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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-5867

Oppenheimer Multi-State Municipal Trust

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: 07/31/2009

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Tobacco—Master Settlement Agreement	17.3	%
Hospital/Health Care	15.2
Airlines	8.4
General Obligation	7.0
Water Utilities	6.4
Highways/Commuter Facilities	5.9
Higher Education	5.9
Special Tax	5.6
Adult Living Facilities	3.7
Electric Utilities	3.6

Portfolio holdings are subject to change. Percentages are as of July 31, 2009, and are based on total assets.


Credit Allocation

AAA	9.0	%
AA	10.8
A	18.9
BBB	42.3
BB or lower	19.0

Allocations are subject to change. Percentages are as of July 31, 2009, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 17.66% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

14 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 31, 2009, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.

Management’s Discussion of Fund Performance. The 12-month period ended July 31, 2009, will long be remembered for the credit market’s volatility and illiquidity in its early months and the recovery in municipal bond prices that began in the waning weeks of 2008. Despite the mid-period turnaround, the net asset value (NAV) of Oppenheimer New Jersey Municipal Fund’s Class A shares declined between July 31, 2008, and July 31, 2009, causing the Fund to produce negative total returns. The 1-year total return for Class A shares was -7.63% at NAV and -12.02% at the maximum offering price (or with sales charge). As of July 31, 2009, the Fund’s Class A shares nonetheless provided the highest level of tax-free income among its peer funds, according to Lipper Inc., and more income on a tax-equivalent basis than many corporate fixed-income alternatives. As of July 31, 2009, the distribution yield for the Fund’s Class A shares was 6.60% at NAV.¹

During this reporting period, the Fund distributed 55.5 cents per Class A share, including a small amount of taxable income. The monthly dividend rate for Class A shares rose to 4.7 cents with the May payout, from 4.6 cents. We believe the Fund’s distributions this reporting period demonstrate the benefits of our yield-driven approach to municipal investing.

At the end of this reporting period, the Fund had nearly 260 holdings and an average credit quality of BBB-plus. Despite the broad turmoil in the municipal market in the first half of this reporting period, the default rate for bonds in the portfolio remained within expectations throughout this reporting period.

As the charts on pages 21 to 23 show, the Fund’s total returns were negative this reporting period, the first half of which was characterized at times by sharp declines in equity and credit markets, heightened investor concern about risk, and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities this Fund favors than to the Fund’s benchmark. Because our approach to fund management involves creating broad portfolios with holdings from across the full credit spectrum, this Fund’s performance can be undercut by prolonged cycles of credit spread widening. Widening spreads typically have the greatest negative effect on BBB-rated, lower-rated and unrated securities. The reverse is also true: as spreads tighten, BBB-rated, lower-rated and unrated securities typically outperform other securities. While we believe that this latest cycle of spread widening has run its course, this Fund continues to feel its impact. We still believe that our Fund’s investments offer structural advantages over the long term, and we encourage investors to remain focused on their long-term financial objectives for high levels of tax-free income.

1. Falling share prices artificially increase yields.

15 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Securities issued in the Commonwealth of Puerto Rico represented 30.9% of the Fund’s net assets on July 31, 2009. Most of the Fund’s investments involve “creatures of the state”—that is, securities that are supported by taxes and designed to help finance electric utilities, highways and education. Facing a $3.2 billion budget deficit, Gov. Luis Fortuño signed legislation early this reporting period allowing the Commonwealth to subsidize its operating expenses with money borrowed from its financing arm, the Government Development Bank for Puerto Rico (the GDB). The deficit grew to an estimated $3.4 billion by March 2009 and, one month later, the GDB said that it would offer as much as $4 billion of the proposed new sales-tax bonds. This increase, by the way, represented a clear signal as to the renewed strength of the credit markets, which were deemed to have the capacity for this larger new issuance.

The credit rating agencies continued to view the Commonwealth favorably. When the Puerto Rico Sales Tax Financing Corporation came to market with $3.5 billion in new debt in late June, it was rated A-plus by Standard & Poor’s, A2 by Moody’s Investors Service and A by Fitch Ratings. Existing sales-tax debt had received an upgrade earlier in the period. Additionally, the Commonwealth, its agencies and the GDB retained their investment-grade ratings from S&P and Moody’s this reporting period. (Fitch does not directly rate Puerto Rico’s general obligation debt.)

We remain confident in the Commonwealth’s ability to collect taxes and make its bond payments and believe that Gov. Fortuño, a fiscal conservative, is correctly focused on reducing government spending, eliminating the deficit by fiscal 2013 and growing the island’s economy. At $7.7 billion, the proposed budget for fiscal year 2010 is $1.8 billion smaller than the current budget, a sign that the governor is willing to take harsh steps in the name of fiscal responsibility.

The Fund’s underperformance can be attributed, in part, to its holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for 17.3% of the Fund’s total assets and comprised the Fund’s largest sector.²

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

16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

The sector typically offers high-yielding securities, many of which are prone to price volatility. Widening credit spreads and other market factors (like supply and demand) can contribute to volatility. S&P and Fitch each revised their assessments of this sector during this reporting period, but we do not believe that the prices of “tobacco bonds” were affected consequentially.

In the latter half of this reporting period, media reports focused on two tobacco-related developments: the April 1 increase in cigarette taxes and the President’s signature on the Family Smoking Prevention and Tobacco Control Act, which put the Food and Drug Administration in charge of regulating the making and marketing of cigarettes and other tobacco products.

We do not agree with the analysts who opined that these developments represent new threats to the MSA or the bonds backed by MSA payments. Nor are we concerned about the long-term viability of the MSA. Here’s why: First, consumption trends over the years have largely tracked the forecasts that were built into MSA-backed bonds, and this has been true even as the cost of a pack of cigarettes has steadily risen. There is little reason to believe that the new tax will significantly alter consumers’ smoking habits. Second, putting the FDA in charge of tobacco regulation was strongly advocated by Philip Morris, the country’s leading cigarette manufacturer. We think it unlikely that the company would have backed a plan that it thought would hurt its industry. Further, the company is not alone in believing that smaller companies will have a harder time complying with new regulations and will thus cede share to the market’s leading players. This, in turn, should improve MSA revenues and encourage early redemptions of existing bonds.

We continue to believe that the carefully researched tobacco bonds this Fund owns remain fundamentally sound. As they always have, the tobacco bonds this Fund held during this reporting period made all scheduled interest payments in a timely manner. Thus, these bonds helped the Fund provide significant yield advantages to shareholders.

As of July 31, 2009, the Fund was invested in the hospital/health care sector, representing 15.2% of the Fund’s total assets, and in the water and electric utilities sectors, representing 6.4% and 3.6% of the Fund’s total assets, respectively. Our holdings in these sectors consist of securities in the mid-range of the credit spectrum as well as some insured bonds. The overall fundamentals in these sectors remained stable this reporting period, but widening credit spreads during the first half of the reporting period were detrimental to 12-month performance. Since the beginning of calendar year 2009, these sectors have posted positive results.

Overall, the Rochester investment team believes these sectors can produce long-term value. For example, as of July 31, 2009, the Fund held tax-exempt bonds issued by Port Authority of New York and New Jersey (KIAC). We believe that these securities,

17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

which helped finance power facilities that produce steam and electricity at John F. Kennedy International Airport, demonstrate the benefits of careful due diligence as practiced by our credit research analysts. Calpine Corporation, which owns and operates these facilities, filed for bankruptcy protection in late 2005, a move that triggered concerns among bondholders about potential interruptions to debt service.³When Calpine emerged from bankruptcy late in 2007, it affirmed the lease on its facilities, erasing any lingering concerns about its intentions to honor these bond agreements. In April 2009, this Fund invested in these bonds, which have a coupon of 6.75% and were yielding, at purchase, 11.00% to an average life of 7.5 years. We believe this investment reflects the strength of Rochester’s yield-driven, team-oriented and security-specific approach.

The Fund’s airline holdings represented 8.4% of total assets as of July 31, 2009. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance and, as a result, these bonds offer investors valuable collateral. Fuel costs, which had peaked at $147 a barrel in July 2008, fell back considerably by the end of this reporting period. However, both Moody’s and S&P remain pessimistic about industry economics, and bond prices remained volatile this reporting period. As a result, the sector was detrimental to Fund performance this reporting period. Our experience in this sector nonetheless leads us to believe that most issuers of airline-backed securities in this Fund will remain current with the principal and interest payments, as they have done in the past.

The Fund’s holdings include securities insured by Ambac Assurance Corporation, which lost its investment-grade status when it was re-assessed by S&P and Moody’s late in this reporting period. The downgrades reflected the credit rating agencies’ concerns that policyholder’s surplus at Ambac—that is, the amount by which assets exceed liabilities—could limit Ambac’s ability to pay claims should an underlying bond miss a scheduled payment of interest or principal. Most of the underlying bonds of our Ambac-insured holdings have investment-grade ratings or have been deemed to be investment-grade equivalents by our in-house credit team. We remain confident that these bonds should exhibit the same credit qualities as similar investment-grade securities. As of July 31, 2009, 7.23% of the Fund’s total assets were insured by Ambac. Typically, when an insurer is downgraded, the market for its bonds becomes more limited; funds

3. This Fund was not among the Oppenheimer Rochester municipal bond funds that were invested in these bonds during the bankruptcy proceedings but first became a bondholder in April 2009. At the time, this Fund was aware that other Oppenheimer Rochester funds had received all scheduled principal and interest payments throughout Calpine’s bankruptcy proceedings.

18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

that can only hold investment-grade securities may be required to sell their holdings. At OppenheimerFunds/Rochester, however, we continue to believe that insured bonds can play a vital role in creating shareholder value over the long term.

During this reporting period, the Fund remained invested in municipal inverse-floating-rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. These “inverse floaters” generally offer higher tax-free yields than fixed-rate bonds of comparable maturity and credit quality, but they often face greater price volatility, too. When the short-term market faced unprecedented turmoil in the first half of this reporting period, the income that muni funds across the industry earned from this type of security was diminished. We continue to believe that “inverse floaters” belong in our fund portfolios because they produce attractive yields under most market conditions.

Other floating-rate bonds performed poorly this reporting period as short-term variable rates declined.

Additionally, the Fund’s line of credit increased partway through this reporting period. The Fund used its line of credit at times to avoid having to sell tax-free assets at lower-than-acceptable prices. The Fund also used it opportunistically to buy yield-enhancing securities.

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

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2009. In the case of Class A, Class B and Class C shares, performance is measured over a ten-year period. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. The Fund’s performance reflects the effects of the Fund’s business and operating expenses. 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 in the index.

20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

The 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. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 24 for further information.

21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES

Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

This annual report must be preceded or accompanied by the current prospectus of Oppenheimer New Jersey Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.

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

Class A shares of the Fund were first publicly offered on 3/1/94. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%.

Class B shares of the Fund were first publicly offered on 3/1/94. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 8/29/95. Unless otherwise noted, Class C returns include the applicable 1% contingent deferred sales charge for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2009.

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 Period” 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 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), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of

25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND EXPENSES Continued

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.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	February 1, 2009		July 31, 2009		July 31, 2009

Actual
Class A	$	1,000.00	$	1,182.80	$	11.20
Class B		1,000.00		1,179.00		15.88
Class C		1,000.00		1,178.00		15.49

Hypothetical (5% return before expenses)
Class A		1,000.00		1,014.58		10.34
Class B		1,000.00		1,010.31		14.66
Class C		1,000.00		1,010.66		14.31

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 31, 2009 are as follows:


Class	Expense Ratios

Class A		2.06	%
Class B		2.92
Class C		2.85

The expense ratios reflect reduction to custodian expenses. 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.

26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2009


Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—129.7%
New Jersey—93.2%
$	445,000	Atlantic County, NJ Utilities Authority Solid Waste¹		7.125	%		03/01/2016	$	443,305
	3,755,000	Bayonne, NJ Parking Authority (City Parking)¹		5.000			06/15/2027		2,764,581
	6,065,000	Bayonne, NJ Redevel. Agency¹		7.625			04/01/2038		6,405,671
	545,000	Bayonne, NJ Redevel. Agency (Royal Caribbean)¹		4.750			11/01/2016		396,526
	10,000	Bergen County, NJ HDC¹		6.750			10/01/2018		10,021
	75,000	Bergen County, NJ Utilities Authority¹		5.500			12/15/2016		75,217
	20,000	Berkeley, NJ HFC (Bayville Hsg.)¹		5.750			08/01/2014		20,042
	3,000,000	Burlington County, NJ Bridge Commission Economic Devel. (The Evergreens)¹		5.625			01/01/2038		2,040,570
	75,000	Camden County, NJ PCFA (Camden County Energy Recovery Associates)		7.500			12/01/2009		74,838
	415,000	Camden County, NJ PCFA (Camden County Energy Recovery Associates)		7.500			12/01/2010		414,444
	25,000	Essex County, NJ Improvement Authority (Mt. Carmel Towers)¹		4.850			11/01/2032		23,118
	20,000	Essex County, NJ Improvement Authority (Sportsplex)		5.625			10/01/2023		20,007
	105,000	Essex County, NJ Improvement Authority (Sportsplex)		5.625			10/01/2027		105,008
	945,000	Gloucester County, NJ HDC (Colonial Park)¹		6.200			09/15/2011		925,760
	5,000	Gloucester County, NJ Utilities Authority¹		5.125			01/01/2013		5,015
	3,860,000	Hudson County, NJ Solid Waste Improvement Authority (Koppers Site)¹		6.125			01/01/2029		3,093,790
	1,000,000	Hudson County, NJ Solid Waste Improvement Authority, Series 1¹		6.000			01/01/2029		781,940
	5,000	Jackson, NJ Township Municipal Utilities Authority¹		5.500			12/01/2015		5,028
	35,000	Middlesex County, NJ Improvement Authority (Edison Township)¹		5.650			09/15/2011		35,135
	825,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)¹		5.000			01/01/2015		652,724
	500,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)¹		5.000			01/01/2020		296,745
	2,535,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)¹		5.000			01/01/2032		1,429,461
	1,100,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)¹		5.125			01/01/2037		606,298
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)¹		5.500			09/01/2030		18,926
	35,000	Morris-Union, NJ Joint Commission COP²		7.300			08/01/2009		35,000
	35,000	New Brunswick, NJ Hsg. & Urban Devel. Authority¹		5.500			08/01/2011		35,113
	50,000	Newark, NJ Hsg. Authority (Lock Street Urban Renewal Partnership)¹		6.400			01/20/2034		51,040
	2,250,000	Newark, NJ Hsg. Authority (South Ward Police Facility)¹		6.750			12/01/2038		2,410,560

F1 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	2,045,000	NJ EDA (American Airlines)		7.100	%		11/01/2031	$	796,285
	3,060,000	NJ EDA (Applewood Estates)¹		5.000			10/01/2035		2,190,929
	50,000	NJ EDA (Bristol Glen)¹		5.750			07/01/2029		37,893
	1,045,000	NJ EDA (Cadbury at Cherry Hill)¹		5.500			07/01/2018		869,764
	25,000	NJ EDA (Cadbury at Cherry Hill)¹		5.500			07/01/2028		17,055
	10,000	NJ EDA (Cigarette Tax)¹		5.625			06/15/2017		9,627
	25,000	NJ EDA (Consumers New Jersey Water Company)¹		5.100			09/01/2032		21,213
	580,000	NJ EDA (Continental Airlines)¹		5.500			04/01/2028		318,298
	17,590,000	NJ EDA (Continental Airlines)¹		6.250			09/15/2019		13,625,566
	4,375,000	NJ EDA (Continental Airlines)¹		6.250			09/15/2029		3,017,831
	7,240,000	NJ EDA (Continental Airlines)¹		6.400			09/15/2023		5,373,094
	3,940,000	NJ EDA (Continental Airlines)¹		6.625			09/15/2012		3,626,061
	11,430,000	NJ EDA (Continental Airlines)¹		7.000			11/15/2030		8,579,815
	9,475,000	NJ EDA (Continental Airlines)¹		9.000			06/01/2033		8,770,250
	5,000,000	NJ EDA (Converted Organics of Woodbridge)³		8.000			08/01/2002		3,246,900
	3,100,000	NJ EDA (Cranes Mill)¹		5.100			06/01/2027		2,438,553
	160,000	NJ EDA (Dept. of Human Services)¹		6.250			07/01/2024		164,584
	115,000	NJ EDA (Devereux Foundation)¹		5.450			05/01/2027		107,780
	2,610,000	NJ EDA (Elizabethtown Water Company)¹		5.600			12/01/2025		2,509,880
	2,999,948	NJ EDA (Empowerment Zone-Cumberland)³		7.750			08/01/2021		1,609,502
	6,000,000	NJ EDA (GMT Realty)¹		6.875			01/01/2037		4,577,520
	25,000	NJ EDA (Greater New York Councils Boy Scouts of America)¹		5.450			09/01/2023		25,003
	425,000	NJ EDA (Hackensack Water Company)¹		5.900			03/01/2024		424,562
	18,650,000	NJ EDA (Hamilton Care)¹		6.650			11/01/2037		13,956,355
	3,100,000	NJ EDA (JVG Properties)¹		5.375			03/01/2019		3,075,820
	2,500,000	NJ EDA (Kapkowski Road Landfill)¹		6.500			04/01/2031		1,886,350
	130,000	NJ EDA (Keswick Pines)¹		5.600			01/01/2012		127,446
	75,000	NJ EDA (Keswick Pines)¹		5.750			01/01/2024		57,727
	40,000	NJ EDA (Kullman Associates)¹		6.125			06/01/2018		30,611
	130,000	NJ EDA (Kullman Associates)¹		6.750			07/01/2019		107,695
	160,000	NJ EDA (Leisure Park)¹		5.875			12/01/2027		120,970
	810,000	NJ EDA (Lions Gate)¹		5.750			01/01/2025		674,236
	1,345,000	NJ EDA (Lions Gate)¹		5.875			01/01/2037		1,007,970
	30,000	NJ EDA (Manchester Manor)¹		6.700			08/01/2022		30,030
	1,000,000	NJ EDA (Marcus L. Ward Home)¹		5.750			11/01/2024		924,360
	1,200,000	NJ EDA (Marcus L. Ward Home)¹		5.800			11/01/2031		1,067,004
	2,280,000	NJ EDA (Masonic Charity Foundation of New Jersey)¹		5.500			06/01/2031		2,121,107
	90,000	NJ EDA (Metromall Urban Renewal)¹		6.500			04/01/2031		67,234
	525,000	NJ EDA (Middlesex Water Company)¹		5.250			10/01/2023		505,166

F2 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	1,100,000	NJ EDA (Middlesex Water Company)¹		5.250	%		02/01/2029	$	981,552
	770,000	NJ EDA (Middlesex Water Company)¹		5.350			02/01/2038		670,062
	5,000	NJ EDA (New Jersey American Water Company)¹		5.250			11/01/2032		4,330
	2,800,000	NJ EDA (New Jersey American Water Company)¹		5.250			07/01/2038		2,349,228
	255,000	NJ EDA (New Jersey American Water Company)¹		5.350			06/01/2023		255,036
	150,000	NJ EDA (New Jersey American Water Company)¹		5.350			06/01/2023		150,047
	4,685,000	NJ EDA (New Jersey American Water Company)¹		5.375			05/01/2032		4,133,529
	1,020,000	NJ EDA (New Jersey American Water Company)¹		5.500			06/01/2023		986,371
	11,855,000	NJ EDA (New Jersey American Water Company)¹		5.950			11/01/2029		11,501,128
	1,350,000	NJ EDA (New Jersey American Water Company)¹		6.000			05/01/2036		1,269,621
	7,395,000	NJ EDA (New Jersey American Water Company)¹		6.875			11/01/2034		7,396,627
	120,000	NJ EDA (New Jersey Natural Gas Company)¹		5.000			12/01/2038		98,692
	10,000	NJ EDA (New Jersey Transit Corp.)¹		5.750			12/15/2017		10,031
	30,000	NJ EDA (New Jersey Transit Corp.)¹		5.750			12/15/2017		30,094
	400,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2027		329,464
	700,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2037		522,956
	3,995,000	NJ EDA (Nui Corp.)¹		5.250			11/01/2033		3,014,627
	8,000,000	NJ EDA (Pingry School)¹		5.000			11/01/2038		5,377,760
	115,000	NJ EDA (Public Service Electric and Gas)¹		6.400			05/01/2032		115,017
	1,165,000	NJ EDA (Reformed Church Ministries to the Aging The Particulare Synod Mid-Atlantics)¹		5.375			12/01/2018		981,722
	18,080,000	NJ EDA (School Facilities Construction)⁴		5.125			03/01/2028		18,461,669
	36,180,000	NJ EDA (School Facilities Construction)⁴		5.125			03/01/2030		36,695,384
	1,215,000	NJ EDA (St. Francis Life Care Corp.)¹		5.700			10/01/2017		1,066,661
	2,230,000	NJ EDA (St. Francis Life Care Corp.)¹		5.750			10/01/2023		1,731,617
	10,000	NJ EDA (The Presbyterian Home at Montgomery)¹		6.250			11/01/2020		8,547
	115,000	NJ EDA (The Presbyterian Home at Montgomery)¹		6.375			11/01/2031		88,364
	20,000	NJ EDA (United Methodist Homes of New Jersey)¹		5.125			07/01/2018		16,627
	5,000	NJ EDA (United Methodist Homes of New Jersey)¹		7.100			07/01/2010		4,954
	25,000	NJ EDA (United Methodist Homes of New Jersey)¹		7.200			07/01/2010		25,000
	2,500,000	NJ EDA Retirement Community (Seabrook Village)¹		5.250			11/15/2026		1,934,550
	3,500,000	NJ EDA Retirement Community (Seabrook Village)¹		5.250			11/15/2036		2,459,870
	625,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D¹		5.250			07/01/2032		539,506
	17,000,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D¹		6.000			07/01/2025		16,921,460
	5,000	NJ Educational Facilities Authority (Jersey City State College)¹		6.250			07/01/2010		5,020

F3 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	5,000	NJ Educational Facilities Authority (Stevens Institute of Technology)¹		5.000	%		07/01/2018	$	5,299
	4,250,000	NJ Educational Facilities Authority (Stevens Institute of Technology)¹		5.000			07/01/2034		3,659,718
	475,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)¹		6.150			07/01/2020		414,742
	750,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)¹		6.375			07/01/2025		629,175
	565,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)¹		6.625			07/01/2035		444,779
	5,245,000	NJ Health Care Facilities Financing Authority (Bayonne Hospital)¹		6.250			07/01/2012		5,168,790
	39,155,000	NJ Health Care Facilities Financing Authority (CHE/MM/MC Obligated Group)¹		1.392	⁵		11/15/2033		25,068,989
	1,000,000	NJ Health Care Facilities Financing Authority (Children’s Specialized Hospital)¹		5.500			07/01/2036		811,070
	60,000	NJ Health Care Facilities Financing Authority (Chilton Memorial Hospital)¹		5.000			07/01/2013		60,028
	50,000	NJ Health Care Facilities Financing Authority (CoMC/KMCC Obligated Group)¹		5.500			07/01/2017		50,011
	35,000	NJ Health Care Facilities Financing Authority (CoMC/KMCC Obligated Group)¹		5.500			07/01/2027		32,263
	7,000,000	NJ Health Care Facilities Financing Authority (Deborah Heart & Lung Center)¹		6.300			07/01/2023		6,961,080
	750,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)¹		5.300			11/01/2026		546,728
	1,000,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)¹		5.375			11/01/2036		660,940
	1,260,000	NJ Health Care Facilities Financing Authority (Holy Name Hospital)¹		5.000			07/01/2036		927,562
	5,485,000	NJ Health Care Facilities Financing Authority (Jersey Shore University Medical Center)¹		6.750			07/01/2019		5,491,143
	50,000	NJ Health Care Facilities Financing Authority (Palisades Medical Center)¹		5.200			07/01/2019		39,639
	435,000	NJ Health Care Facilities Financing Authority (Palisades Medical Center)¹		5.250			07/01/2028		289,162
	1,395,666	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)³		5.125			07/01/2018		35,729
	5,616,796	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)³		5.125			07/01/2028		143,790
	131,636	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)³		6.625			07/01/2036		3,370
	1,000,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)¹		7.250			07/01/2014		951,460

F4 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	9,830,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)¹		7.250	%		07/01/2027	$	8,270,372
	25,000	NJ Health Care Facilities Financing Authority (Society of the Valley Hospital)		5.375			07/01/2025		22,510
	10,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)¹		5.500			07/01/2023		6,648
	70,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)¹		5.500			07/01/2033		38,546
	250,000	NJ Health Care Facilities Financing Authority (South Jersey Hospital System)¹		5.000			07/01/2036		221,358
	37,955,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp./St. Barnabas Medical Center Obligated Group)		6.250	⁶		07/01/2030		6,347,594
	45,000	NJ Health Care Facilities Financing Authority (St. Barnabas)¹		5.000			07/01/2024		35,512
	10,000,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)¹		6.625			07/01/2038		8,453,300
	500,000	NJ Health Care Facilities Financing Authority (St. Peter’s University Hospital/Margaret McLaughlin McCarrick Care Center Obligated Group)¹		6.875			07/01/2020		502,970
	1,050,000	NJ Health Care Facilities Financing Authority (St. Peter’s University Hospital/Margaret McLaughlin McCarrick Care Center Obligated Group)¹		6.875			07/01/2030		1,033,347
	50,000	NJ Health Care Facilities Financing Authority (THGS/THGSF Obligated Group)¹		5.200			07/01/2031		38,918
	2,000,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital)¹		5.250			07/01/2030		1,490,360
	5,880,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)¹		5.250			07/01/2030		4,381,658
	15,000	NJ HFA¹		5.250			11/01/2015		15,022
	30,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		5.250			06/01/2018		30,121
	80,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		5.300			06/01/2017		80,342
	330,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		6.000			06/01/2015		337,960
	30,000,000	NJ Higher Education Student Assistance Authority (Student Loans)⁴		6.125			06/01/2030		30,210,278
	10,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		6.150			06/01/2019		10,169
	85,000	NJ Hsg. & Mtg. Finance Agency (Homebuyer)¹		5.150			10/01/2018		86,073
	2,145,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		4.900			11/01/2026		2,009,179
	1,000,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		5.000			11/01/2036		908,400

