Oppenheimer Limited-Term Government Fund

Six Months Ended March 31, 2019

Year Ended September 30, 2018

Year Ended September 30, 2017

N-CSRS 1 d736553dncsrs.htm OPPENHEIMER LIMITED-TERM GOVERNMENT FUND Oppenheimer Limited-Term Government Fund

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 811-4563

Oppenheimer Limited-Term Government Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 3/31/2019

Item 1. Reports to Stockholders.

LOGO

Important Updates

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change. See the Notes to Financial Statements for more information.

Update to Shareholder Report Document Delivery

Beginning January 1, 2021, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. Enrolling in electronic delivery will enable you to receive a direct link to your full shareholder report the moment it becomes available, and limit the amount of mail you receive. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option.

How do you update your delivery preferences?

If you own these shares through a financial intermediary, you may contact your financial intermediary.

If your accounts are held through OppenheimerFunds and you receive statements, confirms, and other documents directly from us, you can enroll in our eDocs Direct^SM service at oppenheimerfunds.com or by calling us. Once you’re enrolled, you’ll begin to receive email notifications of updated documents when they become available. If you have any questions, feel free to call us at 1.800.225.5677.

Table of Contents


Top Allocations			4

Fund Expenses			7

Statement of Investments			9

Statement of Assets and Liabilities			21

Statement of Operations			23

Statements of Changes in Net Assets			24

Financial Highlights			25

Notes to Financial Statements			35

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			52

Distribution Sources			53

Trustees and Officers			54

Privacy Notice			55

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/31/19


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays U.S. Government Bond Index	Bloomberg Barclays U.S. 1-3 Year Government Bond Index
6-Month	2.13%	-0.17%	4.70%	2.32%
1-Year	2.64	0.33	4.20	2.74
5-Year	0.99	0.53	2.15	0.99
10-Year	2.25	2.02	2.44	1.10

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 do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

3 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

Top Allocations


PORTFOLIO ALLOCATION
Mortgage-Backed Obligations
Government Agency			48.8%
Non-Agency			2.5
U.S. Government Obligations			32.7
Short-Term Notes			8.2
Asset-Backed Securities			6.4
Investment Company
Oppenheimer Institutional
Government Money Market Fund			1.4

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

4 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/31/19


	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPGVX)		3/10/86		2.13	%		2.64	%		0.99	%		2.25%
Class C (OLTCX)		2/1/95		1.72			1.82			0.19			1.44
Class I (OLTIX)		12/28/12		2.29			2.72			1.29			1.09*
Class R (OLTNX)		3/1/01		1.98			2.09			0.67			1.93
Class Y (OLTYX)		1/26/98		2.28			2.71			1.25			2.55
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/19
	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPGVX)		3/10/86		-0.17	%		0.33	%		0.53	%		2.02%
Class C (OLTCX)		2/1/95		0.72			0.82			0.19			1.44
Class I (OLTIX)		12/28/12		2.29			2.72			1.29			1.09*
Class R (OLTNX)		3/1/01		1.98			2.09			0.67			1.93
Class Y (OLTYX)		1/26/98		2.28			2.71			1.25			2.55

*Shows performance since inception.

STANDARDIZED YIELDS


For the 30 Days Ended 3/31/19
Class A		2.38%
Class C		1.65
Class I		2.76
Class R		2.15
Class Y		2.74

UNSUBSIDIZED STANDARDIZED YIELDS


For the 30 Days Ended 3/31/19
Class A		2.31%
Class C		1.62
Class I		2.76
Class R		2.12
Class Y		2.61

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. 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% and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. There is no sales charge for Class I, R and Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended March 31, 2019 and that date’s maximum offering price (for Class A shares)

5 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

or net asset value (for all other share classes). Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended March 31, 2019. The calculation excludes any expense reimbursements and thus may result in a lower yield.

The Fund’s performance is compared to the performance of the Bloomberg Barclays U.S. Government Bond Index and the Bloomberg Barclays U.S. 1-3 Year Government Bond Index. The Bloomberg Barclays U.S. Government Bond Index is a market-weighted index of U.S. government securities with maturities of 1 year or more. The Bloomberg Barclays U.S. 1-3 Year Government Bond Index is an index of U.S. Government securities with maturities of 1 to 3 years. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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.

6 OPPENHEIMER LIMITED-TERM GOVERNMENT 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 March 31, 2019.

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 March 31, 2019” 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.

7 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


Actual	Beginning Account Value October 1, 2018		Ending Account Value March 31, 2019		Expenses Paid During 6 Months Ended March 31, 2019

Class A	$	1,000.00	$	1,021.30	$	4.04

Class C		1,000.00		1,017.20		8.08

Class I		1,000.00		1,022.90		2.47

Class R		1,000.00		1,019.80		5.55

Class Y		1,000.00		1,022.80		2.52

Hypothetical
(5% return before expenses)

Class A		1,000.00		1,020.94		4.04

Class C		1,000.00		1,016.95		8.08

Class I		1,000.00		1,022.49		2.47

Class R		1,000.00		1,019.45		5.55

Class Y		1,000.00		1,022.44		2.52

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 31, 2019 are as follows:


Class	Expense Ratios
Class A		0.80%
Class C		1.60
Class I		0.49
Class R		1.10
Class Y		0.50

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

8 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF INVESTMENTS March 31, 2019 Unaudited


	Principal Amount		Value

Asset-Backed Securities—7.2%

American Credit Acceptance Receivables Trust:
Series 2017-4, Cl. D, 3.57%, 1/10/24¹	$	1,245,000	$	1,246,026
Series 2018-2, Cl. C, 3.70%, 7/10/24¹		2,115,000		2,125,349
Series 2019-1, Cl. C, 3.50%, 4/14/25¹		1,830,000		1,843,051

AmeriCredit Automobile Receivables Trust:
Series 2016-4, Cl. D, 2.74%, 12/8/22		2,500,000		2,489,533
Series 2017-1, Cl. D, 3.13%, 1/18/23		2,850,000		2,857,711
Series 2017-2, Cl. D, 3.42%, 4/18/23		2,405,000		2,418,889
Series 2017-4, Cl. D, 3.08%, 12/18/23		2,140,000		2,142,351

CarMax Auto Owner Trust:
Series 2017-1, Cl. D, 3.43%, 7/17/23		1,870,000		1,876,446
Series 2017-4, Cl. D, 3.30%, 5/15/24		3,590,000		3,577,497
Series 2018-1, Cl. D, 3.37%, 7/15/24		630,000		630,891

CCG Receivables Trust, Series 2018-1, Cl. C, 3.42%, 6/16/25¹		190,000		190,619

Credit Acceptance Auto Loan Trust:
Series 2016-3A, Cl. C, 3.60%, 4/15/25¹		2,010,000		2,011,617
Series 2017-3A, Cl. C, 3.48%, 10/15/26¹		270,000		270,142
Series 2018-1A, Cl. C, 3.77%, 6/15/27¹		1,455,000		1,466,343
Series 2018-2A, Cl. C, 4.16%, 9/15/27¹		880,000		900,256
Series 2018-3A, Cl. C, 4.04%, 12/15/27¹		250,000		253,959
Series 2019-1A, Cl. C, 3.94%, 6/15/28¹		3,575,000		3,614,304

Drive Auto Receivables Trust:
Series 2018-1, Cl. D, 3.81%, 5/15/24		2,635,000		2,657,853
Series 2018-2, Cl. D, 4.14%, 8/15/24		2,475,000		2,517,947
Series 2018-3, Cl. D, 4.30%, 9/16/24		1,650,000		1,685,557
Series 2019-1, Cl. D, 4.09%, 6/15/26		2,410,000		2,463,443
Series 2019-2, Cl. D, 3.69%, 8/17/26		2,565,000		2,588,771

DT Auto Owner Trust:
Series 2016-4A, Cl. E, 6.49%, 9/15/23¹		2,600,000		2,662,608
Series 2017-4A, Cl. D, 3.47%, 7/17/23¹		2,475,000		2,481,684
Series 2019-1A, Cl. D, 3.87%, 11/15/24¹		1,790,000		1,809,695

Exeter Automobile Receivables Trust, Series 2019-1A, Cl. D, 4.13%, 12/16/24¹		1,555,000		1,590,533

Flagship Credit Auto Trust, Series 2016-1, Cl. C, 6.22%, 6/15/22¹		2,825,000		2,924,621

GM Financial Automobile Leasing Trust, Series 2019-1, Cl. D, 3.95%, 5/22/23		2,575,000		2,593,811

