Rochester Portfolio Series N-CSRS Certified semi-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 811-6332

Oppenheimer Rochester Portfolio Series

(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: December 31

Date of reporting period: 6/30/2018

Item 1. Reports to Stockholders.

Semiannual Report   6/30/2018  

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	11
Fund Expenses	15
Statement of Investments	17
Statement of Assets and Liabilities	42
Statement of Operations	44
Statements of Changes in Net Assets	45
Statement of Cash Flows	46
Financial Highlights	47
Notes to Financial Statements	50
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	68
Trustees and Officers	69
Privacy Notice	70

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 6/30/18

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays
			Municipal Bond 5-Year
			(4-6) Index
6-Month	6.24%	3.85%	0.30%
1-Year	1.57	-0.72	0.27
5-Year	1.07	0.61	2.07
10-Year	2.74	2.50	3.46

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

Our Twitter handle is @RochesterFunds.

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Fund Performance Discussion

Oppenheimer Rochester Limited Term New York Municipal Fund continued to generate attractive levels of tax-free income during the most recent reporting period. As of June 30, 2018, the Class A shares provided a 6-month total return of 6.24% at net asset value (NAV). At 2.70%, the Class A distribution yield at NAV was ranked first in Lipper’s Other States Short-Intermediate Municipal Debt Funds category. Additionally, the Fund’s Class A shares outperformed the Bloomberg Barclays Municipal Bond 5 Year (4-6) Index, its benchmark, by 594 basis points. For New York State and New York City residents in the top 2018 tax bracket, the taxable equivalent yields as of June 30, 2018 were 3.52% and 3.69%, respectively.

MARKET OVERVIEW

The Federal Open Market Committee (FOMC) raised the interest rate it controls, the Fed Funds target rate, twice during this reporting period. The rate, which at the outset of this reporting period was held to the range of 1.25% to 1.50%, ended this reporting period with a range of 1.75% to 2.00%.

The first quarter-point increase of this reporting period was announced after the FOMC’s March 2018 meeting. At the time,

The average distribution yield in Lipper’s Other States Short- Intermediate Municipal Debt category was 1.90% at the end of this reporting period. At 2.70%, the distribution yield at NAV for this Fund’s Class A shares was 80 basis points higher than the category average.

Fed officials noted that the economic outlook was strengthening.

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		2.70	%
Dividend Yield with sales charge		2.64
Standardized Yield		1.89
Taxable Equivalent Yield		3.52
Last distribution (6/26/18)	$	0.0065
Total distributions (1/1/18 to 6/30/2018)	$	0.0400
Endnotes for this discussion begin on page 12 of this report.

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On June 13, 2018, the FOMC raised the Fed Funds target rate again, this time to the range of 1.75% to 2.00%, citing a strengthening labor market and a “solid rate” of economic growth. The central bank also indicated that it foresees two additional rate increases, bringing the 2018 total to four increases; earlier, it had signaled a total of three increases for the year.

The target range, which was set to the range of zero to 0.25% between December 2008 and December 2015, has had seven increases of 0.25 percentage points to date. During this reporting period, the muni market’s reactions to the Fed’s announcements did not appear to be especially significant or lasting.

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 2.40%, 33 basis points higher than at the reporting period’s outset.

The high-grade muni yield curve rose overall, though securities with short maturities changed far less than did maturities of 5 years or longer. The rise in the Treasury curve was more significant 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 June 30, 2018, but was somewhat steeper at the end of this reporting period

than at its outset. As a result of the changes in the two yield curves, munis became cheaper to Treasuries during the reporting period.

On a nominal basis and at all maturities, Treasury yields were higher than the yields on AAA-rated munis with comparable maturities as of June 30, 2018. Nonetheless, for any taxpayer paying a combined New York and federal tax rate of at least 13%, a AAA-rated muni with a maturity of 10 years or more would provide more yield on an after-tax basis than a Treasury security with the same maturity. The yields on the 30-year Treasury and AAA-rated muni were virtually identical at the end of this reporting period, meaning that any 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.

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.

In March 2018, the $168 billion budget for New York State’s fiscal year 2019 passed, marking the eighth consecutive year of increased spending. With a current spending gap of $4.4 billion, the new budget proposes $750 million in new taxes and fees raised through opioid drug taxes, a corporation

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windfall tax credit, and an “internet fairness tax” which would require online marketplaces to collect sales tax from all third-party sales to New Yorkers, even if the seller is not located in New York; the U.S. Supreme Court’s decision in South Dakota vs. Wayfair, announced in June, will require certain online retailers to do the same nationwide. Other provisions include a 3% increase in school aid, $1.9 billion for energy and environment spending, $70 billion for Medicaid, and $7.4 billion for higher education.

Also in March, New York State sold $215.2 million of tax-exempt and taxable general obligation (G.O.) bonds. Proceeds will be used for transportation, education, and environmental purposes. Approximately $69 million will be used to refund a portion of outstanding G.O. bonds. At the end of this reporting period, the state’s G.O. bonds were rated Aa1 by Moody’s Investors Service and AA-plus by S&P Global Ratings (S&P) and Fitch Ratings. G.O.s are backed by the full faith and taxing authority of the state or local government that issues them.

The Seneca Nation of Indians filed a lawsuit in April 2018 against New York State seeking to remit Thruway toll revenue from a nearly 3-mile stretch of road was built through tribal territory 60 years ago. The plaintiffs’ attorneys are arguing that the Senecas should be compensated for the use of the land and that the state should stop collecting tolls. A federal court rejected a similar suit that was filed in 1999.

Near the end of the reporting period, New York City Mayor Bill de Blasio and the City Council announced a “handshake agreement” on a $89.2 billion budget for fiscal year 2019. The new spending plan is slightly higher than the budget de Blasio proposed in April, and 4.7% higher than the $85.2 billion for fiscal 2018. Since the mayor took office in January 2015, spending is up approximately 20%. The 2019 plan calls for $1.125 billion in the general reserve fund and $4.35 billion in the retiree health benefits trust fund, up $125 million and $100 million, respectively. The budget also funds a “fair fares” discount for low-income subway riders for one year, provides Fair Student Funding for city schools, includes $12 million to equip all police department patrol officers with body cameras, $13 million to handle heating needs for residents in low-income housing, and $26 million to build four new pre-K schools.

According to a report released in May by Comptroller Scott Stringer, New York City’s economic growth slowed to 2.7% in the first quarter of 2018, down from 3.4% in fourth quarter 2017. Economic indicators showed record low unemployment, a decline in commercial leasing, and slow job growth in the private sector. The city saw a 33% year-over-year increase in personal income tax collections in 2017 and overall collections topped $4.4 billion, which officials believed was a record. The surge in tax collections was largely attributable to changes in the U.S. tax code at the end of 2017, which led many taxpayers to prepay various taxes in order to

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take advantage of expiring federal deductions. A return to normal levels is expected in 2018.

Governor Andrew Cuomo signed a bill in June allowing the construction of the LaGuardia Airport AirTrain. The governor estimates a commuting time of less than 30 minutes from midtown Manhattan to the airport, with construction slated to start in 2020 and conclude in 2022. The 70-year-old airport is currently undergoing an $8 billion overhaul.

In the first half of the reporting period, New York City sold approximately $1.4 billion of G.O.s, including approximately $890 million of tax-exempt fixed-rate bonds and $250 million of tax-exempt floating-rate bonds. Proceeds will be used to fund various capital projects. As of June 30, 2018, Fitch and S&P affirmed their AA ratings for New York City’s G.O. bonds and Moody’s assigned an Aa2 rating.

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).

Nine months after Hurricane Maria, power is not fully restored across the Commonwealth; more than 6,000 homes remained without power as of mid-June 2018. 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.

Creditors raised concerns in January about a plan to loan $1.3 billion to PREPA, the Commonwealth’s energy utilities authority, 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. PREPA bonds rallied during this reporting period as talks continued among officials of the electric utility, the oversight board, and bondholders. Gov. Ricardo Rosselló Nevares remains an advocate for privatization, a solution that typically requires assumption of debt. PREPA’s cash on hand continues to be more than projected, according to officials in Puerto Rico.

As anticipated, Hurricane Maria had an adverse impact on sales and use tax (SUT) collections during fiscal year 2018, which – like this reporting period – ended June 30. According to figures released in June, overall collections were lower in the 11 months ended May 31, 2018 than in the same period of fiscal year 2017, but monthly collections have been running ahead of projections of late: May SUT collections were $40.9 million ahead of the projection for the month. In all, fiscal year 2018 SUT collections through May totaled $2.27 billion vs. $2.33 billion for the same period in fiscal 2017.

The ruling by the U.S. Supreme Court in South Dakota vs. Wayfair requiring certain

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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.

General fund revenues through May 2018, the 11th month of Puerto Rico’s fiscal year, were $78.9 million, or 1%, ahead of projections, according to figures released in June. In April and May 2018, revenues were 20.2% and 32% higher than projections, respectively. Officials in the Commonwealth’s Treasury Department said in June that they anticipate that revenues for the entire fiscal year will also exceed projections.

The overall balance of Puerto Rico’s reported accounts rose to nearly $9 billion as of May 31, 2018, and the total held by the Bank of New York-Mellon, the COFINA trustee, was $1.2 billion. These funds continue to be restricted as the result of a Title III-related court order. The Commonwealth reports that it satisfied its fiscal 2018 deposit requirements on February 6, 2018, and that allocations after that date have been transferred to its general fund. The fiscal plan for the 12 months ended June 30, 2018 projected a general fund balance of $8.1 billion, an amount reached by May 30.

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 the latter half of this reporting period.

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. The government released a new fiscal plan in late

January, and both the oversight board and creditors found it to be lacking.

In early February 2018, the oversight board told Gov. Rosselló to revise the fiscal plans for the central government, PREPA, and PRASA (the aqueduct and sewer authority) by February 12, saying that they did not comply with PROMESA. The February revision called for tax reductions and anticipated an accumulated surplus of $3.4 billion by fiscal year 2023.

A further revision, released in late March, anticipated a surplus of approximately $6 billion by fiscal year 2023; like its predecessors, the plan relied on financial data that had yet to be audited or released to the public. 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

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released at the end 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.

Midway through 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.”

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 Limited Term New York Municipal Fund held more than 575 securities as of June 30, 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 0.7 cents per share at the outset of this reporting period, was reduced to 0.65 cents per share beginning with the March 2018 payout. In all, the Fund distributed 4.0 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 contributors to positive performance this reporting period. The Fund’s total return this reporting period was primarily driven by its holdings in the sales tax sector, the Fund’s seventh-largest sector. Debt-service payments on securities in this sector – two of which were issued in Puerto Rico, two in Guam, and several in the U.S. Virgin Islands (USVI) – are paid using the issuing municipality’s sales tax revenue. Large sectors ranked among the Fund’s 10 strongest sectors for the reporting period also included

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its largest sector (Marine/Aviation Facilities), and its second-largest sector (tobacco bonds), and its fourth- through eighth-largest sectors (G.O.’s, electric utilities, higher education and Special Tax, respectively).

Research-based security selection continued to be a factor in the strong performance of these sectors. Holdings in the marine/ aviation facilities sector, this Fund’s ninth strongest performer, are typically high-grade investments backed by valuable collateral. High-yielding tobacco securities, which are backed by proceeds from the landmark 1998 Master Settlement Agreement (MSA), were the Fund’s fourth strongest performer as of June 30, 2018. Holdings in the G.O. sector, the Fund’s second best performer, consisted of bonds issued in various New York State municipalities and Puerto Rico, many of which are insured. The electric utilities sector was the third-strongest performer this reporting period. PREPA bonds, some insured, represented more than one-third of this sector’s assets; the Fund’s investments in this sector also included insured holdings issued in Guam and USVI. The higher education sector was the fifth-strongest performer this reporting period; the investment-grade bonds we hold in this sector have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest. The Fund’s holdings in this sector include securities issued in Puerto Rico, some of which are insured. Securities in the Special Tax sector, the Fund’s seventh-strongest contributor to performance, are backed by various taxes. As

of June 30, 2018, this sector included one bond issued in Puerto Rico and several issued in USVI.

A number of sectors detracted slightly from the Fund’s performance this reporting period, though in aggregate performance was reduced less than one-tenth of 1 percentage point by the underperforming sectors. The list of detractors as of June 30, 2018, includes the tax increment financing (TIF) sector, education, and student housing. These sectors were adversely affected by pricing pressure, which was prevalent among high quality muni securities.

In aggregate, the Fund’s investments in securities issued in the Commonwealth of Puerto Rico generated nearly 85% of the Fund’s total return this reporting period. The securities are exempt from federal, state, and local income taxes, and the Fund’s holdings as of June 30, 2018 included securities from many different sectors.