F5 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	225,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		5.150	%		11/01/2030	$	216,272
	45,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		5.400			11/01/2017		45,070
	10,000,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)⁴		4.550			10/01/2022		9,573,574
	5,000,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)⁴		4.625			10/01/2027		4,491,525
	370,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)¹		4.800			10/01/2047		317,479
	4,500,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)⁴		5.000			10/01/2037		4,131,225
	5,970,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)⁴		5.375			04/01/2030		5,907,166
	2,225,000	NJ Hsg. & Mtg. Finance Agency, Series A¹		4.850			11/01/2039		1,965,543
	1,910,000	NJ Hsg. & Mtg. Finance Agency, Series A¹		4.950			11/01/2048		1,686,473
	130,000	NJ Hsg. & Mtg. Finance Agency, Series A¹		5.550			05/01/2027		129,992
	1,525,000	NJ Hsg. & Mtg. Finance Agency, Series M¹		5.000			10/01/2036		1,382,367
	55,000	NJ Hsg. & Mtg. Finance Agency, Series T¹		5.600			04/01/2017		55,158
	75,000	NJ Hsg. & Mtg. Finance Agency, Series U¹		5.550			10/01/2011		75,226
	750,000	NJ Hsg. & Mtg. Finance Agency, Series U¹		5.850			04/01/2029		750,390
	200,000	NJ South Jersey Port Corp.¹		5.250			01/01/2030		180,508
	17,245,000	NJ Tobacco Settlement Financing Corp.¹		4.500			06/01/2023		14,796,210
	48,000,000	NJ Tobacco Settlement Financing Corp.¹		4.625			06/01/2026		33,254,880
	30,035,000	NJ Tobacco Settlement Financing Corp.¹		4.750			06/01/2034		17,519,716
	11,585,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2029		7,887,184
	200,950,000	NJ Tobacco Settlement Financing Corp.		5.812	⁶		06/01/2041		7,824,993
	417,450,000	NJ Tobacco Settlement Financing Corp.		6.292	⁶		06/01/2041		18,351,102
	15,000	NJ Wastewater Treatment¹		5.200			09/01/2010		15,054
	20,000	Pompton Lakes, NJ School District¹		5.500			08/01/2009		20,000
	1,535,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022		1,412,661
	5,485,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		4,896,789
	2,650,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2011		2,638,738
	3,605,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		2,905,378
	9,235,000	Port Authority NY/NJ, 127th Series⁴		5.250			12/15/2032		9,193,464
	10,500,000	Port Authority NY/NJ, 143rd Series⁴		5.000			10/01/2030		10,199,018
	20,000	Riverside, NJ Township GO²		5.450			12/01/2010		20,054
	215,000	Salem County, NJ IPCFA (Atlantic City Electric Company)¹		5.600			11/01/2025		215,002
	60,000	Salem County, NJ IPCFA (Atlantic City Electric Company)¹		5.600			11/01/2025		60,001
	1,440,000	Salem County, NJ IPCFA (Public Service Electric & Gas)¹		5.750			04/01/2031		1,358,280
	65,000	Union County, NJ Improvement Authority (Linden Airport)¹		5.000			03/01/2028		58,718
	50,000	Union County, NJ Utilities Authority (County Deficiency)¹		5.000			06/15/2028		46,419
	50,000	Union County, NJ Utilities Authority (County Deficiency)¹		5.000			06/15/2028		50,230

F6 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	15,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.000	%		06/01/2016	$	14,688
	1,770,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.000			06/01/2023		1,586,009
	185,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.350			06/01/2023		172,405
	185,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.375			06/01/2018		181,032
	350,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.375			06/01/2019		340,704
	120,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.375			06/01/2020		115,324

									514,399,177
U.S. Possessions—36.5%
	5,570,000	Guam GO¹		5.125			11/15/2027		4,681,808
	1,455,000	Guam GO¹		5.400			11/15/2018		1,236,925
	400,000	Guam GO¹		6.750			11/15/2029		402,096
	600,000	Guam GO¹		7.000			11/15/2039		601,872
	2,500,000	Guam Government Waterworks Authority & Wastewater System¹		5.875			07/01/2035		2,215,725
	3,900,000	Guam Government Waterworks Authority & Wastewater System¹		6.000			07/01/2025		3,629,613
	50,000	Guam Power Authority, Series A¹		5.125			10/01/2029		41,911
	395,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2017		351,052
	4,625,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2030		3,351,275
	300,000	Northern Mariana Islands Commonwealth, Series A¹		6.750			10/01/2033		271,143
	1,200,000	Northern Mariana Islands Ports Authority, Series A¹		5.500			03/15/2031		797,748
	3,145,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		2,096,551
	2,500,000	Puerto Rico Aqueduct & Sewer Authority¹		0.000	⁷		07/01/2024		2,008,050
	10,000,000	Puerto Rico Aqueduct & Sewer Authority⁴		5.125			07/01/2047		9,642,608
	5,200,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		3,731,364
	3,000,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		2,145,600
	26,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.031	⁶		05/15/2055		303,420
	350,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2025		307,227
	50,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2026		43,670
	4,685,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2034		3,960,371
	3,170,000	Puerto Rico Commonwealth GO¹		5.125			07/01/2031		2,760,943
	945,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030		839,510
	1,750,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2031		1,550,185
	950,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032		840,304
	11,035,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2034		9,674,936

F7 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	6,200,000	Puerto Rico Electric Power Authority, Series UU¹		1.080	%⁵		07/01/2025	$	3,073,650
	20,500,000	Puerto Rico Electric Power Authority, Series UU¹		1.100	⁵		07/01/2031		10,080,875
	810,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.000			07/01/2042		668,355
	16,000,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250			07/01/2038		13,909,280
	41,000,000	Puerto Rico Highway & Transportation Authority, Series N¹		0.930	⁵		07/01/2045		21,227,750
	450,000	Puerto Rico Highway & Transportation Authority, Series N¹		5.250			07/01/2039		388,854
	1,000,000	Puerto Rico Infrastructure¹		5.000			07/01/2027		866,340
	5,000,000	Puerto Rico Infrastructure¹		5.000			07/01/2037		4,044,800
	5,000,000	Puerto Rico Infrastructure¹		5.000			07/01/2037		4,044,800
	9,750,000	Puerto Rico Infrastructure¹		5.000			07/01/2041		7,802,535
	20,100,000	Puerto Rico Infrastructure¹		5.000			07/01/2046		15,911,562
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		653,567
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2019		89,985
	555,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2029		439,704
	1,710,000	Puerto Rico ITEMECF (Cogeneration Facilities)¹		6.625			06/01/2026		1,711,573
	205,000	Puerto Rico ITEMECF (Dr. Pila Hospital)¹		6.250			08/01/2032		205,008
	1,000,000	Puerto Rico ITEMECF (Polytechnic University)¹		5.000			08/01/2032		683,190
	265,000	Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxillio Obligated Group)¹		6.250			07/01/2024		265,061
	500,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2024		454,045
	3,250,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2025		2,933,385
	18,350,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		7,380,003
	80,000	Puerto Rico Port Authority, Series D¹		6.000			07/01/2021		80,014
	265,000	Puerto Rico Public Buildings Authority¹		5.125			07/01/2024		237,281
	4,535,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2029		3,975,336
	305,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2033		258,704
	200,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2025		208,516
	1,530,000	Puerto Rico Public Buildings Authority, Series D¹		5.250			07/01/2036		1,286,577
	9,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁴		5.250			08/01/2057		8,754,720
	14,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁴		5.750			08/01/2057		14,353,150
	1,000,000	University of Puerto Rico¹		5.000			06/01/2025		901,460
	3,350,000	University of Puerto Rico¹		5.000			06/01/2025		3,019,891
	3,000,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030		2,563,110
	150,000	University of V.I., Series A¹		5.250			12/01/2023		140,231
	710,000	University of V.I., Series A¹		5.375			06/01/2034		612,148
	1,000,000	University of V.I., Series A¹		6.000			12/01/2024		784,590

F8 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	40,000	University of V.I., Series A¹		6.250	%		12/01/2029	$	30,430
	40,000	V.I. HFA, Series A¹		6.500			03/01/2025		40,022
	5,000,000	V.I. Public Finance Authority (Hovensa Coker)¹		6.500			07/01/2021		4,973,050
	1,515,000	V.I. Public Finance Authority, Series A¹		6.375			10/01/2019		1,530,665
	325,000	V.I. Public Finance Authority, Series E¹		5.875			10/01/2018		318,087
	2,500,000	V.I. Public Finance Authority, Series E¹		6.000			10/01/2022		2,389,400
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.500	⁶		05/15/2035		79,926
	2,050,000	V.I. Tobacco Settlement Financing Corp.		6.875	⁶		05/15/2035		126,116
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.625	⁶		05/15/2035		164,331
	175,000	V.I. Water & Power Authority¹		5.300			07/01/2021		150,764

									201,298,748

Total Municipal Bonds and Notes (Cost $897,520,153)									715,697,925


Units			Strike Price		Expiration

Rights, Warrants, and Certificates—0.0%
	652,688	Converted Organics, Inc. Wts. (Cost $0)	$	11.000		02/13/2012		195,806

Total Investments, at Value (Cost $897,520,153)—129.7%								715,893,731
Liabilities in Excess of Other Assets—(29.7)								(164,121,929	)


Net Assets—100.0%							$	551,771,802

Footnotes to Statement of Investments

1.		All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.

2.		Illiquid security. The aggregate value of illiquid securities as of July 31, 2009 was $55,054, which represents 0.01% of the Fund’s net assets. See Note 5 of accompanying Notes.

3.		Issue is in default. See Note 1 of accompanying Notes.

4.		Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.

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

6.		Zero coupon bond reflects effective yield on the date of purchase.

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

F9 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 31, 2009 based on valuation input level:


					Level 3-
	Level 1-		Level 2-		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Municipal Bonds and Notes
New Jersey	$	—	$	514,399,177	$	—	$	514,399,177
U.S. Possessions		—		201,298,748		—		201,298,748
Rights, Warrants, and Certificates		195,806		—		—		195,806

Total Assets	$	195,806	$	715,697,925	$	—	$	715,893,731

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.

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


CHE		Catholic Health East
COP		Certificates of Participation
CoMC		Community Medical Center
DRIVERS		Derivative Inverse Tax Exempt Receipts
EDA		Economic Devel. Authority
GO		General Obligation
HDC		Housing Devel. Corp.
HFA		Housing Finance Agency
HFC		Housing Finance Corp.
IPCFA		Industrial Pollution Control Financing Authority
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK		John Fitzgerald Kennedy
KMCC		Kensington Manor Care Center
MC		McCauley Center
MM		Mercy Medical
NY/NJ		New York/New Jersey
PCFA		Pollution Control Finance Authority
ROLs		Residual Options Longs
SEAM		Sociedad Espanola de Auxilio Mutuo
TASC		Tobacco Settlement Asset-Backed Bonds
THGS		The House of the Good Shepard
THGSF		The House of the Good Shepard Foundation
V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

F10 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2009


Assets
Investments, at value (cost $897,520,153)—see accompanying statement of investments	$	715,893,731
Cash		541,014
Receivables and other assets:
Interest		8,110,227
Shares of beneficial interest sold		745,696
Investments sold		5,000
Other		363,388

Total assets		725,659,056

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		111,325,000
Payable on borrowings (See Note 6)		60,900,000
Shares of beneficial interest redeemed		847,279
Dividends		308,470
Investments purchased		105,054
Trustees’ compensation		83,945
Distribution and service plan fees		67,294
Shareholder communications		28,698
Interest expense on borrowings		28,010
Transfer and shareholder servicing agent fees		26,365
Other		167,139

Total liabilities		173,887,254

Net Assets	$	551,771,802


Composition of Net Assets
Paid-in capital	$	782,352,055
Accumulated net investment income		5,298,332
Accumulated net realized loss on investments		(54,252,163	)
Net unrealized depreciation on investments		(181,626,422	)


Net Assets	$	551,771,802

F11 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share

Class A Shares:
Net asset value and redemption price per share (based on net assets of $361,112,699 and 41,833,889 shares of beneficial interest outstanding)	$	8.63
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	9.06

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $37,076,492 and 4,288,691 shares of beneficial interest outstanding)	$	8.65

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $153,582,611 and 17,776,703 shares of beneficial interest outstanding)	$	8.64

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2009


Investment Income
Interest	$	51,417,171
Other income		396

Total investment income		51,417,567

Expenses
Management fees		2,906,963
Distribution and service plan fees:
Class A		513,679
Class B		350,330
Class C		1,303,205
Transfer and shareholder servicing agent fees:
Class A		172,204
Class B		44,179
Class C		99,233
Shareholder communications:
Class A		21,386
Class B		9,583
Class C		19,050
Borrowing fees		3,250,078
Interest expense and fees on short-term floating rate notes issued (See Note 1)		2,731,196
Interest expense on borrowings		1,608,930
Trustees’ compensation		23,508
Custodian fees and expenses		7,766
Other		119,052

Total expenses		13,180,342
Less reduction to custodian expenses		(965	)

Net expenses		13,179,377

Net Investment Income		38,238,190

Realized and Unrealized Loss
Net realized loss on investments		(29,157,553	)
Net change in unrealized depreciation on investments		(75,259,531	)

Net Decrease in Net Assets Resulting from Operations	$	(66,178,894	)

See accompanying Notes to Financial Statements.

F13 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


Year Ended July 31,	2009			2008

Operations
Net investment income	$	38,238,190		$	39,061,867
Net realized loss		(29,157,553	)		(23,834,879	)
Net change in unrealized depreciation		(75,259,531	)		(121,570,462	)

Net decrease in net assets resulting from operations		(66,178,894	)		(106,343,474	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(23,337,815	)		(26,304,136	)
Class B		(2,253,792	)		(2,582,285	)
Class C		(8,447,046	)		(8,530,712	)

		(34,038,653	)		(37,417,133	)

Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Class A		(39,552,338	)		(27,574,196	)
Class B		(8,320,135	)		(9,377,328	)
Class C		(3,873,039	)		(10,784,825	)

		(51,745,512	)		(47,736,349	)

Net Assets
Total decrease		(151,963,059	)		(191,496,956	)
Beginning of period		703,734,861			895,231,817


End of period (including accumulated net investment income of $5,298,332 and $1,223,631, respectively)	$	551,771,802		$	703,734,861

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2009


Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(66,178,894	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(81,107,493	)
Proceeds from disposition of investment securities		127,986,294
Short-term investment securities, net		32,477,684
Premium amortization		1,204,768
Discount accretion		(7,719,501	)
Net realized loss on investments		29,157,553
Net change in unrealized depreciation on investments		75,259,531
Decrease in interest receivable		728,232
Decrease in receivable for securities sold		197,091
Increase in other assets		(296,883	)
Decrease in payable for securities purchased		(10,784,784	)
Increase in payable for accrued expenses		22,640

Net cash provided by operating activities		100,946,238

Cash Flows from Financing Activities
Proceeds from bank borrowings		275,700,000
Payments on bank borrowings		(251,300,000	)
Payments on short-term floating rate notes issued		(39,185,000	)
Proceeds from shares sold		98,057,935
Payments on shares redeemed		(170,826,442	)
Cash distributions paid		(13,321,316	)

Net cash used in financing activities		(100,874,823	)
Net increase in cash		71,415
Cash, beginning balance		469,599

Cash, ending balance	$	541,014

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $21,193,579.

Cash paid for interest on bank borrowings—$1,654,435.

Cash paid for interest on short-term floating rate notes issued—$2,731,196.

See accompanying Notes to Financial Statements.

F15 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A Year Ended July 31,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	10.00		$	11.98		$	11.90		$	12.03		$	10.76

Income (loss) from investment operations:
Net investment income¹		.61			.57			.52			.55			.62
Net realized and unrealized gain (loss)		(1.42	)		(2.01	)		.09			(.09	)		1.32

Total from investment operations		(.81	)		(1.44	)		.61			.46			1.94

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.56	)		(.54	)		(.53	)		(.59	)		(.67	)


Net asset value, end of period	$	8.63		$	10.00		$	11.98		$	11.90		$	12.03


Total Return, at Net Asset Value²		(7.63	)%		(12.20	)%		5.13	%		3.93	%		18.46	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	361,113		$	467,974		$	591,238		$	371,295		$	200,831

Average net assets (in thousands)	$	352,897		$	526,573		$	486,782		$	287,248		$	133,634

Ratios to average net assets:³
Net investment income		7.40	%		5.20	%		4.32	%		4.67	%		5.41	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.67	%		0.84	%		0.82	%		0.90	%		0.91	%
Interest and fees on short-term floating rate notes issued⁴		0.51	%		0.70	%		0.62	%		0.63	%		0.35	%

Total expenses		2.18	%		1.54	%		1.44	%		1.53	%		1.26	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.18	%		1.54	%		1.44	%		1.47	%		1.06	%

Portfolio turnover rate		14	%		31	%		18	%		19	%		7	%


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

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

3.		Annualized for periods less than one full year.

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

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Class B Year Ended July 31,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	10.02		$	11.99		$	11.91		$	12.05		$	10.78

Income (loss) from investment operations:
Net investment income¹		.54			.48			.43			.47			.54
Net realized and unrealized gain (loss)		(1.43	)		(1.99	)		.08			(.11	)		1.31

Total from investment operations		(.89	)		(1.51	)		.51			.36			1.85

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.48	)		(.46	)		(.43	)		(.50	)		(.58	)


Net asset value, end of period	$	8.65		$	10.02		$	11.99		$	11.91		$	12.05


Total Return, at Net Asset Value²		(8.39	)%		(12.81	)%		4.30	%		3.03	%		17.53	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	37,076		$	52,981		$	73,579		$	73,887		$	62,399

Average net assets (in thousands)	$	39,035		$	61,772		$	75,560		$	68,065		$	56,755

Ratios to average net assets:³
Net investment income		6.56	%		4.39	%		3.55	%		3.93	%		4.74	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.52	%		1.64	%		1.61	%		1.69	%		1.68	%
Interest and fees on short-term floating rate notes issued⁴		0.51	%		0.70	%		0.62	%		0.63	%		0.35	%

Total expenses		3.03	%		2.34	%		2.23	%		2.32	%		2.03	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		3.03	%		2.34	%		2.23	%		2.24	%		1.83	%

Portfolio turnover rate		14	%		31	%		18	%		19	%		7	%


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

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

3.		Annualized for periods less than one full year.

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

See accompanying Notes to Financial Statements.

F17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class C Year Ended July 31,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	10.01		$	11.99		$	11.91		$	12.04		$	10.77

Income (loss) from investment operations:
Net investment income¹		.55			.48			.43			.46			.53
Net realized and unrealized gain (loss)		(1.43	)		(2.00	)	��	.09			(.09	)		1.32

Total from investment operations		(.88	)		(1.52	)		.52			.37			1.85

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.49	)		(.46	)		(.44	)		(.50	)		(.58	)


Net asset value, end of period	$	8.64		$	10.01		$	11.99		$	11.91		$	12.04


Total Return, at Net Asset Value²		(8.35	)%		(12.87	)%		4.33	%		3.14	%		17.54	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	153,583		$	182,780		$	230,415		$	138,581		$	70,128

Average net assets (in thousands)	$	144,708		$	202,047		$	188,557		$	104,423		$	40,717

Ratios to average net assets:³
Net investment income		6.63	%		4.43	%		3.55	%		3.90	%		4.57	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.46	%		1.61	%		1.58	%		1.66	%		1.67	%
Interest and fees on short-term floating rate notes issued⁴		0.51	%		0.70	%		0.62	%		0.63	%		0.35	%

Total expenses		2.97	%		2.31	%		2.20	%		2.29	%		2.02	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.97	%		2.31	%		2.20	%		2.23	%		1.82	%

Portfolio turnover rate		14	%		31	%		18	%		19	%		7	%


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

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

3.		Annualized for periods less than one full year.

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

See accompanying Notes to Financial Statements.

F18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer New Jersey Municipal Fund (the “Fund”) is a separate series of Oppenheimer Multi-State Municipal Trust, a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek as high a level of current interest income exempt from federal and New Jersey income taxes for individual investors as is consistent with preservation of capital. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The Fund offers Class A, Class B and Class C shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies consistently followed by the Fund.

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

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. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than unadjusted quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers.

Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal

F19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

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, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the “bid” and “asked” prices.

“Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities 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 adjusted for any discounts related to 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.

There have been no significant changes to the fair valuation methodologies during the period.

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $111,325,000 as of July 31, 2009, which represents 15.34% of the Fund’s total assets.

F20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 31, 2009, municipal bond holdings with a value of $161,613,781 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $111,325,000 in short-term floating rate notes issued and outstanding at that date.

The Fund’s investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.

F21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

At July 31, 2009, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:


Principal			Coupon			Maturity
Amount		Inverse Floater¹	Rate²			Date		Value

$	4,520,000	NJ EDA ROLs³		12.012	%		3/1/28	$	4,901,669
	9,045,000	NJ EDA ROLs³		12.012			3/1/30		9,560,384
	7,950,000	NJ Higher Education Assistance Authority (Student Loans) ROLs		17.137			6/1/30		8,160,278
	2,500,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		7.021			10/1/27		1,991,525
	2,985,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		8.322			4/1/30		2,922,166
	2,250,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		7.671			10/1/37		1,881,225
	2,840,000	NJ Hsg. & Mtg. Finance Agency ROLs³		12.596			10/1/22		2,413,574
	2,305,000	Port Authority NY/NJ, 238th Series ROLs		15.153			12/15/32		2,263,464
	5,250,000	Port Authority NY/NJ, 3205th Series		7.721			10/1/46		4,949,018
	4,995,000	Puerto Rico Aqueduct & Sewer Authority ROLs		7.764			7/1/47		4,637,608
	3,000,000	Puerto Rico Sales Tax Financing Corp. ROLs³		11.398			8/1/57		2,754,720
	3,500,000	Puerto Rico Sales Tax Financing Corp. ROLs³		8.350			8/1/57		3,853,150

								$	50,288,781


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F10 of the Statement of Investments.

2.		Represents the current interest rate for a variable rate bond known as an “inverse floater.”

3.		Security is subject to a shortfall and forbearance agreement.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2009, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $64,355,000.

F22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of July 31, 2009 is as follows:


Cost	$	10,548,580
Market Value	$	5,039,291
Market Value as a % of Net Assets		0.91	%

Concentration Risk. There are certain risks arising from geographic concentration in any state. Certain economic, regulatory or political developments occurring in the state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

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.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

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

Net Unrealized

Depreciation

Based on Cost of

Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3,4

Tax Purposes

5,993,413

—

47,906,921

187,971,667

1. As of July 31, 2009, the Fund had $21,311,716 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2009, details of the capital loss carryforwards were as follows:

F23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued


Expiring

2010	$	1,401,537
2012		115,750
2014		34,199
2016		1,646,477
2017		18,113,753

Total	$	21,311,716

2. As of July 31, 2009, the Fund had $26,595,205 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2018.

3. During the fiscal year ended July 31, 2009, the Fund did not utilize any capital loss carryforward.

4. During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for July 31, 2009. Net assets of the Fund were unaffected by the reclassifications.


Reduction to		Reduction to
Accumulated		Accumulated Net
Net Investment		Realized Loss
Income		on Investments

$	124,836	$	124,836

The tax character of distributions paid during the years ended July 31, 2009 and July 31, 2008 was as follows:


	Year Ended		Year Ended
	July 31, 2009		July 31, 2008

Distributions paid from:
Exempt-interest dividends	$	33,981,047	$	37,375,134
Ordinary income		57,606		41,999

Total	$	34,038,653	$	37,417,133

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 as of July 31, 2009 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	$	791,162,301


Gross unrealized appreciation	$	10,075,186
Gross unrealized depreciation		(198,046,853	)

Net unrealized depreciation	$	(187,971,667	)

F24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2009, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	7,042
Payments Made to Retired Trustees		5,485
Accumulated Liability as of July 31, 2009		55,558

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

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. generally accepted accounting principles, 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.

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive earnings on cash balances maintained by the Fund, at a rate equal to the 1 Month LIBOR Rate plus 2.00%. 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.