Navistar Financial Dealer Note Master Owner Trust II:
Series 2017-1, Cl. C, 4.036% [US0001M+155], 6/27/22^1,2		460,000		460,566
Series 2017-1, Cl. D, 4.786% [US0001M+230], 6/27/22^1,2		535,000		535,270

Santander Drive Auto Receivables Trust:
Series 2017-1, Cl. D, 3.17%, 4/17/23		2,430,000		2,433,044
Series 2017-2, Cl. D, 3.49%, 7/17/23		2,255,000		2,267,656
Series 2017-3, Cl. D, 3.20%, 11/15/23		3,050,000		3,048,612
Series 2018-1, Cl. D, 3.32%, 3/15/24		810,000		812,824
Series 2018-2, Cl. D, 3.88%, 2/15/24		1,305,000		1,324,427
Series 2019-1, Cl. D, 3.65%, 4/15/25		2,180,000		2,206,715

Westlake Automobile Receivables Trust:
Series 2017-2A, Cl. D, 3.28%, 12/15/22¹		1,118,000		1,118,450

9 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Asset-Backed Securities (Continued)

Westlake Automobile Receivables Trust: (Continued)
Series 2018-1A, Cl. D, 3.41%, 5/15/23¹	$	1,285,000	$	1,288,490
Series 2018-3A, Cl. D, 4.00%, 10/16/23¹		3,000,000		3,051,503

Total Asset-Backed Securities (Cost $73,884,461)				74,439,064


Mortgage-Backed Obligations—58.1%

Government Agency—55.2%

FHLMC/FNMA/FHLB/Sponsored—51.0%

Federal Home Loan Mortgage Corp. Gold Pool:
4.00%, 5/1/27		2,119,670		2,189,185
4.50%, 5/1/19		620		631
5.50%, 1/1/24-9/1/24		1,585,073		1,625,481
6.00%, 10/1/22-10/1/29		801,619		874,960
6.50%, 4/1/21-4/1/34		898,134		995,121
7.00%, 10/1/31-10/1/37		450,388		511,627
7.50%, 1/1/32-8/1/37		11,157,743		12,847,102
8.50%, 3/1/31		23,977		26,691
9.00%, 8/1/22-5/1/25		15,815		16,945

Federal Home Loan Mortgage Corp. Non Gold Pool, 11.00%, 11/1/20		207		207

Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192, Cl. IO, 99.999%, 2/1/28³		75,383		14,743
Series 205, Cl. IO, 61.788%, 9/1/29³		539,119		108,543
Series 206, Cl. IO, 99.999%, 12/15/29³		36,062		9,998
Series 243, Cl. 6, 0.231%, 12/15/32³		188,164		35,347
Series 304, Cl. C31, 9.481%, 12/15/27³		865,023		70,223
Series 304, Cl. C45, 6.833%, 12/15/27³		402,500		32,458
Series 304, Cl. C47, 5.55%, 12/15/27³		390,124		32,902

Federal Home Loan Mortgage Corp., Mtg.-Linked Amortizing Global Debt
Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		34,625,375		34,303,338

Federal Home Loan Mortgage Corp., Multiclass Mortgage Securities, Series
43, Cl. PH, 6.50%, 10/17/24		333,894		354,014

Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates:
Series K010, Cl. A1, 3.32%, 7/25/20		231,687		231,373
Series K027, Cl. A2, 2.637%, 1/25/23		3,500,000		3,512,403
Series K028, Cl. A2, 3.111%, 2/25/23		3,400,000		3,469,196
Series K029, Cl. A2, 3.32%, 2/25/23⁴		4,500,000		4,627,068
Series K030, Cl. A2, 3.25%, 4/25/23⁴		3,820,000		3,918,836
Series K033, Cl. A2, 3.06%, 7/25/23⁴		2,000,000		2,038,245
Series K034, Cl. A2, 3.531%, 7/25/23⁴		4,550,000		4,718,607
Series K035, Cl. A1, 2.615%, 3/25/23		4,900,924		4,912,147
Series K040, Cl. A1, 2.768%, 4/25/24		12,116,680		12,156,333
Series K041, Cl. A1, 2.72%, 8/25/24		9,359,162		9,375,582
Series K042, Cl. A1, 2.267%, 6/25/24		4,781,205		4,730,280
Series K043, Cl. A1, 2.532%, 10/25/23		6,737,226		6,713,146
Series K044, Cl. A1, 2.321%, 3/25/24		11,836,010		11,733,625
Series K045, Cl. A1, 2.493%, 11/25/24		10,366,089		10,307,055
Series K046, Cl. A1, 2.697%, 1/25/25		8,621,749		8,624,789
Series K047, Cl. A1, 2.827%, 12/25/24		9,587,599		9,629,047
Series K048, Cl. A1, 2.689%, 12/25/24		8,508,241		8,541,340

10 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates: (Continued)
Series K053, Cl. A1, 2.548%, 2/25/25	$	2,417,428	$	2,413,125
Series KI01, Cl. A, 2.65% [LIBOR01M+16], 9/25/22²		3,094,451		3,087,632
Series KI02, Cl. A, 2.69% [LIBOR01M+20], 2/25/23²		4,248,562		4,242,725

Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series K051, Cl. X1, 12.231%, 9/25/25³		63,420,152		1,904,964
Series KC02, Cl. X1, 0.00%, 3/25/24^3,5		254,400,137		4,439,282
Series KC03, Cl. X1, 0.00%, 11/25/24^3,5		22,165,000		562,865

Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security:
Series 216, Cl. PO, 13.652%, 12/1/31⁶		114,754		100,550
Series 219, Cl. PO, 13.742%, 3/1/32⁶		355,798		301,390

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1095, Cl. D, 3.134% [LIBOR01M+65], 6/15/21²		150		151
Series 151, Cl. F, 9.00%, 5/15/21		1,184		1,204
Series 1695, Cl. F, 2.495% [D11COF+137], 3/15/24²		339,598		347,653
Series 2035, Cl. PC, 6.95%, 3/15/28		319,213		350,034
Series 2084, Cl. ZC, 6.50%, 8/15/28		162,635		176,277
Series 2116, Cl. ZA, 6.00%, 1/15/29		196,649		214,314
Series 2122, Cl. FD, 2.834% [LIBOR01M+35], 2/15/29²		255,367		255,247
Series 2132, Cl. FN, 3.389% [LIBOR01M+90], 3/15/29²		311,044		316,447
Series 2148, Cl. ZA, 6.00%, 4/15/29		315,403		343,852
Series 2195, Cl. LH, 6.50%, 10/15/29		541,049		596,095
Series 2220, Cl. PD, 8.00%, 3/15/30		109,315		126,430
Series 2281, Cl. Z, 6.50%, 2/15/31		776,346		852,458
Series 2319, Cl. BZ, 6.50%, 5/15/31		1,148,204		1,274,169
Series 2326, Cl. ZP, 6.50%, 6/15/31		222,686		243,421
Series 2344, Cl. FP, 3.434% [LIBOR01M+95], 8/15/31²		188,656		193,345
Series 2392, Cl. FB, 3.084% [LIBOR01M+60], 1/15/29²		49,031		49,494
Series 2396, Cl. FE, 3.084% [LIBOR01M+60], 12/15/31²		110,583		111,837
Series 2401, Cl. FA, 3.134% [LIBOR01M+65], 7/15/29²		72,080		72,877
Series 2427, Cl. ZM, 6.50%, 3/15/32		62,123		68,455
Series 2464, Cl. FI, 3.484% [LIBOR01M+100], 2/15/32²		108,437		111,416
Series 2470, Cl. LF, 3.484% [LIBOR01M+100], 2/15/32²		110,941		113,989
Series 2471, Cl. FD, 3.484% [LIBOR01M+100], 3/15/32²		156,205		160,486
Series 2481, Cl. AF, 3.034% [LIBOR01M+55], 3/15/32²		91,238		92,106
Series 2500, Cl. FD, 2.984% [LIBOR01M+50], 3/15/32²		173,115		173,048
Series 2504, Cl. FP, 2.984% [LIBOR01M+50], 3/15/32²		177,604		178,941
Series 2526, Cl. FE, 2.884% [LIBOR01M+40], 6/15/29²		191,589		192,170
Series 2530, Cl. FD, 2.984% [LIBOR01M+50], 2/15/32²		216,205		217,835
Series 2538, Cl. F, 3.084% [LIBOR01M+60], 12/15/32²		22,182		22,439
Series 2550, Cl. FI, 2.834% [LIBOR01M+35], 11/15/32²		34,539		34,136
Series 2551, Cl. FD, 2.884% [LIBOR01M+40], 1/15/33²		179,544		180,193
Series 2635, Cl. AG, 3.50%, 5/15/32		1,153,570		1,167,972
Series 2676, Cl. KY, 5.00%, 9/15/23		405,412		419,147
Series 3010, Cl. WB, 4.50%, 7/15/20		144,465		144,685
Series 3025, Cl. SJ, 15.643% [-3.6667 x LIBOR01M+2,475], 8/15/35²		54,527		79,210
Series 3134, Cl. FA, 2.784% [LIBOR01M+30], 3/15/36²		2,854,353		2,846,322