Investors should note that some of this Fund’s investments in securities issued in the U.S. Virgin Islands Guam, and 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 Rochester investment team focuses exclusively on municipal bonds, and this Fund invests primarily in investment-grade municipal securities. It may invest up to 15%

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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 June 30, 2018, market movements or rating changes of municipal bonds 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 15% 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 benefit fixed income investors through interest rate and economic cycles.

    Mark DeMitry, CFA Vice President and Senior Portfolio Manager

Mark DeMitry has been named portfolio manager of the Fund. With support as needed from the Oppenheimer Municipal Fund Management Team, Mark 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.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Marine/Aviation Facilities	12.3	%
Tobacco Master Settlement Agreement	11.1
Highways/Commuter Facilities	9.9
General Obligation	7.3
Electric Utilities	6.7
Higher Education	6.7
Sales Tax Revenue	6.4
Special Tax	5.6
Hospital/Healthcare	5.6
U.S. Government Obligations	3.9

Portfolio holdings are subject to change. Percentages are as of June 30, 2018 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		8.2%		2.3%		10.5%
AA		33.0		0.0		33.0
A		13.9		0.0		13.9
BBB		19.3		3.8		23.1
BB or lower		18.4		1.1		19.5
Total		92.8%		7.2%		100.0%

The percentages above are based on the market value of the securities as of June 30, 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.

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Performance

DISTRIBUTION YIELDS

As of 6/30/18

	Without Sales Charge			With Sales Charge
Class A		2.70	%		2.64	%
Class C		1.85			N/A
Class Y		2.98			N/A
STANDARDIZED YIELDS
For the 30 Days Ended 6/30/18
Class A		1.89	%
Class C		1.18
Class Y		2.17

TAXABLE EQUIVALENT YIELDS
As of 6/30/18
Class A	3.52	%
Class C	2.20
Class Y	4.05
UNSUBSIDIZED STANDARDIZED YIELDS
For the 30 Days Ended 6/30/18
Class A	1.88	%
Class C	1.18
Class Y	2.17

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 6/30/18

	Inception Date		6-Month			1-Year			5-Year			10-Year			Since Inception
Class A (LTNYX)		9/18/91		6.24	%		1.57	%		1.07	%		2.74	%		4.41	%
Class C (LTNCX)		5/1/97		6.26			1.16			0.32			1.97			2.95
Class Y (LTBYX)		3/30/11		6.37			1.81			1.25			N/A			2.57

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 6/30/18

	Inception Date		6-Month			1-Year			5-Year			10-Year			Since Inception
Class A (LTNYX)		9/18/91		3.85	%		-0.72	%		0.61	%		2.50	%		4.32	%
Class C (LTNCX)		5/1/97		5.26			0.17			0.32			1.97			2.95
Class Y (LTBYX)		3/30/11		6.37			1.81			1.25			N/A			2.57

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 for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual’s investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 2.25%; for Class C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Municipal Bond 5 Year (4-6) Index, which is the 4- to 6- year component of the Bloomberg Barclays Municipal Bond Index, an unmanaged index of a broad range of investment-grade municipal bonds that is a measure of the general municipal bond market. The index cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund’s

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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 $0.0065 for the 35-day accrual period ended June 26, 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 June 26, 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 shares are annualized based on dividends of $0.0044 and $0.0072, respectively, for the 35-day accrual period ended June 26, 2018 and on the corresponding net asset values on that date.

Standardized yield (Class A shares) 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 June 30, 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 June 30, 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 Other States Short-Intermediate Municipal Debt category is based on 7 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 New York State tax rate of 46.36% (48.8% for residents of New York City). 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.

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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 June 30, 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.

14        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK 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 June 30, 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 June 30, 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.

15        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Actual	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During 6 Months Ended June 30, 2018
Class A	$	1,000.00	$	1,062.40	$	5.33
Class C		1,000.00		1,062.60		9.19
Class Y		1,000.00		1,063.70		4.05
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.64		5.22
Class C		1,000.00		1,015.92		8.99
Class Y		1,000.00		1,020.88		3.97

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 June 30, 2018 are as follows:

Class	Expense Ratios
Class A		1.04	%
Class C		1.79
Class Y		0.79

16        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS June 30, 2018 Unaudited

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	Municipal Bonds and Notes—104.0%
	New York—80.2%
	$35,000	Albany County, NY IDA (Wildwood Programs)1,2		4.900%		07/01/2021		01/20/2020	A	$	34,999
	1,500,000	Albany, NY Capital Resource Corp. (Albany Law School)2		5.000		07/01/2029		07/01/2027	B		1,684,635
	1,520,000	Albany, NY Capital Resource Corp. (Albany Law School)2		5.000		07/01/2031		07/01/2027	B		1,693,386
	475,000	Albany, NY Capital Resource Corp. (College Saint Rose)2		5.625		07/01/2031		07/01/2021	B		495,762
	400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)2		5.000		05/01/2024		05/01/2024			456,700
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)2		5.000		05/01/2025		05/01/2025			346,797
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)2		5.000		05/01/2026		05/01/2026			350,226
	200,000	Albany, NY Capital Resource Corp. (St. Peter’s Hospital)2		6.000		11/15/2025		11/15/2020	B		219,324
	655,000	Amherst, NY Devel. Corp. (Daemen College)		5.000		10/01/2027		10/01/2027			729,801
	690,000	Amherst, NY Devel. Corp. (Daemen College)2		5.000		10/01/2028		10/01/2028			772,117
	730,000	Amherst, NY Devel. Corp. (Daemen College)2		5.000		10/01/2029		10/01/2028	B		810,263
	760,000	Amherst, NY Devel. Corp. (Daemen College)2		5.000		10/01/2030		10/01/2028	B		840,150
	805,000	Amherst, NY Devel. Corp. (Daemen College)2		5.000		10/01/2031		10/01/2028	B		887,013
	110,000	Brookhaven, NY IDA (Enecon Corp.)2		5.800		11/01/2018		11/01/2018			109,990
	500,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)2		5.250		11/01/2027		11/01/2026	B		583,140
	1,000,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)2		5.250		11/01/2028		11/01/2026	B		1,163,870
	1,000,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)2		5.250		11/01/2029		11/01/2026	B		1,159,880
	650,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)2		5.250		11/01/2030		11/01/2026	B		751,335
	650,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)2		5.250		11/01/2031		11/01/2026	B		749,274
	940,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)2		5.750		07/15/2018		07/15/2018			941,269
	460,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)2		5.750		07/15/2018		07/15/2018			460,695
	970,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)2		5.750		07/15/2019		07/15/2019			1,009,760
	385,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)2		5.750		07/15/2019		07/15/2019			401,917
	1,750,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)2		4.000		07/15/2029		01/15/2027	B		1,859,182

17        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$1,350,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)2		5.750%		10/01/2026		04/01/2021	B	$	1,484,487
	60,000	Buffalo, NY Fiscal Stability Authority2		4.500		09/01/2019		07/29/2018	B		60,131
	1,140,000	Build NYC Resource Corp. (Manhattan College)2		5.000		08/01/2030		08/01/2027	B		1,309,244
	425,000	Build NYC Resource Corp. (Pratt Paper)1,2		3.750		01/01/2020		04/05/2019	A		430,538
	2,000,000	Build NYC Resource Corp. (Royal Charter Properties & Presbyterian Hospital)2		4.750		12/15/2026		12/15/2022	B		2,152,540
	1,395,000	Build NYC Resource Corp. (Wagner College)2		5.000		07/01/2024		07/01/2022	B		1,557,741
	1,705,000	Build NYC Resource Corp. (Wagner College)2		5.000		07/01/2025		07/01/2022	B		1,895,568
	1,650,000	Build NYC Resource Corp. (Wagner College)2		5.000		07/01/2026		07/01/2022	B		1,825,081
	1,705,000	Build NYC Resource Corp. (Wagner College)2		5.000		07/01/2028		07/01/2022	B		1,874,255
	600,000	Build NYC Resource Corp. (YMCA of Greater New York)2		5.000		08/01/2021		08/01/2021			646,374
	500,000	Build NYC Resource Corp. (YMCA of Greater New York)2		5.000		08/01/2022		08/01/2022			547,760
	1,000,000	Build NYC Resource Corp. (YMCA of Greater New York)2		5.000		08/01/2032		08/01/2022	B		1,069,070
	295,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2019		05/01/2019			302,640
	315,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2020		05/01/2020			331,928
	330,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2021		05/01/2021			354,529
	345,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2022		05/01/2022			377,872
	365,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2023		05/01/2023			406,595
	380,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2024		05/01/2024			428,792
	400,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2025		05/01/2025			454,332

18        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$415,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000%		05/01/2026		05/01/2026		$	468,489
	445,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2027		05/01/2026	B		498,747
	465,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2028		05/01/2026	B		518,103
	485,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)2		5.000		05/01/2029		05/01/2026	B		535,813
	20,000	Corning, NY GO2		4.000		12/01/2020		12/01/2018	B		20,204
	15,000	Deerfield, NY GO2		5.500		06/15/2019		12/15/2018	B		15,105
	15,000	Deerfield, NY GO2		5.500		06/15/2020		12/15/2018	B		15,179
	2,810,000	Dutchess County, NY Local Devel. Corp. (Anderson Center Services)2		6.000		10/01/2030		08/03/2020	B		2,897,588
	8,600,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)2		5.000		07/01/2030		07/01/2026	B		9,814,492
	590,000	East Rochester, NY Hsg. Authority (Perinton-Fairport)2		4.800		08/01/2019		07/08/2018	B		590,401
	75,000	East Syracuse, NY Hsg. Authority (Bennett Manor Associates)2		6.700		04/01/2021		07/29/2018	B		75,238
	600,000	Erie County, NY Public Improvement District2		5.000		04/01/2023		04/01/2022	B		663,468
	525,000	Erie County, NY Public Improvement District2		5.000		04/01/2024		04/01/2022	B		580,534
	500,000	Erie County, NY Public Improvement District2		5.000		04/01/2025		04/01/2022	B		551,365
	700,000	Erie County, NY Public Improvement District2		5.000		04/01/2026		04/01/2022	B		769,265
	29,615,000	Erie County, NY Tobacco Asset Securitization Corp.2		5.000		06/01/2031		07/29/2018	B		29,628,623
	205,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2019		06/01/2019			210,596
	125,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2020		12/08/2019	A		129,712
	215,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2020		06/01/2020			226,161
	220,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2021		06/01/2021			235,473
	145,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2022		12/07/2021	A		155,362

19        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$235,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000%		06/01/2022		06/01/2022		$	254,928
	250,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2023		06/01/2023			274,465
	155,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2024		12/07/2023	A		168,314
	255,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2024		06/01/2024			280,543
	270,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2025		06/01/2025			298,150
	175,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2026		12/06/2025	A		189,653
	100,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2027		06/01/2027			108,917
	100,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2028		06/01/2027	B		108,132
	320,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2031		06/01/2027	B		341,552
	255,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)2		5.000		06/01/2035		06/01/2027	B		268,668
	155,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)2		5.000		06/01/2019		06/01/2019			159,659
	160,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)2		5.000		06/01/2020		06/01/2020			168,984
	170,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)2		5.000		06/01/2021		06/01/2021			183,148
	180,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)2		5.000		06/01/2022		06/01/2022			196,805
	185,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)2		5.000		06/01/2023		06/01/2023			204,982
	195,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)2		5.000		06/01/2024		06/01/2024			216,869