F25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2. Shares of Beneficial Interest

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


	Year Ended July 31, 2009						Year Ended July 31, 2008
	Shares			Amount			Shares			Amount

Class A
Sold		7,688,444		$	64,119,263			14,838,614		$	164,225,523
Dividends and/or distributions reinvested		1,793,924			14,627,633			1,548,571			16,757,573
Redeemed		(14,426,064	)		(118,299,234	)		(18,964,978	)		(208,557,292	)

Net decrease		(4,943,696	)	$	(39,552,338	)		(2,577,793	)	$	(27,574,196	)


Class B
Sold		440,979		$	3,678,061			589,209		$	6,462,965
Dividends and/or distributions reinvested		175,807			1,430,440			151,893			1,646,057
Redeemed		(1,616,788	)		(13,428,636	)		(1,586,728	)		(17,486,350	)

Net decrease		(1,000,002	)	$	(8,320,135	)		(845,626	)	$	(9,377,328	)


Class C
Sold		3,613,638		$	29,497,258			4,914,635		$	53,827,810
Dividends and/or distributions reinvested		631,561			5,135,506			475,838			5,148,837
Redeemed		(4,724,645	)		(38,505,803	)		(6,355,032	)		(69,761,472	)

Net decrease		(479,446	)	$	(3,873,039	)		(964,559	)	$	(10,784,825	)

F26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2009, were as follows:


	Purchases		Sales

Investment securities	$	81,107,493	$	127,986,294

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2009, the Fund paid $317,184 to OFS for services to the Fund.

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 under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.15% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.15% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the

F27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2009 were as follows:


Class B	$	2,173,638
Class C		2,940,863

Sales Charges. Front-end sales charges and contingent deferred sales charges (“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 B

Class C

Contingent

Class A

Deferred Sales

Front-End Sales

Charges

Charges Retained

Retained by

Year Ended

by Distributor

Distributor

July 31, 2009

103,170

3,195

135,674

23,057

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.

5. Illiquid Securities

As of July 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund can also borrow for other purposes, such as to raise money to unwind or “collapse” trusts that issued “inverse floaters” to the Fund, or to contribute to such trusts to enable them to meet tenders of their short-term securities

F28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

by the holders of those securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $3.0 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.437% as of July 31, 2009). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended July 31, 2009 equal 0.91% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 31, 2009, the Fund had borrowings outstanding at an interest rate of 0.437%. Details of the borrowings for the year ended July 31, 2009 are as follows:


Average Daily Loan Balance	$	79,318,082
Average Daily Interest Rate		1.934	%
Fees Paid	$	3,482,158
Interest Paid	$	1,654,435

7. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through September 17, 2009, the date the financial statements were available to be issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

8. Pending Litigation

During 2009, a number of complaints have been filed in federal courts against the Manager, the Distributor, and certain mutual funds advised by the Manager and distributed by the Distributor—including the Fund. The complaints naming the Fund as a defendant also name certain officers, trustees and former trustees of the Fund. The plaintiffs are seeking class action status on behalf of purchasers of shares of the Fund during a particular time period. The complaints against the Fund raise claims under federal securities laws alleging that, among other things, the disclosure documents of the Fund contained misrepresentations

F29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation Continued

and omissions, that the Fund’s investment policies were not followed, and that the Fund and the other defendants violated federal securities laws and regulations and certain state laws. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. The litigations involving certain other Oppenheimer funds are similar in nature.

A complaint has been brought in state court against the Manager, the Distributor and another subsidiary of the Manager (but not against the Fund), on behalf of the Oregon College Savings Plan Trust, and other complaints have been brought in state court against the Manager and that subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. All of these complaints allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff ”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

The Manager believes that the lawsuits described above are without legal merit and intends to defend them vigorously. The Fund’s Board of Trustees has also engaged counsel to defend the suits vigorously on behalf of the Fund, the Fund’s Board and the Trustees named in those suits. While it is premature to render any opinion as to the likelihood of an outcome in these lawsuits, or whether any costs that the Fund may bear in defending the suits might not be reimbursed by insurance or the Manager, the Manager believes that these suits should not have any material effect on the operations of the Fund and that the outcome of all of the suits together should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund.

F30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer New Jersey Municipal Fund (one of the portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2009, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer New Jersey Municipal Fund as of July 31, 2009, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
September 17, 2009

F31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2009, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2008. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

None of the dividends paid by the Fund during the fiscal year ended July 31, 2009 are eligible for the corporate dividend-received deduction. 99.83% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

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

27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.

28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier, and Troy Willis, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreement.

Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load New Jersey municipal debt funds including funds advised by the Manager and funds advised by other investment advisers. The Board noted that the Fund’s one-year, three-year, five-year and ten-year performance was below its peer group median as of December 31, 2008. The Board also noted that the Fund’s recent performance has improved and its year-to date performance through June 5, 2009 (the most recent date available at the Board meeting at which the independent Trustees considered the matter) was in the top quintile of its peer group category.

Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund, other New Jersey municipal debt funds and other funds with comparable asset levels and distribution features. The Board noted that the Fund’s total expenses are lower than its peer group median although its contractual and actual management fees are higher than its peer group median.

29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, at meetings in June 2009, the Board, including a majority of the independent Trustees, decided to continue the Agreement for the period through November 30, 2009. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.

30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures 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 Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (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 1.800.525.7048, 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 http://www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus, 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, reports and privacy policy within 30 days of receiving your request to stop householding.

31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 66		Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 60 portfolios in the OppenheimerFunds complex.

David K. Downes, Trustee (since 2007) Age: 69		Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (January 2006-2007); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993- 2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 60 portfolios in the OppenheimerFunds complex.

Matthew P. Fink, Trustee (since 2005) Age: 68		Trustee of the Committee for Economic Development (policy research founda- tion) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 60 portfolios in the OppenheimerFunds complex.

32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
Phillip A. Griffiths, Trustee (since 1999) Age: 70		Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983- 1991). Oversees 60 portfolios in the OppenheimerFunds complex.

Mary F. Miller, Trustee (since 2004) Age: 66		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 60 portfolios in the OppenheimerFunds complex.

Joel W. Motley, Trustee (since 2002) Age: 57		Managing Director of Public Capital Advisors, LLC (privately held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 60 portfolios in the OppenheimerFunds complex.

Mary Ann Tynan, Trustee (since 2008) Age: 63		Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospital (non- profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non- profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970- 1976). Oversees 60 portfolios in the OppenheimerFunds complex.

Joseph M. Wikler, Trustee (since 2005) Age: 68		Director of C-TASC (bio-statistics services (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 60 portfolios in the OppenheimerFunds complex.

Peter I. Wold, Trustee (since 2005) Age: 61		Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993- 1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 60 portfo- lios in the OppenheimerFunds complex.

33 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
INTERESTED TRUSTEE		The address of Mr. Reynolds is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Mr. Reynolds serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Reynolds is an “Interested Trustee” because of a potential consulting rela- tionship between RSR Partners, which Mr. Reynolds may be deemed to control, and the Manager.

Russell S. Reynolds, Jr., Trustee (since 1989) Age: 77		Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corpo- rate governance consulting and executive recruiting) (since 1993); Retired CEO of Russell Reynolds Associates (executive recruiting) (October 1969-March 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 60 portfolios in the OppenheimerFunds complex.

INTERESTED TRUSTEE AND OFFICER		The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.

John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 60		Chairman and Director of the Manager (since June 2001); Chief Executive Officer of the Manager (June 2001-December 2008); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation and Trinity Investment Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 98 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Mr. Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Daniel G. Loughran, Vice President and Senior Portfolio Manager (since 2005) Age: 45		Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (1999-2005). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

34 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 37		Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 36		Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-July 2009). Portfolio Manager of the Manager (2002- 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 33		Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (2006-2009). Research analyst of the Manager (June 2003-September 2006) and a credit analyst of the Manager (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Michael L. Camarella, Vice President (since 2009) and Associate Portfolio Manager (since 2008) Age: 33		Assistant Vice President of the Manager (since July 2009). Research analyst of the Manager (February 2006-April 2008) and a credit analyst of the Manager (June 2003-January 2006). Associate Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard Stein, Vice President (since 2007) Age: 51		Director (since 2003) and head of the Rochester Credit Analysis team (since 1993). Vice President of the Manager (since 1997). An officer of the Fund and other Oppenheimer Funds.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 98 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 49		Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (March 1999-June 2008), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 98 portfolios in the OppenheimerFunds complex.

35 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
Robert G. Zack, Secretary (since 2001) Age: 60		Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985- December 2003). An officer of 98 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.525.7048.

36 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Hospital/Health Care	16.9	%
Tobacco—Master Settlement Agreement	16.5
Higher Education	8.4
Single-Family Housing	7.7
Adult Living Facilities	4.8
Building Products	4.5
Energy Equipment & Services	3.1
Marine/Aviation Facilities	3.1
General Obligation	3.0
Electric Utilities	2.9

Portfolio holdings are subject to change. Percentages are as of July 31, 2009, and are based on total assets.


Credit Allocation

AAA	7.7	%
AA	27.5
A	10.4
BBB	34.8
BB or lower	19.6

Allocations are subject to change. Percentages are as of July 31, 2009, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 15.68% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

14 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Management’s Discussion of Fund Performance. The 12-month period ended July 31, 2009, will long be remembered for the credit market’s volatility and illiquidity in its early months and for the recovery in municipal bond prices that began in the waning weeks of 2008. Despite the mid-period turnaround, the net asset value (NAV) of Oppenheimer Pennsylvania Municipal Fund’s Class A shares declined between July 31, 2008, and July 31, 2009, causing the Fund to produce negative total returns. The 1-year total return for Class A shares was -10.41% at NAV and -14.66% at the maximum offering price (or with sales charge). As of July 31, 2009, the Fund’s Class A shares nonetheless provided the highest level of tax-free income among its peer funds, according to Lipper Inc., and more income on a tax-equivalent basis than many corporate fixed-income alternatives. As of July 31, 2009, the distribution yield for the Fund’s Class A shares was 6.90% at NAV.¹

In all, the Fund distributed 62.9 cents per Class A share this reporting period, including a small amount of taxable income. The monthly dividend rate for Class A shares rose to 5.3 cents with the March 2009 payout, from 5.2 cents. We believe the Fund’s distributions this reporting period demonstrate the benefits of our yield-driven approach to municipal investing.

At the end of this reporting period, the Fund had nearly 425 holdings and an average credit quality of A-minus. Despite the broad turmoil in the municipal market, the default rate for bonds in the portfolio remained within expectations throughout this reporting period.

As the charts on pages 20 to 22 show, the Fund’s total returns were negative this reporting period, which was characterized at times by sharp declines in equity and credit markets, heightened investor concern about risk, and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities this Fund favors than to the Fund’s benchmark. Because our approach to fund management involves creating broad portfolios with holdings from across the full credit spectrum, this Fund’s performance can be undercut by prolonged cycles of credit spread widening. Widening spreads typically have the greatest negative effect on BBB-rated, lower-rated and unrated securities. The reverse is also true: as spreads tighten, BBB-rated, lower-rated and unrated securities typically outperform other securities. While we believe that this latest cycle of spread widening has run its course, this Fund continues


1.		Falling share prices artificially increase yields.

15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

to feel its impact. We still believe that our Fund’s investments offer structural advantages over the long term, and we encourage investors to remain focused on their long-term financial objectives for high levels of tax-free income.

Securities issued in the Commonwealth of Puerto Rico represented 27.6% of the Fund’s net assets on July 31, 2009. Most of the Fund’s investments involve “creatures of the state”—that is, securities that are supported by taxes and designed to help finance electric utilities, highways and education. Facing a $3.2 billion budget deficit, Gov. Luis Fortuño signed legislation early this reporting period allowing the Commonwealth to subsidize its operating expenses with money borrowed from its financing arm, the Government Development Bank for Puerto Rico (the GDB). The deficit grew to an estimated $3.4 billion by March 2009 and, one month later, the GDB said that it would offer as much as $4 billion of the proposed new sales-tax bonds. This increase, by the way, represented a clear signal as to the renewed strength of the credit markets, which were deemed to have the capacity for this larger new issuance.

The credit rating agencies continued to view the Commonwealth favorably. When the Puerto Rico Sales Tax Financing Corporation came to market with $3.5 billion in new debt in late June, it was rated A-plus by Standard & Poor’s, A2 by Moody’s Investors Service and A by Fitch Ratings. Existing sales-tax debt had received an upgrade earlier in the period. Additionally, the Commonwealth, its agencies and the GDB retained their investment-grade ratings from S&P and Moody’s this reporting period (Fitch does not directly rate Puerto Rico’s general obligation debt.)

As of July 31, 2009, the Fund was invested in the hospital/health care sector and in the electric utilities sector, representing 16.9% and 2.9% of the Fund’s total assets, respectively. Our holdings in these sectors consist of securities in the mid-range of the credit spectrum as well as some insured bonds. The overall fundamentals in these sectors remained stable this reporting period, but widening credit spreads during the first half of the reporting period were detrimental to 12-month performance. Since the beginning of calendar year 2009, these sectors have posted positive results.

16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

In the oil, gas & consumable fuels sector, which represented 2.3% of the Fund’s total assets as of July 31, 2009, the Fund’s investments include bonds that finance pollution control facilities for one of the world’s largest refineries of heavy crude. The Hovensa facility—strategically located in the Virgin Islands, where it is among the largest private employers—is a joint venture between a Petroleos de Venezuela subsidiary and the Hess Corporation, which also manages it. With a processing capacity of nearly 500,000 barrels a day, the refinery produces gas and heating oil for the Gulf Coast and Eastern Seaboard alike. The bonds this Fund owns are secured by the first mortgage on the facility and offer attractive coupons of 5.875% and 6.125%. Additionally, income from this “territory” bond is exempt from federal, state and, where applicable, local taxes. Despite difficult economic conditions for refineries, shifting demand for fuel and an increasingly harsh regulatory environment—all of which wreaked havoc on equity positions in this sector this reporting period—the price of the bonds held by this Fund only declined modestly and the interest payments were made on schedule and in full.

The Fund’s underperformance can be attributed, in part, to its holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for 16.5% of the Fund’s total assets and comprised the Fund’s second largest sector.²

The sector typically offers high-yielding securities, many of which are prone to price volatility. Widening credit spreads and other market factors (like supply and demand) typically contribute to this volatility. S&P and Fitch each revised their assessments of this sector during this reporting period, but we do not believe that the prices of “tobacco bonds” were affected consequentially.


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

17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

The Fund continues to favor the higher education sector, which constituted 8.4% of total assets as of July 31, 2009. The investment-grade bonds we hold in this sector have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest. In addition, all of the higher education bonds owned by this Fund are current in their scheduled interest payments.

The national housing market remained challenging this reporting period and, as a result, the single-family and multifamily housing sectors continued to be volatile. Higher-grade housing bonds were generally better investments than lower-grade ones, but neither contributed positively to the Fund’s total return this reporting period. The securities held by this Fund continued to provide high levels of tax-free income and, we believe, long-term investors should ultimately benefit from this Fund’s carefully selected holdings in these housing sectors. As of July 31, 2009, bonds in the single-family and multifamily housing sectors represented 7.7% and 1.3% of the Fund’s total assets, respectively.

18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

the first half of this reporting period, the income that muni funds across the industry earned from this type of security was diminished. We continue to believe that “inverse floaters” belong in our fund portfolios because they produce attractive yields under most market conditions.

Other floating-rate bonds performed poorly this reporting period as short-term variable rates declined.

The Fund’s performance is compared to the performance of the Barclays Capital Municipal Bond Index, an unmanaged index of a broad range of investment grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. The Fund’s performance reflects the effects of the Fund’s business and operating expenses. 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 in the index.

19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES

This annual report must be preceded or accompanied by the current prospectus of Oppenheimer Pennsylvania Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.

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

Class A shares of the Fund were first publicly offered on 9/18/89. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%

Class B shares of the Fund were first publicly offered on 5/3/93. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2009.

24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

the Statement of Additional Information). 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.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	February 1, 2009		July 31, 2009		July 31, 2009

Actual
Class A	$	1,000.00	$	1,180.40	$	12.23
Class B		1,000.00		1,175.50		16.89
Class C		1,000.00		1,176.20		16.46

Hypothetical (5% return before expenses)
Class A		1,000.00		1,013.64		11.30
Class B		1,000.00		1,009.37		15.61
Class C		1,000.00		1,009.77		15.21


Class	Expense Ratios

Class A		2.25	%
Class B		3.11
Class C		3.03

25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2009


Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—126.2%
Pennsylvania—94.4%
$	1,200,000	Allegheny County, PA Airport Authority (Pittsburgh International Airport)¹		6.000	%		01/01/2014	$	1,218,984
	10,000	Allegheny County, PA COP¹		5.000			12/01/2028		9,454
	24,750,000	Allegheny County, PA GO²		1.238	³		11/01/2026		17,204,963
	130,000	Allegheny County, PA HDA (Catholic Health East)¹		5.375			11/15/2022		130,785
	75,000	Allegheny County, PA HDA (Catholic Health East)¹		5.500			11/15/2032		70,769
	80,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)¹		5.125			05/01/2025		68,753
	25,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)¹		5.125			05/01/2029		20,507
	3,150,000	Allegheny County, PA HDA (Ohio Valley General Hospital)¹		5.125			04/01/2035		2,374,817
	3,600,000	Allegheny County, PA HDA (Ohio Valley General Hospital)¹		5.450			01/01/2028		3,117,420
	55,000	Allegheny County, PA HDA (Pittsburgh Mercy Health System)¹		5.625			08/15/2026		56,702
	25,000	Allegheny County, PA HDA (The Covenant at South Hills)^4,5		7.700			02/01/2009		1,833
	25,000	Allegheny County, PA HDA (The Covenant at South Hills)^4,5		7.800			02/01/2009		1,833
	1,535,000	Allegheny County, PA HDA (The Covenant at South Hills)^4,5		8.625			02/01/2021		112,562
	305,000	Allegheny County, PA HDA (The Covenant at South Hills)^4,5		8.750			02/01/2031		22,366
	21,095,000	Allegheny County, PA HDA (UPMC Health System)¹		1.508	³		02/01/2037		11,470,406
	5,000	Allegheny County, PA HDA (UPMC Health System)¹		5.000			11/01/2016		5,053
	10,000	Allegheny County, PA HDA (UPMC Health System)¹		5.000			12/15/2018		10,005
	20,000	Allegheny County, PA HDA (UPMC Health System)¹		5.000			11/01/2023		20,034
	5,000,000	Allegheny County, PA HDA (UPMC Health System)¹		5.375			08/15/2029		5,005,650
	5,000,000	Allegheny County, PA HDA (UPMC Health System)¹		5.500			08/15/2034		4,913,150
	10,000,000	Allegheny County, PA HDA (UPMC Health System)¹		5.625			08/15/2039		9,920,900
	50,000	Allegheny County, PA HEBA (Chatham College)¹		5.250			11/15/2019		48,149
	2,020,000	Allegheny County, PA HEBA (Chatham College)¹		5.750			11/15/2028		1,905,325
	8,000,000	Allegheny County, PA HEBA (Chatham College)¹		5.750			11/15/2035		7,183,120
	910,000	Allegheny County, PA HEBA (Chatham College)¹		5.850			03/01/2022		905,150
	1,000,000	Allegheny County, PA HEBA (Chatham College)¹		5.950			03/01/2032		937,520
	2,500,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.900			10/15/2028		2,186,625
	15,000	Allegheny County, PA HEBA (Robert Morris University)¹		6.000			05/01/2028		13,295
	2,000,000	Allegheny County, PA HEBA (Robert Morris University)¹		6.000			10/15/2038		1,665,640
	115,000	Allegheny County, PA HEBA (Thiel College)¹		5.375			11/15/2019		95,682

F1 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	110,000	Allegheny County, PA HEBA (Thiel College)¹		5.375	%		11/15/2029	$	78,624
	3,245,000	Allegheny County, PA HEBA (Waynesburg College)¹		4.800			05/01/2036		2,545,897
	10,000	Allegheny County, PA IDA (ARC Allegheny Foundation)¹		5.000			12/01/2028		8,648
	1,000,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.000			09/01/2021		891,120
	1,250,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.100			09/01/2026		1,060,663
	1,360,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.125			09/01/2031		1,093,508
	100,000	Allegheny County, PA IDA (USX Corp.)¹		5.500			12/01/2029		93,939
	400,000	Allegheny County, PA IDA (USX Corp.)¹		5.600			09/01/2030		380,292
	25,000	Allegheny County, PA IDA (USX Corp.)¹		6.000			01/15/2014		25,006
	270,000	Allegheny County, PA IDA (USX Corp.)¹		6.100			01/15/2018		269,984
	20,000	Allegheny County, PA IDA (USX Corp.)¹		6.100			07/15/2020		19,933
	1,970,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)¹		5.100			07/01/2014		1,831,805
	23,750,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)¹		5.600			07/01/2023		18,423,588
	255,000	Allegheny County, PA Redevel. Authority (Robinson Mall)¹		6.875			11/01/2017		252,284
	90,000	Allegheny County, PA Redevel. Authority (Robinson Mall)¹		7.000			11/01/2017		90,525
	1,770,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)¹		5.950			01/20/2043		1,679,234
	1,360,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)¹		6.100			01/20/2043		1,318,520
	1,770,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)¹		6.160			01/20/2043		1,730,724
	3,900,000	Allegheny, PA Airport Authority (Pittsburgh International Airport)¹		5.000			01/01/2018		3,797,976
	5,000	Armstrong County, PA IDA (Kittanning Care Center)¹		5.375			08/20/2012		5,111
	5,000	Beaver County, PA Hospital Authority (Valley Health System)¹		5.000			05/15/2028		4,892
	13,000,000	Berks County, PA Municipal Authority (Reading Hospital & Medical Center)¹		5.500			11/01/2031		13,079,820
	40,000	Blair County, PA IDA (The Village at Penn State Retirement Community)¹		6.400			01/01/2012		39,732
	4,140,000	Blair County, PA IDA (The Village at Penn State Retirement Community)¹		6.900			01/01/2022		3,612,026
	7,135,000	Blair County, PA IDA (The Village at Penn State Retirement Community)¹		7.000			01/01/2034		5,849,987
	50,000	Blair County, PA IDA (The Village at Penn State Retirement Community)^4,5		10.000			01/01/2012		2,790
	1,180,000	Bonneauville Borough, PA Municipal Authority¹		5.250			06/01/2037		1,030,730
	2,000,000	Bonneauville Borough, PA Municipal Authority¹		5.300			06/01/2043		1,738,720
	5,500,000	Bradford County, PA IDA (International Paper Company)¹		5.200			12/01/2019		4,806,670

F2 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	1,000,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)¹		6.200	%		05/01/2019	$	861,750
	10,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)¹		6.300			05/01/2029		7,558
	1,000,000	Bucks County, PA IDA (Lutheran Community Telford Center)¹		5.750			01/01/2027		761,200
	8,255,000	Bucks County, PA IDA (Pennsylvania Suburban Water Company)¹		5.550			09/01/2032		7,609,954
	80,000	Bucks County, PA IDA (USX Corp.)¹		5.600			03/01/2033		75,840
	2,000,000	Butler County, PA Hospital Authority (Butler Health System)¹		7.250			07/01/2039		2,084,480
	5,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)¹		5.250			07/01/2012		5,012
	145,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)¹		5.250			07/01/2016		145,305
	75,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)¹		5.250			07/01/2016		75,158
	480,000	Butler County, PA IDA (Greenview Gardens Apartments)¹		6.000			07/01/2023		405,403
	880,000	Butler County, PA IDA (Greenview Gardens Apartments)¹		6.250			07/01/2033		685,045
	100,000	Cambridge, PA Area Joint Authority¹		5.250			12/01/2021		99,997
	2,865,000	Cambridge, PA Area Joint Authority¹		6.000			12/01/2037		2,457,626
	25,000	Carbondale, PA Hsg. Corp.¹		8.125			05/01/2019		25,000
	3,995,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)¹		6.250			11/15/2044		4,083,090
	900,000	Chartiers Valley, PA Industrial and Commercial Devel. Authority (Asbury Health Center)¹		5.750			12/01/2022		702,270
	1,505,000	Chester County, PA H&EFA (Chester County Hospital)¹		6.750			07/01/2021		1,486,142
	2,750,000	Chester County, PA H&EFA (Chester County Hospital)¹		6.750			07/01/2031		2,514,435
	245,000	Chester County, PA H&EFA (Devereaux Foundation)¹		5.500			05/01/2027		245,162
	25,000	Chester County, PA H&EFA (Immaculata College)¹		5.300			10/15/2011		24,718
	30,000	Chester County, PA H&EFA (Immaculata College)¹		5.400			10/15/2012		29,458
	65,000	Chester County, PA H&EFA (Immaculata College)¹		5.600			10/15/2018		57,024
	25,000	Chester County, PA H&EFA (Immaculata College)¹		5.625			10/15/2027		19,051
	45,000	Chester County, PA H&EFA (Jefferson Health System)¹		5.250			05/15/2022		45,193
	23,915,000	Chester County, PA IDA (Aqua Pennsylvania)⁶		5.000			02/01/2041		21,158,788
	1,100,000	Chester County, PA IDA (Collegium Charter School)¹		5.000			04/15/2022		771,694
	7,595,000	Chester County, PA IDA (Collegium Charter School)¹		5.500			04/15/2031		4,894,294
	15,000	Clarion County, PA Hospital Authority (Clarion Hospital)¹		5.750			07/01/2017		15,019
	800,000	Crawford County, PA Hospital Authority (Wesbury United Methodist Community)¹		6.125			08/15/2019		705,576
	1,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)¹		5.000			01/01/2027		847,690