11 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 3342, Cl. FT, 2.934% [LIBOR01M+45], 7/15/37²	$	230,786	$	231,682
Series 3581, Cl. B, 4.00%, 10/15/24		867,526		885,819
Series 3645, Cl. EH, 3.00%, 12/15/20		215,963		215,328
Series 3738, Cl. BP, 4.00%, 12/15/38		3,939,558		4,035,292
Series 3753, Cl. AS, 3.50%, 11/15/25		705,715		719,813
Series 3762, Cl. BH, 2.50%, 5/15/25		2,288,414		2,279,419
Series 3800, Cl. CD, 3.10%, 3/15/25		1,575,333		1,577,762
Series 3822, Cl. JA, 5.00%, 6/15/40		44,752		45,582
Series 3848, Cl. WL, 4.00%, 4/15/40		893,778		905,509
Series 3857, Cl. GL, 3.00%, 5/15/40		1,719,505		1,752,232
Series 3874, Cl. JW, 3.50%, 6/15/26		2,846,272		2,922,939
Series 3887, Cl. NC, 3.00%, 7/15/26		440,718		440,763
Series 3917, Cl. BA, 4.00%, 6/15/38		433,712		447,625
Series 3935, Cl. NA, 3.50%, 10/15/26		1,635,213		1,648,330
Series 3974, Cl. C, 3.00%, 1/15/26		10,004,254		10,036,309
Series 4016, Cl. AB, 2.00%, 9/15/25		4,504,868		4,472,860
Series 4109, Cl. KD, 3.00%, 5/15/32		183,680		183,187
Series 4113, Cl. JH, 3.00%, 7/15/39		1,611,633		1,621,243
Series 4221, Cl. HJ, 1.50%, 7/15/23		4,777,829		4,690,654
Series 4253, Cl. TD, 2.00%, 7/15/40		960,479		957,803
Series 4285, Cl. BA, 2.00%, 12/15/23		1,099,896		1,086,631
Series 4316, Cl. FY, 2.884% [LIBOR01M+40], 11/15/39²		733,435		734,287
Series 4399, Cl. A, 2.50%, 7/15/24		36,311		36,130
Series 4446, Cl. PL, 2.50%, 7/15/38		2,397,776		2,365,179
Series 4459, Cl. ND, 5.50%, 4/15/25		13,654		13,763

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates,
Interest-Only Stripped Mtg.-Backed Security:
Series 2074, Cl. S, 99.999%, 7/17/28³		103,372		9,696
Series 2079, Cl. S, 99.999%, 7/17/28³		190,266		21,616
Series 2493, Cl. S, 20.615%, 9/15/29³		143,051		23,921
Series 2526, Cl. SE, 52.421%, 6/15/29³		264,704		43,604
Series 2795, Cl. SH, 99.999%, 3/15/24³		1,415,122		89,765
Series 2796, Cl. SD, 80.675%, 7/15/26³		60,386		6,975
Series 2920, Cl. S, 17.17%, 1/15/35³		1,576,134		253,253
Series 2922, Cl. SE, 16.146%, 2/15/35³		263,042		43,307
Series 2981, Cl. AS, 0.668%, 5/15/35³		502,360		69,726
Series 3397, Cl. GS, 0.00%, 12/15/37^3,5		36,187		6,326
Series 3424, Cl. EI, 0.00%, 4/15/38^3,5		51,979		5,164
Series 3450, Cl. BI, 8.323%, 5/15/38³		1,676,944		245,763
Series 3606, Cl. SN, 12.371%, 12/15/39³		449,377		58,388
Series 4057, Cl. QI, 4.56%, 6/15/27³		2,629,362		198,385
Series 4136, Cl. MI, 3.199%, 11/15/27³		3,114,102		257,337
Series 4146, Cl. AI, 10.738%, 12/15/27³		1,107,020		86,057
Series 4205, Cl. AI, 8.248%, 5/15/28³		708,300		52,349
Series 4818, Cl. BI, 0.00%, 3/15/45^3,5		1,030,274		172,478

Federal Home Loan Mortgage Corp., Stripped Mtg.-Backed Security, Series 237, Cl. F16, 2.984% [LIBOR01M+50], 5/15/36²		1,420,415		1,423,720

12 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn.:
2.50%, 4/1/34⁷	$	6,910,000	$	6,870,096
3.00%, 4/1/34-4/1/49⁷		10,120,000		10,156,506
3.50%, 4/1/49⁷		37,380,000		37,901,276
4.00%, 4/1/49⁷		54,325,000		55,886,843
4.50%, 4/1/49⁷		14,815,000		15,438,489

Federal National Mortgage Assn. Pool:
3.50%, 8/1/40		991,967		1,012,148
4.00%, 4/1/24-3/1/31		32,255,341		33,245,130
4.26%, 7/1/21		2,764,654		2,863,296
4.50%, 11/1/19-1/1/27		2,418,784		2,471,506
4.88%, 9/1/19		3,434,633		3,454,444
5.00%, 5/1/19-3/1/25		2,461,961		2,523,052
5.50%, 9/1/19-9/1/25		15,967,276		16,322,773
6.00%, 1/1/21-2/1/40		14,812,012		15,366,787
6.50%, 10/1/19-1/1/34		3,729,968		4,154,375
7.00%, 1/1/30-2/1/36		3,118,434		3,550,324
7.50%, 2/1/27-8/1/33		4,366,579		5,031,537
8.50%, 7/1/32		14,512		14,677
9.00%, 8/1/19		103		102
9.50%, 11/1/21		63		63

Federal National Mortgage Assn., Alternative Credit Enhancement Securities:
Series 2016-M5, Cl. A1, 2.073%, 4/25/26		1,153,737		1,129,291
Series 2017-M13, Cl. FA, 2.881% [LIBOR01M+40], 10/25/24²		3,895,666		3,887,153

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 0.00%, 5/25/23^3,8		265,839		29,230
Series 254, Cl. 2, 99.999%, 1/25/24³		373,931		47,557
Series 294, Cl. 2, 99.999%, 2/25/28³		561,431		116,234
Series 301, Cl. 2, 23.008%, 4/25/29³		208,110		41,695
Series 321, Cl. 2, 42.031%, 4/25/32³		1,363,642		315,084
Series 324, Cl. 2, 19.057%, 7/25/32³		440,447		100,821
Series 331, Cl. 10, 21.059%, 2/25/33³		694,960		147,009
Series 331, Cl. 4, 0.00%, 2/25/33^3,5		458,173		98,712
Series 331, Cl. 5, 26.037%, 2/25/33³		742,894		142,486
Series 331, Cl. 6, 8.168%, 2/25/33³		721,832		139,100
Series 334, Cl. 10, 18.972%, 2/25/33³		286,996		62,794
Series 339, Cl. 15, 12.031%, 10/25/33³		246,809		52,191
Series 339, Cl. 7, 0.00%, 11/25/33^3,5		482,266		105,324
Series 351, Cl. 8, 0.00%, 4/25/34^3,5		509,150		114,289
Series 356, Cl. 10, 0.00%, 6/25/35^3,5		355,594		72,628
Series 356, Cl. 12, 0.00%, 2/25/35^3,5		175,139		36,168
Series 362, Cl. 13, 0.00%, 8/25/35^3,5		518,436		115,914
Series 364, Cl. 15, 0.00%, 9/25/35^3,5		277,280		59,034

Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed
Security, Series 327, Cl. 1, 11.35%, 9/25/32⁶		93,645		81,563

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1991-109, Cl. Z, 8.50%, 9/25/21		2,567		2,657
Series 1997-16, Cl. PD, 7.00%, 3/18/27		432,701		468,658