20        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$205,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)2		5.000%		06/01/2025		06/01/2025		$	228,923
	270,000	Franklin County, NY Solid Waste Management Authority2		5.000		06/01/2023		06/01/2023			292,556
	285,000	Franklin County, NY Solid Waste Management Authority2		5.000		06/01/2024		06/01/2024			310,818
	835,000	Franklin County, NY Solid Waste Management Authority2		5.000		06/01/2027		06/01/2022	B		895,220
	500,000	Geneva, NY Devel. Corp. (Hobart & William Smith Colleges)2		5.000		09/01/2025		09/01/2022	B		554,520
	1,570,000	Glen Cove, NY Local Assistance Corp. (Tiegerman School)		4.750		07/01/2028		01/28/2025	A		1,574,977
	50,000	Hempstead, NY GO2		4.250		08/15/2023		08/15/2018	B		50,173
	200,000	Hempstead, NY Local Devel. Corp. (Molloy College)2		5.000		07/01/2029		07/01/2027	B		225,610
	170,000	Hempstead, NY Local Devel. Corp. (Molloy College)2		5.000		07/01/2030		07/01/2027	B		191,066
	150,000	Hempstead, NY Local Devel. Corp. (Molloy College)2		5.000		07/01/2031		07/01/2027	B		167,970
	275,000	Hempstead, NY Local Devel. Corp. (Molloy College)2		5.000		07/01/2032		07/01/2027	B		307,268
	20,000	Hudson Falls, NY Central School District2		4.750		06/15/2019		06/15/2019			20,676
	10,000,000	L.I., NY Power Authority, Series A2		5.000		09/01/2026		09/01/2022	B		11,069,500
	250,000	L.I., NY Power Authority, Series A2		5.500		04/01/2024		04/01/2019	B		257,577
	10,000,000	L.I., NY Power Authority, Series B2		5.000		09/01/2027		09/01/2022	B		11,065,300
	14,825,000	L.I., NY Power Authority, Series B2		5.000		09/01/2029		09/01/2022	B		16,379,401
	6,635,000	L.I., NY Power Authority, Series B2		5.000		09/01/2034		09/01/2026	B		7,568,412
	70,000	Livonia, NY GO2		5.000		06/15/2020		07/29/2018	B		70,151
	75,000	Livonia, NY GO2		5.000		06/15/2021		07/29/2018	B		75,151
	80,000	Livonia, NY GO2		5.000		06/15/2022		07/29/2018	B		80,148
	85,000	Livonia, NY GO2		5.000		06/15/2023		07/29/2018	B		85,150
	90,000	Livonia, NY GO2		5.000		06/15/2024		07/29/2018	B		90,149
	75,000	Livonia, NY GO2		5.000		06/15/2025		07/29/2018	B		75,116
	395,000	Lockport City, NY GO2		5.000		10/15/2018		10/15/2018			399,234
	415,000	Lockport City, NY GO2		5.000		10/15/2019		10/15/2019			433,277
	400,000	Monroe County, NY IDA (Rochester General Hospital)2		5.000		12/01/2026		12/01/2022	B		440,632
	345,000	Monroe County, NY IDA (Rochester General Hospital)2		5.000		12/01/2027		12/01/2022	B		378,986
	660,000	Monroe County, NY IDA (Rochester General Hospital)2		5.000		12/01/2028		12/01/2022	B		723,578
	155,000	Monroe County, NY IDA (Southview Towers)2		6.125		02/01/2020		07/16/2018	B		155,259
	350,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)2		5.000		07/01/2026		07/01/2025	B		401,236

21        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$200,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)2		5.000%		10/01/2026		10/01/2021	B	$	219,678
	615,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)2		5.000		06/01/2023		06/01/2022	B		677,724
	4,760,000	Nassau County, NY GO2		5.000		04/01/2027		04/01/2024	B		5,503,179
	3,160,000	Nassau County, NY GO2		5.000		04/01/2029		04/01/2026	B		3,619,559
	365,000	Nassau County, NY GO2		5.000		04/01/2031		04/01/2027	B		419,856
	2,100,000	Nassau County, NY GO2		5.000		01/01/2032		01/01/2026	B		2,377,011
	300,000	Nassau County, NY IDA (ACDS)2		5.950		11/01/2022		12/10/2020	A		297,744
	130,000	Nassau County, NY IDA (ACDS)2		6.000		12/01/2019		06/02/2019	A		129,351
	200,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)2		5.950		11/01/2022		12/03/2020	A		198,496
	200,000	Nassau County, NY IDA (Life’s WORCA)2		5.950		11/01/2022		12/12/2020	A		198,496
	500,000	Nassau County, NY IDA (New York Institute of Technology)2		5.000		03/01/2021		03/01/2020	B		527,155
	500,000	Nassau County, NY IDA (PLUS Group Home)2		6.150		11/01/2022		12/07/2020	A		497,915
	105,000	Nassau County, NY IDA (WORCA)2		6.000		12/01/2019		07/29/2018	B		105,097
	10,000	Nassau County, NY IDA, Series C2		6.000		12/01/2019		07/29/2018	B		10,003
	2,005,000	Nassau County, NY Local Economic Assistance Corp. (Hispanic Counseling Center)2		4.700		12/01/2028		08/20/2024	A		2,006,023
	5,690,000	Nassau County, NY Local Economic Assistance Corp. (South Nassau Communities Hospital)2		5.000		07/01/2027		07/01/2022	B		6,213,992
	4,500,000	Nassau County, NY Local Economic Assistance Corp. (Winthrop University Hospital)2		5.000		07/01/2027		07/01/2022	B		4,857,525
	1,100,000	New Rochelle, NY Corp. Devel. (Iona College)2		5.000		07/01/2029		07/01/2025	B		1,210,902
	3,805,000	New Rochelle, NY Corp. Local Devel. (70 Nardozzi/City Dept. of Public Works)2		4.200		08/01/2028		11/08/2024	A		3,804,810
	6,000,000	New Rochelle, NY IDA (College of New Rochelle)		5.250		07/01/2027		04/07/2024	A		4,956,000
	555,000	New Rochelle, NY IDA (College of New Rochelle)1		5.500		07/01/2019		01/05/2019	A		511,172
	325,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)2		5.650		08/01/2020		07/29/2018	B		326,063
	2,535,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)2		5.750		02/01/2032		07/29/2018	B		2,543,264
	2,635,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)2		4.000		05/15/2029		07/29/2018	B		2,656,554
	750,000	Niagara Falls, NY GO2		5.000		05/15/2028		05/15/2026	B		866,895
	850,000	Niagara Falls, NY GO2		5.000		05/15/2029		05/15/2026	B		977,305

22        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$320,000	Niagara, NY Area Devel. Corp. (Niagara University)2		5.000%		05/01/2026		05/01/2022	B	$	351,846
	150,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)2		3.850 3		04/01/2024		07/02/2018	B		149,297
	250,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)2		4.100 3		04/01/2024		07/05/2018	B		248,828
	605,000	North Babylon, NY Volunteer Fire Company2		5.750		08/01/2022		07/29/2018	B		606,210
	1,605,000	NY Counties Tobacco Trust I2		6.300		06/01/2019		07/29/2018	B		1,609,783
	3,560,000	NY Counties Tobacco Trust I2		6.500		06/01/2035		07/29/2018	B		3,561,887
	3,295,000	NY Counties Tobacco Trust I2		6.625		06/01/2042		07/29/2018	B		3,296,549
	90,000	NY Counties Tobacco Trust II (TASC)2		5.625		06/01/2035		07/29/2018	B		90,322
	135,000	NY Counties Tobacco Trust II (TASC)2		5.750		06/01/2043		07/29/2018	B		136,947
	1,215,000	NY Counties Tobacco Trust III (TASC)2		6.000		06/01/2043		07/14/2018	B		1,216,871
	3,660,000	NY Counties Tobacco Trust IV (TASC)2		4.750		06/01/2026		07/14/2018	B		3,661,427
	570,000	NY Counties Tobacco Trust VI2		5.625		06/01/2035		11/21/2023	A		628,944
	2,095,000	NY Counties Tobacco Trust VI2		5.750		06/01/2043		12/07/2031	A		2,314,556
	10,200,000	NY Counties Tobacco Trust VI2		6.000		06/01/2043		11/02/2026	A		11,338,626
	40,000	NY Counties Tobacco Trust VI2		6.250		06/01/2025		02/18/2021	A		41,780
	830,000	NY Counties Tobacco Trust VI2		6.450		06/01/2040		07/06/2031	A		958,003
	8,040,000	NY Counties Tobacco Trust VI2		6.750		06/01/2035		05/24/2026	A		8,828,965
	10,000,000	NY MTA2		5.000		11/15/2036		11/15/2026	B		11,509,700
	6,185,000	NY MTA (Green Bond)2		5.000		11/15/2033		11/15/2026	B		7,178,435
	8,000,000	NY MTA Hudson Rail Yards2		5.000		11/15/2046		11/15/2019	B		8,281,040
	9,985,000	NY MTA, Series C2		5.000		11/15/2028		11/15/2022	B		11,072,366
	4,015,000	NY MTA, Series C2		5.000		11/15/2028		11/15/2022	B		4,543,133
	2,865,000	NY MTA, Series C2		5.000		11/15/2029		11/15/2022	B		3,241,862
	7,135,000	NY MTA, Series C2		5.000		11/15/2029		11/15/2022	B		7,905,723
	3,565,000	NY MTA, Series C2		5.000		11/15/2030		11/15/2022	B		3,945,421
	1,435,000	NY MTA, Series C2		5.000		11/15/2030		11/15/2022	B		1,623,760
	240,000	NY MTA, Series C2		6.250		11/15/2023		11/15/2018	B		244,380
	60,000	NY MTA, Series C2		6.250		11/15/2023		11/15/2018	B		61,070
	4,000,000	NY MTA, Series D2		5.000		11/01/2025		11/01/2022	B		4,465,080
	23,000,000	NY MTA, Series D2		5.000		11/15/2027		11/15/2019	B		24,023,730
	20,000,000	NY MTA, Series D2		5.000		11/15/2029		11/15/2022	B		22,160,400
	5,000,000	NY MTA, Series D2		5.000		11/15/2031		11/15/2021	B		5,525,450
	11,800,000	NY MTA, Series D-12		5.000		11/01/2026		11/01/2022	B		13,110,036
	5,075,000	NY MTA, Series D-12		5.000		11/01/2028		11/01/2022	B		5,622,998
	160,000	NY Triborough Bridge & Tunnel Authority2		5.000		11/15/2021		11/15/2018	B		162,114
	40,000	NY Triborough Bridge & Tunnel Authority2		5.000		11/15/2030		11/15/2018	B		40,512

23        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$640,000	NY Triborough Bridge & Tunnel Authority2		5.000%		11/15/2033		11/15/2018	B	$	648,525
	615,000	NY Triborough Bridge & Tunnel Authority2		5.000		11/15/2033		11/15/2018	B		623,419
	5,000,000	NY TSASC, Inc. (TFABs)2		5.000		06/01/2030		06/01/2027	B		5,618,600
	5,000,000	NY TSASC, Inc. (TFABs)2		5.000		06/01/2031		06/01/2027	B		5,590,050
	5,000,000	NY TSASC, Inc. (TFABs)2		5.000		06/01/2032		06/01/2027	B		5,569,750
	5,000,000	NY TSASC, Inc. (TFABs)2		5.000		06/01/2033		06/01/2027	B		5,545,500
	3,130,000	NY TSASC, Inc. (TFABs)2		5.000		06/01/2045		06/01/2027	B		3,222,867
	75,000	NY Valley Health Devel. Corp.2		6.750		05/20/2022		07/29/2018	B		75,324
	5,000	NYC GO2		5.000		06/01/2023		07/29/2018	B		5,014
	22,970,000	NYC GO4		5.000		08/01/2026		02/01/2023	A		25,709,747
	18,760,000	NYC GO4		5.000		08/01/2026		02/01/2023	A		20,997,599
	26,090,000	NYC GO4		5.000		08/01/2027		02/01/2023	A		29,165,359
	28,685,000	NYC GO4		5.000		08/01/2027		02/01/2023	A		32,066,260
	5,000,000	NYC GO2		5.000		08/01/2028		08/01/2019	B		5,178,700
	2,000,000	NYC GO2		5.000		08/01/2029		08/01/2022	B		2,211,480
	5,000	NYC GO2		5.125		08/01/2022		07/29/2018	B		5,015
	940,000	NYC GO2		5.250		04/01/2028		04/01/2019	B		965,906
	23,950,000	NYC GO2		5.250		04/01/2028		04/01/2019	B		24,631,856
	10,000	NYC GO2		5.500		02/15/2026		07/29/2018	B		10,032
	5,000	NYC GO2		5.500		02/15/2026		07/29/2018	B		5,016
	5,000	NYC GO2		5.500		06/01/2028		07/29/2018	B		5,016
	10,000	NYC GO2		5.500		11/15/2037		07/29/2018	B		10,033
	5,000	NYC GO2		5.750		08/01/2018		08/01/2018			5,018
	50,000	NYC GO2		5.875		06/01/2019		07/29/2018	B		50,179
	55,000	NYC GO2		5.875		08/01/2019		07/29/2018	B		55,179
	5,000	NYC GO2		6.000		02/15/2024		07/29/2018	B		5,018
	45,000	NYC GO2		7.750		08/15/2027		08/15/2018	B		45,334
	1,850,000	NYC HDC (Multifamily Hsg.)2		4.750		11/01/2030		05/01/2020	B		1,922,168
	4,725,000	NYC HDC (Multifamily Hsg.)2		4.750		11/01/2030		05/01/2020	B		4,909,322
	800,000	NYC HDC (Multifamily Hsg.)2		5.500		11/01/2034		05/01/2019	B		817,984
	200,000	NYC HDC (Multifamily Hsg.)2		6.250		11/01/2023		11/01/2018	B		202,946
	35,000	NYC HDC (Multifamily Hsg.), Series E2		6.250		05/01/2036		07/29/2018	B		35,068
	37,400,000	NYC Health & Hospital Corp. (Health System)2		5.000		02/15/2030		02/15/2020	B		39,144,710
	100,000	NYC Health & Hospital Corp. (Health System)2		5.500		02/15/2021		07/29/2018	B		100,323
	170,000	NYC IDA (Comprehensive Care Management)2		5.750		08/01/2018		08/01/2018			170,224
	330,000	NYC IDA (Comprehensive Care Management)2		5.750		11/01/2018		07/29/2018	B		330,436
	340,000	NYC IDA (Comprehensive Care Management)2		5.750		05/01/2019		07/29/2018	B		340,299
	100,000	NYC IDA (Independent Living Assoc.)1,2		6.200		07/01/2020		07/20/2018	B		100,031
	255,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)2		5.375		11/01/2018		11/01/2018			256,158