F3 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	12,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)¹		5.000	%		01/01/2036	$	9,293,400
	1,000,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)¹		5.000			12/01/2020		914,690
	1,950,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)¹		5.000			12/01/2021		1,764,224
	6,605,000	Delaware County, PA Authority (Cabrini College)¹		5.500			07/01/2024		6,389,413
	60,000	Delaware County, PA Authority (CCMC)¹		5.300			12/01/2027		47,894
	2,500,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)¹		5.000			12/15/2026		1,941,875
	15,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)¹		5.375			12/01/2018		13,655
	25,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)¹		6.250			12/15/2022		28,584
	25,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)¹		6.250			12/15/2031		28,584
	120,000	Delaware County, PA Authority (MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group)		5.375			11/15/2023		128,398
	1,160,000	Delaware County, PA Authority (Neumann College)¹		6.000			10/01/2025		1,178,676
	280,000	Delaware County, PA Authority (Neumann College)¹		6.000			10/01/2030		276,668
	2,530,000	Delaware County, PA Authority (Neumann College)¹		6.000			10/01/2031		2,399,275
	1,000,000	Delaware County, PA Authority (Neumann College)¹		6.125			10/01/2034		981,660
	3,000,000	Delaware County, PA Authority (Neumann College)¹		6.250			10/01/2038		3,048,300
	18,705,000	Delaware County, PA IDA (Aqua Pennsylvania)⁶		5.000			11/01/2038		16,654,661
	11,055,000	Delaware County, PA IDA (Aqua Pennsylvania)⁶		5.000			11/01/2038		9,873,167
	4,530,000	Delaware County, PA IDA (Naamans Creek)¹		7.000			12/01/2036		3,579,380
	5,370,000	Delaware County, PA IDA (Pennsylvania Suburban Water Company)¹		5.150			09/01/2032		4,947,918
	45,000	Delaware County, PA IDA (Philadelphia Suburban Water Company)¹		5.350			10/01/2031		42,974
	45,000	Delaware County, PA IDA (Philadelphia Suburban Water Company)¹		6.000			06/01/2029		45,126
	50,000	Delaware River Port Authority PA/NJ¹		5.000			01/01/2026		48,102
	10,000	Derry Township, PA GO¹		5.700			09/15/2013		10,037
	25,000	Derry Township, PA Municipal Authority¹		5.100			12/01/2020		25,018
	15,000	East Hempfield Township, PA IDA (Homestead Village)¹		6.375			11/01/2023		11,440
	140,000	Erie County, PA IDA (International Paper Company)¹		5.000			11/01/2018		121,367
	10,000	Erie County, PA IDA (International Paper Company)¹		5.850			12/01/2020		9,048
	3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)¹		5.500			03/15/2038		2,574,300
	2,240,000	Erie-Western PA Port Authority¹		5.125			06/15/2016		2,254,694

F4 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	5,585,000	Fayette County, PA Redevel. Authority (Fayette Crossing)¹		7.000	%		09/01/2019	$	5,110,945
	45,000	Franklin County, PA IDA (The Chambersburg Hospital)¹		5.000			07/01/2022		39,879
	10,000	Gettysburg, PA Municipal Authority (Gettysburg College)¹		5.000			08/15/2023		9,930
	575,000	Harveys Lake, PA General Municipal Authority (Misericordia University)¹		6.000			05/01/2019		528,120
	7,130,000	Horsham, PA Industrial and Commercial Devel. Authority (Pennsylvania LTC)¹		6.000			12/01/2037		4,872,143
	90,000	Indiana County, PA IDA Pollution Control (Metropolitan Edison Company)¹		5.950			05/01/2027		84,371
	115,000	Indiana County, PA IDA Pollution Control (PSEG Power LLC)¹		5.850			06/01/2027		106,592
	1,530,000	Jefferson County, PA GO¹		5.625			06/01/2028		1,496,003
	5,075,000	Jefferson County, PA GO¹		5.875			06/01/2035		4,770,348
	25,000	Lancaster County, PA Hospital Authority (Landis Homes Retirement Community)¹		5.700			09/01/2018		20,876
	20,000	Lancaster County, PA Hospital Authority (Landis Homes Retirement Community)¹		5.750			09/01/2023		14,970
	25,000	Lancaster County, PA Hospital Authority (St. Anne’s Home for the Aged)¹		6.500			04/01/2015		24,956
	25,000	Lancaster County, PA Solid Waste Management Authority¹		5.000			12/15/2014		24,701
	10,000	Latrobe, PA IDA (St. Vincent College)¹		5.375			05/01/2013		10,557
	10,000	Latrobe, PA IDA (St. Vincent College)¹		5.375			05/01/2018		9,930
	35,000	Latrobe, PA IDA (St. Vincent College)¹		5.700			05/01/2031		31,128
	13,850,000	Lawrence County, PA IDA (Shenango Presbyterian Center)¹		5.625			11/15/2037		9,329,776
	1,020,000	Lehigh County, PA GPA (Bible Fellowship Church Home)¹		6.000			12/15/2023		829,852
	1,060,000	Lehigh County, PA GPA (Bible Fellowship Church Home)¹		7.625			11/01/2021		1,033,956
	750,000	Lehigh County, PA GPA (Bible Fellowship Church Home)¹		7.750			11/01/2033		683,580
	1,265,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		5.800			11/01/2012		1,140,233
	8,190,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		6,085,825
	2,000,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		1,486,160
	1,100,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		715,132
	3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		2,340,432
	115,000	Lehigh County, PA GPA (Lehigh Valley Hospital)¹		5.625			07/01/2015		115,097
	10,000	Luzerne County, PA Flood Protection Authority¹		5.000			01/15/2023		9,932
	22,500,000	Luzerne County, PA IDA (Pennsylvania-American Water)⁶		5.100			09/01/2034		20,130,975
	10,000	Luzerne County, PA IDA (Pennsylvania-American Water)¹		5.100			09/01/2034		8,947
	170,000	Lycoming County, PA Hospital Authority (MVH/DPH Obligated Group)		5.250			11/15/2015		170,058
	30,000	Lycoming County, PA Hospital Authority (MVH/DPH Obligated Group)		5.500			11/15/2022		27,820

F5 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	70,000	Lycoming County, PA Hospital Authority (WH/NCPHS Obligated Group)		5.250	%		11/15/2015	$	70,024
	35,000	Lycoming County, PA Hospital Authority (WH/NCPHS Obligated Group)		5.375			11/15/2010		35,039
	2,730,000	McKean County, PA Hospital Authority (Bradford Hospital)¹		5.000			10/01/2020		2,067,538
	2,900,000	McKean County, PA Hospital Authority (Bradford Hospital)¹		5.250			10/01/2030		1,884,681
	595,000	Millcreek, PA Richland Joint Authority¹		5.250			08/01/2022		562,811
	1,355,000	Millcreek, PA Richland Joint Authority¹		5.375			08/01/2027		1,241,641
	825,000	Millcreek, PA Richland Joint Authority¹		5.375			08/01/2027		755,981
	1,000,000	Millcreek, PA Richland Joint Authority¹		5.500			08/01/2037		866,070
	2,445,000	Millcreek, PA Richland Joint Authority¹		5.500			08/01/2037		2,117,541
	75,000	Monroe County, PA Hospital Authority (Pocono Medical Center)¹		5.625			01/01/2032		65,787
	10,000	Montgomery County, PA HEHA (Abington Memorial Hospital)		5.000			06/01/2028		8,788
	20,000	Montgomery County, PA HEHA (Abington Memorial Hospital)¹		5.125			06/01/2027		18,365
	20,000	Montgomery County, PA HEHA (Abington Memorial Hospital)¹		5.125			06/01/2032		17,479
	110,000	Montgomery County, PA HEHA (Holy Redeemer Health System)¹		5.250			10/01/2023		94,909
	50,000	Montgomery County, PA HEHA (Holy Redeemer Health System)¹		5.250			10/01/2027		39,899
	80,000	Montgomery County, PA HEHA (Holy Redeemer Physician & Ambulatory Services)¹		5.250			10/01/2023		69,025
	880,000	Montgomery County, PA IDA (ACTS Retirement Life Community)¹		5.250			11/15/2028		771,346
	270,000	Montgomery County, PA IDA (Pennsylvania-American Water Company)¹		5.050			06/01/2029		241,037
	3,840,000	Montgomery County, PA IDA (Wordsworth Academy)¹		8.000			09/01/2024		3,617,626
	1,000,000	Mount Lebanon, PA Hospital Authority (St. Claire Memorial Hospital)¹		5.625			07/01/2032		941,720
	90,000	New Morgan, PA IDA (Browning-Ferris Industries)¹		6.500			04/01/2019		89,933
	2,085,000	New Wilmington, PA Municipal Authority (Westminster College)¹		5.000			05/01/2027		1,856,901
	85,000	Northampton County, PA IDA (Moravian Hall Square)²		5.350			07/01/2010		85,088
	25,000	Northampton County, PA IDA (Moravian Hall Square)¹		5.550			07/01/2014		25,008
	40,000	Northampton County, PA IDA (Moravian Hall Square)¹		5.700			07/01/2020		39,901
	830,000	Northumberland County, PA IDA (Aqua Pennsylvania)¹		5.050			10/01/2039		684,634
	1,205,000	Northumberland County, PA IDA (NHS Youth Services)¹		5.500			02/15/2033		809,531

F6 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	1,770,000	Northumberland County, PA IDA (NHS Youth Services)¹		7.500	%		02/15/2029	$	1,608,063
	3,740,000	Northumberland County, PA IDA (NHS Youth Services)¹		7.750			02/15/2029		3,486,391
	11,400,000	PA EDFA (30th Street Garage)¹		5.875			06/01/2033		9,874,908
	10,000,000	PA EDFA (Albert Einstein Healthcare)¹		6.250			10/15/2023		10,081,400
	50,000	PA EDFA (Amtrak)¹		6.000			11/01/2011		50,646
	250,000	PA EDFA (Amtrak)¹		6.125			11/01/2021		230,338
	5,005,000	PA EDFA (Amtrak)¹		6.250			11/01/2031		4,502,698
	12,475,000	PA EDFA (Amtrak)¹		6.375			11/01/2041		11,182,715
	40,000,000	PA EDFA (Bionol Clearfield)¹		8.500			07/15/2015		33,127,200
	500,000	PA EDFA (Fayette Thermal)¹		5.250			12/01/2016		379,515
	35,000	PA EDFA (Fayette Thermal)¹		5.500			12/01/2021		23,953
	14,700,000	PA EDFA (National Gypsum Company)¹		6.125			11/01/2027		8,298,150
	5,000,000	PA EDFA (National Gypsum Company)¹		6.250			11/01/2027		2,822,100
	8,515,000	PA EDFA (Northampton Generating)¹		6.500			01/01/2013		6,236,131
	21,800,000	PA EDFA (Northampton Generating)¹		6.600			01/01/2019		16,489,302
	1,000,000	PA EDFA (Northampton Generating)		6.875			01/01/2011		623,740
	12,000,000	PA EDFA (Northampton Generating)		6.950			01/01/2021		6,625,080
	45,000	PA EDFA (Northwestern Human Services)¹		5.125			06/01/2018		35,951
	3,000,000	PA EDFA (Northwestern Human Services)¹		5.250			06/01/2028		2,005,920
	1,450,000	PA EDFA (Reliant Energy)¹		6.750			12/01/2036		1,358,056
	1,575,000	PA EDFA (Reliant Energy)¹		6.750			12/01/2036		1,475,129
	6,130,000	PA EDFA (Reliant Energy/Reliant Seward Obligated Group)¹		6.750			12/01/2036		5,741,297
	57,825,000	PA EDFA (USG Corp.)¹		6.000			06/01/2031		37,422,027
	4,870,000	PA EDFA (Waste Management)¹		5.100			10/01/2027		4,297,775
	30,000,000	PA Geisinger Authority Health System, Series A⁶		5.250			06/01/2039		29,798,250
	400,000	PA Harrisburg University Authority (Harrisburg University of Science)¹		5.400			09/01/2016		387,748
	50,000	PA HEFA (Allegheny College)¹		5.000			11/01/2026		49,999
	755,000	PA HEFA (Allegheny Delaware Valley Obligated Group)¹		5.700			11/15/2011		730,244
	3,185,000	PA HEFA (Allegheny Delaware Valley Obligated Group)¹		5.875			11/15/2021		2,601,827
	1,025,000	PA HEFA (Assoc. of Independent Colleges & Universities)¹		5.125			05/01/2032		847,060
	100,000	PA HEFA (California University of Pennsylvania Student Assoc.)¹		5.000			07/01/2028		61,450
	115,000	PA HEFA (California University of Pennsylvania Student Assoc.)¹		6.750			09/01/2032		104,312
	55,000	PA HEFA (California University of Pennsylvania Student Assoc.)¹		6.800			09/01/2025		52,874
	1,475,000	PA HEFA (College of Science & Agriculture)¹		5.350			04/15/2028		1,173,068
	1,460,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.650			04/15/2025		1,243,511
	815,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.750			04/15/2029		668,936

F7 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	220,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.750	%		04/15/2034	$	173,983
	3,210,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.800			04/15/2030		2,638,941
	3,385,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.800			04/15/2033		2,714,939
	55,000	PA HEFA (Drexel University)¹		5.750			05/01/2022		55,095
	4,000,000	PA HEFA (Edinboro University Foundation)¹		5.750			07/01/2028		3,585,760
	5,500,000	PA HEFA (Edinboro University Foundation)¹		5.875			07/01/2038		4,745,620
	5,825,000	PA HEFA (Edinboro University Foundation)¹		6.000			07/01/2042		5,055,634
	1,780,000	PA HEFA (Elizabethtown College)¹		5.000			12/15/2021		1,697,693
	4,000,000	PA HEFA (Elizabethtown College)¹		5.000			12/15/2027		3,590,920
	130,000	PA HEFA (Frontier II)¹		5.125			04/01/2033		102,753
	2,000,000	PA HEFA (La Salle University)¹		5.000			05/01/2037		1,634,040
	50,000	PA HEFA (La Salle University)¹		5.500			05/01/2034		43,882
	1,490,000	PA HEFA (Marywood University)¹		5.125			06/01/2029		1,331,911
	1,100,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.600			11/15/2010		1,083,379
	35,085,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.875			11/15/2016		31,423,529
	70,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.875			11/15/2016		62,695
	9,740,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.875			11/15/2021		7,956,606
	250,000	PA HEFA (Philadelphia University)¹		5.000			06/01/2035		190,868
	3,000,000	PA HEFA (Philadelphia University)¹		5.125			06/01/2025		2,590,260
	2,000,000	PA HEFA (Philadelphia University)¹		5.250			06/01/2032		1,623,160
	2,005,000	PA HEFA (Philadelphia University)¹		5.500			06/01/2020		1,889,231
	105,000	PA HEFA (St. Francis University)¹		5.750			11/01/2023		89,025
	3,925,000	PA HEFA (St. Francis University)¹		6.250			11/01/2018		3,684,594
	25,000	PA HEFA (University of the Arts)¹		5.750			03/15/2030		22,492
	100,000	PA HEFA (UPMC Health System)¹		5.000			08/01/2029		100,056
	30,000	PA HEFA (UPMC Health System)¹		6.000			01/15/2031		30,643
	650,000	PA HEFA (Widener University)¹		5.000			07/15/2026		597,623
	100,000	PA HEFA (Widener University)¹		5.250			07/15/2024		96,670
	70,000	PA HEFA (Widener University)¹		5.400			07/15/2036		62,960
	11,670,000	PA HFA (Single Family Mtg.)⁶		4.700			10/01/2037		10,049,554
	35,000	PA HFA (Single Family Mtg.)¹		4.700			10/01/2037		30,070
	34,565,000	PA HFA (Single Family Mtg.), Series 100A⁶		5.350			10/01/2033		33,560,011
	15,000,000	PA HFA (Single Family Mtg.), Series 102A⁶		5.500			10/01/2034		14,817,750
	1,285,000	PA HFA (Single Family Mtg.), Series 102A¹		5.500			10/01/2034		1,269,374
	9,180,000	PA HFA (Single Family Mtg.), Series 61A⁶		5.450			10/01/2021		9,186,059
	25,000	PA HFA (Single Family Mtg.), Series 62A¹		5.200			10/01/2011		25,221
	570,000	PA HFA (Single Family Mtg.), Series 63A¹		5.448	⁷		04/01/2030		164,650
	60,000	PA HFA (Single Family Mtg.), Series 64¹		5.000			10/01/2017		60,031
	5,000	PA HFA (Single Family Mtg.), Series 66A¹		5.650			04/01/2029		4,980

F8 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	18,000,000	PA HFA (Single Family Mtg.), Series 72A⁶		5.350	%		10/01/2031	$	17,610,120
	190,000	PA HFA (Single Family Mtg.), Series 72A¹		5.350			10/01/2031		185,883
	11,400,000	PA HFA (Single Family Mtg.), Series 73A⁶		5.350			10/01/2022		11,484,816
	11,020,000	PA HFA (Single Family Mtg.), Series 74B⁶		5.150			10/01/2022		11,073,667
	4,170,000	PA HFA (Single Family Mtg.), Series 95A¹		4.875			10/01/2031		3,828,185
	30,515,000	PA HFA (Single Family Mtg.), Series 96A⁶		4.700			10/01/2037		26,258,459
	4,380,000	PA HFA (Single Family Mtg.), Series 97A¹		5.500			10/01/2032		4,398,396
	9,000,000	PA HFA (Single Family Mtg.), Series 99A⁶		5.250			10/01/2032		8,661,658
	15,045,000	PA HFA (Single Family Mtg.), Series 99A⁶		5.300			10/01/2037		14,150,969
	1,265,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2020		1,163,901
	1,400,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2023		1,220,156
	2,245,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2025		1,894,960
	3,265,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2026		2,735,972
	900,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2027		743,913
	2,510,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2028		2,043,993
	1,470,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2030		1,171,384
	24,615,000	PA Southcentral General Authority (Wellspan Health Obligated Group)⁶		6.000			06/01/2029		26,017,601
	50,000	PA St. Mary Hospital Authority (Franciscan Health)¹		7.000			06/15/2015		50,033
	15,000	PA State Public School Building Authority (Butler College)¹		5.400			07/15/2012		15,482
	5,000	PA State Public School Building Authority (Chester Upland School District)¹		5.150			11/15/2026		5,033
	5,000	PA Turnpike Commission¹		5.000			12/01/2023		4,964
	300,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital)¹		6.250			01/01/2032		261,324
	5,000	Patterson Township, PA Municipal Authority¹		5.500			04/15/2011		5,009
	25,000	Penn Hills, PA GO¹		5.850			12/01/2014		25,096
	135,000	Philadelphia, PA Airport¹		5.375			06/15/2015		135,675
	15,000	Philadelphia, PA Airport, Series B¹		5.250			06/15/2031		13,404
	5,000	Philadelphia, PA Authority for Industrial Devel.¹		5.250			10/01/2030		5,521
	6,720,000	Philadelphia, PA Authority for Industrial Devel. (Aero Philadelphia)¹		5.500			01/01/2024		4,606,090
	3,870,000	Philadelphia, PA Authority for Industrial Devel. (Air Cargo)¹		7.500			01/01/2025		3,286,830
	25,000	Philadelphia, PA Authority for Industrial Devel. (American College of Physicians)¹		6.000			06/15/2030		25,032
	1,150,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)¹		5.500			11/15/2018		873,310
	786,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)¹		5.600			11/15/2028		455,291

F9 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	20,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)¹		5.600	%		04/01/2012	$	19,785
	35,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)¹		5.700			04/01/2015		33,002
	450,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)¹		6.750			04/01/2023		385,205
	2,600,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)¹		6.875			04/01/2034		2,098,798
	2,750,000	Philadelphia, PA Authority for Industrial Devel. (First Mtg.-CPAP)¹		6.125			04/01/2019		1,628,138
	30,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)¹		5.000			07/01/2019		29,042
	10,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)¹		5.125			07/01/2020		9,763
	3,915,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)¹		5.125			07/01/2028		3,588,411
	115,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)¹		5.250			07/01/2028		107,037
	5,000,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport), Series A¹		5.400			07/01/2022		4,938,050
	1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)¹		6.250			05/01/2033		1,284,300
	1,370,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)¹		5.000			01/01/2015		1,269,963
	1,580,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)¹		5.125			01/01/2021		1,183,515
	1,400,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Arbor House)¹		6.100			07/01/2033		1,110,256
	780,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (GIH/PPAM)¹		5.125			07/01/2016		705,206
	1,240,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Miriam and Robert M. Rieder House)¹		6.100			07/01/2033		983,370
	3,000,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)¹		5.625			07/01/2035		2,206,530
	1,160,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Robert Saligman House)¹		6.100			07/01/2033		919,926
	25,000	Philadelphia, PA Gas Works¹		5.000			07/01/2014		25,050
	15,000	Philadelphia, PA Gas Works¹		5.000			07/01/2026		15,004
	1,210,000	Philadelphia, PA H&HEFA (Centralized Comprehensive Human Services)¹		7.250			01/01/2021		1,105,904
	60,000	Philadelphia, PA H&HEFA (North Philadelphia Health System)¹		5.375			01/01/2028		60,084
	19,420,000	Philadelphia, PA H&HEFA (Temple University Hospital)¹		5.500			07/01/2026		16,235,897

F10 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	1,000,000	Philadelphia, PA Municipal Authority¹		6.500	%		04/01/2034	$	1,009,880
	5,000	Philadelphia, PA New Public Housing Authority¹		5.000			04/01/2012		5,453
	20,000	Philadelphia, PA Parking Authority, Series A¹		5.250			02/15/2029		19,759
	1,000,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A¹		5.625			07/01/2023		725,270
	1,500,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A¹		5.625			07/01/2028		1,004,925
	170,000	Philadelphia, PA Redevel. Authority (Multifamily Hsg.)¹		5.450			02/01/2023		177,291
	2,580,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)¹		6.000			10/01/2023		2,136,472
	4,100,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)¹		6.250			10/01/2032		3,106,980
	9,645,000	Philadelphia, PA Redevel. Authority (Residential Mtg.)¹		4.750			12/01/2028		8,789,778
	10,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority¹		5.000			02/01/2024		9,818
	50,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority¹		5.000			02/01/2029		48,073
	40,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority¹		5.250			02/01/2031		37,928
	3,000,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)¹		6.130			01/20/2043		2,941,410
	20,000	Pittsburgh, PA Urban Redevel. Authority, Series A¹		5.200			10/01/2020		20,059
	30,000	Pittsburgh, PA Urban Redevel. Authority, Series A¹		5.250			10/01/2029		29,594
	775,000	Pittsburgh, PA Urban Redevel. Authority, Series A¹		6.250			10/01/2028		781,944
	10,000	Pittsburgh, PA Urban Redevel. Authority, Series A¹		7.250			02/01/2024		10,011
	40,000	Pittsburgh, PA Urban Redevel. Authority, Series B¹		5.350			10/01/2022		40,298
	60,000	Pittsburgh, PA Urban Redevel. Authority, Series C¹		5.600			04/01/2020		60,025
	25,000	Pittsburgh, PA Urban Redevel. Authority, Series C¹		5.700			04/01/2030		25,002
	35,000	Pittsburgh, PA Urban Redevel. Authority, Series C¹		5.900			10/01/2022		35,049
	750,000	Pittsburgh, PA Urban Redevel. Authority, Series C¹		5.950			10/01/2029		750,473
	5,000	Pittsburgh, PA Urban Redevel. Authority, Series C¹		7.125			08/01/2013		5,009
	30,000	Potter County, PA Hospital Authority (Charles Cole Memorial Hospital)¹		5.250			08/01/2028		25,278
	120,000	Potter County, PA Hospital Authority (Charles Cole Memorial Hospital)¹		6.050			08/01/2024		119,056
	1,000,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)¹		5.500			07/01/2018		867,750
	390,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)¹		5.500			07/01/2018		338,423
	4,170,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)¹		5.625			07/01/2024		3,284,709
	235,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)¹		5.625			07/01/2024		185,110

F11 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	10,000	Schuylkill County, PA IDA (DOCNHS/BSVHS/WMHS Obligated Group)¹		5.000	%		11/01/2028	$	10,002
	2,100,000	Scranton, PA Parking Authority¹		5.250			06/01/2034		1,738,170
	8,500,000	Scranton, PA Parking Authority¹		5.250			06/01/2039		6,859,925
	145,000	Scranton, PA School District¹		5.000			04/01/2022		146,069
	5,000	Sharon, PA Regional Health System Authority (SRPS/ SRHS Obligated Group)¹		5.000			12/01/2028		4,385
	245,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)¹		5.000			07/01/2028		207,669
	5,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)¹		5.375			07/01/2022		4,713
	355,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)¹		5.250			07/01/2026		318,918
	15,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)¹		5.375			07/01/2016		15,035
	100,000	Susquehanna, PA Area Regional Airport Authority¹		5.000			01/01/2028		82,343
	45,000	Susquehanna, PA Area Regional Airport Authority¹		5.000			01/01/2033		34,327
	140,000	Susquehanna, PA Area Regional Airport Authority¹		5.375			01/01/2018		116,875
	4,300,000	Susquehanna, PA Area Regional Airport Authority¹		6.500			01/01/2038		3,674,350
	1,000,000	Susquehanna, PA Area Regional Airport Authority (Aero Harrisburg)¹		5.500			01/01/2024		691,440
	15,000	Union County, PA Hospital Authority (United Methodist Continuing Care Services)¹		6.250			04/01/2012		14,763
	75,000	Washington County, PA Hospital Authority (Washington Hospital)¹		5.125			07/01/2028		63,142
	8,000,000	Washington County, PA Redevel. Authority (Victory Centre)¹		5.450			07/01/2035		4,709,280
	550,000	Washington, PA Township Municipal Authority¹		5.875			12/15/2023		418,303
	2,475,000	Washington, PA Township Municipal Authority¹		6.000			12/15/2033		1,901,171
	1,085,000	Westmoreland County, PA IDA (Redstone Retirement Community)¹		5.875			01/01/2032		788,979
	35,000	Westmoreland County, PA Redevel. Authority (Harmon House)¹		5.400			06/20/2028		35,160
	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)¹		5.000			03/01/2027		4,300,350
	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)¹		5.000			03/01/2037		3,921,450
	10,000	York County, PA IDA (PSEG Power)¹		5.500			09/01/2020		10,088
	5,000	York, PA Hsg. Corp. Mtg., Series A¹		6.875			11/01/2009		5,016