13 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 1998-59, Cl. Z, 6.50%, 10/25/28	$	49,118	$	54,668
Series 1999-54, Cl. LH, 6.50%, 11/25/29		272,767		298,969
Series 2001-69, Cl. PF, 3.486% [LIBOR01M+100], 12/25/31²		261,469		268,539
Series 2002-29, Cl. F, 3.486% [LIBOR01M+100], 4/25/32²		119,381		122,679
Series 2002-39, Cl. FD, 3.482% [LIBOR01M+100], 3/18/32²		267,537		274,953
Series 2002-52, Cl. FD, 2.986% [LIBOR01M+50], 9/25/32²		223,036		224,741
Series 2002-53, Cl. FY, 2.986% [LIBOR01M+50], 8/25/32²		136,213		137,258
Series 2002-64, Cl. FJ, 3.486% [LIBOR01M+100], 4/25/32²		36,791		37,808
Series 2002-65, Cl. FB, 3.486% [LIBOR01M+100], 7/25/32²		207,745		213,474
Series 2002-68, Cl. FH, 2.982% [LIBOR01M+50], 10/18/32²		72,506		73,032
Series 2002-77, Cl. TF, 3.482% [LIBOR01M+100], 12/18/32²		435,830		438,569
Series 2002-82, Cl. FE, 3.486% [LIBOR01M+100], 12/25/32²		197,151		202,635
Series 2002-90, Cl. FJ, 2.986% [LIBOR01M+50], 9/25/32²		77,485		77,796
Series 2002-90, Cl. FM, 2.986% [LIBOR01M+50], 9/25/32²		74,505		75,075
Series 2003-116, Cl. FA, 2.886% [LIBOR01M+40], 11/25/33²		128,217		128,646
Series 2003-130, Cl. CS, 9.129% [-2 x LIBOR01M+1,410], 12/25/33²		46,582		47,878
Series 2003-21, Cl. FK, 2.886% [LIBOR01M+40], 3/25/33²		11,760		11,802
Series 2004-72, Cl. FB, 2.986% [LIBOR01M+50], 9/25/34²		1,229,636		1,226,256
Series 2005-109, Cl. AH, 5.50%, 12/25/25		1,863,003		1,917,194
Series 2005-45, Cl. XA, 2.826% [LIBOR01M+34], 6/25/35²		1,843,527		1,841,997
Series 2005-67, Cl. BF, 2.836% [LIBOR01M+35], 8/25/35²		667,615		668,759
Series 2005-85, Cl. FA, 2.836% [LIBOR01M+35], 10/25/35²		1,343,619		1,341,854
Series 2006-11, Cl. PS, 15.453% [-3.6667 x LIBOR01M+2,456.67], 3/25/36²		255,894		377,783
Series 2006-46, Cl. SW, 15.086% [-3.6665 x LIBOR01M+2,419.92], 6/25/36²		220,443		315,035
Series 2006-50, Cl. KS, 15.087% [-3.6667 x LIBOR01M+2,420], 6/25/36²		156,597		226,378
Series 2006-50, Cl. SK, 15.087% [-3.6667 x LIBOR01M+2,420], 6/25/36²		63,615		91,157
Series 2007-113, Cl. DB, 4.50%, 12/25/22		719,470		719,849
Series 2007-79, Cl. FA, 2.936% [LIBOR01M+45], 8/25/37²		399,592		399,831
Series 2008-14, Cl. BA, 4.25%, 3/25/23		9,191		9,207
Series 2008-15, Cl. JN, 4.50%, 2/25/23		95,250		95,320
Series 2008-24, Cl. DY, 5.00%, 4/25/23		2,893		2,899
Series 2008-75, Cl. DB, 4.50%, 9/25/23		63		63
Series 2008-77, Cl. EB, 4.50%, 9/25/23		236,653		236,872
Series 2009-113, Cl. DB, 3.00%, 12/25/20		119,177		118,700
Series 2009-36, Cl. FA, 3.426% [LIBOR01M+94], 6/25/37²		1,283,715		1,315,865
Series 2009-70, Cl. NL, 3.00%, 8/25/19		1,035		1,031
Series 2009-70, Cl. NT, 4.00%, 8/25/19		174		174
Series 2009-70, Cl. TL, 4.00%, 8/25/19		706		706
Series 2010-110, Cl. PC, 4.00%, 1/25/38		747,254		747,018
Series 2010-115, Cl. NA, 2.75%, 1/25/39		4,444,944		4,421,945
Series 2010-137, Cl. CJ, 2.50%, 12/25/25		3,561,157		3,551,441
Series 2010-43, Cl. KG, 3.00%, 1/25/21		34,760		34,718

14 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2010-99, Cl. DP, 3.00%, 8/25/39	$	1,124,256	$	1,123,991
Series 2011-104, Cl. MA, 2.50%, 10/25/26		307,162		304,514
Series 2011-122, Cl. EC, 1.50%, 1/25/20		94,781		94,132
Series 2011-146, Cl. BA, 3.00%, 12/25/25		1,020,522		1,024,790
Series 2011-15, Cl. DA, 4.00%, 3/25/41		582,413		594,383
Series 2011-3, Cl. EL, 3.00%, 5/25/20		90,768		90,444
Series 2011-3, Cl. KA, 5.00%, 4/25/40		1,109,269		1,161,231
Series 2011-38, Cl. AH, 2.75%, 5/25/20		42		42
Series 2011-44, Cl. B, 4.00%, 7/25/24		2,229,247		2,299,442
Series 2011-45, Cl. NG, 3.00%, 3/25/25		108,725		108,609
Series 2011-45, Cl. TE, 3.00%, 3/25/25		227,983		227,823
Series 2011-50, Cl. PA, 4.00%, 12/25/40		630,372		640,630
Series 2011-6, Cl. BA, 2.75%, 6/25/20		21,679		21,753
Series 2011-82, Cl. AD, 4.00%, 8/25/26		217,941		218,034
Series 2011-90, Cl. AL, 3.50%, 9/25/23		347,937		350,717
Series 2012-127, Cl. DH, 4.00%, 11/25/27		2,291,761		2,319,276
Series 2012-14, Cl. BA, 3.00%, 8/25/37		1,404,191		1,405,734
Series 2012-20, Cl. FD, 2.886% [LIBOR01M+40], 3/25/42²		374,973		375,414
Series 2012-44, Cl. KD, 3.00%, 11/25/29		2,060,989		2,063,686
Series 2012-96, Cl. VA, 3.50%, 2/25/22		2,347,560		2,363,498
Series 2013-100, Cl. CA, 4.00%, 3/25/39		5,955,202		6,061,488
Series 2013-22, Cl. JA, 3.50%, 3/25/43		484,217		484,455
Series 2014-14, Cl. A, 3.50%, 2/25/37		930,850		937,196
Series 2014-66, Cl. QE, 2.00%, 1/25/40		9,064,388		8,957,676
Series 2014-85, Cl. LA, 3.00%, 5/25/31		2,790,578		2,804,573
Series 2015-61, Cl. PA, 2.00%, 5/25/44		2,021,949		1,980,578

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series 2001-63, Cl. SD, 33.36%, 12/18/31³		179,437		27,471
Series 2001-68, Cl. SC, 27.285%, 11/25/31³		171,935		31,870
Series 2001-81, Cl. S, 12.298%, 1/25/32³		126,076		22,095
Series 2002-28, Cl. SA, 12.775%, 4/25/32³		130,877		23,292
Series 2002-38, Cl. SO, 30.704%, 4/25/32³		241,979		41,177
Series 2002-39, Cl. SD, 43.101%, 3/18/32³		259,652		49,373
Series 2002-48, Cl. S, 13.349%, 7/25/32³		198,247		38,093
Series 2002-52, Cl. SD, 45.903%, 9/25/32³		223,036		43,023
Series 2002-52, Cl. SL, 11.83%, 9/25/32³		136,665		25,207
Series 2002-53, Cl. SK, 45.519%, 4/25/32³		151,502		29,457
Series 2002-56, Cl. SN, 12.562%, 7/25/32³		269,254		51,737
Series 2002-60, Cl. SM, 17.565%, 8/25/32³		327,586		48,645
Series 2002-77, Cl. IS, 39.651%, 12/18/32³		346,360		68,102
Series 2002-77, Cl. SH, 14.36%, 12/18/32³		168,439		27,907
Series 2002-9, Cl. MS, 12.721%, 3/25/32³		203,515		38,973
Series 2003-33, Cl. IA, 15.775%, 5/25/33³		40,390		8,910
Series 2003-33, Cl. SP, 9.785%, 5/25/33³		444,636		86,709
Series 2003-4, Cl. S, 7.228%, 2/25/33³		244,983		48,915
Series 2005-12, Cl. SC, 20.758%, 3/25/35³		121,273		18,239