24        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$50,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)2		5.375%		11/01/2018		11/01/2018		$	50,227
	3,685,000	NYC IDA (Montefiore Medical Center Corp.)2		5.125		11/01/2025		07/29/2018	B		3,686,142
	5,865,000	NYC IDA (Montefiore Medical Center Corp.)2		5.125		11/01/2035		10/29/2018	B		5,864,531
	30,000	NYC IDA (Queens Baseball Stadium)2		5.000		01/01/2031		07/29/2018	B		30,074
	200,000	NYC IDA (Queens Baseball Stadium)2		6.125		01/01/2029		01/01/2019	B		204,570
	4,085,000	NYC IDA (Queens Baseball Stadium)2		6.500		01/01/2046		01/01/2019	B		4,181,120
	1,280,000	NYC IDA (Rosco, Inc.)2		5.625		06/01/2022		07/29/2018	B		1,280,064
	500,000	NYC IDA (TIP/AeFM/AeH/AeHC/AeJFK/AeKC Obligated Group)2		5.000		07/01/2020		07/01/2020			528,680
	250,000	NYC IDA (TIP/AeFM/AeH/AeHC/AeJFK/AeKC Obligated Group)2		5.000		07/01/2021		07/01/2021			269,952
	750,000	NYC IDA (Yankee Stadium)2,5		3.223		03/01/2019		03/01/2019			754,087
	3,000,000	NYC IDA (Yankee Stadium)2,5		3.253		03/01/2020		03/01/2020			3,032,250
	8,655,000	NYC IDA (Yankee Stadium)2,5		3.303		03/01/2022		03/01/2022			8,760,678
	6,550,000	NYC IDA (Yankee Stadium)2,5		3.313		03/01/2023		03/01/2023			6,633,185
	195,000	NYC IDA (Yankee Stadium)2,5		3.323		03/01/2024		03/01/2024			196,529
	200,000	NYC IDA (Yankee Stadium)2,5		3.333		03/01/2025		03/01/2025			199,638
	985,000	NYC IDA (Yankee Stadium)2,5		3.343		03/01/2026		03/01/2026			975,613
	1,000,000	NYC IDA (Yankee Stadium)2,5		3.353		03/01/2027		03/01/2027			984,880
	15,000	NYC IDA (Yankee Stadium)2		5.000		03/01/2031		07/29/2018	B		15,104
	20,420,000	NYC IDA (Yankee Stadium)2		7.000		03/01/2049		03/01/2019	B		21,130,616
	10,755,000	NYC Municipal Water Finance Authority2		5.000		06/15/2029		06/15/2021	B		11,681,113
	10,000,000	NYC Municipal Water Finance Authority2		5.000		06/15/2030		06/15/2020	B		10,588,600
	25,000,000	NYC Municipal Water Finance Authority2		5.000		06/15/2031		06/15/2021	B		27,130,250
	10,000,000	NYC Municipal Water Finance Authority2		5.000		06/15/2038		06/15/2028	B		11,709,300
	4,835,000	NYC Municipal Water Finance Authority2		5.000		06/15/2038		06/15/2027	B		5,589,018
	10,000,000	NYC Transitional Finance Authority2		5.000		08/01/2038		08/01/2027	B		11,553,000
	150,000	NYC Transitional Finance Authority2		5.375		01/15/2030		01/15/2019	B		153,115
	1,880,000	NYC Transitional Finance Authority (Building Aid)2		5.000		07/15/2027		07/15/2022	B		2,080,558
	9,000,000	NYC Transitional Finance Authority (Building Aid)2		5.000		07/15/2028		07/15/2022	B		9,960,120
	10,000,000	NYC Transitional Finance Authority (Building Aid)2		5.000		07/15/2029		07/15/2022	B		11,050,500
	11,325,000	NYC Transitional Finance Authority (Building Aid)2		5.000		07/15/2030		07/15/2022	B		12,500,875

25        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$1,980,000	NYC Transitional Finance Authority (Building Aid)2		5.500%		01/15/2039		01/15/2019	B	$	2,020,194
	1,650,000	NYC Transitional Finance Authority (Future Tax)2		5.000		11/01/2027		11/01/2021	B		1,805,760
	10,000,000	NYC Transitional Finance Authority (Future Tax)2		5.000		05/01/2032		05/01/2026	B		11,521,300
	9,500,000	NYC Transitional Finance Authority (Future Tax)2		5.000		02/01/2035		02/01/2026	B		10,799,790
	5,000,000	NYC Transitional Finance Authority (Future Tax)2		5.000		02/01/2037		02/01/2026	B		5,673,200
	3,085,000	NYC Transitional Finance Authority (Future Tax)2		5.000		05/01/2037		05/01/2026	B		3,512,488
	10,000,000	NYC Transitional Finance Authority (Future Tax)2		5.000		05/01/2037		05/01/2028	B		11,663,200
	3,215,000	NYC Transitional Finance Authority (Future Tax)2		5.250		11/01/2027		11/01/2018	B		3,255,670
	3,090,000	NYC Trust for Cultural Resources (Carnegie Hall/Carnegie Hall Society Obligated Group)2		5.000		12/01/2039		12/01/2019	B		3,218,729
	50,000	NYC Trust for Cultural Resources (Lincoln Center for the Performing Arts)2		5.250		12/01/2018		12/01/2018			50,810
	2,045,000	NYS DA (ALIA-PSCH)2		4.800		12/01/2023		08/19/2021	A		2,077,147
	5,000	NYS DA (Barnard College)2		5.000		07/01/2023		07/29/2018	B		5,014
	1,255,000	NYS DA (Brooklyn Law School)2		5.000		07/01/2025		07/01/2022	B		1,402,939
	500,000	NYS DA (Culinary Institute of America)2		5.000		07/01/2028		07/01/2022	B		542,675
	760,000	NYS DA (Health Center/BFCC/ USBFCC Obligated Group)2		5.000		11/15/2019		07/29/2018	B		762,128
	150,000	NYS DA (Icahn School of Medicine at Mount Sinai)2		5.000		07/01/2022		07/01/2020	B		159,362
	1,110,000	NYS DA (Iona College)2		5.000		07/01/2022		07/01/2022			1,203,862
	1,000,000	NYS DA (Iona College)2		5.000		07/01/2023		07/01/2022	B		1,081,020
	1,000,000	NYS DA (Iona College)2		5.000		07/01/2024		07/01/2022	B		1,076,710
	1,000,000	NYS DA (Iona College)2		5.000		07/01/2025		07/01/2022	B		1,075,150
	1,000,000	NYS DA (Iona College)2		5.000		07/01/2026		07/01/2022	B		1,073,590
	1,000,000	NYS DA (Iona College)2		5.000		07/01/2027		07/01/2022	B		1,073,590
	1,550,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)2		4.625		12/01/2027		05/20/2024	A		1,540,003
	30,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)2		5.125		07/01/2021		07/29/2018	B		30,004
	250,000	NYS DA (Mental Health Services Facilities)		5.000		02/15/2022		07/29/2018	B		250,710
	100,000	NYS DA (Mental Health Services Facilities)2		6.250		02/15/2031		08/15/2018	B		100,554
	1,105,000	NYS DA (Miriam Osborn Memorial Home Assoc.)2		5.000		07/01/2025		07/01/2019	B		1,137,918

26        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$840,000	NYS DA (Miriam Osborn Memorial Home Assoc.)2		5.000%		07/01/2026		07/01/2019	B	$	864,100
	650,000	NYS DA (Miriam Osborn Memorial Home Assoc.)2		5.000		07/01/2027		07/01/2019	B		668,064
	3,365,000	NYS DA (Montefiore Medical Center)2		5.000		08/01/2021		07/29/2018	B		3,371,595
	320,000	NYS DA (Municipal Health Facilities)2		4.750		01/15/2029		08/17/2018	B		321,357
	5,000,000	NYS DA (Municipal Health Facilities)2		5.000		01/15/2032		08/17/2018	B		5,022,750
	100,000	NYS DA (NHlth/LIJMC/NSUH/ FrankHosp/SIUH/NSUHSFCEC&R/ HHA/Shosp/LHH/GCH/FHH/PlainH/ NHlthcare Obligated Group)2		5.500		05/01/2030		05/01/2019	B		103,310
	8,475,000	NYS DA (North General Hospital)2		5.000		02/15/2025		07/29/2018	B		8,499,493
	5,665,000	NYS DA (North General Hospital)2		5.750		02/15/2019		07/29/2018	B		5,680,635
	3,750,000	NYS DA (North General Hospital)2		5.750		02/15/2020		07/29/2018	B		3,807,000
	2,000,000	NYS DA (Orange Regional Medical Center)2		4.000		12/01/2020		12/01/2020			2,071,640
	1,000,000	NYS DA (Orange Regional Medical Center)2		5.000		12/01/2022		12/01/2022			1,095,020
	2,800,000	NYS DA (Orange Regional Medical Center)2		5.000		12/01/2023		12/01/2023			3,105,760
	1,300,000	NYS DA (Orange Regional Medical Center)2		5.000		12/01/2025		12/01/2025			1,466,985
	1,500,000	NYS DA (Orange Regional Medical Center)2		5.000		12/01/2026		12/01/2026			1,703,610
	1,300,000	NYS DA (Orange Regional Medical Center)2		5.000		12/01/2027		06/01/2027	B		1,480,141
	17,000,000	NYS DA (Personal Income Tax)2		5.000		12/15/2029		12/15/2022	B		18,968,940
	8,000,000	NYS DA (Sales Tax)2		5.000		03/15/2030		03/15/2028	B		9,575,760
	4,105,000	NYS DA (Sales Tax)2		5.000		03/15/2031		09/15/2025	B		4,739,223
	9,990,000	NYS DA (Sales Tax)2		5.000		03/15/2032		09/15/2026	B		11,621,667
	17,500,000	NYS DA (Sales Tax)2		5.000		03/15/2038		03/15/2028	B		20,426,000
	95,000	NYS DA (School District Bond Financing Program), Series C2		5.000		10/01/2018		10/01/2018			95,846
	1,025,000	NYS DA (School District Bond Financing Program), Series C2		5.000		10/01/2026		10/01/2022	B		1,131,457
	400,000	NYS DA (School District Bond Financing Program), Series F2		5.000		10/01/2027		10/01/2022	B		444,620
	200,000	NYS DA (School District Bond Financing Program), Series F2		5.000		10/01/2028		10/01/2022	B		222,224
	1,690,000	NYS DA (School District Bond Financing Program), Series H2		5.000		10/01/2026		10/01/2022	B		1,888,693
	500,000	NYS DA (School District Bond Financing Program), Series H2		5.000		10/01/2027		10/01/2022	B		558,140
	400,000	NYS DA (School District Bond Financing Program), Series H2		5.000		10/01/2028		10/01/2022	B		445,136