									933,090,726

F12 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions—31.8%
$	45,000	Guam GO¹		5.375	%		11/15/2013	$	42,931
	750,000	Guam GO¹		6.750			11/15/2029		753,930
	1,000,000	Guam GO¹		7.000			11/15/2039		1,003,120
	700,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		722,176
	4,325,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)¹		5.250			06/01/2032		3,219,487
	1,500,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)¹		5.625			06/01/2047		1,066,830
	38,902,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		7.250	⁷		06/01/2057		300,712
	1,000,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2017		888,740
	1,000,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			10/01/2022		813,790
	600,000	Northern Mariana Islands Commonwealth, Series A¹		6.750			10/01/2033		542,286
	2,610,000	Northern Mariana Islands Ports Authority, Series A¹		5.500			03/15/2031		1,735,102
	1,855,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,236,599
	1,280,000	Northern Mariana Islands Ports Authority, Series A¹		6.600			03/15/2028		1,037,338
	4,500,000	Puerto Rico Aqueduct & Sewer Authority¹		0.000	⁸		07/01/2024		3,614,490
	3,145,000	Puerto Rico Aqueduct & Sewer Authority¹		6.000			07/01/2044		3,051,027
	29,080,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		25,608,139
	88,895,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		63,788,385
	68,835,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		49,230,792
	457,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.432	⁷		05/15/2050		10,142,775
	136,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.325	⁷		05/15/2055		1,587,120
	1,817,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	⁷		05/15/2057		17,461,370
	1,725,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2038		1,665,298
	13,300,000	Puerto Rico Electric Power Authority, Series UU¹		1.080	³		07/01/2025		6,593,475
	31,890,000	Puerto Rico Electric Power Authority, Series UU¹		1.100	³		07/01/2031		15,681,908
	25,000	Puerto Rico Highway & Transportation Authority, Series A¹		5.000			07/01/2038		20,813
	445,000	Puerto Rico Highway & Transportation Authority, Series AA¹		5.000			07/01/2035		373,537
	325,000	Puerto Rico Highway & Transportation Authority, Series H¹		5.000			07/01/2028		281,570
	2,750,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2027		2,393,160
	4,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2030		3,437,280
	700,000	Puerto Rico Highway & Transportation Authority, Series N¹		5.250			07/01/2039		604,884
	2,105,000	Puerto Rico IMEPCF (American Airlines)		6.450			12/01/2025		846,610

F13 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	12,000,000	Puerto Rico Infrastructure¹		5.000	%		07/01/2041	$	9,603,120
	700,000	Puerto Rico Infrastructure (Mepsi Campus)¹		6.500			10/01/2037		572,138
	650,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		456,794
	235,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2019		211,465
	500,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2029		396,130
	790,000	Puerto Rico ITEMECF (IEP/HESL/HECR Obligated Group)¹		5.750			06/01/2019		393,973
	26,535,000	Puerto Rico Port Authority (American Airlines), Series A		6.250			06/01/2026		10,673,969
	1,170,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		470,551
	75,000	Puerto Rico Port Authority, Series D¹		7.000			07/01/2014		75,144
	1,000,000	Puerto Rico Public Buildings Authority¹		6.500			07/01/2030		1,007,190
	1,000,000	Puerto Rico Public Buildings Authority¹		6.750			07/01/2036		1,017,260
	1,015,000	Puerto Rico Public Buildings Authority, Series D¹		5.250			07/01/2036		853,514
	10,500,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.125			08/01/2029		10,783,710
	32,485,000	Puerto Rico Sales Tax Financing Corp., Series A		7.280	⁷		08/01/2034		5,958,724
	22,130,000	Puerto Rico Sales Tax Financing Corp., Series C⁶		5.750			08/01/2057		22,688,482
	1,075,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030		918,448
	6,645,000	V.I. Government Refinery Facilities (Hovensa Coker)¹		6.500			07/01/2021		6,609,183
	25,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)¹		5.000			10/01/2031		21,249
	4,000,000	V.I. Public Finance Authority (Hovensa Coker)¹		6.500			07/01/2021		3,978,440
	8,500,000	V.I. Public Finance Authority (Hovensa Refinery)¹		4.700			07/01/2022		7,035,705
	1,500,000	V.I. Public Finance Authority (Hovensa Refinery)¹		5.875			07/01/2022		1,410,690
	5,000,000	V.I. Public Finance Authority (Hovensa Refinery)¹		6.125			07/01/2022		4,810,050
	17,450,000	V.I. Tobacco Settlement Financing Corp.		6.250	⁷		05/15/2035		1,419,383
	2,195,000	V.I. Tobacco Settlement Financing Corp.		6.500	⁷		05/15/2035		159,489
	4,150,000	V.I. Tobacco Settlement Financing Corp.		6.875	⁷		05/15/2035		255,308
	7,000,000	V.I. Tobacco Settlement Financing Corp.		7.625	⁷		05/15/2035		371,070
	30,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2021		26,354
	2,235,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2031		1,706,110
	435,000	V.I. Water & Power Authority, Series A¹		5.000			07/01/2031		370,098

									313,999,415

Total Investments, at Value (Cost $1,467,492,491)—126.2%									1,247,090,141
Liabilities in Excess of Other Assets—(26.2)									(258,809,717	)

Net Assets—100.0%								$	988,280,424

F14 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Footnotes to Statement of Investments


1.		All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.

2.		Illiquid security. The aggregate value of illiquid securities as of July 31, 2009 was $17,290,051, which represents 1.75% of the Fund’s net assets. See Note 5 of accompanying Notes.

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

4.		Issue is in default. See Note 1 of accompanying Notes.

5.		Non-income-accruing security.

6.		Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.

7.		Zero coupon bond reflects effective yield on the date of purchase.

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

Valuation Inputs

	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 (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 31, 2009 based on valuation input level:


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

Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	—	$	933,090,726	$	—	$	933,090,726
U.S. Possessions		—		313,999,415		—		313,999,415

Total Assets	$	—	$	1,247,090,141	$	—	$	1,247,090,141

F15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

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


ACTS		Adult Communities Total Services
ARC		Assoc. of Retarded Citizens
AUS		Allegheny United Hospital
BSVHS		Baptist/St. Vincent’s Health System
CCMC		Crozer-Chester Medical Center
CKHS		Crozer-Keystone Health System
COP		Certificates of Participation
CPAP		Crime Prevention Assoc. of Philadelphia
DCMH		Delaware County Memorial Hospital
DOCNHS		Daughters of Charity National Health Systems
DPH		Divine Providence Hospital
DRIVERS		Derivative Inverse Tax Exempt Receipts
EDFA		Economic Devel. Finance Authority
GIH		Germantown Interfaith Housing
GO		General Obligation
GPA		General Purpose Authority
H&EFA		Health and Educational Facilities Authority
H&HEFA		Hospitals and Higher Education Facilities Authority
HDA		Hospital Devel. Authority
HEBA		Higher Education Building Authority
HECR		Hospital Episcopal Cristo Redentor
HEFA		Higher Education Facilities Authority
HEHA		Higher Education and Health Authority
HESL		Hospital Episcopal San Lucas
HFA		Housing Finance Agency
HUHS		Hahnemann University Hospital System
IDA		Industrial Devel. Agency
IEP		Iglesia Episcopal Puertorriquena
IMEPCF		Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
MAS		Mercy Adult Services
MCMCSPA		Mercy Catholic Medical Center of Southeastern Pennsylvania
MCP		Medical College Of Pennsylvania
MHH		Mercy Haverford Hospital
MHP		Mercy Health Plan
MHSSPA		Mercy Health System of Southeastern Pennsylvania
MVH		Muncy Valley Hospital
NCPHS		North Central Pennsylvania Health System
PPAM		Philadelphia Presbytery Apartments of Morrisville
PSEG		Public Service Enterprise Group
ROLs		Residual Option Longs
RR		Residential Resources
RRDC		Residential Resources Devel. Corp.
RRSW		Residential Resources Southwest
SRHS		Sharon Regional Health System
SRPS		Sharon Regional Physicians Services
TASC		Tobacco Settlement Asset-Backed Bonds
UPMC		University of Pittsburgh Medical Center
V.I.		United States Virgin Islands
WH		Williamsport Hospital
WMHS		Western Maryland Health Systems

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2009


Assets
Investments, at value (cost $1,467,492,491)—see accompanying statement of investments	$	1,247,090,141
Cash		641,221
Receivables and other assets:
Interest		15,920,598
Investments sold		6,879,595
Shares of beneficial interest sold		1,637,382
Other		1,338,774

Total assets		1,273,507,711

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		203,865,000
Payable on borrowings (See Note 6)		78,500,000
Shares of beneficial interest redeemed		1,655,062
Dividends		583,346
Trustees’ compensation		145,346
Distribution and service plan fees		122,325
Transfer and shareholder servicing agent fees		51,246
Shareholder communications		43,369
Interest expense on borrowings		35,277
Other		226,316

Total liabilities		285,227,287

Net Assets	$	988,280,424


Composition of Net Assets
Paid-in capital	$	1,329,770,367
Accumulated net investment income		7,840,576
Accumulated net realized loss on investments		(128,928,169	)
Net unrealized depreciation on investments		(220,402,350	)

Net Assets	$	988,280,424

F17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share

Class A Shares:
Net asset value and redemption price per share (based on net assets of $675,030,831 and 72,718,255 shares of beneficial interest outstanding)	$	9.28
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	9.74

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $69,650,482 and 7,506,405 shares of beneficial interest outstanding)	$	9.28

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $243,599,111 and 26,285,423 shares of beneficial interest outstanding)	$	9.27

See accompanying Notes to Financial Statements.

F18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2009


Investment Income
Interest	$	90,855,163
Other income		678

Total investment income		90,855,841

Expenses
Management fees		4,637,880
Distribution and service plan fees:
Class A		951,978
Class B		708,985
Class C		2,044,504
Transfer and shareholder servicing agent fees:
Class A		333,391
Class B		92,493
Class C		167,470
Shareholder communications:
Class A		43,426
Class B		16,792
Class C		27,957
Borrowing fees		6,371,193
Interest expense and fees on short-term floating rate notes issued (See Note 1)		4,635,960
Interest expense on borrowings		1,895,819
Trustees’ compensation		41,906
Custodian fees and expenses		11,283
Other		164,211

Total expenses		22,145,248
Less reduction to custodian expenses		(68	)

Net expenses		22,145,180

Net Investment Income		68,710,661

Realized and Unrealized Loss
Net realized loss on investments		(101,498,274	)
Net change in unrealized depreciation on investments		(108,702,389	)

Net Decrease in Net Assets Resulting from Operations	$	(141,490,002	)

See accompanying Notes to Financial Statements.

F19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


Year Ended July 31,	2009			2008

Operations
Net investment income	$	68,710,661		$	65,866,742
Net realized loss		(101,498,274	)		(28,869,031	)
Net change in unrealized depreciation		(108,702,389	)		(154,646,743	)

Net decrease in net assets resulting from operations		(141,490,002	)		(117,649,032	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(44,125,525	)		(42,432,302	)
Class B		(4,766,155	)		(6,216,699	)
Class C		(13,920,491	)		(13,133,368	)

		(62,812,171	)		(61,782,369	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(5,248,673	)		65,431,917
Class B		(29,668,556	)		(39,865,791	)
Class C		(256,208	)		11,416,068

		(35,173,437	)		36,982,194

Net Assets
Total decrease		(239,475,610	)		(142,449,207	)
Beginning of period		1,227,756,034			1,370,205,241


End of period (including accumulated net investment income of $7,840,576 and $4,639,350, respectively)	$	988,280,424		$	1,227,756,034

See accompanying Notes to Financial Statements.

F20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2009


Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(141,490,002	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(330,459,638	)
Proceeds from disposition of investment securities		323,960,465
Short-term investment securities, net		48,794,872
Premium amortization		1,724,889
Discount accretion		(10,580,865	)
Net realized loss on investments		101,498,274
Net change in unrealized depreciation on investments		108,702,389
Decrease in interest receivable		451,261
Increase in receivable for securities sold		(2,058,101	)
Increase in other assets		(1,220,353	)
Decrease in payable for securities purchased		(2,827,688	)
Increase in payable for accrued expenses		42,312

Net cash provided by operating activities		96,537,815

Cash Flows from Financing Activities
Proceeds from bank borrowings		566,700,000
Payments on bank borrowings		(533,300,000	)
Payments on short-term floating rate notes issued		(29,355,000	)
Proceeds from shares sold		191,443,762
Payments on shares redeemed		(269,018,972	)
Cash distributions paid		(22,804,350	)

Net cash used in financing activities		(96,334,560	)
Net increase in cash		203,255
Cash, beginning balance		437,966

Cash, ending balance	$	641,221

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $40,822,448.

Cash paid for interest on bank borrowings—$1,934,727.

Cash paid for interest on short-term floating rate notes issued—$4,635,960.

See accompanying Notes to Financial Statements.

F21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A Year Ended July 31,	2009			2008			2007				2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	11.12		$	12.77		$	12.75			$	12.85		$	11.76

Income (loss) from investment operations:
Net investment income¹		.69			.64			.59				.62			.67
Net realized and unrealized gain (loss)		(1.90	)		(1.69	)		.02				(.10	)		1.10

Total from investment operations		(1.21	)		(1.05	)		.61				.52			1.77

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.63	)		(.60	)		(.59	)			(.62	)		(.68	)

Net asset value, end of period	$	9.28		$	11.12		$	12.77			$	12.75		$	12.85


Total Return, at Net Asset Value²		(10.41	)%		(8.42	)%		4.81	%			4.21	%		15.43	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	675,031		$	816,645		$	868,070			$	600,716		$	384,863

Average net assets (in thousands)	$	640,109		$	847,089		$	747,558			$	484,153		$	295,002

Ratios to average net assets:³										��
Net investment income		7.53	%		5.33	%		4.57	%			4.88	%		5.35	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.60	%		0.81	%		0.74	%			0.82	%		0.81	%
Interest and fees on short-term floating rate notes issued⁴		0.49	%		0.60	%		0.61	%			0.59	%		0.40	%

Total expenses		2.09	%⁵		1.41	%⁵		1.35	%⁵			1.41	%		1.21	%⁵

Portfolio turnover rate		30	%		51	%		4	%			19	%		14	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Class B Year Ended July 31,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	11.12		$	12.76		$	12.75		$	12.85		$	11.76

Income (loss) from investment operations:
Net investment income¹		.60			.54			.49			.53			.57
Net realized and unrealized gain (loss)		(1.89	)		(1.68	)		.01			(.10	)		1.11

Total from investment operations		(1.29	)		(1.14	)		.50			.43			1.68

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.55	)		(.50	)		(.49	)		(.53	)		(.59	)

Net asset value, end of period	$	9.28		$	11.12		$	12.76		$	12.75		$	12.85


Total Return, at Net Asset Value²		(11.16	)%		(9.07	)%		3.93	%		3.41	%		14.56	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	69,650		$	119,418		$	179,266		$	196,704		$	189,643

Average net assets (in thousands)	$	78,974		$	148,180		$	193,167		$	193,225		$	173,663

Ratios to average net assets:³
Net investment income		6.66	%		4.51	%		3.81	%		4.14	%		4.62	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.40	%		1.60	%		1.52	%		1.59	%		1.59	%
Interest and fees on short-term floating rate notes issued⁴		0.49	%		0.60	%		0.61	%		0.59	%		0.40	%

Total expenses		2.89	%⁵		2.20	%⁵		2.13	%⁵		2.18	%		1.99	%⁵

Portfolio turnover rate		30	%		51	%		4	%		19	%		14	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class C Year Ended July 31,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	11.11		$	12.75		$	12.73		$	12.83		$	11.75

Income (loss) from investment operations:
Net investment income¹		.61			.55			.49			.52			.57
Net realized and unrealized gain (loss)		(1.89	)		(1.68	)		.02			(.09	)		1.10

Total from investment operations		(1.28	)		(1.13	)		.51			.43			1.67

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.56	)		(.51	)		(.49	)		(.53	)		(.59	)

Net asset value, end of period	$	9.27		$	11.11		$	12.75		$	12.73		$	12.83


Total Return, at Net Asset Value²		(11.11	)%		(9.05	)%		4.02	%		3.41	%		14.48	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	243,599		$	291,693		$	322,869		$	220,256		$	133,569

Average net assets (in thousands)	$	227,214		$	309,446		$	274,274		$	174,354		$	96,508

Ratios to average net assets:³
Net investment income		6.74	%		4.56	%		3.80	%		4.10	%		4.56	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.37	%		1.58	%		1.50	%		1.58	%		1.59	%
Interest and fees on short-term floating rate notes issued⁴		0.49	%		0.60	%		0.61	%		0.59	%		0.40	%

Total expenses		2.86	%⁵		2.18	%⁵		2.11	%⁵		2.17	%		1.99	%⁵

Portfolio turnover rate		30	%		51	%		4	%		19	%		14	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Pennsylvania Municipal Fund (the “Fund”) is a separate series of Oppenheimer Multi-State Municipal Trust, a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek as high a level of current interest income exempt from federal and Pennsylvania personal income taxes as is available from municipal securities, consistent with preservation of capital. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers.

F25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

“bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

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.

There have been no significant changes to the fair valuation methodologies during the period.

F26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

its investments in inverse floaters amount to $203,865,000 as of July 31, 2009, which represents 16.01% of the Fund’s total assets.

Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 31, 2009, municipal bond holdings with a value of $303,174,987 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $203,865,000 in short-term floating rate notes issued and outstanding at that date.

F27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

At July 31, 2009, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:


Principal			Coupon			Maturity
Amount		Inverse Floater¹	Rate²			Date		Value

$	7,980,000	Chester County, PA IDA (Water Facilities Authority)³		4.890	%		2/1/41	$	5,223,788
	3,690,000	Delaware County, PA IDA ROLs³		10.313			11/1/37		2,508,167
	6,240,000	Delaware County, PA IDA ROLs³		10.318			11/1/38		4,189,661
	7,500,000	Luzerne County, PA IDA (Water Facility) ROLs³		11.046			9/1/34		5,130,975
	9,000,000	PA Austin Trust Various States Inverse Certificates		8.091			10/1/31		8,610,120
	7,500,000	PA Austin Trust Various States Inverse Certificates		8.351			10/1/34		7,317,750
	7,965,000	PA Austin Trust Various States Inverse Certificates		8.093			10/1/33		7,501,517
	7,500,000	PA Geisinger Authority Health System DRIVERS		15.065			6/1/39		7,298,250
	5,700,000	PA HFA (Single Family Mtg.) DRIVERS		7.957			10/1/22		5,784,816
	5,510,000	PA HFA (Single Family Mtg.) DRIVERS		7.611			10/1/22		5,563,667
	2,295,000	PA HFA (Single Family Mtg.) ROLs		16.145			10/1/21		2,301,059
	4,320,000	PA HFA (Single Family Mtg.) ROLs³		8.369			10/1/32		3,981,658
	6,525,000	PA HFA (Single Family Mtg.) ROLs		16.217			10/1/37		8,120,819
	5,170,000	PA HFA (Single Family Mtg.) ROLs³		14.313			10/1/33		4,628,494
	4,395,000	PA HFA (Single Family Mtg.) ROLs³		13.655			10/1/37		3,500,969
	6,450,000	PA HFA (Single Family Mtg.) ROLs³		10.249			10/1/37		3,997,194
	6,155,000	PA Southcentral General Authority (Hanover Hospital) ROLs		17.244			6/1/29		7,557,601
	5,535,000	Puerto Rico Sales Tax Financing Corp. ROLs³		8.346			8/1/57		6,093,482

								$	99,309,987


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F16 of the Statement of Investments.

2.		Represents the current interest rate for a variable rate bond known as an “inverse floater.”

3.		Security is subject to a shortfall and forbearance agreement.

F28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Cost	$	1,851,422
Market Value	$	141,384
Market Value as a % of Net Assets		0.01	%

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.

Net Unrealized

Depreciation

Based on Cost of

Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3,4

Tax Purposes

$8,586,968

—

113,095,434

236,235,088


1.		As of July 31, 2009, the Fund had $53,776,864 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2009, details of the capital loss carryforwards were as follows:

F29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued


Expiring
2013	$	1,195,731
2016		3,710,588
2017		48,870,545

Total	$	53,776,864


2.		As of July 31, 2009, the Fund had $59,318,570 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2018.

3.		During the fiscal year ended July 31, 2009, the Fund did not utilize any capital loss carryforward.

4.		During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward.

Accordingly, the following amounts have been reclassified for July 31, 2009. Net assets of the Fund were unaffected by the reclassifications.


Reduction to	Reduction to
Accumulated	Accumulated Net
Net Investment	Realized Loss
Income	on Investments

$2,697,264	$	2,697,264

The tax character of distributions paid during the years ended July 31, 2009 and July 31, 2008 was as follows:


	Year Ended		Year Ended
	July 31, 2009		July 31, 2008

Distributions paid from:
Exempt-interest dividends	$	62,777,844	$	61,443,123
Ordinary income		34,327		339,246

Total	$	62,812,171	$	61,782,369


Federal tax cost of securities	$	1,290,804,617


Gross unrealized appreciation	$	21,859,709
Gross unrealized depreciation		(258,094,797	)

Net unrealized depreciation	$	(236,235,088	)

F30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Projected Benefit Obligations Increased	$	13,432
Payments Made to Retired Trustees		9,215
Accumulated Liability as of July 31, 2009		93,531

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

F31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

2. Shares of Beneficial Interest

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


	Year Ended July 31, 2009						Year Ended July 31, 2008
	Shares			Amount			Shares			Amount

Class A
Sold		15,579,306		$	139,183,042			21,573,103		$	259,898,687
Dividends and/or distributions reinvested		3,275,494			28,958,010			2,369,899			28,250,705
Redeemed		(19,560,021	)		(173,389,725	)		(18,514,493	)		(222,717,475	)

Net increase (decrease)		(705,221	)	$	(5,248,673	)		5,428,509		$	65,431,917


Class B
Sold		814,483		$	7,347,046			906,865		$	10,869,239
Dividends and/or distributions reinvested		336,886			2,975,814			314,181			3,754,212
Redeemed		(4,385,820	)		(39,991,416	)		(4,526,798	)		(54,489,242	)

Net decrease		(3,234,451	)	$	(29,668,556	)		(3,305,752	)	$	(39,865,791	)


Class C
Sold		5,064,611		$	44,530,477			7,042,961		$	84,742,682
Dividends and/or distributions reinvested		1,008,767			8,888,624			710,354			8,456,138
Redeemed		(6,052,932	)		(53,675,309	)		(6,814,346	)		(81,782,752	)

Net increase (decrease)		20,446		$	(256,208	)		938,969		$	11,416,068

F32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2009, were as follows:


	Purchases		Sales

Investment securities	$	330,459,638	$	323,960,465

4. Fees and Other Transactions with Affiliates

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


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

F33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued


Class B	$	3,437,106
Class C		4,388,583

Class A

Class B

Class C

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

July 31, 2009

293,891

20,254

197,807

35,385

5. Illiquid Securities

6. Borrowings

F34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

securities by the holders of those securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $3.0 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.437% as of July 31, 2009). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended July 31, 2009 equal 0.87% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 31, 2009, the Fund had borrowings outstanding at an interest rate of 0.437%. Details of the borrowings for the year ended July 31, 2009 are as follows:


Average Daily Loan Balance	$	96,714,795
Average Daily Interest Rate		1.934	%
Fees Paid	$	7,506,719
Interest Paid	$	1,934,727

7. Subsequent Events Evaluation

8. Pending Litigation

F35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation Continued

period. The complaints against the Fund raise claims under federal securities laws alleging that, among other things, the disclosure documents of the Fund contained misrepresentations and omissions, that the Fund’s investment policies were not followed, and that the Fund and the other defendants violated federal securities laws and regulations and certain state laws. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. The litigations involving certain other Oppenheimer funds are similar in nature.

F36 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Pennsylvania Municipal Fund (one of portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2009, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2009, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Pennsylvania Municipal Fund as of July 31, 2009, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
September 17, 2009

F37 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

F38 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

None of the dividends paid by the Fund during the fiscal year ended July 31, 2009 are eligible for the corporate dividend-received deduction. 99.95% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier and Troy Willis, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources, that the Fund benefits from the services provided under the Agreement.

Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load Pennsylvania municipal debt funds. The Board noted that the Fund’s one-year, three-year, five-year and ten-year performance was below its peer group median as of December 31, 2008. The Board also noted that the Fund’s recent performance has improved and its year-to date performance through June 5, 2009 (the most recent date available at the Board meeting at which the independent Trustees considered the matter) was in the top quintile of its peer group category.

Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other Pennsylvania municipal debt funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fees are equal to its peer group median and total expenses are lower than its peer group median, although its actual management fees are higher than its peer group median.