15 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2005-14, Cl. SE, 13.92%, 3/25/35³	$	1,920,814	$	249,602
Series 2005-40, Cl. SA, 26.421%, 5/25/35³		791,997		126,813
Series 2005-52, Cl. JH, 29.409%, 5/25/35³		403,531		60,626
Series 2005-63, Cl. SA, 24.641%, 10/25/31³		663,424		89,183
Series 2005-63, Cl. X, 45.931%, 10/25/31³		7,853		204
Series 2008-55, Cl. SA, 0.00%, 7/25/38^3,5		8,338		1,008
Series 2009-8, Cl. BS, 0.00%, 2/25/24^3,5		5,758		302
Series 2009-85, Cl. IO, 0.00%, 10/25/24^3,5		966		14
Series 2011-96, Cl. SA, 5.182%, 10/25/41³		336,614		53,683
Series 2012-121, Cl. IB, 8.076%, 11/25/27³		1,127,701		91,517
Series 2012-134, Cl. SA, 0.00%, 12/25/42^3,5		1,150,235		217,430
Series 2012-40, Cl. PI, 26.764%, 4/25/41³		168,057		20,892
Series 2013-2, Cl. IA, 6.92%, 2/25/43³		796,621		146,080
Series 2015-57, Cl. LI, 5.983%, 8/25/35³		2,406,814		350,142
Series 2016-45, Cl. MI, 8.547%, 7/25/46³		715,009		160,458
Series 2017-66, Cl. AS, 0.00%, 9/25/47^3,5		5,712,948		836,428
Series 2018-16, Cl. NI, 0.156%, 12/25/44³		524,953		79,883
Series 2018-69, Cl. CI, 0.00%, 10/25/46^3,5		1,167,576		118,343

Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1999-3, Cl. IO, 0.00%, 10/15/29^3,5		9,899,451		4,318
Series 2001-3, Cl. IO, 0.00%, 10/15/31^3,5		4,520,650		11,774
Series 2002-2, Cl. IO, 0.00%, 1/15/32^3,8		12,192,636		19,935
Series 2002-3, Cl. IO, 0.00%, 8/15/32^3,5		16,747,522		185,097
Series 2003-1, Cl. IO, 0.00% , 11/15/32^3,8		23,598,968		139,425

				527,128,998

GNMA/Guaranteed—4.2%

Government National Mortgage Assn.:
Series 2010-169, Cl. CD, 3.00%, 12/16/25		572,547		578,644
Series 2011-61, Cl. CH, 3.50%, 11/16/40		15,045,379		15,345,745

Government National Mortgage Assn. I Pool:
6.50%, 1/15/24		21,720		23,854
7.00%, 1/15/28-9/15/29		239,128		257,597
7.50%, 6/15/28-8/15/28		276,481		281,201
8.00%, 9/15/28		5,852		5,863

Government National Mortgage Assn. II Pool:
3.50%, 4/1/49⁷		17,375,000		17,759,151
7.00%, 1/20/30		20,309		23,319
11.00%, 10/20/19		42		42

Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-76, Cl. SG, 31.142%, 10/16/29³		105,090		253
Series 2011-52, Cl. HS, 18.885%, 4/16/41³		2,723,709		398,670
Series 2017-136, Cl. LI, 6.988%, 9/16/47³		2,099,477		408,091
Series 2017-149, Cl. GS, 0.00%, 10/16/47^3,5		2,363,423		362,721

Government National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2003-92, Cl. CA, 4.771%, 7/17/33		525,153		537,704
Series 2009-66, Cl. CD, 2.50%, 8/16/39		2,292		2,290

16 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


	Principal Amount		Value

GNMA/Guaranteed (Continued)

Government National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2014-167, Cl. WF, 2.939% [LIBOR01M+45], 7/20/44²	$	1,365,334	$	1,364,415

Government National Mortgage Association:
Series 2010-115, Cl. PX, 4.00%, 9/20/38		1,040,585		1,043,801
Series 2011-82, Cl. PD, 3.50%, 4/20/40		2,571,225		2,590,888
Series 2012-13, Cl. VK, 3.50%, 1/20/25		3,068,878		3,133,799

				44,118,048

Non-Agency—2.9%

Commercial—2.5%

BCAP LLC Trust:
Series 2011-R11, Cl. 18A5, 4.69% [H15T1Y+210], 9/26/35^1,2		82,561		82,916
Series 2012-RR6, Cl. RR6, 2.054%, 11/26/36¹		46,873		46,945

Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through
Certificates, Series 2018-B1, Cl. XA, 10.646%, 1/15/51³		17,822,212		653,806

CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through
Certificates, Series 2017-CD6, Cl. XA, 12.622%, 11/13/503		7,739,270		443,713

Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates:
Series 2013-GC17, Cl. XA, 0.00%, 11/10/46^3,5		5,485,878		224,025
Series 2017-C4, Cl. XA, 11.938%, 10/12/50³		20,518,094		1,408,598

Federal National Mortgage Assn., Alternative Credit Enhancement
Securities, Interest-Only Stripped Mtg.-Backed Security, Series 2012-M18,
Cl. X, 0.00%, 12/25/22^3,5		125,850,724		1,118,888

FREMF Mortgage Trust:
Series 2013-K25, Cl. C, 3.623%, 11/25/45^1,4		805,000		810,183
Series 2013-K26, Cl. C, 3.598%, 12/25/45^1,4		550,000		553,262
Series 2013-K27, Cl. C, 3.496%, 1/25/46^1,4		850,000		852,398
Series 2014-K36, Cl. C, 4.364%, 12/25/46^1,4		3,250,000		3,363,336
Series 2014-K38, Cl. C, 4.635%, 6/25/47^1,4		5,250,000		5,442,682
Series 2014-K714, Cl. C, 3.855%, 1/25/47^1,4		2,500,000		2,525,148
Series 2014-K715, Cl. C, 4.122%, 2/25/46^1,4		2,205,000		2,232,471

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Cl. 2A2, 4.727%, 4/21/34⁴		295,665		304,109

Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through
Certificates, Series 2017-HR2, Cl. XA, 10.363%, 12/15/50³		6,774,822		376,766

Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1A, 3.644%, 11/26/36^1,4		256,034		255,669

Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.912%, 6/26/46^1,4		338,936		339,580

NCUA Guaranteed Notes Trust, Series 2010-A1, Cl. A, 2.842%
[US0001M+35], 12/7/20²		2,479,094		2,482,451

Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 4.493%, 8/25/34⁴		460,505		462,921

UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-
Through Certificates, Series 2017-C5, Cl. XA, 12.272%, 11/15/50³		13,073,142		805,326

17 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Commercial (Continued)

Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg.
Pass-Through Certificates, Series 2017-C42, Cl. XA, 10.338%, 12/15/50³	$	9,406,343	$	596,948

				25,382,141

Residential—0.4%

Citigroup Mortgage Loan Trust, Inc., Series 2014-8, Cl. 1A1, 2.778% [US0001M+29], 7/20/36^1,2		533,397		533,569

GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.329%, 7/25/35⁴		446,230		450,785

RALI Trust:
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		64,201		57,086
Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		913,652		843,523

STACR Trust, Series 2018-HRP2, Cl. M2, 3.736% [US0001M+125], 2/25/47^1,2		1,770,000		1,778,254

WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 4.481%, 10/25/33⁴		376,427		383,160

				4,046,377

Total Mortgage-Backed Obligations (Cost $598,269,514)				600,675,564

U.S. Government Obligations—37.0%

Federal Home Loan Mortgage Corp.Nts:
1.875% Nts., 11/17/20		97,293,000		96,553,491
2.75% Nts., 6/19/23		40,000,000		40,738,106

Federal National Mortgage Assn. Nts.:
1.875% Nts., 9/24/26		4,158,000		3,979,928
2.625% Nts., 1/11/22		88,851,000		89,717,277
2.875% Nts., 9/12/23		60,000,000		61,468,091

United States Treasury Nts., 1.25%, 1/31/20		91,200,000		90,323,625

Total U.S. Government Obligations (Cost $379,895,563)				382,780,518

Short-Term Notes—9.3%

United States Treasury Bills:
2.396%, 6/20/19⁹		22,000,000		21,884,663
2.484%, 9/19/19⁹		40,000,000		39,551,089
2.493%, 8/29/19⁹		35,000,000		34,656,890

Total Short-Term Notes (Cost $96,067,140)				96,092,642

	Shares		Value

Investment Company—1.6%

Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.42%^10,11(Cost $16,571,172)		16,571,172	$	16,571,172

Total Investments, at Value (Cost $1,164,687,850)		113.2%		1,170,558,960

Net Other Assets (Liabilities)		(13.2)		(136,539,079)

Net Assets		100.0%	$	1,034,019,881

Footnotes to Statement of Investments

1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $50,661,499 or 4.90% of the Fund’s net assets at period end.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a

18 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

Footnotes to Statement of Investments (Continued)

predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows.

These securities amount to $21,141,862 or 2.04% of the Fund’s net assets at period end.