27        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$500,000	NYS DA (School District Bond Financing Program), Series H2		5.000%		10/01/2029		10/01/2022	B	$	555,345
	1,675,000	NYS DA (School District Financing)2		5.000		10/01/2025		10/01/2022	B		1,865,448
	2,740,000	NYS DA (School District Financing)2		5.000		10/01/2026		10/01/2023	B		3,106,338
	1,665,000	NYS DA (School District Financing)2		5.000		10/01/2026		10/01/2023	B		1,874,440
	3,190,000	NYS DA (School District Financing)2		5.000		10/01/2026		10/01/2023	B		3,616,503
	2,485,000	NYS DA (School District Financing)2		5.000		10/01/2027		10/01/2023	B		2,811,976
	1,885,000	NYS DA (School District Financing)2		5.000		10/01/2027		10/01/2023	B		2,119,155
	2,460,000	NYS DA (Special Surgery Hospital)2		6.250		08/15/2034		08/15/2019	C		2,585,485
	815,000	NYS DA (St. John’s University)2		5.000		07/01/2027		07/01/2022	B		907,755
	180,000	NYS DA (St. John’s University)2		5.000		07/01/2028		07/01/2022	B		200,486
	10,000	NYS DA (St. John’s University)2		5.000		07/01/2030		07/01/2022	B		11,179
	3,565,000	NYS DA (St. John’s University)2		5.000		07/01/2030		07/01/2022	B		3,883,390
	3,275,000	NYS DA (St. John’s University)2		5.000		07/01/2030		07/01/2022	B		3,667,771
	4,660,000	NYS DA (State Personal Income Tax Authority)2		5.000		02/15/2028		02/15/2022	B		5,116,214
	1,135,000	NYS DA (State Personal Income Tax Authority)2		5.000		02/15/2028		02/15/2022	B		1,252,370
	10,000,000	NYS DA (State Personal Income Tax Authority)2		5.000		03/15/2028		03/15/2022	B		11,000,600
	250,000	NYS DA (The Bronx-Lebanon Hospital Center)2		6.250		02/15/2035		02/15/2019	B		257,398
	6,730,000	NYS DA (The New School)2		5.000		07/01/2023		04/07/2021	B		7,273,178
	1,000,000	NYS DA (The New School)2		5.000		07/01/2029		01/01/2027	B		1,153,040
	1,500,000	NYS DA (The New School)2		5.000		07/01/2030		01/01/2027	B		1,723,485
	2,600,000	NYS DA (The New School)2		5.000		07/01/2031		01/01/2027	B		2,981,082
	2,500,000	NYS DA (The New School)2		5.000		07/01/2032		01/01/2027	B		2,860,375
	10,000	NYS DA (UCPHCA/Jawonio/FRC/ CPW/UCPANYS/UCP Obligated Group)2		4.250		07/01/2020		07/20/2018	B		10,021
	30,000	NYS DA (United Cerebral Palsy Assoc. of NYC)2		5.750		07/01/2018		04/29/2018	A		30,000
	4,780,000	NYS DA (United Cerebral Palsy Assoc. of NYS)2		4.875		09/01/2027		10/25/2023	A		4,778,184
	2,165,000	NYS DA (United Cerebral Palsy Assoc. of Putnam & Southern Dutchess Counties)2		4.625		10/01/2027		03/29/2024	A		2,157,726
	25,000	NYS DA (Upstate Community Colleges)2		6.000		07/01/2031		01/01/2019	B		25,564
	35,000	NYS DA (White Plains Hospital)2		5.375		02/15/2043		07/29/2018	B		35,035
	1,130,000	NYS DA (Yeshiva University)2		5.000		09/01/2027		09/01/2019	B		1,151,142
	245,000	NYS DA (Yeshiva University)2		5.000		09/01/2027		09/01/2019	B		254,626

28        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$40,000	NYS DA (Yeshiva University)2		5.000%		09/01/2027		09/01/2019	B	$	41,572
	20,000	NYS EFC (Clean Water & Drinking Revolving Funds)2		4.875		06/15/2020		07/29/2018	B		20,046
	385,000	NYS EFC (Clean Water & Drinking Revolving Funds)2		5.000		06/15/2024		07/29/2018	B		386,066
	3,250,000	NYS HFA (Affordable Hsg.)2		5.250		11/01/2027		07/29/2018	B		3,254,648
	360,000	NYS HFA (Division Street)2		5.000		02/15/2026		07/29/2018	B		360,515
	540,000	NYS HFA (Golden Age Apartments)2		5.000		02/15/2037		07/29/2018	B		540,486
	2,700,000	NYS HFA (Horizons at Wawayanda)2		5.350		06/01/2025		12/01/2018	B		2,738,232
	20,000	NYS HFA (Loewn Devel. of Wappingers Falls)2		5.250		08/15/2019		07/29/2018	B		20,055
	195,000	NYS HFA (Multifamily Hsg.)2		5.300		08/15/2022		07/29/2018	B		195,386
	1,340,000	NYS HFA (Multifamily Hsg.)2		5.300		08/15/2024		07/29/2018	B		1,342,439
	300,000	NYS HFA (Multifamily Hsg.)2		5.350		08/15/2031		07/29/2018	B		300,636
	1,045,000	NYS HFA (Multifamily Hsg.)2		5.600		02/15/2026		07/29/2018	B		1,046,829
	1,475,000	NYS HFA (Multifamily Hsg.)2		5.600		08/15/2033		07/29/2018	B		1,477,065
	1,400,000	NYS HFA (Senior Devel. Hsg.)2		5.100		11/15/2023		07/29/2018	B		1,402,730
	130,000	NYS HFA (Simeon Dewitt)2		8.000		11/01/2018		07/29/2018	B		130,610
	15,000	NYS HFA, Series A2		6.125		11/01/2020		07/29/2018	B		15,040
	10,000,000	NYS Thruway Authority2		5.000		01/01/2027		01/01/2022	B		10,919,200
	15,000,000	NYS Thruway Authority2		5.000		01/01/2029		01/01/2022	B		16,362,900
	100,000	NYS Thruway Authority2		5.000		04/01/2029		04/01/2019	B		102,662
	20,500,000	NYS Thruway Authority2		5.000		01/01/2030		01/01/2022	B		22,355,455
	3,995,000	NYS Thruway Authority2		5.000		01/01/2035		01/01/2028	B		4,636,557
	80,000	NYS Thruway Authority Highway & Bridge Trust Fund2		5.000		04/01/2021		10/01/2018	B		80,708
	4,000,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)2		4.000		07/01/2033		07/01/2024	B		4,083,400
	1,000,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)2		5.000		07/01/2030		07/01/2024	B		1,100,910
	4,250,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)2		5.000		07/01/2034		07/01/2024	B		4,635,220
	3,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/LaGuardia Airport Terminals)2		5.000		01/01/2034		01/01/2028	B		3,368,580
	4,175,000	NYS UDC, Series D2		5.625		01/01/2028		01/01/2019	B		4,261,381
	3,750,000	Oneida County, NY IDA (Hamilton College)2		5.000		09/15/2032		09/15/2018	B		3,776,850
	600,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)2		5.000		05/01/2028		05/01/2027	B		699,012
	450,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)2		5.000		05/01/2029		05/01/2027	B		520,083

29        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$835,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)2		5.000%		05/01/2030		05/01/2027	B	$	954,589
	600,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)2		5.000		05/01/2032		05/01/2027	B		679,500
	465,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)2		5.000		07/01/2022		07/01/2022			511,905
	490,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)2		5.000		07/01/2023		07/01/2022	B		538,446
	515,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)2		5.000		07/01/2024		07/01/2022	B		563,451
	540,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)2		5.000		07/01/2025		07/01/2022	B		587,369
	1,000,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)2		5.500		12/01/2031		12/01/2021	B		1,107,160
	690,000	Orange County, NY Funding Corp. (Mount St. Mary College)2		5.000		07/01/2019		07/01/2019			713,053
	460,000	Orange County, NY Funding Corp. (Mount St. Mary College)2		5.000		07/01/2019		07/01/2019			475,369
	485,000	Orange County, NY Funding Corp. (Mount St. Mary College)2		5.000		07/01/2020		07/01/2020			514,682
	730,000	Orange County, NY Funding Corp. (Mount St. Mary College)2		5.000		07/01/2020		07/01/2020			774,676
	765,000	Orange County, NY Funding Corp. (Mount St. Mary College)2		5.000		07/01/2021		07/01/2021			829,061
	505,000	Orange County, NY Funding Corp. (Mount St. Mary College)2		5.000		07/01/2021		07/01/2021			547,289
	530,000	Orange County, NY Funding Corp. (Mount St. Mary College)2		5.000		07/01/2022		07/01/2022			584,744
	805,000	Orange County, NY Funding Corp. (Mount St. Mary College)2		5.000		07/01/2022		07/01/2022			888,148
	1,570,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital)2		5.375		12/01/2021		07/29/2018	B		1,574,679
	650,000	Otsego County, NY Capital Resource Corp. (Hartwick College)2		5.000		10/01/2022		10/01/2022			674,850
	700,000	Otsego County, NY Capital Resource Corp. (Hartwick College)2		5.000		10/01/2023		10/01/2023			727,405
	660,000	Otsego County, NY Capital Resource Corp. (Hartwick College)2		5.000		10/01/2024		10/01/2024			686,855
	38,000,000	Port Authority NY/NJ (JFK International Air Terminal)2		5.750		12/01/2022		04/04/2019	B		39,544,320
	46,510,000	Port Authority NY/NJ (JFK International Air Terminal)2		5.750		12/01/2025		07/29/2018	B		48,400,632
	2,600,000	Port Authority NY/NJ (JFK International Air Terminal)2		6.500		12/01/2028		07/29/2018	B		2,610,036

30        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$39,900,000	Port Authority NY/NJ (JFK International Air Terminal)2		6.500%		12/01/2028		07/29/2018	B	$	41,781,684
	10,905,000	Port Authority NY/NJ (KIAC)2		6.750		10/01/2019		02/26/2019	B		11,372,279
	7,005,000	Port Authority NY/NJ, 172nd Series2		5.000		10/01/2025		04/01/2022	B		7,721,962
	10,000,000	Port Authority NY/NJ, 172nd Series2		5.000		10/01/2028		04/01/2022	B		10,985,700
	13,075,000	Port Authority NY/NJ, 172nd Series2		5.000		10/01/2030		04/01/2022	B		14,329,285
	12,500,000	Port Authority NY/NJ, 185th Series2		5.000		09/01/2026		09/01/2024	B		14,121,375
	3,775,000	Port Authority NY/NJ, 186th Series2		5.000		10/15/2031		10/15/2024	B		4,220,299
	8,845,000	Port Authority NY/NJ, 193rd Series2		5.000		10/15/2032		10/15/2025	B		9,994,319
	365,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)2		5.900		08/01/2020		07/29/2018	B		366,088
	20,000	Rensselaer County, NY IDA (Franciscan Heights)2		4.500		12/01/2019		07/29/2018	B		20,034
	1,200,000	Rensselaer County, NY IDA (Franciscan Heights)2		5.375		12/01/2025		07/29/2018	B		1,202,076
	575,000	Rockland County, NY GO2		5.000		12/15/2019		12/15/2019			601,554
	575,000	Rockland County, NY GO2		5.000		12/15/2020		12/15/2020			614,186
	600,000	Rockland County, NY GO2		5.000		12/15/2022		12/15/2022			655,644
	135,000	Rockland County, NY Tobacco Asset Securitization Corp.2		5.625		08/15/2035		07/29/2018	B		138,453
	195,000	Saratoga County, NY Capital Resource Corp. (Skidmore College)2		5.000		07/01/2024		07/01/2024			224,679
	385,000	Spring Valley, NY (Quality Redevel.)2		5.000		06/15/2021		07/29/2018	B		386,078
	405,000	Spring Valley, NY (Quality Redevel.)2		5.000		06/15/2022		07/29/2018	B		406,126
	300,000	Spring Valley, NY GO2		5.000		05/01/2020		07/29/2018	B		300,786
	310,000	Spring Valley, NY GO2		5.000		05/01/2021		07/29/2018	B		310,831
	325,000	Spring Valley, NY GO2		5.000		05/01/2022		07/29/2018	B		325,845
	335,000	Spring Valley, NY GO2		5.000		05/01/2023		07/29/2018	B		335,844
	350,000	Spring Valley, NY GO2		5.000		05/01/2024		07/29/2018	B		350,854
	365,000	Spring Valley, NY GO2		5.000		05/01/2025		07/29/2018	B		365,891
	1,050,000	St. Lawrence County, NY IDA (Clarkson University)2		5.250		09/01/2033		03/01/2022	B		1,147,692
	300,000	St. Lawrence County, NY IDA (St. Lawrence University)2		5.000		07/01/2024		01/01/2023	B		333,180
	920,000	St. Lawrence County, NY IDA (St. Lawrence University)2		5.000		07/01/2025		01/01/2023	B		1,021,338
	1,345,000	St. Lawrence County, NY IDA (St. Lawrence University)2		5.000		07/01/2027		01/01/2023	B		1,482,298
	300,000	St. Lawrence County, NY IDA (St. Lawrence University)2		5.000		07/01/2028		07/01/2026	B		346,284