29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

Householding—Delivery of Shareholder Documents

31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 66		Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 60 portfolios in the OppenheimerFunds complex.

David K. Downes, Trustee (since 2007) Age: 69		Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (January 2006-2007); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 60 portfolios in the OppenheimerFunds complex.

Matthew P. Fink, Trustee (since 2005) Age: 68		Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 60 portfolios in the OppenheimerFunds complex.

32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
Phillip A. Griffiths, Trustee (since 1999) Age: 70		Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 60 portfolios in the OppenheimerFunds complex.

Mary F. Miller, Trustee (since 2004) Age: 66		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 60 portfolios in the OppenheimerFunds complex.

Joel W. Motley, Trustee (since 2002) Age: 57		Managing Director of Public Capital Advisors, LLC (privately held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 60 portfolios in the OppenheimerFunds complex.

Mary Ann Tynan, Trustee (since 2008) Age: 63		Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospital (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 60 portfolios in the OppenheimerFunds complex.

Joseph M. Wikler, Trustee (since 2005) Age: 68		Director of C-TASC (bio-statistics services (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 60 portfolios in the OppenheimerFunds complex.

Peter I. Wold, Trustee (since 2005) Age: 61		Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 60 portfolios in the OppenheimerFunds complex.

33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INTERESTED TRUSTEE		The address of Mr. Reynolds is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Mr. Reynolds serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Reynolds is an “Interested Trustee” because of a potential consulting relationship between RSR Partners, which Mr. Reynolds may be deemed to control, and the Manager.

Russell S. Reynolds, Jr., Trustee (since 1989) Age: 77		Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Retired CEO of Russell Reynolds Associates (executive recruiting) (October 1969-March 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 60 portfolios in the OppenheimerFunds complex.

INTERESTED TRUSTEE AND OFFICER		The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.

John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 60		Chairman and Director of the Manager (since June 2001); Chief Executive Officer of the Manager (June 2001-December 2008); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation and Trinity Investment Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 98 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Mr. Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

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Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
Daniel G. Loughran, Vice President and Senior Portfolio Manager (since 2005) Age: 45		Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (1999-2005). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 37		Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 36		Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-July 2009). Portfolio Manager of the Manager (2002- 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 33		Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (2006-2009). Research analyst of the Manager (June 2003-September 2006) and a credit analyst of the Manager (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Michael L. Camarella, Vice President (since 2009) and Associate Portfolio Manager (since 2008) Age: 33		Assistant Vice President of the Manager (since July 2009). Research analyst of the Manager (February 2006-April 2008) and a credit analyst of the Manager (June 2003-January 2006). Associate Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard Stein, Vice President (since 2007) Age: 51		Director (since 2003) and head of the Rochester Credit Analysis team (since 1993). Vice President of the Manager (since 1997). An officer of the Fund and other Oppenheimer Funds.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 98 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 49		Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (March 1999-June 2008), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 98 portfolios in the OppenheimerFunds complex.

35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
Robert G. Zack, Secretary (since 2001) Age: 60		Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985- December 2003). An officer of 98 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.525.7048.

36 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

July 31, 2009 Oppenheimer Management Rochester National Commentaries and Municipals Annual Report M A N A G E M E N T C O M M E N TA R I E S An Interview with Your Fund’s Portfolio Managers A N N U A L R E P O RT Listing of Top Holdings Fund Performance Discussion Listing of Investments Financial Statements “Technology allows investors to be more informed than ever, but it doesn’t change our advice to shareholders: Invest for the long term and let tax-free income compound over time.” — Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Tobacco—Master Settlement Agreement	18.3	%
Special Assessment	15.6
Airlines	14.3
Hospital/Health Care	6.9
Gas Utilities	6.6
Multifamily Housing	4.4
Tax Increment Financing (TIF)	4.3
Adult Living Facilities	3.3
Energy Equipment & Services	2.7
Electric Utilities	2.1

Portfolio holdings are subject to change. Percentages are as of July 31, 2009, and are based on total assets.


Credit Allocation

AAA	19.0	%
AA	14.7
A	2.0
BBB	18.5
BB or lower	45.8

Allocations are subject to change. Percentages are as of July 31, 2009, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 44.43% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

13 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

Management’s Discussion of Fund Performance. The 12-month period ended July 31, 2009, will long be remembered for the credit market’s volatility and illiquidity in its early months and for the recovery in municipal bond prices that began in the waning weeks of 2008. Despite the mid-period turnaround, the net asset value (NAV) of Oppenheimer Rochester National Municipals’ Class A shares declined between July 31, 2008, and July 31, 2009, causing the Fund to produce negative total returns. The
1-year total return for Class A shares was –26.44% at NAV and –29.94% at the maximum offering price (or with sales charges). As of July 31, 2009, the Fund’s Class A shares nonetheless provided the highest level of tax-free income among its peer funds, according to Lipper Inc., and more income on a tax-equivalent basis than many corporate fixed-income alternatives. As of July 31, 2009, the distribution yield for the Fund’s Class A shares was 9.39% at NAV.¹

In all, Oppenheimer Rochester National Municipals distributed 62.9 cents per Class A share this reporting period, including a small amount of taxable income. The Fund’s dividend came under sharp pressure in the latter half of this reporting period and had to be reduced by 1.1 cents per share, to 4.6, starting with the March payout.

At the end of this reporting period, the Fund had nearly 1,275 holdings and an average credit quality of BBB. Despite the broad turmoil in the municipal market in the first half of this reporting period, the default rate for bonds in the portfolio remained within expectations throughout this reporting period.


1.		Falling share prices artificially increase yields.

14 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

The Fund’s underperformance can be attributed, in part, to its holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for 18.3% of the Fund’s total assets and comprised the Fund’s largest sector.²

The sector typically offers high-yielding securities, many of which are prone to price volatility. Widening credit spreads and other market factors (like supply and demand) typically contribute to volatility. S&P and Fitch each revised their assessments of this sector during this reporting period, but we do not believe that the prices of “tobacco bonds” were affected consequentially.


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

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FUND PERFORMANCE DISCUSSION

Also this reporting period, the Fund remained invested in land development (or “dirt”) bonds, which are Special Assessment and Special Tax bonds that help finance the infrastructure needs of new real estate development. At the end of this reporting period, the Special Assessment and Special Tax sectors represented 15.6% and 2.0% of the Fund’s total assets, respectively. While the short-term performance of these bonds was detrimental to Fund performance this reporting period, the Fund’s land development holdings typically offer attractive yields. These in turn can help the Fund generate high levels of tax-free income, as we have seen this reporting period.

In our opinion, these bonds have several appealing characteristics: their credit ratings typically improve over time, the debt service payments securing these bonds are on parity with real estate taxes and senior to mortgage payments, and assessments or taxes must be paid by whoever owns the land when the tax bill comes due. These characteristics give us confidence that most “dirt bonds” represent good values for our long-time shareholders.

Nonetheless, the market continues to exhibit unusual price pressure on “dirt bonds,” even those with improving credit qualities. For example, the Fund has invested in Villa Portofino West (Fla.) Community Development District bonds, which were purchased at par based on several attractive characteristics, including a favorable land-to-lien ratio (1.8 to 1). We also liked that the proceeds from these Special Assessment bonds, issued in 2006, would be used to repay an experienced developer who had already completed the property’s master infrastructure. The developer has since built and sold 98% of the property’s townhouses and, as a result, the land-to-lien ratio has jumped to an estimated 11.5 to 1. Despite the sharply improved ratio, which serves to strengthen the credit, the price on these bonds has declined (as have the prices on many lower-rated or unrated bonds in this and other muni sectors).

The majority of the Fund’s investments in Special Tax and Special Assessment bonds have generated high levels of tax-free income this reporting period. However, the same cannot be said of some of the “dirt bonds” issued in Florida. Many were placed on non-accrual, reflecting our belief that scheduled interest payments might not be made in accordance with the bond covenant. For example, the Fund’s non-accrual list includes some bonds for which issuers used debt-service reserves to make the May interest payment. Our current expectation is that some Florida issuers will rectify their covenant

16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

violations once the tax certification process helps them replenish debt service reserves, and that banks and/or new developers will assume responsibility for some other payments. While it is always disappointing to see an issuer violate its bond covenant, we remain optimistic about these sectors in general and are confident that our value-driven approach to security selection should continue to deliver above-market yields for years to come.

The Fund’s airline holdings represented 14.3% of total assets as of July 31, 2009. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance and, as a result, these bonds offer investors valuable collateral. Fuel costs, which had peaked at $147 a barrel in July 2008, fell back considerably by the end of this reporting period. However, both Moody’s and S&P remain pessimistic about industry economics, and their reports contributed to price volatility this reporting period. As a result, the sector was detrimental to Fund performance this reporting period. Our experience in this sector nonetheless leads us to believe that most issuers of airline-backed securities in this Fund will remain current with the principal and interest payments, as they have done in the past.

As of July 31, 2009, the Fund was invested in the hospital/health care sector (6.9% of the Fund’s total assets) and in the gas and electric utilities sectors (6.6% and 2.1% of the Fund’s total assets, respectively). Our holdings in these sectors consist of securities in the mid-range of the credit spectrum as well as some insured bonds. The overall fundamentals in these sectors remained stable this reporting period, but widening credit spreads during the first half of the reporting period were detrimental to 12-month performance. Since the beginning of calendar year 2009, these sectors have posted positive results.

Investments in bonds backed by two companies that filed for bankruptcy this reporting period also contributed to the Fund’s underperformance. Securities issued to finance pollution control efforts at General Motors were adversely affected by the automaker’s bankruptcy filing. When the reorganization was completed, about half of the Fund’s holdings in GM-backed bonds were affirmed as they were tied to assets of the “new GM.” The Fund’s unsecured GM credits experienced sharp price declines this reporting period and are not expected to have any meaningful recovery; they constituted less than one-twentieth of 1% of net assets as of July 31, 2009. This outcome, though less than initially anticipated, is superior to the one faced by investors in GM’s corporate bonds or stock. The Fund was also an unsecured creditor of AbitibiBowater, Inc., a large newsprint maker that sought bankruptcy protection in April 2009. Bond prices suffered despite the company’s progress in its efforts to streamline U.S and Canadian operations and to simplify its management structure. It did not help that the company’s efforts coincided with record losses

17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

for the top 100 global forest, paper and packaging companies, according to an annual PricewaterhouseCoopers study. These bonds represented less than one-fifth of 1% of net assets at the end of that reporting period.

As reported in the July 31, 2008, report to shareholders, the operators of the E-3 Mead-Biofuels plant filed for bankruptcy protection after escalating repair costs derailed the plant’s start-up. The Fund holds Saunders County, Nebraska, Industrial Development revenue bonds that helped finance the plant, which was designed to make methane from manure and to manufacture ethanol. The issuer has failed to make scheduled interest payments. We have helped management identify potential buyers for the plant and are cautiously optimistic that a buyer can be found; were this to occur, we believe that the Fund would recoup some of the value that has been lost. As of July 31, 2009, the investment represented less than one-fifth of 1% of the Fund’s net assets. The Energy Equipment & Services sector comprised 2.7% of the Fund’s total assets on that date.

Other floating-rate bonds performed poorly this reporting period as short-term variable rates declined.

18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

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Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES

This annual report must be preceded or accompanied by the current prospectus of the Oppenheimer Rochester National Municipals. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.

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

Class A shares of the Fund were first publicly offered on 10/1/93. The average annual total returns are shown net of the applicable 4.75% maximum initial sales charge.

Class B shares of the Fund were first publicly offered on 10/1/93. The average annual total returns are shown net of the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 8/29/95. The average annual total returns are shown net of the applicable 1% contingent deferred sales charge for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2009.

24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	February 1, 2009		July 31, 2009		July 31, 2009

Actual
Class A	$	1,000.00	$	1,129.70	$	16.17
Class B		1,000.00		1,126.50		20.80
Class C		1,000.00		1,125.60		20.31

Hypothetical (5% return before expenses)
Class A		1,000.00		1,009.72		15.26
Class B		1,000.00		1,005.41		19.63
Class C		1,000.00		1,005.85		19.18


Class	Expense Ratios

Class A		3.04	%
Class B		3.91
Class C		3.82

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26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS July 31, 2009


Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—139.3%
Alabama—1.0%
$	15,560,000	AL HFA (Single Family)¹		5.450	%		10/01/2032	$	15,660,315
	15,000	AL HFA (South Bay Apartments)²		5.950			02/01/2033		15,227
	16,120,000	AL IDA Solid Waste Disposal (Pine City Fiber Company)²		6.450			12/01/2023		8,606,468
	7,665,000	AL IDA Solid Waste Disposal (Pine City Fiber Company)²		6.450			12/01/2023		4,072,261
	9,670,000	AL Space Science Exhibit Finance Authority²		6.000			10/01/2025		7,290,697
	10,000	Alexander City, AL GO²		5.625			05/01/2021		9,311
	1,810,000	Andalusia-Opp, AL Airport Authority²		5.000			08/01/2026		1,270,312
	7,050,000	Governmental Utility Services Corp. of Moody, AL²		7.500			03/01/2038		5,427,725
	25,000	Mobile, AL Industrial Devel. Board (International Paper Company)²		6.450			05/15/2019		24,190
	2,200,000	Rainbow City, AL Special Health Care Facilities Financing Authority (Regency Pointe)^3,4		8.250			01/01/2031		1,605,340
	10,000	Selma, AL Industrial Devel. Board (International Paper Company)²		6.000			05/01/2025		8,589
	7,220,000	Tuscaloosa, AL Educational Building Authority (Stillman College)²		5.000			06/01/2026		5,651,311

									49,641,746

Alaska—0.3%
	20,000	AK HFC, Series A-1²		6.100			06/01/2030		20,058
	40,000	AK Industrial Devel. & Export Authority (Snettisham)²		6.000			01/01/2014		40,321
	2,250,000	AK Industrial Devel. and Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)		6.150			08/01/2031		1,451,475
	1,650,000	AK Industrial Devel. and Export Authority Community Provider (Boys & Girls Home)²		5.875			12/01/2027		1,138,451
	500,000	AK Industrial Devel. and Export Authority Community Provider (Boys & Girls Home)²		6.000			12/01/2036		322,030
	5,000,000	AK Northern Tobacco Securitization Corp. (TASC)²		5.000			06/01/2032		3,281,100
	10,000,000	AK Northern Tobacco Securitization Corp. (TASC)²		5.000			06/01/2046		5,470,700
	31,850,000	AK Northern Tobacco Securitization Corp. (TASC)		6.125	⁵		06/01/2046		813,131
	20,860,000	AK Northern Tobacco Securitization Corp. (TASC)		6.375	⁵		06/01/2046		439,312

									12,976,578

Arizona—5.0%
	297,650,000	AZ Health Facilities Authority (Banner Health System)¹		1.210	⁶		01/01/2037		164,905,473
	3,000,000	Buckeye, AZ Watson Road Community Facilities District²		5.750			07/01/2022		2,147,070
	5,000,000	Buckeye, AZ Watson Road Community Facilities District²		6.000			07/01/2030		3,166,000
	14,719,000	East San Luis, AZ Community Facilities District Special Assessment (Area One)²		6.375			01/01/2028		9,402,203

F1 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Arizona Continued
$	810,000	Estrella Mountain Ranch, AZ Community Facilities District²		5.625	%		07/15/2025	$	581,037
	400,000	Estrella Mountain Ranch, AZ Community Facilities District²		5.800			07/15/2030		269,000
	1,382,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)²		6.000			07/01/2017		1,154,454
	1,260,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)²		6.375			07/01/2022		959,213
	3,135,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)²		6.750			07/01/2032		2,143,117
	500,000	Gladden Farms, AZ Community Facilities District²		5.500			07/15/2031		302,725
	1,000,000	Goodyear, AZ IDA Water and Sewer (Litchfield Park Service Company)²		6.750			10/01/2031		787,730
	4,000,000	Maricopa County, AZ IDA (Christian Care Apartments)²		6.500			01/01/2036		3,361,200
	1,885,000	Maricopa County, AZ IDA (Immanuel Campus Care)²		8.500			04/20/2041		1,573,636
	355,000	Maricopa County, AZ IDA (Sun King Apartments)²		6.750			11/01/2018		312,691
	500,000	Maricopa County, AZ IDA (Sun King Apartments)²		6.750			05/01/2031		388,650
	3,725,000	Maricopa County, AZ IDA (Sun King Apartments)²		9.500			11/01/2031		2,977,206
	456,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien²		5.250			07/01/2024		304,280
	368,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien²		5.250			07/01/2024		245,559
	926,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien²		5.300			07/01/2030		552,396
	235,000	Navajo County, AZ IDA (Stone Container Corp.)^3,7		7.200			06/01/2027		108,100
	1,445,000	Navajo County, AZ IDA (Stone Container Corp.)^3,7		7.400			04/01/2026		664,700
	1,125,000	Palm Valley, AZ Community Facility District No. 3²		5.300			07/15/2031		648,203
	420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)²		5.300			07/15/2025		274,121
	350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)²		5.350			07/15/2031		205,209
	3,275,000	Phoenix, AZ IDA (America West Airlines)		6.250			06/01/2019		2,139,066
	7,500,000	Phoenix, AZ IDA (America West Airlines)		6.300			04/01/2023		4,525,350
	1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)²		6.250			07/01/2036		1,189,650
	1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)²		5.875			11/01/2037		1,235,014
	1,100,000	Phoenix, AZ IDA (Royal Paper Converting)²		7.000			03/01/2014		1,010,284
	5,000,000	Pima County, AZ IDA (American Charter Schools Foundation)²		5.625			07/01/2038		3,384,850
	1,935,000	Pima County, AZ IDA (Christian Senior Living)²		5.050			01/01/2037		1,546,781
	400,000	Pima County, AZ IDA (Desert Technology Schools)^3,4		6.375			02/01/2014		124,128
	1,000,000	Pima County, AZ IDA (Desert Technology Schools)^3,4		7.000			02/01/2024		301,240
	1,250,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)²		6.250			06/01/2026		973,050

F2 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Arizona Continued
$	2,350,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)²		6.375	%		06/01/2036	$	1,699,732
	1,500,000	Pima County, AZ IDA (P.L.C. Charter Schools)²		6.750			04/01/2036		1,155,735
	250,000	Pima County, AZ IDA (Paradise Education Center)²		5.875			06/01/2022		184,378
	550,000	Pima County, AZ IDA (Paradise Education Center)²		6.000			06/01/2036		350,339
	1,600,000	Pima County, AZ IDA (Sonoran Science Academy)²		5.670			12/01/2027		1,170,512
	1,960,000	Pima County, AZ IDA (Sonoran Science Academy)²		5.750			12/01/2037		1,319,766
	3,410,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)²		5.450			12/01/2017		3,252,629
	2,215,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)²		5.600			12/01/2022		1,656,953
	11,100,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)²		5.750			12/01/2032		7,473,519
	10,000,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)²		6.550			12/01/2037		7,293,100
	1,495,000	Pinal County, AZ IDA (San Manuel Facility)²		6.250			06/01/2026		1,163,768
	1,385,000	Prescott Valley, AZ Southside Community Facilities District No. 1²		7.250			07/01/2032		1,014,817
	1,500,000	Quail Creek, AZ Community Facilities District²		5.550			07/15/2030		936,555
	265,000	Show Low Bluff, AZ Community Facilities District²		5.600			07/01/2031		172,950
	275,000	Show Low Bluff, AZ Community Facilities District Special Assessment²		5.200			07/01/2017		231,215
	730,000	Tucson, AZ IDA (Joint Single Family Mtg.)²		5.000			01/01/2039		686,762
	4,000,000	Verrado, AZ Community Facilities District No. 1²		5.350			07/15/2031		2,570,240

									246,196,356

Arkansas—0.2%
	555,000	Calhoun County, AR Solid Waste Disposal (Georgia-Pacific Corp.)²		6.375			11/01/2026		439,643
	7,700,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)²		6.250			02/01/2038		4,847,689
	1,345,000	Little River County, AR (Georgia-Pacific Corp.)²		5.600			10/01/2026		974,103
	25,000	Pine Bluff, AR (International Paper Company)²		5.550			08/15/2022		21,806
	5,460,000	Sebastian County, AR Health Facilities Board (Sparks Regional Medical Center)		5.625			11/01/2031		2,510,836

									8,794,077

California—17.9%
	695,000	Azusa, CA Special Tax Community Facilities District No. 05-1²		5.000			09/01/2027		454,606
	1,840,000	Azusa, CA Special Tax Community Facilities District No. 05-1²		5.000			09/01/2037		1,846,606
	8,800,000	CA Access to Loans for Learning Student Loan Corp.²		7.375			01/01/2042		8,495,256

F3 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	127,310,000	CA County Tobacco Securitization Agency		6.489	%⁵		06/01/2046	$	3,194,208
	107,400,000	CA County Tobacco Securitization Agency		6.619	⁵		06/01/2050		1,294,170
	33,920,000	CA County Tobacco Securitization Agency		6.650	⁵		06/01/2046		801,869
	215,100,000	CA County Tobacco Securitization Agency		7.000	⁵		06/01/2055		1,507,851
	117,250,000	CA County Tobacco Securitization Agency		7.129	⁵		06/01/2055		1,062,285
	143,610,000	CA County Tobacco Securitization Agency		7.300	⁵		06/01/2046		4,045,494
	246,760,000	CA County Tobacco Securitization Agency		7.477	⁵		06/01/2055		1,512,639
	11,485,000	CA County Tobacco Securitization Agency		8.150	⁵		06/01/2033		1,082,232
	102,000,000	CA County Tobacco Securitization Agency		8.550	⁵		06/01/2055		625,260
	36,000,000	CA County Tobacco Securitization Agency (TASC)²		0.000	⁸		06/01/2041		19,209,240
	56,530,000	CA County Tobacco Securitization Agency (TASC)²		0.000	⁸		06/01/2046		29,975,033
	255,000	CA County Tobacco Securitization Agency (TASC)²		5.250			06/01/2045		141,007
	19,000,000	CA County Tobacco Securitization Agency (TASC)²		5.250			06/01/2046		10,480,210
	2,435,000	CA County Tobacco Securitization Agency (TASC)²		5.500			06/01/2033		1,845,365
	2,610,000	CA County Tobacco Securitization Agency (TASC)²		5.875			06/01/2035		1,793,723
	7,285,000	CA County Tobacco Securitization Agency (TASC)²		5.875			06/01/2043		4,874,976
	2,930,000	CA County Tobacco Securitization Agency (TASC)²		6.000			06/01/2042		2,008,720
	5,000,000	CA County Tobacco Securitization Agency (TASC)²		6.125			06/01/2038		3,522,450
	57,000,000	CA County Tobacco Securitization Agency (TASC)		6.400	⁵		06/01/2046		1,347,480
	525,920,000	CA County Tobacco Securitization Agency (TASC)		6.664	⁵		06/01/2050		8,277,981
	14,855,000	CA Dept. of Veterans Affairs Home Purchase¹		5.200			12/01/2028		14,855,817
	30,000,000	CA Educational Funding Services²		6.250			12/01/2042		17,511,000
	24,000,000	CA Golden State Tobacco Securitization Corp. (TASC)²		5.000			06/01/2033		15,190,320
	19,815,000	CA Golden State Tobacco Securitization Corp. (TASC)²		5.125			06/01/2047		10,714,763
	228,715,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.750			06/01/2047		137,228,946
	340,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.000	⁵		06/01/2047		7,578,600
	1,296,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.082	⁵		06/01/2047		34,590,240
	160,600,000	CA Silicon Valley Tobacco Securitization Authority		8.147	⁵		06/01/2056		1,010,174
	15,000,000	CA Silicon Valley Tobacco Securitization Authority		8.150	⁵		06/01/2041		620,550
	82,250,000	CA Silicon Valley Tobacco Securitization Authority		8.435	⁵		06/01/2056		451,553
	4,660,000	CA Statewide CDA (Aspire Public Schools)²		7.250			08/01/2031		4,084,490
	14,400,000	CA Statewide CDA (Fairfield Apartments)^3,4		7.250			01/01/2035		5,040,000
	16,000,000	CA Statewide CDA (Microgy Holdings)		9.000			12/01/2038		12,860,640
	1,500,000	CA Statewide CDA (Notre Dame de Namur University)²		6.625			10/01/2033		1,022,850
	1,500,000	CA Statewide CDA (Thomas Jefferson School of Law)²		7.250			10/01/2038		1,251,585
	555,300,000	CA Statewide Financing Authority Tobacco Settlement²		7.001	⁵		06/01/2055		3,892,653
	260,000,000	CA Statewide Financing Authority Tobacco Settlement		7.876	⁵		06/01/2055		1,593,800
	301,950,000	CA Statewide Financing Authority Tobacco Settlement		8.000	⁵		06/01/2046		7,575,926
	4,500,000	CA Statewide Financing Authority Tobacco Settlement (TASC)²		6.000			05/01/2037		3,124,530

