth) Tender Option Bond Series 2015 XF-0042 Trust		6.830		11/1/28		9,314,176
4,520,000	WA Health Care Facilities Authority Tender Option Bond Series 2015-XF2035 Trust³		16.241		10/1/36		4,685,888

						$	342,990,695

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).

90 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

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 $683,925,000 or 9.44% 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 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.

When investing in loans, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

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:

91 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)


	When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$109,854,663
Sold securities		92,380,247

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.

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


Cost	$	1,122,066,893
Market Value		$644,434,735
Market Value as % of Net Assets		10.36%

92 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

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.

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

93 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Shares of Beneficial Interest (Continued)

each class. Transactions in shares of beneficial interest were as follows:


	Year Ended July 31, 2018				Year Ended July 31, 2017
	Shares		Amount		Shares		Amount
Class A
Sold¹		98,331,285	$	699,504,436		115,327,306	$	828,957,347
Dividends and/or distributions reinvested		19,048,153		135,863,268		21,456,702		154,850,971
Redeemed		(124,100,367)		(882,087,890)		(138,859,277)		(999,017,491)
Net decrease		(6,720,929)	$	(46,720,186)		(2,075,269)	$	(15,209,173)


Class B
Sold		15,892	$	112,381		33,669	$	246,689
Dividends and/or distributions reinvested		44,586		317,880		141,531		1,026,583
Redeemed¹		(2,148,003)		(15,345,368)		(2,256,625)		(16,359,458)
Net decrease		(2,087,525)	$	(14,915,107)		(2,081,425)	$	(15,086,186)


Class C
Sold		24,981,691	$	177,177,211		31,846,432	$	228,909,131
Dividends and/or distributions reinvested		7,003,230		49,723,326		7,923,676		56,947,446
Redeemed		(43,327,687)		(306,603,743)		(47,160,297)		(336,919,398)
Net decrease		(11,342,766)	$	(79,703,206)		(7,390,189)	$	(51,062,821)


Class Y
Sold		144,887,702	$	1,035,490,313		110,295,897	$	792,134,437
Dividends and/or distributions reinvested		9,090,124		64,858,937		7,331,489		52,954,175
Redeemed		(88,858,588)		(629,749,148)		(58,811,699)		(420,286,987)
Net increase		65,119,238	$	470,600,102		58,815,687	$	424,801,625

1. All outstanding Class B shares converted to Class A shares on June 1, 2018.

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	$	2,611,680,723	$	2,162,204,355

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:

94 OPPENHEIMER ROCHESTER HIGH YIELD 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 $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.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

95 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		27,345
Accumulated Liability as of July 31, 2018		235,805

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

96 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

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.


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 Distributor¹		Class C Contingent Deferred Sales Charges Retained by Distributor

July 31, 2018		$468,971		$196,610		$6,975		$135,196

1. All outstanding Class B shares converted to Class A shares on June 1, 2018.

9. Borrowings and Other Financing

97 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 (2.1405% 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 0.11% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 2.1405%.

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


Average Daily Loan Balance	$	76,417,260
Average Daily Interest Rate		1.604%
Fees Paid	$	4,967,454
Interest Paid	$	1,293,656

98 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

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.

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


Fees Paid	$	2,283,978
Interest Paid	$	3,389

99 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Multi-State Municipal Trust:

Opinion on the Financial Statements

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, 2018, 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 related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations and its 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.

Basis for Opinion

KPMG LLP

Denver, Colorado

September 27, 2018

100 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 94.61% 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.

101 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

Householding—Delivery of Shareholder Documents

102 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.

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. Each of the Trustees in the chart below oversees 48 portfolios in the OppenheimerFunds complex.

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. (registered business development company) (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). 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		Director, Board of Directors of Caron Engineering Inc. (since January 2018); Advisor, Board of Advisors of Caron Engineering Inc. (December 2014-December 2017); 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). 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		Director of THL Credit, Inc. (since November 2016) (alternative credit investment manager); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (April 2012-September 2016); 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) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster

103 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Edmund P. Giambastiani, Jr., Continued		Worldwide, Inc. (career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (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); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-October 2007); Supreme Allied Commander of NATO Allied Command Transformation (2003- 2005) and 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. 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		Trustee of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member (since April 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). 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). 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.

104 OPPENHEIMER ROCHESTER HIGH YIELD 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 and Investment Committee 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). 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 Simon & Co. (wealth management), LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (healthcare) (since November 2012); Advisory Board Director of The Alberleen Group LLC (investment banking) (since March 2012); Governing Council Member (since 2016) and Chair of Education Committee (since 2017) of Independent Directors Council (IDC) (since 2016); Board Member of 100 Women in Finance (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Director of The Komera Project (non-profit) (April 2012-2016); New York Advisory Board Director of Peace First (non-profit) (March 2010-2013); 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 (investment banking): 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). 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.

105 OPPENHEIMER ROCHESTER HIGH YIELD 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 (since January 2015) and Treasurer and Chairman of the Audit Committee and Finance Committee (since January 2016) of Board of Trustees of Huntington Disease Foundation of America; 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-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). 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. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).

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. 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.

106 OPPENHEIMER ROCHESTER HIGH YIELD 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		Senior Portfolio Manager of the Sub-Adviser (since January 2017); Vice President and Portfolio Manager of the Sub-Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016); Associate Portfolio Manager of the Sub-Adviser (June 2013-January 2016); Portfolio Research Analyst of the Sub-Adviser (June 2011 to June 2013); Credit Analyst of the Sub-Adviser (May 2007 to May 2011). She was a Risk Management Analyst at Manning & Napier Associates (September 2006-May 2007); Analyst/Trading Assistant at The Baupost Group (August 2000-March 2006). 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).

107 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, 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.

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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).

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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

108 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

109 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

PRIVACY NOTICE

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

Information Sources

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Applications or other forms.

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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

110 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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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

RA0795.001.0718 September 27, 2018

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 $151,400 in fiscal 2018 and $148,600 in fiscal 2017.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $8,100 in fiscal 2018 and $12,150 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $343,361 in fiscal 2018 and $320,775 in fiscal 2017 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, custody audits, CP Conduit fees, incremental, and additional, audit services

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $533,392 in fiscal 2018 and $710,577 in fiscal 2017 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 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017 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 $884,853 in fiscal 2018 and $1,043,502 in fiscal 2017 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 7/31/2018, 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)	(1) Exhibit attached hereto.

(2) Exhibits attached hereto.

SIGNATURES

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

Oppenheimer Multi-State Municipal Trust


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		9/21/2018

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:		9/21/2018


By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer

Date:		9/21/2018

For the 30 Days Ended 7/31/18