4. 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.

5. Interest rate is less than 0.0005%.

6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows.

These securities amount to $483,503 or 0.05% of the Fund’s net assets at period end.

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

8. The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.

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

10. Rate shown is the 7-day yield at period end.

11. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares September 30, 2018		Gross Additions		Gross Reductions		Shares March 31, 2019

Investment Company
Oppenheimer Institutional
Government Money Market Fund,
Cl. E		1,000,000		100,478,564		84,907,392		16,571,172

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)

Investment Company
Oppenheimer Institutional
Government Money Market Fund,
Cl. E	$	16,571,172	$	191,782	$	—	$	—

19 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Futures Contracts as of March 31, 2019

Expiration

Number

Notional Amount

Unrealized
Appreciation/

Description

Buy/Sell

Date

of Contracts

(000’s)

Value

(Depreciation)

United States Treasury Long Bonds

Buy

6/19/19

USD 9,732

9,877,313

144,967

United States Treasury Nts., 10 yr.

Sell

6/19/19

661

USD 81,077

82,108,594

(1,031,607)

United States Treasury Nts., 2 yr.

Buy

6/28/19

306

USD 65,105

65,206,688

101,561

United States Treasury Nts., 5 yr.

Sell

6/28/19

283

USD 32,480

32,779,359

(299,288)

United States Ultra Bonds

Buy

6/19/19

USD 648

672,000

24,293

(1,060,074)

Glossary:

Definitions


D11COF		Cost of Funds for the 11th District of San Francisco
H15T1Y		US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
ICE LIBOR		Intercontinental Exchange London Interbank Offered Rate
LIBOR01M		ICE LIBOR USD 1 Month
US0001M		ICE LIBOR USD 1 Month

See accompanying Notes to Financial Statements.

20 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF ASSETS AND LIABILITIES March 31, 2019 Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,148,116,678)	$	1,153,987,788
Affiliated companies (cost $16,571,172)		16,571,172

		1,170,558,960

Cash		799,000

Cash used for collateral on futures		1,980,000

Receivables and other assets:
Investments sold on a when-issued or delayed delivery basis		98,666,642
Interest, dividends and principal paydowns		3,695,956
Shares of beneficial interest sold		2,392,713
Variation margin receivable		260,060
Other		285,876

Total assets		1,278,639,207

Liabilities
Payables and other liabilities:
Investments purchased (including $241,116,449 purchased on a when-issued or delayed delivery basis)		243,182,118
Shares of beneficial interest redeemed		889,293
Trustees’ compensation		168,029
Distribution and service plan fees		115,995
Dividends		82,167
Variation margin payable		78,669
Shareholder communications		4,597
Other		98,458

Total liabilities		244,619,326

Net Assets	$	1,034,019,881



Composition of Net Assets
Par value of shares of beneficial interest	$	237,926

Additional paid-in capital		1,080,370,115

Total accumulated loss		(46,588,160)

Net Assets	$	1,034,019,881

21 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued



Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $423,444,722 and 97,412,265 shares of beneficial interest outstanding)	$	4.35

Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)	$	4.45


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $102,225,608 and 23,564,827 shares of beneficial interest outstanding)	$	4.34


Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $354,332,691 and 81,558,709 shares of beneficial interest outstanding)	$	4.34


Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $26,355,556 and 6,068,124 shares of beneficial interest outstanding)	$	4.34


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $127,661,304 and 29,322,307 shares of beneficial interest outstanding)	$	4.35

See accompanying Notes to Financial Statements.

22 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENT

OF OPERATIONS For Six Months Ended March 31, 2019 Unaudited



Investment Income
Interest	$	12,911,192

Fee income on when-issued securities		1,110,857

Dividends — affiliated companies		191,782

Total investment income		14,213,831

Expenses
Management fees		2,135,006

Distribution and service plan fees:
Class A		486,579
Class C		508,873
Class R		63,677

Transfer and shareholder servicing agent fees:
Class A		349,037
Class C		86,948
Class I		53,999
Class R		21,907
Class Y		93,158

Shareholder communications:
Class A		8,353
Class C		2,112
Class I		57
Class R		508
Class Y		857

Trustees’ compensation		24,796

Borrowing fees		13,651

Custodian fees and expenses		3,222

Other		132,854

Total expenses		3,985,594
Less waivers and reimbursements of expenses		(224,852)

Net expenses		3,760,742

Net Investment Income		10,453,089

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		849,551
Futures contracts		(2,720,363)

Net realized loss		(1,870,812)

Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		17,367,606
Futures contracts		(4,103,872)

Net change in unrealized appreciation/(depreciation)		13,263,734

Net Increase in Net Assets Resulting from Operations	$	21,846,011

See accompanying Notes to Financial Statements.

23 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018¹

Operations
Net investment income	$	10,453,089	$	19,054,607

Net realized loss		(1,870,812)		(4,956,032)

Net change in unrealized appreciation/(depreciation)		13,263,734		(15,127,145)

Net increase (decrease) in net assets resulting from operations		21,846,011		(1,028,570)

Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class A		(5,810,262)		(9,450,444)
Class B²		—		(9,187)
Class C		(1,047,423)		(1,591,868)
Class I		(5,587,918)		(9,548,606)
Class R		(325,597)		(467,260)
Class Y		(1,678,057)		(1,953,364)

Total dividends and distributions declared		(14,449,257)		(23,020,729)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		9,106,837		(44,357,119)
Class B²		—		(1,754,192)
Class C		(1,744,469)		(22,765,538)
Class I		(40,775,095)		39,836,395
Class R		714,313		769,277
Class Y		36,116,149		26,128,930

Total beneficial interest transactions		3,417,735		(2,142,247)

Net Assets
Total increase (decrease)		10,814,489		(26,191,546)

Beginning of period		1,023,205,392		1,049,396,938

End of period	$	1,034,019,881	$	1,023,205,392

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

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

See accompanying Notes to Financial Statements.

24 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015¹		Year Ended September 30, 2014¹

Per Share Operating Data
Net asset value, beginning of period		$4.32		$4.42		$4.49		$4.52		$4.55		$4.59

Income (loss) from investment operations:
Net investment income²		0.04		0.08		0.06		0.06		0.06		0.07
Net realized and unrealized gain (loss)		0.05		(0.09)		(0.05)		(0.02)		(0.00)³		(0.02)

Total from investment operations		0.09		(0.01)		0.01		0.04		0.06		0.05

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.09)		(0.08)		(0.07)		(0.09)		(0.09)

Net asset value, end of period		$4.35		$4.32		$4.42		$4.49		$4.52		$4.55



Total Return, at Net Asset Value⁴		2.13%		(0.12)%		0.21%		0.96%		1.26%		1.04%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$423,445		$411,340		$465,903		$545,793		$563,832		$596,274

Average net assets (in thousands)		$411,818		$433,988		$497,770		$556,423		$576,463		$646,216

Ratios to average net assets:⁵
Net investment income		2.02%		1.79%		1.41%		1.28%		1.42%		1.41%
Expenses excluding specific expenses listed below		0.87%		0.88%		0.92%		0.92%		0.91%		0.91%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%

Total expenses		0.87%⁷		0.88%⁷		0.92%⁷		0.92%		0.91%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%		0.80%

Portfolio turnover rate⁸		30%		75%		150%		211%		155%		229%

25 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

FINANCIAL HIGHLIGHTS Continued

1. On September 11, 2015, the Fund effected a 2 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Fund’s holdings and total value of shareholders’ investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended March 31, 2019		$1,913,873,337		$1,935,836,450
Year Ended September 30, 2018		$3,795,892,034		$3,836,202,231
Year Ended September 30, 2017		$3,808,381,196		$3,786,725,701
Year Ended September 30, 2016		$2,885,579,349		$2,865,270,817
Year Ended September 30, 2015		$4,772,687,222		$4,772,841,445
Year Ended September 30, 2014		$3,062,315,364		$3,194,025,891

See accompanying Notes to Financial Statements.