F4 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,405,000	CA Statewide Financing Authority Tobacco Settlement (TASC)²		6.000	%		05/01/2043	$	958,842
	100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)²		6.000			05/01/2043		68,245
	11,400,000	CA Valley Health System COP		6.875			05/15/2023		6,267,720
	25,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)²		6.700			09/01/2020		17,818
	10,465,000	Cerritos, CA Community College District¹		5.250			08/01/2033		10,611,335
	165,000	Chino, CA Community Facilities District Special Tax²		5.000			09/01/2026		118,046
	990,000	Chino, CA Community Facilities District Special Tax No. 2005-1²		5.000			09/01/2023		634,085
	1,500,000	Chino, CA Community Facilities District Special Tax No. 2005-1²		5.000			09/01/2036		795,390
	80,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		6.750	⁵		06/01/2047		1,816,000
	10,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.587	⁵		06/01/2036		700,000
	432,795,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.626	⁵		06/01/2057		2,445,292
	1,000,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		8.001	⁵		06/01/2057		4,910,000
	450,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 29²		8.250			09/01/2029		444,092
	1,000,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 29²		8.625			09/01/2039		992,760
	1,000,000	Lake Elsinore, CA Unified School District Community Facilities District No. 04-3²		5.250			09/01/2029		605,090
	1,365,000	Lathrop, CA Special Tax Community Facilities District No. 03-2²		7.000			09/01/2033		1,194,593
	98,250,000	Long Beach, CA Bond Finance Authority Natural Gas²		2.142	⁶		11/15/2033		68,283,750
	13,000,000	Long Beach, CA Harbor¹		5.200			05/15/2027		12,475,074
	8,755,000	Los Angeles County, CA Unified School District¹		5.000			01/01/2034		8,466,971
	31,940,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)¹		5.375			05/15/2030		31,264,788
	5,000,000	Los Angeles, CA Dept. of Water & Power¹		5.000			07/01/2034		4,915,900
	5,000,000	Los Angeles, CA Dept. of Water & Power¹		5.000			07/01/2039		4,856,325
	16,260,000	Los Angeles, CA Harbor Dept.¹		5.250			08/01/2039		16,138,782
	5,700,000	Los Angeles, CA Regional Airports Improvement Corp. (Air Canada)		8.750			10/01/2014		4,674,855
	20,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)²		7.000			12/01/2012		18,156
	5,350,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)²		7.125			12/01/2024		4,150,156

F5 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	17,810,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)²		7.500	%		12/01/2024	$	13,872,387
	74,145,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)²		7.500			12/01/2024		57,752,282
	2,825,000	Los Angeles, CA Regional Airports Improvement Corp. (Continental Airlines)²		5.650			08/01/2017		2,250,706
	1,135,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta Airlines)²		6.350			11/01/2025		826,167
	12,900,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)²		9.250			08/01/2024		12,338,721
	400,000	Los Angeles, CA Regional Airports Improvement Corp. (United Airlines)^3,4		6.875			11/15/2012		387,032
	2,580,000	Los Angeles, CA Regional Airports Improvement Corp. (United Airlines)^3,4		8.800			11/15/2021		2,395,582
	11,000,000	Los Angeles, CA Unified School District¹		5.000			07/01/2032		10,735,780
	30,000,000	Los Angeles, CA Unified School District¹		5.000			07/01/2032		29,279,400
	7,330,000	Los Angeles, CA Unified School District¹		5.000			01/01/2034		7,088,661
	10,550,000	Los Angeles, CA Unified School District¹		5.000			01/01/2034		10,202,787
	11,535,000	Newport Beach, CA (Presbyterian Hoag Memorial Hospital)¹		5.000			12/01/2024		11,723,102
	115,975,000	Northern CA Tobacco Securitization Authority (TASC)		6.375	⁵		06/01/2045		3,035,066
	5,925,000	Palm Desert, CA Improvement Bond Act 1915²		5.100			09/02/2037		3,432,530
	2,200,000	San Diego County, CA COP²		5.700			02/01/2028		1,490,192
	15,000,000	San Diego, CA Public Facilities Financing Authority¹		5.375			08/01/2034		15,056,475
	22,110,000	San Francisco, CA Bay Area Toll Authority¹		5.000			04/01/2031		22,042,343
	16,260,000	San Francisco, CA Bay Area Toll Authority¹		5.125			04/01/2047		15,760,520
	12,000,000	Southern CA Metropolitan Water District¹		5.000			07/01/2035		12,102,300
	45,440,000	Southern CA Tobacco Securitization Authority²		5.125			06/01/2046		24,499,885
	195,570,000	Southern CA Tobacco Securitization Authority		6.383	⁵		06/01/2046		4,906,851
	41,325,000	Southern CA Tobacco Securitization Authority		6.400	⁵		06/01/2046		976,923
	143,080,000	Southern CA Tobacco Securitization Authority		7.100	⁵		06/01/2046		2,656,996
	5,125,000	Southern CA Tobacco Securitization Authority (TASC)²		5.000			6/01/2037		3,095,039
	5,425,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)²		5.450			09/01/2026		2,718,251
	4,000,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)²		5.500			09/01/2036		1,776,160
	60,000	West Patterson, CA Financing Authority Special Tax²		6.700			09/01/2032		47,271
	15,000	West Patterson, CA Financing Authority Special Tax²		6.750			09/01/2036		11,749
	35,000	West Patterson, CA Financing Authority Special Tax Community Facilities District No. 2001-1-A²		6.500			09/01/2026		28,331

F6 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

California Continued
$	15,000,000	Westminster, CA Redevel. Agency Tax Allocation¹		5.750	%		11/01/2045	$	14,239,725
	7,500,000	Westminster, CA Redevel. Agency Tax Allocation¹		6.250			11/01/2039		7,813,163

									871,963,540

Colorado—4.6%
	1,000,000	CO Andonea Metropolitan District No. 2²		6.125			12/01/2025		662,910
	2,380,000	CO Andonea Metropolitan District No. 3²		6.250			12/01/2035		1,404,628
	5,000,000	CO Arista Metropolitan District²		6.750			12/01/2035		3,172,500
	14,000,000	CO Arista Metropolitan District		9.250			12/01/2037		11,204,760
	2,620,000	CO Beacon Point Metropolitan District²		6.125			12/01/2025		1,940,975
	3,500,000	CO Beacon Point Metropolitan District²		6.250			12/01/2035		2,390,010
	1,000,000	CO Castle Oaks Metropolitan District²		6.000			12/01/2025		698,030
	1,500,000	CO Castle Oaks Metropolitan District²		6.125			12/01/2035		956,805
	5,755,000	CO Central Marksheffel Metropolitan District²		7.250			12/01/2029		4,394,921
	1,000,000	CO Confluence Metropolitan District²		5.400			12/01/2027		658,110
	1,000,000	CO Copperleaf Metropolitan District No. 2²		5.850			12/01/2026		632,970
	1,850,000	CO Copperleaf Metropolitan District No. 2²		5.950			12/01/2036		1,039,515
	1,025,000	CO Country Club Highlands Metropolitan District²		7.250			12/01/2037		755,425
	1,700,000	CO Crystal Crossing Metropolitan District²		6.000			12/01/2036		962,506
	585,000	CO Educational and Cultural Facilities Authority (Carbon Valley Academy Charter School)²		5.625			12/01/2036		390,651
	2,475,000	CO Educational and Cultural Facilities Authority (Inn at Auraria)		5.375			07/01/2015		1,919,214
	24,295,000	CO Educational and Cultural Facilities Authority (Inn at Auraria)		6.000			07/01/2042		13,492,228
	1,335,000	CO Elbert and Highway 86 Metropolitan District²		5.750			12/01/2036		762,832
	5,000,000	CO Elbert and Highway 86 Metropolitan District²		7.500			12/01/2032		3,683,050
	2,468,000	CO Elkhorn Ranch Metropolitan District²		6.375			12/01/2035		1,553,803
	700,000	CO Fallbrook Metropolitan District²		5.625			12/01/2026		472,185
	1,225,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)²		5.300			07/01/2037		848,104
	2,960,000	CO Heritage Todd Creek Metropolitan District²		5.500			12/01/2037		1,790,741
	5,325,000	CO High Plains Metropolitan District²		6.125			12/01/2025		3,687,989
	10,875,000	CO High Plains Metropolitan District²		6.250			12/01/2035		6,726,623
	1,060,000	CO Horse Creek Metropolitan District²		5.750			12/01/2036		669,941
	220,000	CO Hsg. & Finance Authority²		6.400			11/01/2024		227,993
	290,000	CO Hsg. & Finance Authority²		8.400			10/01/2021		318,745
	5,000	CO Hsg. & Finance Authority (Single Family)²		6.500			11/01/2029		5,147
	15,000	CO Hsg. & Finance Authority (Single Family)²		6.800			04/01/2030		15,379
	5,000	CO Hsg. & Finance Authority (Single Family)²		7.000			05/01/2026		5,093
	24,000	CO Hsg. & Finance Authority (Single Family)²		7.250			05/01/2027		24,451

F7 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Colorado Continued
$	1,700,000	CO Huntington Trails Metropolitan District		0.000	%⁸		12/01/2037	$	1,540,574
	500,000	CO Huntington Trails Metropolitan District²		6.250			12/01/2036		307,945
	7,050,000	CO International Center Metropolitan District No. 3²		6.500			12/01/2035		4,310,652
	1,145,000	CO Liberty Ranch Metropolitan District²		6.250			12/01/2036		705,194
	1,875,000	CO Madre Metropolitan District No. 2²		5.500			12/01/2036		924,488
	2,800,000	CO Mountain Shadows Metropolitan District²		5.625			12/01/2037		1,488,032
	1,740,000	CO Multifamily Hsg. Revenue Bond Pass-Through Certificates (MS Loveland/American International Obligated Group)²		6.000	⁶		11/01/2033		1,465,498
	3,000,000	CO Murphy Creek Metropolitan District No. 3²		6.000			12/01/2026		2,118,420
	10,060,000	CO Murphy Creek Metropolitan District No. 3²		6.125			12/01/2035		6,416,972
	2,275,000	CO Neu Towne Metropolitan District³		7.250			12/01/2034		726,180
	1,290,000	CO North Range Metropolitan District No. 2		5.500			12/15/2018		941,313
	1,000,000	CO North Range Metropolitan District No. 2²		5.500			12/15/2037		538,870
	4,500,000	CO Northwest Metropolitan District No. 3²		6.125			12/01/2025		2,640,465
	7,855,000	CO Northwest Metropolitan District No. 3²		6.250			12/01/2035		4,168,806
	13,305,000	CO Park Valley Water and Sanitation Metropolitan District		6.000	⁵		12/15/2017		8,458,654
	320,000	CO Potomac Farms Metropolitan District²		0.000	⁸		12/01/2023		260,010
	1,590,000	CO Potomac Farms Metropolitan District²		7.250			12/01/2037		1,067,383
	850,000	CO Prairie Center Metropolitan District No. 3²		5.250			12/15/2021		640,679
	1,250,000	CO Prairie Center Metropolitan District No. 3²		5.400			12/15/2031		818,325
	1,000,000	CO Prairie Center Metropolitan District No. 3²		5.400			12/15/2031		654,660
	2,275,000	CO Regency Metropolitan District²		5.750			12/01/2036		1,239,375
	1,750,000	CO Serenity Ridge Metropolitan District No. 2		7.500			12/01/2034		785,750
	1,320,000	CO Silver Peaks Metropolitan District²		5.750			12/01/2036		792,528
	10,230,000	CO Sorrell Ranch Metropolitan District²		5.750			12/01/2036		6,142,092
	1,735,000	CO Sorrell Ranch Metropolitan District		6.750			12/15/2036		1,145,048
	1,330,000	CO Stoneridge Metropolitan District²		5.625			12/01/2036		783,157
	2,065,000	CO Tallgrass Metropolitan District²		5.250			12/01/2037		1,201,706
	500,000	CO Tallyns Reach Metropolitan District No. 3²		5.200			12/01/2036		362,385
	8,000,000	CO Talon Pointe Metropolitan District²		8.000			12/01/2039		6,440,400
	655,000	CO Todd Creek Farms Metropolitan District No. 1		6.125			12/01/2019		414,032
	695,000	CO Traditions Metropolitan District No. 2²		5.750			12/01/2036		439,254
	4,390,000	CO Traditions Metropolitan District No. 2 CAB		0.000	⁸		12/15/2037		2,819,960
	3,780,000	CO Waterview I Metropolitan District²		8.000			12/15/2032		3,084,745
	500,000	CO Wheatlands Metropolitan District²		6.000			12/01/2025		349,015
	2,500,000	CO Wheatlands Metropolitan District²		6.125			12/01/2035		1,594,675
	4,000,000	CO Wheatlands Metropolitan District No. 2		8.250			12/15/2035		3,040,960
	3,875,000	CO Woodmen Heights Metropolitan District No. 1²		6.750			12/01/2020		3,201,719

F8 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Colorado Continued
$	21,195,000	CO Woodmen Heights Metropolitan District No. 1²		7.000	%		12/01/2030	$	15,662,045
	500,000	CO Wyndham Hill Metropolitan District²		6.250			12/01/2025		359,135
	892,000	CO Wyndham Hill Metropolitan District²		6.375			12/01/2035		589,460
	18,510,000	Colorado Springs, CO Urban Renewal (University Village Colorado)²		7.000			12/01/2029		14,435,024
	63,375,000	Denver, CO City & County Airport Special Facilities (United Air Lines)²		5.250			10/01/2032		32,518,346
	35,200,000	Denver, CO City & County Airport Special Facilities (United Air Lines)²		5.750			10/01/2032		19,385,344
	375,000	Eagle County, CO Airport Terminal Corp.²		5.250			05/01/2020		261,818

									224,709,327

Connecticut—0.2%
	145,000	CT Devel. Authority (Bridgeport Hydraulic Company)²		6.150			04/01/2035		128,663
	125,000	CT Devel. Authority (Bridgeport Hydraulic Company)²		6.150			04/01/2035		115,611
	1,500,000	CT Devel. Authority Airport Facility (Learjet)²		7.950			04/01/2026		1,515,270
	80,000	CT H&EFA (Bridgeport Hospital/Bridgeport Hospital Foundation Obligated Group)²		6.500			07/01/2012		80,138
	20,000	CT H&EFA (St. Mary’s Hospital Corp.)²		5.500			07/01/2012		19,375
	475,000	Georgetown, CT Special Taxing District²		5.125			10/01/2036		219,545
	3,750,000	Mashantucket, CT Western Pequot Tribe, Series B²		5.500			09/01/2036		1,818,638
	1,750,000	Mashantucket, CT Western Pequot Tribe, Series B²		5.750			09/01/2027		981,698
	6,000,000	Mashantucket, CT Western Pequot Tribe, Series B^2,9		6.500			09/01/2031		3,466,320
	1,715,000	West Haven, CT Hsg. Authority (Meadow Landing Apartments)²		6.000			01/01/2028		1,403,556

									9,748,814

Delaware—0.1%
	15,000	DE Hsg. Authority (Single Family Mtg.)²		6.000			07/01/2018		15,015
	55,000	DE Hsg. Authority (Single Family Mtg.)²		6.000			07/01/2032		55,220
	6,939,000	Millsboro, DE Special Obligation (Plantation Lakes)²		5.450			07/01/2036		3,978,961

									4,049,196

District of Columbia—1.5%
	170,000	District of Columbia HFA (Benning Road Apartments)²		6.300			01/01/2012		163,640
	10,380,000	District of Columbia HFA (Shipley Park Apartments)¹		4.800			06/01/2038		9,872,678
	105,000	District of Columbia Tobacco Settlement Financing Corp.²		6.250			05/15/2024		101,454
	32,680,000	District of Columbia Tobacco Settlement Financing Corp.²		6.750			05/15/2040		27,496,298
	515,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.367	⁵		06/15/2046		12,602,050
	1,375,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.897	⁵		06/15/2055		8,845,622

F9 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

District of Columbia Continued
$	1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		7.250	%⁵		06/15/2055	$	5,180,050
	12,100,000	Metropolitan Washington D.C. Airport Authority, Series B¹		5.000			10/01/2034		11,031,250

									75,293,042

Florida—20.6%
	1,110,000	Aberdeen, FL Community Devel. District		5.250			11/01/2015		670,029
	340,000	Aberdeen, FL Community Devel. District²		5.500			11/01/2011		243,035
	22,800,000	Aberdeen, FL Community Devel. District		5.500			05/01/2036		12,427,368
	8,000,000	Alachua County, FL Industrial Devel. Revenue (North Florida Retirement Village)²		5.875			11/15/2042		5,560,000
	5,350,000	Amelia Concourse, FL Community Devel. District³		5.750			05/01/2038		2,562,329
	1,770,000	Amelia Walk, FL Community Devel. District Special Assessment³		5.500			05/01/2037		947,516
	12,205,000	Arborwood, FL Community Devel. District (Centex Homes)²		5.250			05/01/2016		9,443,863
	13,895,000	Arlington Ridge, FL Community Devel. District		5.500			05/01/2036		6,105,463
	9,115,000	Ave Maria Stewardship, FL Community Devel. District²		5.125			05/01/2038		4,709,629
	2,200,000	Avelar Creek, FL Community Devel. District²		5.375			05/01/2036		1,289,134
	1,045,000	Avignon Villages, FL Community Devel. District^3,4		5.300			05/01/2014		402,325
	755,000	Avignon Villages, FL Community Devel. District^3,4		5.400			05/01/2037		290,728
	1,000,000	Bahia Lakes, FL Community Devel. District²		5.450			05/01/2037		589,920
	2,585,000	Bainebridge, FL Community Devel. District²		5.500			05/01/2038		1,429,091
	10,000,000	Baker, FL Correctional Devel. Corp. (Detention Center)²		7.500			02/01/2030		8,497,800
	5,165,000	Bay Laurel Center, FL Community Devel. District Special Assessment²		5.450			05/01/2037		3,237,680
	225,000	Bayshore, FL Hsg. Corp.³		8.000			12/01/2016		64,413
	4,385,000	Baywinds, FL Community Devel. District³		4.900			05/01/2012		1,972,812
	10,650,000	Baywinds, FL Community Devel. District		5.250			05/01/2037		4,866,518
	4,200,000	Beacon Lakes, FL Community Devel. District Special Assessment²		6.000			05/01/2038		2,667,882
	3,380,000	Beacon Lakes, FL Community Devel. District Special Assessment²		6.200			05/01/2038		2,103,712
	1,955,000	Beacon, FL Tradeport Community Devel. District²		7.250			05/01/2033		1,681,417
	10,640,000	Bella Verde, FL Golf Community Devel. District^3,4,7		7.250			05/15/2009		3,936,800
	10,000,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment²		7.375			05/01/2034		8,125,900
	9,625,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment²		7.500			05/01/2034		7,936,679
	3,950,000	Boynton Village, FL Community Devel. District Special Assessment²		6.000			05/01/2038		2,592,267

F10 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	75,000	Broward County, FL Educational Facilities Authority (Pompano Oaks Apartments)²		6.000	%		12/01/2027	$	75,054
	25,000	Broward County, FL HFA (Cross Keys Apartments)²		5.750			10/01/2028		23,773
	12,475,000	Broward County, FL HFA (Pembroke Village Apartments)²		7.000			06/01/2046		12,020,411
	595,000	Broward County, FL HFA (Single Family)²		5.000			10/01/2039		545,758
	15,000	Broward County, FL HFA (Stirling Apartments)²		5.600			10/01/2018		15,079
	125,000	Broward County, FL HFA (Stirling Apartments)²		5.750			04/01/2038		125,114
	16,500,000	Broward County, FL Water and Sewer¹		5.250			10/01/2034		16,696,350
	5,955,000	Buckeye Park, FL Community Devel. District³		7.875			05/01/2038		2,931,885
	800,000	Cascades, FL Groveland Community Devel. District²		5.300			05/01/2036		355,168
	25,790,000	CFM, FL Community Devel. District, Series A²		6.250			05/01/2035		12,963,601
	2,500,000	Chapel Creek, FL Community Devel. District Special Assessment		5.200			05/01/2011		1,222,425
	3,665,000	Chapel Creek, FL Community Devel. District Special Assessment		5.250			05/01/2015		1,625,061
	12,480,000	Chapel Creek, FL Community Devel. District Special Assessment		5.500			05/01/2038		5,673,283
	4,100,000	City Center, FL Community Devel. District		6.000			05/01/2038		2,133,025
	7,430,000	City Center, FL Community Devel. District		6.125			05/01/2036		4,080,556
	26,530,000	Clearwater Cay, FL Community Devel. District		5.500			05/01/2037		12,120,496
	55,000	Collier County, FL IDA (Allete)²		6.500			10/01/2025		52,320
	16,110,000	Concord Stations, FL Community Devel. District		5.300			05/01/2035		7,520,792
	3,775,000	Connerton West, FL Community Devel. District		5.125			05/01/2016		1,797,542
	4,310,000	Connerton West, FL Community Devel. District²		5.400			05/01/2038		2,032,898
	4,910,000	Copperstone, FL Community Devel. District²		5.200			05/01/2038		2,612,169
	7,400,000	Cordoba Ranch, FL Community Devel. District Special Assessment³		5.550			05/01/2037		2,916,044
	3,125,000	Coronado, FL Community Devel. District²		6.000			05/01/2038		2,001,406
	3,230,000	Creekside, FL Community Devel. District²		5.200			05/01/2038		1,656,150
	1,100,000	Crestview II, FL Community Devel. District Special Assessment²		5.600			05/01/2037		731,192
	2,625,000	Crosscreek, FL Community Devel. District²		5.500			05/01/2017		733,163
	1,280,000	Crosscreek, FL Community Devel. District²		5.600			05/01/2039		357,491
	9,440,000	Cypress Creek of Hillsborough County, FL Community Devel. District²		5.350			05/01/2037		4,537,714
	70,000	Dade City, FL (First Mtg.-Retirement Care)²		8.000			01/01/2025		70,652
	45,000	Dade County, FL HFA (Golden Lakes Apartments)²		6.050			11/01/2039		43,719
	90,000	Dade County, FL HFA (Siesta Pointe Apartments)²		5.650			09/01/2017		90,071
	8,569	Dade County, FL HFA (Single Family Mtg.)²		6.100			04/01/2027		8,624
	1,700,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)²		8.000			06/01/2022		1,447,601

F11 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity	Value

Florida Continued
$	115,000	Dade County, FL Res Rec²		5.500	%	10/01/2013	$	115,108
	7,815,000	Deer Run, FL Community Devel. District Special Assessment²		7.625		05/01/2039		5,945,339
	3,015,000	Durbin Crossing, FL Community Devel. District Special Assessment²		5.250		11/01/2015		1,938,344
	2,355,000	East Homestead, FL Community Devel. District²		5.375		05/01/2036		1,304,599
	900,000	East Homestead, FL Community Devel. District²		5.450		11/01/2036		568,242
	2,225,000	East Park, FL Community Devel. District Special Assessment²		7.500		05/01/2039		1,711,314
	1,095,000	Easton Park, FL Community Devel. District²		5.200		05/01/2037		623,186
	5,000	Edgewater, FL Water & Sewer²		7.000		10/01/2021		5,020
	1,500,000	Enclave at Black Point Marina, FL Community Devel. District³		5.200		05/01/2014		917,355
	1,225,000	Enclave at Black Point Marina, FL Community Devel. District³		5.400		05/01/2037		607,576
	75,000	Escambia County, FL HFA (Single Family Mtg.)²		5.500		10/01/2031		75,271
	21,000,000	Fiddler’s Creek, FL Community Devel. District No. 2		6.000		05/01/2038		12,030,270
	175,000	FL Capital Projects Finance Authority (Peerless Group)²		7.500		08/01/2019		138,733
	26,200,000	FL Capital Trust Agency (AHF Florida LLC)		8.125		10/01/2038		15,783,404
	3,085,000	FL Capital Trust Agency (American Opportunity)²		5.750	��	06/01/2023		2,174,431
	2,000,000	FL Capital Trust Agency (American Opportunity)²		5.875		06/01/2038		1,230,400
	950,000	FL Capital Trust Agency (American Opportunity)		7.250		06/01/2038		486,210
	690,000	FL Capital Trust Agency (American Opportunity)²		8.250		12/01/2038		321,650
	7,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)²		7.000		07/15/2032		5,783,750
	13,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)²		8.260		07/15/2038		10,727,210
	2,460,000	FL Gateway Services Community Devel. District (Sun City Center)²		6.500		05/01/2033		2,068,122
	30,000	FL HFA (Hsg. Partners of Panama City)²		5.700		05/01/2037		28,211
	100,000	FL HFA (Mar Lago Village Apartments)²		5.900		12/01/2027		87,513
	115,000	FL HFA (Reserve at Kanapaha)²		5.700		07/01/2037		104,582
	20,000	FL HFA (Spinnaker Cove Apartments)²		6.500		07/01/2036		20,003
	1,345,000	FL HFA (St. Cloud Village Associates)		8.000		02/15/2030		1,000,008
	75,000	FL HFA (Stoddert Arms Apartments)²		6.250		09/01/2026		75,016
	15,000	FL HFA (Wentworth Apartments)²		5.450		10/01/2037		12,313
	50,000	FL HFA (Willow Lake Apartments)²		5.250		01/01/2021		46,152
	100,000	FL HFA (Willow Lake Apartments)²		5.350		07/01/2027		86,528
	100,000	FL HFC (Ashton Point Apartments)²		5.750		07/01/2036		100,156
	85,000	FL HFC (Brittany of Rosemont)²		6.250		07/01/2035		83,496
	20,000	FL HFC (East Lake Apartments)²		5.050		10/01/2026		18,047
	45,000	FL HFC (Grande Pointe Apartments)²		6.000		07/01/2038		45,203
	8,535,000	FL HFC (Homeowner Mtg.)¹		5.150		07/01/2038		8,271,380