31        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$785,000	St. Lawrence County, NY IDA (St. Lawrence University)2		5.000%		07/01/2030		07/01/2026	B	$	898,864
	450,000	St. Lawrence County, NY IDA (St. Lawrence University)2		5.000		07/01/2031		07/01/2026	B		514,238
	375,000	Suffern, NY GO2		5.000		03/15/2021		03/15/2021			401,651
	395,000	Suffern, NY GO2		5.000		03/15/2022		03/15/2021	B		419,763
	310,000	Suffern, NY GO2		5.000		03/15/2023		03/15/2021	B		328,101
	475,000	Suffern, NY GO2		5.000		03/15/2026		03/15/2021	B		498,180
	400,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)2		6.750		06/01/2027		01/08/2023	B		405,300
	200,000	Suffolk County, NY IDA (ALIA-IGHL)2		5.950		11/01/2022		12/03/2019	A		198,260
	300,000	Suffolk County, NY IDA (ALIA-NYS ARC)2		5.950		11/01/2022		11/28/2019	A		297,390
	300,000	Suffolk County, NY IDA (ALIA-WORCA)2		5.950		11/01/2022		11/01/2018	B		303,201
	295,000	Suffolk County, NY IDA (DDI)2		6.000		10/01/2020		07/29/2018	B		295,050
	295,000	Suffolk County, NY IDA (DDI)2		6.000		10/01/2020		10/20/2019	A		294,985
	424,666	Suffolk County, NY IDA (Dowling College)		4.750		06/01/2026		07/04/2024	A		414,049
	2,330,000	Suffolk County, NY IDA (Dowling College)6,7		6.700		12/01/2020		12/16/2019	A		582,500
	300,000	Suffolk County, NY IDA (Independent Group Home Living)2		6.000		10/01/2020		10/15/2019	A		298,416
	1,060,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)2		5.500		01/01/2023		07/29/2018	B		1,060,424
	200,000	Suffolk County, NY IDA (Suffolk Hotels)2		6.000		10/01/2020		10/17/2019	A		199,978
	100,000	Suffolk County, NY IDA (WORCA)2		6.000		10/01/2020		07/29/2018	B		100,108
	1,145,000	Suffolk, NY Tobacco Asset Securitization Corp.2		5.000		06/01/2021		06/01/2021			1,254,599
	2,165,000	Sullivan County, NY Infrastructure (Adelaar)2		4.850		11/01/2031		11/23/2026	A		2,070,563
	15,085,000	Sullivan County, NY Infrastructure (Adelaar)2		4.850		11/01/2031		11/24/2026	A		14,426,992
	5,110,000	Sullivan County, NY Infrastructure (Adelaar)2		4.850		11/01/2031		11/23/2026	A		4,887,102
	1,395,000	Sullivan County, NY Infrastructure (Adelaar)2		4.850		11/01/2031		11/18/2026	A		1,334,150
	2,115,000	Sullivan County, NY Infrastructure (Adelaar)2		4.850		11/01/2031		11/20/2026	A		2,022,744
	2,205,000	Syracuse, NY IDA (Carousel Center)2		5.000		01/01/2028		01/01/2026	B		2,438,223
	12,235,000	Syracuse, NY IDA (Carousel Center)2		5.000		01/01/2029		01/01/2026	B		13,401,852

32        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$2,350,000	Syracuse, NY IDA (Carousel Center)2		5.000%		01/01/2031		01/01/2026	B	$	2,559,597
	1,000,000	Troy, NY IDA (Rensselaer Polytechnic Institute)2		5.000		09/01/2031		09/01/2021	B		1,071,090
	10,000	Westhampton Beach, NY Union Free School District2		4.625		03/01/2027		07/29/2018	B		10,025
	60,000	White Plains, NY HDC (Battle Hill)2		6.650		02/01/2025		02/11/2022	A		64,331
	2,000,000	Yonkers, NY GO2		5.000		10/01/2023		10/01/2021	B		2,203,420
	1,000,000	Yonkers, NY GO2		5.000		10/01/2024		10/01/2021	B		1,101,710
	1,455,000	Yonkers, NY IDA (Monastery Manor Associates)2		5.000		04/01/2025		07/29/2018	B		1,458,798
	4,830,000	Yonkers, NY IDA (Sarah Lawrence College)2		5.750		06/01/2024		06/01/2019	B		5,010,497
											1,380,918,658
	Other Territory—0.1%
	433,114	Public Hsg. Capital Fund Multi- State Revenue Trust I2		4.500		07/01/2022		07/27/2020	A		433,240
	U.S. Possessions—23.7%
	1,500,000	Guam Education Financing Foundation COP2		3.000		10/01/2018		10/01/2018			1,504,185
	1,605,000	Guam Education Financing Foundation COP2		5.000		10/01/2019		10/01/2019			1,665,043
	1,435,000	Guam Government Business Privilege2		5.000		01/01/2027		01/01/2022	B		1,524,142
	3,255,000	Guam Government Business Privilege2		5.000		01/01/2028		01/01/2022	B		3,450,560
	1,000,000	Guam Government Limited Obligation2		5.500		12/01/2019		12/01/2019			1,053,470
	12,155,000	Guam International Airport Authority2		6.000		10/01/2023		08/01/2018	B		12,187,575
	900,000	Guam Power Authority, Series A2		5.000		10/01/2019		10/01/2019			934,353
	1,350,000	Guam Power Authority, Series A2		5.000		10/01/2020		10/01/2020			1,437,804
	1,350,000	Guam Power Authority, Series A2		5.000		10/01/2021		10/01/2021			1,467,247
	3,185,000	Guam Power Authority, Series A2		5.000		10/01/2025		10/01/2022	B		3,467,446
	2,690,000	Guam Power Authority, Series A2		5.000		10/01/2026		10/01/2022	B		2,948,886
	4,000,000	Guam Power Authority, Series A2		5.000		10/01/2030		10/01/2022	B		4,278,520
	15,250,000	Puerto Rico Aqueduct & Sewer Authority		5.250		07/01/2024		07/01/2024			12,810,000
	53,700,000	Puerto Rico Children’s Trust Fund (TASC)2		5.375		05/15/2033		07/29/2018	B		54,327,753
	43,885,000	Puerto Rico Children’s Trust Fund (TASC)2		5.500		05/15/2039		07/29/2018	B		44,153,137
	12,600,000	Puerto Rico Commonwealth GO, AGC5		3.021		07/01/2018		07/01/2018			12,600,000
	4,400,000	Puerto Rico Commonwealth GO, AGC5		3.041		07/01/2019		07/01/2019			4,417,820

33        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	U.S. Possessions (Continued)
	$6,155,000	Puerto Rico Commonwealth GO, AGC5		3.061%		07/01/2020		07/01/2020		$	6,170,387
	400,000	Puerto Rico Commonwealth GO, FGIC5,8		3.061		07/01/2021		07/01/2021			320,000
	165,000	Puerto Rico Commonwealth GO9		5.000		07/01/2024		07/01/2024			70,537
	25,000	Puerto Rico Commonwealth GO9		5.000		07/01/2028		12/14/2026	A		10,687
	500,000	Puerto Rico Commonwealth GO, AGC2		5.250		07/01/2020		07/29/2018	B		512,340
	2,430,000	Puerto Rico Commonwealth GO9		5.250		07/01/2021		07/01/2021			1,038,825
	2,715,000	Puerto Rico Commonwealth GO9		5.250		07/01/2022		07/01/2022			1,160,662
	4,795,000	Puerto Rico Commonwealth GO9		5.250		07/01/2022		07/01/2022			2,049,862
	15,000	Puerto Rico Commonwealth GO9		5.250		07/01/2029		07/01/2029			6,412
	1,400,000	Puerto Rico Commonwealth GO9		5.375		07/01/2030		07/01/2030			591,500
	1,950,000	Puerto Rico Commonwealth GO, NPFGC2		5.500		07/01/2019		07/01/2019			1,994,518
	440,000	Puerto Rico Commonwealth GO, NPFGC		5.500		07/01/2020		07/01/2020			456,381
	13,100,000	Puerto Rico Commonwealth GO9		5.500		07/01/2023		07/01/2023			5,600,250
	240,000	Puerto Rico Commonwealth GO9		5.500		07/01/2026		07/01/2026			101,400
	600,000	Puerto Rico Commonwealth GO9		6.000		07/01/2038		08/12/2036	A		256,500
	150,000	Puerto Rico Convention Center Authority, FGIC8		5.000		07/01/2023		07/01/2023			116,625
	2,001,657	Puerto Rico Electric Power Authority9		10.000		07/01/2019		07/01/2019			900,746
	2,001,656	Puerto Rico Electric Power Authority9		10.000		07/01/2019		07/01/2019			900,745
	1,501,242	Puerto Rico Electric Power Authority9		10.000		01/01/2021		01/01/2021			675,559
	1,501,243	Puerto Rico Electric Power Authority9		10.000		07/01/2021		07/01/2021			675,559
	500,414	Puerto Rico Electric Power Authority9		10.000		01/01/2022		01/01/2022			225,186
	500,414	Puerto Rico Electric Power Authority9		10.000		07/01/2022		07/01/2022			225,186
	13,150,000	Puerto Rico Electric Power Authority, Series AAA9		5.250		07/01/2022		07/01/2022			5,917,500
	10,920,000	Puerto Rico Electric Power Authority, Series AAA9		5.250		07/01/2023		07/01/2023			4,914,000
	6,490,000	Puerto Rico Electric Power Authority, Series AAA9		5.250		07/01/2024		07/01/2024			2,920,500
	24,000,000	Puerto Rico Electric Power Authority, Series AAA9		5.250		07/01/2027		07/01/2027			10,800,000
	20,000,000	Puerto Rico Electric Power Authority, Series AAA9		5.250		07/01/2028		07/01/2028			9,000,000
	100,000	Puerto Rico Electric Power Authority, Series DDD9		5.000		07/01/2022		07/01/2022			45,000
	500,000	Puerto Rico Electric Power Authority, Series PP, NPFGC		5.000		07/01/2024		07/29/2018	B		501,895

34        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	U.S. Possessions (Continued)
	$285,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000%		07/01/2021		07/29/2018	B	$	287,237
	50,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2022		07/29/2018	B		50,321
	280,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2024		07/29/2018	B		281,061
	100,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2022		07/29/2018	B		100,642
	830,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2023		07/29/2018	B		833,660
	12,500,000	Puerto Rico Electric Power Authority, Series WW9		5.250		07/01/2025		07/01/2025			5,625,000
	500,000	Puerto Rico Electric Power Authority, Series ZZ9		5.250		07/01/2026		07/01/2026			225,000
	85,000	Puerto Rico HFA2		5.000		12/01/2020		07/29/2018	B		88,612
	5,400,000	Puerto Rico Highway & Transportation Authority, AMBAC5		3.480		07/01/2028		07/01/2028			4,650,750
	50,000	Puerto Rico Highway & Transportation Authority, NPFGC2		5.000		07/01/2018		07/01/2018			50,000
	90,000	Puerto Rico Highway & Transportation Authority9		5.000		07/01/2022		07/01/2022			4,208
	135,000	Puerto Rico Highway & Transportation Authority9		5.000		07/01/2023		07/01/2023			6,311
	160,000	Puerto Rico Highway & Transportation Authority, FGIC8		5.000		07/01/2025		07/01/2025			127,200
	835,000	Puerto Rico Highway & Transportation Authority, AGC2		5.000		07/01/2027		07/29/2018	B		857,453
	90,000	Puerto Rico Highway & Transportation Authority9		5.000		07/01/2028		08/06/2026	A		4,208
	425,000	Puerto Rico Highway & Transportation Authority9		5.000		07/01/2028		02/20/2026	A		19,869
	50,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.000		07/01/2028		01/01/2019	B		50,053
	67,000	Puerto Rico Highway & Transportation Authority, FGIC8		5.250		07/01/2017		07/01/2017			53,433
	25,000	Puerto Rico Highway & Transportation Authority9		5.750		07/01/2019		07/01/2019			1,169
	425,000	Puerto Rico Highway & Transportation Authority, AGC2		5.750		07/01/2019		07/29/2018	B		432,620
	230,000	Puerto Rico Highway & Transportation Authority9		5.750		07/01/2020		07/01/2020			10,753
	5,060,000	Puerto Rico Highway & Transportation Authority, FGIC8		5.750		07/01/2021		07/01/2021			4,048,000
	7,995,000	Puerto Rico Highway & Transportation Authority9		5.750		07/01/2022		07/01/2022			373,766
	7,000,000	Puerto Rico Highway & Transportation Authority9		5.750		07/01/2024		07/01/2024			1,435,000

35        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	U.S. Possessions (Continued)
	$400,000	Puerto Rico Highway & Transportation Authority, Series G, FGIC8		5.250%		07/01/2019		07/01/2019		$	320,000
	100,000	Puerto Rico Highway & Transportation Authority, Series I, FGIC8		5.000		07/01/2023		07/01/2023			80,000
	4,355,000	Puerto Rico Highway & Transportation Authority, Series K9		5.000		07/01/2021		07/01/2021			892,775
	8,500,000	Puerto Rico Highway & Transportation Authority, Series K9		5.000		07/01/2022		07/01/2022			1,742,500
	12,275,000	Puerto Rico Highway & Transportation Authority, Series K9		5.000		07/01/2023		07/01/2023			2,516,375
	12,760,000	Puerto Rico Highway & Transportation Authority, Series K9		5.000		07/01/2024		07/01/2024			2,615,800
	14,545,000	Puerto Rico Highway & Transportation Authority, Series K9		5.000		07/01/2025		07/01/2025			2,981,725
	16,725,000	Puerto Rico Highway & Transportation Authority, Series K9		5.000		07/01/2026		07/01/2026			3,428,625
	780,000	Puerto Rico Infrastructure9		5.000		07/01/2019		07/01/2019			81,900
	2,460,000	Puerto Rico Infrastructure9		6.000		12/15/2026		12/15/2026			1,519,050
	885,000	Puerto Rico Infrastructure (Mepsi Campus)9		6.250		10/01/2024		01/01/2022	A		179,213
	1,165,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2019		04/01/2019			1,168,984
	650,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2021		04/01/2021			647,374
	650,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2022		04/01/2022			638,625
	20,400,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625		06/01/2026		10/17/2024	A		18,844,500
	500,000	Puerto Rico ITEMECF (International American University)2		5.000		10/01/2021		10/01/2021			521,540
	1,740,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700		05/01/2024		01/07/2022	A		1,552,950
	365,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2021		10/01/2021			344,925
	415,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2022		10/01/2022			390,100
	355,000	Puerto Rico ITEMECF (University Plaza), NPFGC		5.625		07/01/2018		07/01/2018			355,000
	1,875,000	Puerto Rico ITEMECF (University Plaza), NPFGC		5.625		07/01/2019		01/01/2019	B		1,899,113
	20,000	Puerto Rico Municipal Finance Agency, Series A, AGC2		4.750		08/01/2022		07/29/2018	B		20,060
	500,000	Puerto Rico Municipal Finance Agency, Series A, AGC2		5.000		08/01/2027		07/29/2018	B		513,445
	70,000	Puerto Rico Municipal Finance Agency, Series A, AGC2		5.250		08/01/2021		07/29/2018	B		71,728