26 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


Class C	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015¹		Year Ended September 30, 2014¹

Per Share Operating Data
Net asset value, beginning of period		$4.31		$4.41		$4.48		$4.51		$4.54		$4.58

Income (loss) from investment operations:
Net investment income²		0.03		0.04		0.03		0.02		0.03		0.03
Net realized and unrealized gain (loss)		0.04		(0.08)		(0.06)		(0.01)		(0.01)		(0.02)

Total from investment operations		0.07		(0.04)		(0.03)		0.01		0.02		0.01

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.04)		(0.06)		(0.04)		(0.04)		(0.05)		(0.05)

Net asset value, end of period		$4.34		$4.31		$4.41		$4.48		$4.51		$4.54



Total Return, at Net Asset Value³		1.72%		(0.92)%		(0.60)%		0.15%		0.46%		0.24%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$102,226		$103,237		$128,748		$170,883		$177,216		$190,398

Average net assets (in thousands)		$102,565		$114,838		$147,398		$177,471		$181,572		$208,333

Ratios to average net assets:⁴
Net investment income		1.22%		0.99%		0.61%		0.48%		0.62%		0.61%
Expenses excluding specific expenses listed below		1.63%		1.64%		1.68%		1.67%		1.66%		1.66%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%

Total expenses		1.63%⁶		1.64%⁶		1.68%⁶		1.67%		1.66%		1.66%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.60%		1.60%		1.60%		1.60%		1.60%		1.60%

Portfolio turnover rate⁷		30%		75%		150%		211%		155%		229%

27 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

FINANCIAL HIGHLIGHTS Continued

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

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended March 31, 2019		$1,913,873,337		$1,935,836,450
Year Ended September 30, 2018		$3,795,892,034		$3,836,202,231
Year Ended September 30, 2017		$3,808,381,196		$3,786,725,701
Year Ended September 30, 2016		$2,885,579,349		$2,865,270,817
Year Ended September 30, 2015		$4,772,687,222		$4,772,841,445
Year Ended September 30, 2014		$3,062,315,364		$3,194,025,891

See accompanying Notes to Financial Statements.

28 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


Class I	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015¹		Year Ended September 30, 2014¹

Per Share Operating Data
Net asset value, beginning of period		$4.31		$4.41		$4.49		$4.52		$4.55		$4.59

Income (loss) from investment operations:
Net investment income²		0.05		0.09		0.08		0.07		0.08		0.08
Net realized and unrealized gain (loss)		0.05		(0.08)		(0.07)		(0.01)		(0.01)		(0.02)

Total from investment operations		0.10		0.01		0.01		0.06		0.07		0.06

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.07)		(0.11)		(0.09)		(0.09)		(0.10)		(0.10)

Net asset value, end of period		$4.34		$4.31		$4.41		$4.49		$4.52		$4.55



Total Return, at Net Asset Value³		2.29%		0.19%		0.30%		1.28%		1.71%		1.38%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$354,333		$392,581		$361,508		$363,973		$358,985		$445,363

Average net assets (in thousands)		$360,789		$384,400		$363,396		$360,944		$447,250		$391,818

Ratios to average net assets:⁴
Net investment income		2.33%		2.11%		1.74%		1.59%		1.75%		1.73%
Expenses excluding specific expenses listed below		0.49%		0.49%		0.48%		0.48%		0.47%		0.47%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%

Total expenses		0.49%⁶		0.49%⁶		0.48%⁶		0.48%		0.47%		0.47%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.49%⁷		0.49%⁷		0.48%⁷		0.48%		0.47%		0.47%

Portfolio turnover rate⁸		30%		75%		150%		211%		155%		229%

29 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

FINANCIAL HIGHLIGHTS Continued

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

7. Waiver was less than 0.005%.

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended March 31, 2019		$1,913,873,337		$1,935,836,450
Year Ended September 30, 2018		$3,795,892,034		$3,836,202,231
Year Ended September 30, 2017		$3,808,381,196		$3,786,725,701
Year Ended September 30, 2016		$2,885,579,349		$2,865,270,817
Year Ended September 30, 2015		$4,772,687,222		$4,772,841,445
Year Ended September 30, 2014		$3,062,315,364		$3,194,025,891

See accompanying Notes to Financial Statements.

30 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


Class R	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015¹		Year Ended September 30, 2014¹

Per Share Operating Data
Net asset value, beginning of period		$4.31		$4.41		$4.48		$4.51		$4.55		$4.59

Income (loss) from investment operations:
Net investment income²		0.04		0.06		0.05		0.04		0.05		0.05
Net realized and unrealized gain (loss)		0.04		(0.08)		(0.05)		(0.01)		(0.01)		(0.01)

Total from investment operations		0.08		(0.02)		0.00		0.03		0.04		0.04

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.08)		(0.07)		(0.06)		(0.08)		(0.08)

Net asset value, end of period		$4.34		$4.31		$4.41		$4.48		$4.51		$4.55



Total Return, at Net Asset Value³		1.98%		(0.43)%		(0.10)%		0.65%		0.85%		0.74%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$26,355		$25,453		$25,258		$31,529		$30,218		$33,413

Average net assets (in thousands)		$25,853		$24,956		$27,649		$30,885		$31,657		$36,387

Ratios to average net assets:⁴
Net investment income		1.72%		1.49%		1.11%		0.97%		1.12%		1.11%
Expenses excluding specific expenses listed below		1.13%		1.13%		1.17%		1.17%		1.16%		1.15%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%

Total expenses		1.13%⁶		1.13%⁶		1.17%⁶		1.17%		1.16%		1.15%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.10%		1.10%		1.10%		1.10%		1.10%		1.10%

Portfolio turnover rate⁷		30%		75%		150%		211%		155%		229%

31 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

FINANCIAL HIGHLIGHTS Continued

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended March 31, 2019		$1,913,873,337		$1,935,836,450
Year Ended September 30, 2018		$3,795,892,034		$3,836,202,231
Year Ended September 30, 2017		$3,808,381,196		$3,786,725,701
Year Ended September 30, 2016		$2,885,579,349		$2,865,270,817
Year Ended September 30, 2015		$4,772,687,222		$4,772,841,445
Year Ended September 30, 2014		$3,062,315,364		$3,194,025,891

See accompanying Notes to Financial Statements.

32 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


Class Y	Six Months Ended March 31, 2019 (Unaudited)		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015¹		Year Ended September 30, 2014¹

Per Share Operating Data
Net asset value, beginning of period		$4.32		$4.42		$4.50		$4.53		$4.56		$4.58

Income (loss) from investment operations:
Net investment income²		0.05		0.09		0.08		0.07		0.08		0.08
Net realized and unrealized gain (loss)		0.05		(0.08)		(0.07)		(0.01)		(0.01)		0.00³

Total from investment operations		0.10		0.01		0.01		0.06		0.07		0.08

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.07)		(0.11)		(0.09)		(0.09)		(0.10)		(0.10)

Net asset value, end of period		$4.35		$4.32		$4.42		$4.50		$4.53		$4.56



Total Return, at Net Asset Value⁴		2.28%		0.18%		0.29%		1.26%		1.57%		1.78%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$127,661		$90,594		$66,206		$51,914		$48,028		$35,442

Average net assets (in thousands)		$110,266		$80,120		$58,767		$57,294		$40,668		$60,953

Ratios to average net assets:⁵
Net investment income		2.32%		2.09%		1.73%		1.58%		1.72%		1.77%
Expenses excluding specific expenses listed below		0.63%		0.64%		0.68%		0.68%		0.66%		0.66%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%

Total expenses		0.63%⁷		0.64%⁷		0.68%⁷		0.68%		0.66%		0.66%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.50%		0.50%		0.50%		0.50%		0.50%		0.50%

Portfolio turnover rate⁸		30%		75%		150%		211%		155%		229%

33 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

FINANCIAL HIGHLIGHTS Continued

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

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended March 31, 2019		$1,913,873,337		$1,935,836,450
Year Ended September 30, 2018		$3,795,892,034		$3,836,202,231
Year Ended September 30, 2017		$3,808,381,196		$3,786,725,701
Year Ended September 30, 2016		$2,885,579,349		$2,865,270,817
Year Ended September 30, 2015		$4,772,687,222		$4,772,841,445
Year Ended September 30, 2014		$3,062,315,364		$3,194,025,891

See accompanying Notes to Financial Statements.

34 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS March 31, 2019 Unaudited

1. Organization

Oppenheimer Limited-Term Government Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek 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, Class I, Class R 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 and Class R 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 R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and 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 I and 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, C and R shares have, and Class B shares had, separate distribution and/or service plans under which they pay, and Class B shares paid, fees. Class I and Class Y shares do not pay such fees. Previously issued Class B shares automatically converted to Class A shares 72 months after the date of purchase.

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

2. Significant Accounting Policies

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

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

35 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid 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. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

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

36 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

2. Significant Accounting Policies (Continued)

for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2018, 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 September 30, 2018, the Fund did not utilize any capital loss carryforwards to offset capital gains realized in that fiscal year. Capital losses will be carried forward to future years if not offset by gains.