36        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Effective Maturity*			Value
	U.S. Possessions (Continued)
	$10,000,000	Puerto Rico Municipal Finance Agency, Series A		5.250%			08/01/2024		08/01/2024		$	6,750,000
	10,245,000	Puerto Rico Municipal Finance Agency, Series C, AGC2		5.250			08/01/2018		08/01/2018			10,267,641
	275,000	Puerto Rico Public Buildings Authority9		5.125			07/01/2024		01/05/2024	A		120,313
	14,280,000	Puerto Rico Public Buildings Authority9		5.250			07/01/2029		05/03/2028	A		6,247,500
	2,060,000	Puerto Rico Public Buildings Authority9		5.500			07/01/2021		07/01/2021			901,250
	2,425,000	Puerto Rico Public Buildings Authority9		5.500			07/01/2024		07/01/2024			1,060,938
	30,000	Puerto Rico Public Buildings Authority9		5.500			07/01/2025		07/01/2025			13,125
	5,000,000	Puerto Rico Public Buildings Authority9		5.500			07/01/2026		07/01/2026			2,187,500
	50,000	Puerto Rico Public Buildings Authority9		5.750			07/01/2017		07/01/2017			21,688
	3,020,000	Puerto Rico Public Buildings Authority9		6.000			07/01/2020		07/01/2020			1,321,250
	1,270,000	Puerto Rico Public Buildings Authority9		6.250			07/01/2023		07/01/2023			555,625
	50,000	Puerto Rico Public Buildings Authority9		6.250			07/01/2026		07/01/2026			21,875
	1,400,000	Puerto Rico Public Buildings Authority9		10.000			07/01/2034		07/01/2034			612,500
	1,250,000	Puerto Rico Public Buildings Authority, AMBAC		10.000	3		07/01/2035		07/29/2018	B		1,325,663
	205,030,000	Puerto Rico Public Finance Corp., Series A9		6.500			08/01/2028		12/12/2027	A		5,638,325
	17,000,000	Puerto Rico Sales Tax Financing Corp., Series A9		5.625			08/01/2030		08/01/2030			7,650,000
	30,810,000	Puerto Rico Sales Tax Financing Corp., Series A9		6.125			08/01/2029		08/01/2029			13,864,500
	4,080,000	University of Puerto Rico		5.000			06/01/2025		06/01/2025			3,162,000
	2,750,000	University of Puerto Rico		5.000			06/01/2026		06/01/2026			2,131,250
	7,470,000	University of Puerto Rico, Series P		5.000			06/01/2021		06/01/2021			5,789,250
	8,500,000	University of Puerto Rico, Series P		5.000			06/01/2022		06/01/2022			6,587,500
	3,725,000	University of Puerto Rico, Series P		5.000			06/01/2024		06/01/2024			2,886,875
	5,645,000	University of Puerto Rico, Series P		5.000			06/01/2030		12/23/2028	A		4,374,875
	2,490,000	University of Puerto Rico, Series Q		5.000			06/01/2019		06/01/2019			2,216,474
	3,515,000	University of Puerto Rico, Series Q		5.000			06/01/2021		06/01/2021			2,724,125
	7,410,000	University of Puerto Rico, Series Q		5.000			06/01/2023		06/01/2023			5,742,750
	100,000	University of Puerto Rico, Series Q		5.000			06/01/2024		06/01/2024			77,500
	300,000	University of Puerto Rico, Series Q		5.000			06/01/2030		12/22/2028	A		232,500
	1,500,000	V.I. Public Finance Authority2		5.000			09/01/2033		09/01/2025	B		1,578,465
	1,425,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)2		4.000			10/01/2022		08/03/2019	A		1,449,980

37        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	U.S. Possessions (Continued)
	$3,380,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)2		5.000%		10/01/2023		07/29/2018	B	$	3,388,450
	850,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)2		5.000		10/01/2024		07/29/2018	B		852,117
	3,760,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)2		5.000		10/01/2025		07/29/2018	B		3,769,250
	1,715,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)2		5.000		10/01/2026		07/29/2018	B		1,719,167
	50,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)2		5.000		10/01/2027		07/29/2018	B		50,121
	280,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)2		5.000		10/01/2028		07/29/2018	B		280,675
	1,125,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000		10/01/2018		10/01/2018			1,125,731
	1,660,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000		10/01/2020		10/14/2019	A		1,630,950
	1,500,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000		10/01/2027		11/18/2025	A		1,383,750
	620,000	V.I. Public Finance Authority (Matching Fund Loan Note)		6.750		10/01/2037		08/08/2034	A		525,450
	1,100,000	V.I. Public Finance Authority, Series A		5.000		10/01/2018		10/01/2018			1,100,715
	9,285,000	V.I. Public Finance Authority, Series A		5.000		10/01/2024		11/07/2022	A		8,205,619
	20,000	V.I. Public Finance Authority, Series C		5.000		10/01/2022		09/22/2021	A		19,550
	955,000	V.I. Tobacco Settlement Financing Corp. (TASC)2		5.000		05/15/2031		07/29/2018	B		956,824
	100,000	V.I. Water & Power Authority		4.500		07/01/2020		07/29/2018	B		100,123
	125,000	V.I. Water & Power Authority		4.500		07/01/2028		07/29/2018	B		125,011
	225,000	V.I. Water & Power Authority		5.000		07/01/2018		04/29/2018	A		225,000
	125,000	V.I. Water & Power Authority		5.000		07/01/2019		07/29/2018	B		125,264
											408,426,340
	Total Municipal Bonds and Notes (Cost $2,168,974,525)										1,789,778,238
	Shares
Common Stock—0.4%
	2,137	CMS Liquidating Trust7,10,11 (Cost $6,838,400)									6,197,300

38        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Corporate Bond and Note—0.0%
	$562,164	Dowling College, NY, Series 2015 Taxable Revenue Bond7,9,11 (Cost $562,164)		7.500	%		06/15/2018	$	562,164
	Total Investments, at Value (Cost $2,176,375,089)—104.4%								1,796,537,702
	Net Other Assets (Liabilities)—(4.4)								(74,951,204)
	Net Assets—100.0%							$	1,721,586,498

Footnotes to Statement of Investments

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

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

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

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

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

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

3. 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.

4. 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.

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

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.

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

8. 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.

9. 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.

10. Non-income producing security.

11. Received as a result of a corporate action.

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

ACDS	Assoc. for Children with Down Syndrome
AeFM	Aero Ft. Myers
AeH	Aero Harrisburg
AeHC	Aero Houston Central
AeJFK	Aero JFK
AeKC	Aero Kansas City
AGC	Assured Guaranty Corp.
ALIA	Alliance of Long Island Agencies
AMBAC	AMBAC Indemnity Corp.
ARC	Assoc. of Retarded Citizens

39        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

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

BFCC	Brookdale Family Care Center
COP	Certificates of Participation
CPW	Cerebral Palsy of Westchester
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
EFC	Environmental Facilities Corp.
FGIC	Financial Guaranty Insurance Co.
FHH	Forest Hills Hospital
FrankHosp	Franklin Hospital
FRC	Franziska Racker Centers
GCH	Glen Cove Hospital
GO	General Obligation
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
HHA	Huntington Hospital Association
HQS	Health Quest System
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
L.I.	Long Island
LHH	Lenox Hill Hospital
LIJMC	Long Island Jewish Medical Center
MTA	Metropolitan Transportation Authority
NDH	Northern Dutchess Hospital
NHlth	Northwell Health
NHlthcare	Northwell Healthcare
NPFGC	National Public Finance Guarantee Corp.
NSUH	North Shore University Hospital
NSUHSFCEC&R	North Shore University Hospital Stern Family Center for Extended Care & Rehabilitation
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PHCtr	Putnam Hospital Center
PlainH	Plainview Hospital
PSCH	Professional Service Centers for the Handicapped, Inc.
Shosp	Southside Hospital
SIUH	Staten Island University Hospital
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
TIP	Transportation Infrastructure Properties
UCP	United Creative Program
UCPANYS	United Cerebral Palsy Association of New York State
UCPHCA	United Cerebral Palsy Assoc. and Handicapped Children’s Assoc.
UDC	Urban Development Corporation
USBFCC	Urban Strategies Brookdale Family Care Center
V.I.	United States Virgin Islands
VBHosp	Vassar Brothers Hospital
WORCA	Working Organization for Retarded Children and Adults

40        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

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

YMCA Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

41        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES June 30, 2018 Unaudited

Assets
Investments, at value—see accompanying statement of investments: Unaffiliated companies (cost $2,176,375,089)	$	1,796,537,702
Cash		815,242
Receivables and other assets:
Interest		19,565,865
Investments sold on a when-issued or delayed delivery basis		885,000
Shares of beneficial interest sold		519,257
Other		815,457
Total assets		1,819,138,523
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		48,250,000
Payable for borrowings (See Note 9)		46,800,000
Shares of beneficial interest redeemed		719,759
Dividends		524,374
Trustees’ compensation		455,408
Investments purchased		351,377
Distribution and service plan fees		323,419
Interest expense on borrowings		32,701
Shareholder communications		795
Other		94,192
Total liabilities		97,552,025
Net Assets	$	1,721,586,498
Composition of Net Assets
Paid-in capital	$	2,256,215,624
Accumulated net investment income		12,856,847
Accumulated net realized loss on investments		(167,648,586	)
Net unrealized depreciation on investments		(379,837,387	)
Net Assets	$	1,721,586,498

42        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,172,806,730 and 405,297,461 shares of beneficial interest outstanding)	$	2.89
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)	$	2.96
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $398,982,794 and 138,691,838 shares of beneficial interest outstanding)	$	2.88
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $149,796,974 and 51,764,809 shares of beneficial interest outstanding)	$	2.89

See accompanying Notes to Financial Statements.

43        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT

OF OPERATIONS For the Six Months Ended June 30, 2018 Unaudited

Investment Income
Interest	$	35,992,430
Expenses
Management fees		3,517,845
Distribution and service plan fees:
Class A		1,416,338
Class B1		2,500
Class C		2,052,035
Transfer and shareholder servicing agent fees:
Class A		580,889
Class B1		250
Class C		205,401
Class Y		71,224
Shareholder communications:
Class A		11,773
Class B1		59
Class C		6,897
Class Y		2,267
Legal, auditing and other professional fees		1,056,802
Borrowing fees		840,480
Interest expense on borrowings		258,217
Interest expense and fees on short-term floating rate notes issued (See Note 4)		134,892
Trustees’ compensation		13,662
Custodian fees and expenses		7,555
Other		46,843
Total expenses		10,225,929
Net Investment Income		25,766,501
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(114,748,674	)
Net change in unrealized appreciation/depreciation on investment transactions		195,652,100
Net Increase in Net Assets Resulting from Operations	$	106,669,927

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

See accompanying Notes to Financial Statements.

44        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations
Net investment income	$	25,766,501		$	60,190,046
Net realized loss		(114,748,674	)		(9,393,146	)
Net change in unrealized appreciation/depreciation		195,652,100			(127,449,903	)
Net increase (decrease) in net assets resulting from operations		106,669,927			(76,653,003	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(17,079,826	)		(46,007,163	)
Class B1		(5,902	)		(60,378	)
Class C		(4,534,310	)		(13,637,084	)
Class Y		(2,261,910	)		(6,121,027	)
		(23,881,948	)		(65,825,652	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(82,086,085	)		(319,497,412	)
Class B1		(1,242,260	)		(2,618,725	)
Class C		(53,442,743	)		(202,922,887	)
Class Y		323,369			(11,341,296	)
		(136,447,719	)		(536,380,320	)
Net Assets						��
Total decrease		(53,659,740	)		(678,858,975	)
Beginning of period		1,775,246,238			2,454,105,213
End of period (including accumulated net investment income of $12,856,847 and $10,972,294, respectively)	$	1,721,586,498		$	1,775,246,238

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

See accompanying Notes to Financial Statements.

45        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2018 Unaudited

Cash Flows from Operating Activities
Net increase in net assets from operations	$	106,669,927
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(135,512,299	)
Proceeds from disposition of investment securities		283,743,227
Short-term investment securities, net		4,825,320
Premium amortization		9,345,450
Discount accretion		(4,381,427	)
Net realized loss on investment transactions		114,748,674
Net change in unrealized appreciation/depreciation on investment transactions		(195,652,100	)
Change in assets:
Increase in other assets		(243,462	)
Decrease in interest receivable		1,799,132
Decrease in receivable for securities sold		7,772,909
Change in liabilities:
Decrease in other liabilities		(338,451	)
Increase in payable for securities purchased		351,377
Net cash provided by operating activities		193,128,277
Cash Flows from Financing Activities
Proceeds from borrowings		200,400,000
Payments on borrowings		(224,900,000	)
Proceeds from shares sold		67,205,274
Payments on shares redeemed		(238,031,740	)
Cash distributions paid		(4,233,554	)
Net cash used in financing activities		(199,560,020	)
Net decrease in cash		(6,431,743	)
Cash, beginning balance		7,246,985
Cash, ending balance	$	815,242

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $19,795,058.

Cash paid for interest on borrowings—$282,976.

Cash paid for interest on short-term floating rate notes issued— $134,892.

See accompanying Notes to Financial Statements.

46        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended June 30, 2018 (Unaudited)		Year Ended December 31, 2017			Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$2.76		$2.95			$3.01		$3.16		$3.06		$3.39
Income (loss) from investment operations:
Net investment income1		0.04		0.08			0.10		0.12		0.13		0.12
Net realized and unrealized gain (loss)		0.13		(0.18)			(0.05)		(0.15)		0.09		(0.34)
Total from investment operations		0.17		(0.10)			0.05		(0.03)		0.22		(0.22)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.04)		(0.09)			(0.11)		(0.12)		(0.12)		(0.11)
Net asset value, end of period		$2.89		$2.76	��		$2.95		$3.01		$3.16		$3.06
Total Return, at Net Asset Value2		6.24%		(3.51)%			1.64%		(1.02)%		7.16%		(6.55)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,172,806		$1,198,772			$1,613,157		$1,854,409		$2,345,120		$2,781,283
Average net assets (in thousands)		$1,171,270		$1,486,082			$1,753,650		$2,155,732		$2,569,176		$3,525,801
Ratios to average net assets:3
Net investment income		3.17%		2.85%			3.29%		3.73%		4.10%		3.56%
Expenses excluding specific expenses listed below		0.89%		0.82%			0.88%		0.78%		0.75%		0.76%
Interest and fees from borrowings		0.13%		0.12%			0.08%		0.05%		0.06%		0.04%
Interest and fees on short-term floating rate notes issued4		0.02%		0.02%			0.02%		0.02%		0.02%		0.01%
Total expenses		1.04%		0.96%			0.98%		0.85%		0.83%		0.81%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.04%		0.96%			0.98%		0.85%		0.83%		0.81%
Portfolio turnover rate		8%		9%			21%		9%		4%		8%

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.

See accompanying Notes to Financial Statements.

47        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended June 30, 2018 (Unaudited)		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$2.74		$2.93		$3.00		$3.14		$3.05		$3.37
Income (loss) from investment operations:
Net investment income1		0.03		0.06		0.08		0.09		0.10		0.09
Net realized and unrealized gain (loss)		0.14		(0.18)		(0.06)		(0.13)		0.08		(0.32)
Total from investment operations		0.17		(0.12)		0.02		(0.04)		0.18		(0.23)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.07)		(0.09)		(0.10)		(0.09)		(0.09)
Net asset value, end of period		$2.88		$2.74		$2.93		$3.00		$3.14		$3.05
Total Return, at Net Asset Value2		6.26%		(4.27)%		0.55%		(1.45)%		6.05%		(7.01)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$398,983		$432,706		$670,317		$787,924		$998,061		$1,160,492
Average net assets (in thousands)		$413,968		$574,072		$741,999		$911,014		$1,078,306		$1,450,233
Ratios to average net assets:3
Net investment income		2.41%		2.13%		2.54%		2.97%		3.35%		2.78%
Expenses excluding specific expenses listed below		1.64%		1.57%		1.63%		1.53%		1.50%		1.54%
Interest and fees from borrowings		0.13%		0.12%		0.08%		0.05%		0.06%		0.04%
Interest and fees on short-term floating rate notes issued4		0.02%		0.02%		0.02%		0.02%		0.02%		0.01%
Total expenses		1.79%		1.71%		1.73%		1.60%		1.58%		1.59%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.79%		1.71%		1.73%		1.60%		1.58%		1.59%
Portfolio turnover rate		8%		9%		21%		9%		4%		8%

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.

See accompanying Notes to Financial Statements.

48        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Class Y	Six Months Ended June 30, 2018 (Unaudited)		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$2.76		$2.95		$3.01		$3.16		$3.06		$3.39
Income (loss) from investment operations:
Net investment income1		0.05		0.09		0.11		0.12		0.14		0.12
Net realized and unrealized gain (loss)		0.12		(0.18)		(0.05)		(0.14)		0.08		(0.33)
Total from investment operations		0.17		(0.09)		0.06		(0.02)		0.22		(0.21)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.04)		(0.10)		(0.12)		(0.13)		(0.12)		(0.12)
Net asset value, end of period		$2.89		$2.76		$2.95		$3.01		$3.16		$3.06
Total Return, at Net Asset Value2		6.37%		(3.28)%		1.89%		(0.77)%		7.42%		(6.34)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$149,797		$142,546		$166,668		$154,422		$213,528		$170,966
Average net assets (in thousands)		$143,686		$184,382		$159,564		$193,158		$191,461		$210,498
Ratios to average net assets:3
Net investment income		3.41%		3.04%		3.53%		3.97%		4.35%		3.80%
Expenses excluding specific expenses listed below		0.64%		0.57%		0.63%		0.53%		0.50%		0.54%
Interest and fees from borrowings		0.13%		0.12%		0.08%		0.05%		0.06%		0.04%
Interest and fees on short-term floating rate notes issued4		0.02%		0.02%		0.02%		0.02%		0.02%		0.01%
Total expenses		0.79%		0.71%		0.73%		0.60%		0.58%		0.59%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.79%		0.71%		0.73%		0.60%		0.58%		0.59%
Portfolio turnover rate		8%		9%		21%		9%		4%		8%

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.

See accompanying Notes to Financial Statements.

49        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS June 30, 2018 Unaudited

1. Organization

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

The Fund offers Class A, Class C and Class Y shares, 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, B and C shares have separate distribution and/or service plans under which they pay fees. 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 shareholders, which are determined in accordance with income tax regulations and may

50        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

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.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

During the fiscal year ended December 31, 2017, the Fund did not utilize any capital loss carryforwards to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2017 capital loss carryforwards are included in the table below. Capital loss

51        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

Expiring
2018	$	813,470
No expiration		57,071,782
Total	$	57,885,252

At period end, it is estimated that the capital loss carryforwards would be $813,470 expiring by 2018 and $171,820,456, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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

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

Federal tax cost of securities	$	2,124,282,0491
Gross unrealized appreciation	$	38,173,228
Gross unrealized depreciation		(418,010,615)
Net unrealized depreciation	$	(379,837,387)

1. The Federal tax cost of securities does not include cost of $52,093,040, 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.

52        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

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:

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.

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

53        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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.

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

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 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:

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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
New York	$	—	$	1,380,336,158	$	582,500	$	1,380,918,658
Other Territory		—		433,240		—		433,240
U.S. Possessions		—		408,426,340		—		408,426,340
Common Stock		—		—		6,197,300		6,197,300
Corporate Bond and Note		—		—		562,164		562,164
Total Assets	$	—	$	1,789,195,738	$	7,341,964	$	1,796,537,702

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.

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
New York	$	(582,500	)	$	582,500
Total Assets	$	(582,500	)	$	582,500

* 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

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

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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

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

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

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in

56        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

4. Investments and Risks (Continued)

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 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

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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 $48,250,000.

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 $107,938,965 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $48,250,000 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
	$    11,485,000	NYC GO Tender Option Bond Series 2015-XF2155 Trust3		8.008%		8/1/26	$	14,224,747
	9,380,000	NYC GO Tender Option Bond Series 2015-XF2155- 2 Trust3		8.008		8/1/20		11,617,599
	13,045,000	NYC GO Tender Option Bond Series 2015-XF2155- 3 Trust3		8.008		8/1/27		16,120,359
	14,345,000	NYC GO Tender Option Bond Series 2015-XF2155- 4 Trust3		8.007		8/1/27		17,726,260
							$	59,688,965

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 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

58        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

4. Investments and Risks (Continued)

financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 5% 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 $48,250,000 or 2.65% 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		$885,000

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.

59        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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.

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.

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	$	490,949,980
Market Value	$	112,528,416
Market Value as % of Net Assets		6.54%

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

60        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

5. Market Risk Factors (Continued)

various market risk factors:

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

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

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

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

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

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

6. Shares of Beneficial Interest

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

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold1		11,323,193		$	31,881,787			49,142,645		$	143,338,381
Dividends and/or distributions reinvested		4,958,535			13,982,319			13,483,295			39,164,332
Redeemed		(45,668,660	)		(127,950,191	)		(174,729,250	)		(502,000,125)
Net decrease		(29,386,932	)	$	(82,086,085	)		(112,103,310	)	$	(319,497,412)

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Shares of Beneficial Interest (Continued)

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Class B
Sold		1		$	3			485		$	1,373
Dividends and/or distributions reinvested		1,597			4,448			17,376			50,631
Redeemed1		(445,799	)		(1,246,711	)		(919,929	)		(2,670,729	)
Net decrease		(444,201	)	$	(1,242,260	)		(902,068	)	$	(2,618,725	)
Class C
Sold		2,509,085		$	6,970,199			12,709,934		$	36,378,785
Dividends and/or distributions reinvested		1,386,998			3,888,678			3,876,138			11,200,539
Redeemed		(23,019,074	)		(64,301,620	)		(87,243,459	)		(250,502,211	)
Net decrease		(19,122,991	)	$	(53,442,743	)		(70,657,387	)	$	(202,922,887	)
Class Y
Sold		9,354,812		$	26,279,846			34,988,410		$	102,010,524
Dividends and/or distributions reinvested		680,329			1,919,613			1,770,401			5,135,130
Redeemed		(9,957,598	)		(27,876,090	)		(41,561,948	)		(118,486,950	)
Net increase (decrease)		77,543		$	323,369			(4,803,137	)	$	(11,341,296	)

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	$135,512,299	$283,743,227

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 $100 million	0.50%
Next $150 million	0.45
Next $1.75 billion	0.40
Next $3 billion	0.39
Next $5 billion	0.38
Over $10 billion	0.37

The Fund’s effective management fee for the reporting period was 0.41% 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

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8. Fees and Other Transactions with Affiliates (Continued)

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.

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	$	1,927
Payments Made to Retired Trustees		79,241
Accumulated Liability as of June 30, 2018		182,249

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”

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

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.

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 0.25% 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.

64        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by
Six Months Ended	Distributor		Distributor		Distributor		Distributor
June 30, 2018		$13,575		$10,827		$—		$4,604

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 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 (2.1795% 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

65        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Borrowings and Other Financing (Continued)

its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.10% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 2.1795%.    

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

Average Daily Loan Balance	$	28,722,099
Average Daily Interest Rate		1.868	%
Fees Paid	$	935,496
Interest Paid	$	282,976

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

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

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to

66        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

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 $         155,326

67        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK 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.

68        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	Beth Ann Brown, Trustee
	Edmund P. Giambastiani, Jr., Trustee
	Elizabeth Krentzman, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Joanne Pace, Trustee
	Daniel Vandivort, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Scott S. Cottier, Vice President
	Troy E. Willis, Vice President
	Mark R. DeMitry, Vice President
	Michael L. Camarella, Vice President
	Charles S. Pulire, Vice President
	Elizabeth S. Mossow, Vice President
	Richard Stein, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
	Laundering Officer
	Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

^© 2018 OppenheimerFunds, Inc. All rights reserved.

69        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK 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:

● Applications or other forms.

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

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

● Your transactions with us, our affiliates or others.

● 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.

70        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK 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.

● 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.

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

● You can exit the secure area by 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).

71        OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

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

account information and transactions or call us at 800.CALL

OPP (800.225.5677) for 24-hr automated information and

automated transactions. Representatives also available

Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RS0355.001.0618 August 24, 2018

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

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 6/30/2018, 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 Rochester Portfolio Series
By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	8/17/2018

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:	8/17/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	8/17/2018