At period end, it is estimated that the capital loss carryforwards would be $51,352,543, 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	$	1,164,687,850
Federal tax cost of other investments		(38,071,878)

Total federal tax cost	$	1,126,615,972

Gross unrealized appreciation	$	12,298,063
Gross unrealized depreciation		(7,487,027)

Net unrealized appreciation	$	4,811,036

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

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

37 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

interim periods within those annual periods. The Manager has evaluated the impacts of these changes on the financial statements and there are no material impacts.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule were effective November 5, 2018, and the Fund’s Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within the Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

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” or “NYSE”) 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:

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

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

38 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

3. Securities Valuation (Continued)

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

Futures contracts and futures options traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

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

Classifications

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

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

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

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

39 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

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


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

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	74,439,064	$	—	$	74,439,064
Mortgage-Backed Obligations		—		600,675,564		—		600,675,564
U.S. Government Obligations		—		382,780,518		—		382,780,518
Short-Term Notes		—		96,092,642		—		96,092,642
Investment Company		16,571,172		—		—		16,571,172

Total Investments, at Value		16,571,172		1,153,987,788		—		1,170,558,960
Other Financial Instruments:
Futures contracts		270,821		—		—		270,821

Total Assets	$	16,841,993	$	1,153,987,788	$	—	$	1,170,829,781


Liabilities Table
Other Financial Instruments:
Futures contracts	$	(1,330,895)	$	—	$	—	$	(1,330,895)

Total Liabilities	$	(1,330,895)	$	—	$	—	$	(1,330,895)

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

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

4. Investments and Risks

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager or an affiliate of the Manager (“Affiliated Funds”). Affiliated Funds are management investment companies registered under the 1940 Act, as amended. Unless otherwise stated, the Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of

40 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

4. Investments and Risks (Continued)

Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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

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


	When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$241,116,449

Sold securities		98,666,642

The Fund may enter into “forward roll” transactions with respect to mortgage-related

41 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.

Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases the Fund’s market value of investments relative to its net assets which can incrementally increase the volatility of the Fund’s performance. Forward roll transactions can be replicated over multiple settlement periods.

Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk.

At period end, the counterparty pledged $1,003,000 of collateral to the Fund for forward roll transactions.

5. Market Risk Factors

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

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

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

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

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

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an

42 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

5. Market Risk Factors (Continued)

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. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

43 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.

The Fund may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $19,803,294 and $317,531,345 on futures contracts purchased and sold, respectively.

Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than

44 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

6. Use of Derivatives (Continued)

as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:

45 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Statement of Assets

and Liabilities Location

Value

Statement of Assets

and Liabilities Location

Value

Interest rate contracts Variation margin receivable

260,060

Variation margin payable

78,669

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Change in Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Futures contracts

Interest rate contracts	$	(2,720,363)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Futures contracts

Interest rate contracts	$	(4,103,872)

7. Shares of Beneficial Interest

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


	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Class A
Sold¹		11,538,611		$	49,859,641			11,504,396		$	50,072,031
Dividends and/or distributions reinvested		1,264,831			5,467,225			2,043,616			8,886,513
Redeemed		(10,702,116	)		(46,220,029	)		(23,730,946	)		(103,315,663	)

Net increase (decrease)		2,101,326		$	9,106,837			(10,182,934	)	$	(44,357,119	)



Class B
Sold		—		$	—			4,765		$	20,911
Dividends and/or distributions reinvested		—			—			2,088			9,124
Redeemed¹		—			—			(408,498	)		(1,784,227	)

Net decrease		—		$	—			(401,645	)	$	(1,754,192	)

46 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

7. Shares of Beneficial Interest (Continued)


	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Class C
Sold		3,069,062		$	13,226,373			2,683,679		$	11,683,153
Dividends and/or distributions reinvested		235,588			1,016,367			353,749			1,537,106
Redeemed		(3,709,653	)		(15,987,209	)		(8,279,259	)		(35,985,797	)

Net decrease		(405,003	)	$	(1,744,469	)		(5,241,831	)	$	(22,765,538	)



Class I
Sold		9,211,991		$	39,773,543			38,786,612		$	168,929,671
Dividends and/or distributions reinvested		1,286,509			5,558,819			2,196,750			9,546,461
Redeemed		(19,946,737	)		(86,107,457	)		(31,873,908	)		(138,639,737	)

Net increase (decrease)		(9,448,237	)	$	(40,775,095	)		9,109,454		$	39,836,395



Class R
Sold		868,272		$	3,748,398			1,567,357		$	6,826,192
Dividends and/or distributions reinvested		70,689			305,310			99,866			433,941
Redeemed		(773,477	)		(3,339,395	)		(1,488,809	)		(6,490,856	)

Net increase		165,484		$	714,313			178,414		$	769,277



Class Y
Sold		20,563,808		$	88,886,227			14,977,654		$	65,250,590
Dividends and/or distributions reinvested		357,845			1,549,382			421,629			1,835,038
Redeemed		(12,559,108	)		(54,319,460	)		(9,407,797	)		(40,956,698	)

Net increase		8,362,545		$	36,116,149			5,991,486		$	26,128,930

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

8. Purchases and Sales of Securities

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


	Purchases		Sales
Investment securities		$81,545,113		$70,285,971

U.S. government and government agency obligations		180,488,169		287,873,275

To Be Announced (TBA) mortgage-related securities		1,913,873,337		1,935,836,450

9. 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:

47 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule

Up to $100 million			0.500%
Next $150 million			0.450
Next $250 million			0.425
Next $4.5 billion			0.400
Over $5 billion			0.380

The Fund’s effective management fee for the reporting period was 0.42% of average annual net assets before any applicable waivers.

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

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

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

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

48 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

9. Fees and Other Transactions with Affiliates (Continued)

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 C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R 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 and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

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

Class A

Class C

Class R

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Six Months Ended

Distributor

March 31, 2019

$16,680

$454

$2,175

$—

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the “Total expenses” for all share classes so that “Expenses after payments, waivers and/ or reimbursements and reduction to custodian expenses”, as a percentage of average annual net assets, will not exceed the following annual rates: 0.80% for Class A shares, 1.60% for

49 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Class C shares, 1.10% for Class R shares and 0.50% for Class Y shares, as calculated on the daily net assets of the Fund. The expense limitations do not include extraordinary expenses, interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:


Class A	$	133,363
Class C		11,752
Class R		2,841
Class Y		69,194

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $7,702 for IGMMF management fees.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of the Sub-Adviser and the Manager, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Sub-Adviser (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Fund’s Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of the Fund to a corresponding, newly formed fund (the “Acquiring Fund”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the Fund as of the close of business on the closing date. Although the Acquiring Fund will be managed by Invesco Advisers, Inc., the Acquiring Fund will, as of the closing date, have the same investment objective and substantially similar principal investment strategies and risks as the Fund. After the Reorganization, Invesco Advisers, Inc. will be the investment adviser to the Acquiring Fund, and the Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company

50 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

11. Pending Acquisition (Continued)

Act of 1940, as amended. The Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

As of 5 p.m. Eastern Standard Time on April 12, 2019, the Reorganization has been approved by shareholders of record of the Fund as of January 14, 2019. Accordingly, if certain other closing conditions are satisfied or waived, the Reorganization is currently expected to close on or about May 24, 2019, or as soon as practicable thereafter. This is subject to change.

51 OPPENHEIMER LIMITED-TERM GOVERNMENT 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. Beginning in April 2019, the Fund will no longer file Form N-Qs and will instead disclose its portfolio holdings monthly on Form N-PORT, which will also be available on the SEC’s website at www.sec.gov.

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.

52 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

DISTRIBUTION SOURCES Unaudited

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

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

Other

Pay

Net Profit

Capital

Fund Name

Date

Net Income

from Sale

Sources

Oppenheimer Limited-Term Government Fund

12/31/18

29.8%

0.0%

70.2%

53 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

OPPENHEIMER LIMITED-TERM GOVERNMENT FUND


Trustees and Officers		Robert J. Malone, Chairman of the Board of Trustees and Trustee
		Andrew J. Donohue, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Peter Strzalkowski, 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		OFI Global Asset Management, Inc.
Servicing Agent

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

Independent Registered		KPMG LLP
Public Accounting Firm

Legal Counsel		Ropes & Gray 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.

54 OPPENHEIMER LIMITED-TERM GOVERNMENT 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.

55 OPPENHEIMER LIMITED-TERM GOVERNMENT FUND

PRIVACY NOTICE Continued

Internet Security and Encryption

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

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

● 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).

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		Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.
Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us
		Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2019 OppenheimerFunds Distributor, Inc. All rights reserved. RS0855.001.0319 May 15, 2019

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 3/31/2019, 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 most recent fiscal half-year 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 Limited-Term Government Fund


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		5/17/2019

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:		5/17/2019


By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		5/17/2019