F12 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	120,000	FL HFC (Homeowner Mtg.)		5.573	%⁵		01/01/2029	$	38,665
	15,000	FL HFC (Homeowner Mtg.)²		6.250			07/01/2022		15,493
	145,000	FL HFC (Logan Heights Apartments)²		6.000			10/01/2039		141,436
	25,000	FL HFC (Mystic Pointe II)²		6.100			12/01/2035		25,373
	25,000	FL HFC (Raceway Pointe Apartments)²		5.950			09/01/2032		23,971
	10,000	FL HFC (River Trace Senior Apartments)²		5.800			01/01/2041		10,021
	10,000	FL HFC (Sanctuary Winterlakes)²		5.850			09/01/2026		10,101
	20,000	FL HFC (Sheridan Place of Bredenton)²		5.500			10/01/2036		20,089
	95,000	FL HFC (Spring Harbor Apartments)²		5.900			08/01/2039		95,336
	10,000	FL HFC (Sundance Pointe Associates)²		5.850			02/01/2037		10,031
	10,000	FL HFC (Villas De Mallorca)²		5.750			07/01/2027		10,140
	5,075,000	FL HFC (Westchase Apartments)		6.610			07/01/2038		3,330,621
	8,630,000	FL Island at Doral III Community Devel. District Special Assessment²		5.900			05/01/2035		5,362,423
	3,400,000	FL Lake Ashton II Community Devel. District²		5.375			05/01/2036		2,015,350
	2,910,000	FL Mira Lago West Community Devel. District²		5.375			05/01/2036		1,796,110
	1,555,000	FL New Port Tampa Bay Community Devel. District⁷		5.300			11/01/2012		543,317	��
	24,390,000	FL New Port Tampa Bay Community Devel. District⁷		5.875			05/01/2038		8,521,866
	1,500,000	FL Parker Road Community Devel. District²		5.350			05/01/2015		901,800
	1,480,000	FL Parker Road Community Devel. District²		5.600			05/01/2038		811,514
	1,500,000	Flora Ridge, FL Educational Facilities Benefit District²		5.300			05/01/2037		950,910
	5,300,000	Fontainbleau Lakes, FL Community Devel. District²		6.000			05/01/2015		2,824,529
	4,000,000	Fontainbleau Lakes, FL Community Devel. District²		6.000			05/01/2038		2,230,200
	9,575,000	Forest Creek, FL Community Devel. District³		5.450			05/01/2036		4,409,479
	7,915,000	Glades, FL Correctional Devel. Corp. (Glades County Detention)²		7.375			03/01/2030		6,473,679
	10,000,000	Grand Bay at Doral, FL Community Devel. District²		6.000			05/01/2017		6,668,400
	8,735,000	Grand Bay at Doral, FL Community Devel. District²		6.000			05/01/2039		4,530,582
	12,200,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District		5.500			05/01/2038		6,124,522
	7,505,000	Greater Orlando, FL Aviation Authority (JetBlue Airways Corp.)		6.375			11/15/2026		5,113,457
	14,965,000	Greater Orlando, FL Aviation Authority (JetBlue Airways Corp.)		6.500			11/15/2036		9,679,661
	2,830,000	Greyhawk Landing, FL Community Devel. District Special Assessment²		7.000			05/01/2033		2,580,479
	100,000	Gulf Breeze, FL GO²		5.900			12/01/2015		100,086
	5,855,000	Hammocks, FL Community Devel. District Special Assessment²		5.500			05/01/2037		3,059,238
	8,800,000	Harrison Ranch, FL Community Devel. District²		5.300			05/01/2038		4,950,968
	1,125,000	Hawks Point, FL Community Devel. District²		5.300			05/01/2039		629,955

F13 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	15,435,000	Heritage Bay, FL Community Devel. District²		5.500	%		05/01/2036	$	9,207,595
	14,980,000	Heritage Harbour North, FL Community Devel. District²		6.375			05/01/2038		10,184,602
	1,910,000	Heritage Plantation, FL Community Devel. District		5.100			11/01/2013		1,298,991
	3,480,000	Heritage Plantation, FL Community Devel. District		5.400			05/01/2037		1,725,697
	12,000,000	Hialeah Gardens, FL Health Facilities Authority (CHS/SJRNC/VMNRC/SJR/CHFTEH/SANC Obligated Group)²		5.250			08/15/2031		11,269,560
	930,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A²		5.500			05/01/2036		409,674
	4,035,000	Highlands, FL Community Devel. District³		5.550			05/01/2036		2,059,868
	2,000,000	Hillsborough County, FL IDA (National Gypsum Company)²		7.125			04/01/2030		1,127,800
	9,250,000	Hillsborough County, FL IDA (Senior Care Group)²		6.700			07/01/2021		7,603,593
	6,035,000	Hillsborough County, FL IDA (Senior Care Group)²		6.750			07/01/2029		4,762,339
	11,300,000	Indigo, FL Community Devel. District²		5.750			05/01/2036		5,859,615
	715,000	Jacksonville, FL Water and Sewage (United Waterworks)²		6.350			08/01/2025		714,979
	1,405,000	K-Bar Ranch, FL Community Devel. District Special Assessment³		5.450			05/01/2036		646,581
	2,800,000	Keys Cove, FL Community Devel. District²		5.500			05/01/2036		1,859,620
	1,160,000	Keys Cove, FL Community Devel. District²		5.875			05/01/2035		876,925
	920,000	Lake Frances, FL Community Devel. District Special Assessment³		5.300			05/01/2037		459,393
	2,000,000	Lakeside Landings, FL Devel. District³		5.250			05/01/2013		918,400
	750,000	Lakeside Landings, FL Devel. District³		5.500			05/01/2038		341,903
	9,260,000	Lakewood Ranch, FL Stewardship District²		5.500			05/01/2036		5,544,703
	12,000,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)²		5.400			05/01/2037		7,107,960
	14,500,000	Landmark at Doral, FL Community Devel. District Special Assessment		5.200			05/01/2015		5,175,775
	8,000,000	Landmark at Doral, FL Community Devel. District Special Assessment		5.500			05/01/2038		2,811,120
	69,247	Largo, FL Sun Coast Health System (Sun Coast Hospital)		6.200			03/01/2013		35,323
	65,000	Lee County, FL HFA (Single Family Mtg.)²		7.200			03/01/2033		66,195
	1,200,000	Legends Bay, FL Community Devel. District³		5.500			05/01/2014		607,464
	1,500,000	Legends Bay, FL Community Devel. District³		5.875			05/01/2038		754,980
	100,000	Leon County, FL Educational Facilities Authority (Southgate Residence Hall)³		6.750			09/01/2028		60,904
	1,385,000	Liberty County, FL Revenue (Twin Oaks)		8.250			07/01/2028		1,166,392
	7,955,000	Madeira, FL Community Devel. District²		5.250			11/01/2014		4,007,411
	8,045,000	Madeira, FL Community Devel. District²		5.450			05/01/2039		3,941,809
	1,550,000	Madison County, FL Mtg. (Twin Oaks)²		6.000			07/01/2025		1,139,219

F14 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	5,000,000	Magnolia Creek, FL Community Devel. District²		5.600	%		05/01/2014	$	3,143,000
	5,360,000	Magnolia Creek, FL Community Devel. District²		5.900			05/01/2039		2,982,518
	2,855,000	Magnolia West, FL Community Devel. District Special Assessment²		5.350			05/01/2037		1,547,496
	3,000,000	Main Street, FL Community Devel. District²		6.800			05/01/2038		2,229,930
	14,255,000	Martin County, FL IDA (Indiantown Cogeneration)²		7.875			12/15/2025		14,136,684
	1,035,000	Martin County, FL IDA (Indiantown Cogeneration)²		8.050			12/15/2025		1,034,783
	4,800,000	Meadow Woods, FL Community Devel. District Special Assessment²		6.050			05/01/2035		2,524,368
	3,980,000	Mediterranea, FL Community Devel. District Special Assessment²		5.600			05/01/2037		2,283,008
	1,025,000	Miami Beach, FL Health Facilities Authority (Mt. Sinai Medical Center)²		6.700			11/15/2019		895,174
	540,000	Miami Beach, FL Health Facilities Authority (Mt. Sinai Medical Center)²		6.800			11/15/2031		398,963
	15,000,000	Miami-Dade County, FL Aviation (Miami International Airport)¹		5.000			10/01/2040		13,103,850
	10,000,000	Miami-Dade County, FL School Board COP¹		5.000			02/01/2027		9,963,450
	10,000,000	Miami-Dade County, FL School Board COP¹		5.250			02/01/2027		10,172,150
	50,000,000	Miami-Dade County, FL School Board COP¹		5.375			02/01/2034		50,414,750
	11,590,000	Miromar Lakes, FL Community Devel. District²		6.875			05/01/2035		8,319,997
	9,740,000	Miromar Lakes, FL Community Devel. District²		7.375			05/01/2032		7,554,344
	16,955,000	Montecito, FL Community Devel. District		5.100			05/01/2013		8,046,843
	5,535,000	Montecito, FL Community Devel. District		5.500			05/01/2037		2,528,720
	680,000	Moody River, FL Estates Community Devel. District²		5.350			05/01/2036		363,807
	16,670,000	Myrtle Creek, FL Improvement District Special Assessment²		5.200			05/01/2037		8,872,274
	11,150,000	Nassau County, FL (Nassau Care Centers)²		6.900			01/01/2038		8,676,707
	20,000	Nassau County, FL Pollution Control (ITT Rayonier)²		6.200			07/01/2015		18,674
	1,735,000	Naturewalk, FL Community Devel. District²		5.300			05/01/2016		891,252
	5,425,000	Naturewalk, FL Community Devel. District²		5.500			05/01/2038		2,692,699
	2,465,000	North Springs, FL Improvement District (Heron Bay North Assessment)		5.200			05/01/2027		1,477,447
	14,940,000	North Springs, FL Improvement District (Parkland Golf-Country Club)		5.450			05/01/2026		9,090,990
	750,000	Northern Palm Beach, FL Improvement District²		5.350			08/01/2041		426,053
	3,995,000	Oak Creek, FL Community Devel. District Special Assessment²		5.800			05/01/2035		2,443,781
	2,750,000	Oakmont Grove, FL Community Devel. District Special Assessment³		5.250			05/01/2012		1,253,808
	4,595,000	Oakmont Grove, FL Community Devel. District Special Assessment³		5.400			05/01/2038		1,881,928

F15 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	3,340,000	Old Palm, FL Community Devel. District (Palm Beach Gardens)²		5.375	%		05/01/2014	$	2,773,670
	1,535,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)²		8.875			07/01/2021		1,555,523
	3,200,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)²		9.000			07/01/2031		3,201,120
	750,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)²		5.500			07/01/2032		499,440
	1,125,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)²		5.500			07/01/2038		724,523
	6,020,000	Orange County, FL HFA (Dunwoodie Apartments)²		6.500			07/01/2035		4,013,052
	10,000	Orange County, FL HFA (Homeowner)²		5.200			09/01/2023		10,003
	135,000	Orange County, FL HFA (Homeowner)		5.420	⁵		03/01/2028		47,592
	15,000	Orange County, FL HFA (Homeowner)²		5.550			09/01/2033		15,097
	5,000	Orange County, FL HFA (Park Avenue Villas)²		5.250			09/01/2031		5,006
	15,000,000	Orlando, FL Utilities Commission¹		5.000			10/01/2033		15,000,900
	18,500,000	Orlando, FL Utilities Commission¹		5.250			10/01/2039		18,680,283
	3,750,000	Palm Bay, FL Educational Facilities (Patriot Charter School)³		7.000			07/01/2036		2,249,550
	55,000	Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.)²		6.100			08/01/2029		55,028
	13,995,000	Palm Coast Park, FL Community Devel. District Special Assessment²		5.700			05/01/2037		7,699,909
	2,700,000	Palm Glades, FL Community Devel. District²		5.300			05/01/2036		1,618,488
	6,565,000	Palm Glades, FL Community Devel. District Special Assessment²		7.125			05/01/2039		4,635,153
	1,850,000	Palm River, FL Community Devel. District³		5.150			05/01/2013		828,615
	935,000	Palm River, FL Community Devel. District²		5.375			05/01/2036		418,787
	1,500,000	Parkway Center, FL Community Devel. District, Series A²		6.300			05/01/2034		954,165
	2,565,000	Paseo, FL Community Devel. District³		5.000			02/01/2011		1,473,387
	6,480,000	Pine Ridge Plantation, FL Community Devel. District²		5.400			05/01/2037		3,263,522
	4,625,000	Pinellas County, FL Health Facility Authority (St. Mark Village)²		5.650			05/01/2037		3,094,634
	35,000	Pinellas County, FL HFA (Single Family Hsg.)²		5.200			03/01/2037		31,549
	115,000	Pinellas County, FL HFA (Single Family Hsg.)²		5.250			03/01/2038		98,276
	1,815,000	Poinciana West, FL Community Devel. District Special Assessment²		6.000			05/01/2037		1,303,733
	2,100,000	Port St. Lucie, FL Special Assessment (Peacock & Lowry)²		5.350			07/01/2027		1,423,359
	10,700,000	Portico, FL Community Devel. District²		5.450			05/01/2037		5,940,961
	1,500,000	Portofino Cove, FL Community Devel. District Special Assessment³		5.500			05/01/2038		819,165

F16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	2,815,000	Portofino Isles, FL Community Devel. District (Portofino Court)		5.600	%		05/01/2036	$	1,485,335
	1,000,000	Portofino Landings, FL Community Devel. District Special Assessment³		5.200			05/01/2017		734,420
	2,000,000	Portofino Landings, FL Community Devel. District Special Assessment³		5.400			05/01/2038		1,100,660
	900,000	Portofino Springs, FL Community Devel. District Special Assessment³		5.500			05/01/2038		414,945
	2,470,000	Portofino Vista, FL Community Devel. District²		5.000			05/01/2013		1,695,581
	3,615,000	Quarry, FL Community Devel. District²		5.250			05/01/2036		1,961,716
	8,980,000	Quarry, FL Community Devel. District²		5.500			05/01/2036		5,076,125
	485,000	Renaissance Commons, FL Community Devel. District, Series A²		5.600			05/01/2036		297,887
	6,795,000	Renaissance, FL Community Devel. District²		7.000			05/01/2033		6,195,885
	6,400,000	Reunion East, FL Community Devel. District²		5.800			05/01/2036		3,321,024
	10,000,000	Reunion East, FL Community Devel. District, Series A²		7.375			05/01/2033		6,540,700
	22,335,000	Reunion West, FL Community Devel. District		6.250			05/01/2036		9,792,111
	4,545,000	Ridgewood Trails, FL Community Devel. District²		5.650			05/01/2038		2,406,441
	9,375,000	River Bend, FL Community Devel. District		5.450			05/01/2035		4,903,781
	6,415,000	River Bend, FL Community Devel. District³		7.125			11/01/2015		4,522,639
	7,890,000	River Glen, FL Community Devel. District Special Assessment³		5.450			05/01/2038		3,448,088
	3,495,000	Riverwood Estates, FL Community Devel. District Special Assessment^3,4		5.350			05/01/2037		1,220,454
	2,485,000	Rolling Hills, FL Community Devel. District²		5.125			11/01/2013		1,767,307
	1,290,000	Rolling Hills, FL Community Devel. District²		5.450			05/01/2037		808,288
	200,000	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		116,612
	23,200,000	Sarasota, FL National Community Devel. District Special Assessment²		5.300			05/01/2039		12,345,648
	4,475,000	Seminole County, FL IDA (Progressive Health)²		7.500			03/01/2035		3,770,322
	6,850,000	Shingle Creek, FL Community Devel. District		6.100			05/01/2025		3,880,662
	25,060,000	Shingle Creek, FL Community Devel. District		6.125			05/01/2037		12,267,622
	930,000	Six Mile Creek, FL Community Devel. District²		5.500			05/01/2017		506,153
	8,625,000	Six Mile Creek, FL Community Devel. District²		5.875			05/01/2038		3,736,264
	6,900,000	South Bay, FL Community Devel. District³		5.125			11/01/2009		2,402,580
	12,035,000	South Bay, FL Community Devel. District³		5.375			05/01/2013		4,190,587
	16,775,000	South Bay, FL Community Devel. District³		5.950			05/01/2036		5,841,055
	11,400,000	South Fork East, FL Community Devel. District²		5.350			05/01/2036		6,598,092
	3,595,000	South Fork East, FL Community Devel. District³		6.500			05/01/2038		2,255,503
	6,415,000	South Fork East, FL Community Devel. District³		7.000			11/01/2015		4,216,002
	100,000	South Lake County, FL Hospital District (Orlando Regional Healthcare System)²		6.000			10/01/2022		100,191

F17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	4,405,000	St. John’s Forest, FL Community Devel. District, Series A²		6.125	%		05/01/2034	$	3,128,255
	3,100,000	St. Johns County, FL IDA (Glenmoor Health Care)²		5.375			01/01/2040		1,989,456
	565,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)²		5.200			10/01/2027		399,890
	1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)²		5.250			10/01/2041		628,950
	1,940,000	Stonebrier, FL Community Devel. District²		5.500			05/01/2037		1,090,726
	4,665,000	Stoneybrook, FL South Community Devel. District²		5.800			05/01/2039		2,416,470
	2,500,000	Summerville, FL Community Devel. District³		5.500			05/01/2036		1,313,950
	5,315,000	Sumter County, FL IDA (North Sumter Utility Company)²		6.800			10/01/2032		4,564,788
	5,900,000	Sweetwater Creek, FL Community Devel. District²		5.500			05/01/2038		3,162,282
	14,000,000	Tampa Bay, FL Regional Water Supply Authority¹		5.000			10/01/2034		14,075,810
	9,460,000	Tern Bay, FL Community Devel. District³		5.000			05/01/2015		3,304,378
	19,075,000	Tern Bay, FL Community Devel. District³		5.375			05/01/2037		6,662,898
	33,650,000	Tolomato, FL Community Devel. District Special Assessment²		6.650			05/01/2040		23,104,427
	2,880,000	Town Center, FL at Palm Coast Community Devel. District²		6.000			05/01/2036		1,715,933
	5,000,000	Treeline, FL Preservation Community Devel. District²		6.800			05/01/2039		3,269,250
	735,000	Turnbull Creek, FL Community Devel. District Special Assessment³		5.250			05/01/2037		396,114
	1,390,000	Two Creeks, FL Community Devel. District³		5.250			05/01/2037		670,411
	10,590,000	Verandah East, FL Community Devel. District²		5.400			05/01/2037		6,088,509
	7,805,000	Verano Center, FL Community Devel. District²		5.375			05/01/2037		3,645,872
	2,500,000	Villa Portofino East, FL Community Devel. District²		5.200			05/01/2037		1,575,100
	1,720,000	Villa Portofino West, FL Community Devel. District²		5.350			05/01/2036		1,162,359
	1,265,000	Villa Vizcaya, FL Community Devel. District Special Assessment²		5.550			05/01/2039		703,403
	1,975,000	Villages of Westport, FL Community Devel. District²		5.700			05/01/2035		1,144,868
	2,775,000	Villagewalk of Bonita Springs, FL Community Devel. District²		5.150			05/01/2038		1,463,618
	1,395,000	Waterford Estates, FL Community Devel. District Special Assessment³		5.125			05/01/2013		634,111
	3,350,000	Waterford Estates, FL Community Devel. District Special Assessment³		5.500			05/01/2037		1,482,040
	3,735,000	Watergrass, FL Community Devel. District Special Assessment²		5.125			11/01/2014		1,968,121
	2,370,000	Watergrass, FL Community Devel. District Special Assessment²		5.375			05/01/2039		1,137,482
	3,190,000	Waterlefe, FL Community Devel. District Golf Course⁷		8.125			10/01/2025		63,800
	6,710,000	Waters Edge, FL Community Devel. District²		5.350			05/01/2039		3,338,762
	3,025,000	Waters Edge, FL Community Devel. District²		5.400			05/01/2039		1,505,180

F18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	5,800,000	Waterstone, FL Community Devel. District³		5.500	%		05/01/2018	$	2,939,556
	6,250,000	Wentworth Estates, FL Community Devel. District²		5.125			11/01/2012		3,250,688
	27,815,000	Wentworth Estates, FL Community Devel. District²		5.625			05/01/2037		13,544,514
	3,100,000	West Villages, FL Improvement District²		5.350			05/01/2015		2,386,752
	10,175,000	West Villages, FL Improvement District³		5.500			05/01/2037		4,800,260
	21,125,000	West Villages, FL Improvement District²		5.500			05/01/2038		10,441,665
	18,550,000	West Villages, FL Improvement District²		5.800			05/01/2036		9,721,128
	14,925,000	Westridge, FL Community Devel. District		5.800			05/01/2037		5,970,000
	11,210,000	Westside, FL Community Devel. District		5.650			05/01/2037		5,795,794
	17,340,000	Westside, FL Community Devel. District		7.200			05/01/2038		11,176,324
	2,085,000	World Commerce, FL Community Devel. District Special Assessment³		5.500			05/01/2038		816,799
	1,000,000	World Commerce, FL Community Devel. District Special Assessment³		6.500			05/01/2036		401,830
	7,420,000	Wyld Palms, FL Community Devel. District		5.400			05/01/2015		3,078,558
	4,340,000	Wyld Palms, FL Community Devel. District		5.500			05/01/2038		1,745,548
	2,040,000	Zephyr Ridge, FL Community Devel. District³		5.250			05/01/2013		917,592
	2,665,000	Zephyr Ridge, FL Community Devel. District³		5.625			05/01/2037		1,205,513

									1,005,585,583

Georgia—0.7%
	60,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)²		6.200			03/01/2027		60,035
	25,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)²		6.200			03/01/2029		25,011
	50,000	Americus-Sumter County, GA Hospital Authority (South Georgia Methodist Home for the Aging)²		6.250			05/15/2016		45,295
	3,000,000	Atlanta, GA Devel. Authority Student Hsg. (Clark Atlanta University)²		6.250			07/01/2036		1,790,850
	140,000	Atlanta, GA Urban Residential Finance Authority (Spring Branch Apartments)		8.500			04/01/2026		63,494
	200,000	Brunswick and Glynn County, GA Devel. Authority (Georgia-Pacific Corp.)²		5.550			03/01/2026		144,820
	295,000	Charlton County, GA Solid Waste Management Authority (Chesser Island Road Landfill)²		7.375			04/01/2018		258,556
	35,000	Cherokee County, GA Hospital Authority (RT Jones Memorial Hospital)²		7.300			12/01/2013		38,742
	50,000	Crisp County, GA Devel. Authority (International Paper Company)²		6.200			02/01/2020		46,761
	1,680,000	Effingham County, GA Devel. Authority (Fort James Corp.)²		5.625			07/01/2018		1,368,007
	125,000	Fulton County, GA Airport (Delta Airlines)^3,4,7		5.300			05/01/2013		1

F19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Georgia Continued
$	250,000	Fulton County, GA Airport (Delta Airlines)^3,4,7		5.450	%		05/01/2023	$	3
	25,000	Fulton County, GA Airport (Delta Airlines)^3,4,7		5.500			05/01/2033		—
	80,000	Fulton County, GA Airport (Delta Airlines)^3,4,7		6.950			11/01/2012		1
	895,000	Fulton County, GA Devel. Authority (Catholic Health East)²		5.250			11/15/2020		892,664
	915,000	Fulton County, GA Devel. Authority (Catholic Health East)²		5.500			11/15/2021		916,976
	4,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)²		5.000			07/01/2027		2,872,120
	1,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)²		5.125			07/01/2042		612,630
	15,000	GA Hsg. and Finance Authority (Single Family Mtg.)²		5.400			12/01/2031		15,008
	24,150,000	Irwin County, GA COP		8.000			08/01/2037		20,792,426
	2,000,000	Marietta, GA Devel. Authority (University Facilities)²		7.000			06/15/2039		1,636,920
	100,000	McDuffie County, GA County Devel. Authority (Temple-Inland)²		6.950			12/01/2023		87,766
	10,000	Peach County, GA Devel. Authority Healthcare Facility²		8.500			03/01/2034		8,886
	430,000	Savannah, GA EDA (Skidway Health & Living Services)²		6.850			01/01/2019		413,987
	1,055,000	Savannah, GA EDA (Skidway Health & Living Services)²		7.400			01/01/2024		1,018,307
	2,985,000	Savannah, GA EDA (Skidway Health & Living Services)²		7.400			01/01/2034		2,783,274

									35,892,540

Hawaii—0.1%
	400,000	HI Dept. of Transportation (Continental Airlines)²		5.625			11/15/2027		254,072
	7,415,000	HI Dept. of Transportation (Continental Airlines)²		7.000			06/01/2020		5,999,847

									6,253,919

Idaho—0.0%
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)²		5.350			01/01/2025		4,998
	45,000	ID Hsg. Agency (Single Family Mtg.)²		6.200			07/01/2025		46,067
	25,000	Power County, ID Industrial Devel. Corp. (FMC Corp.)²		6.450			08/01/2032		23,227

									74,292

Illinois—6.8%
	1,700,000	Annawan, IL Tax Increment (Patriot Renewable Fuels)²		5.625			01/01/2018		1,195,933
	34,581,350	Aurora, IL Single Family Mtg.¹		5.500			12/01/2039		33,789,292
	45,631,641	Aurora, IL Single Family Mtg.¹		6.300			12/01/2045		46,812,506
	1,750,000	Belleville, IL Tax Increment (Frank Scott Parkway Redevel.)²		5.700			05/01/2036		994,175
	4,145,000	Bolingbrook, IL Will and Du Page Counties Wastewater Facilities (Crossroads Treatment)²		6.600			01/01/2035		2,887,366
	30,775,000	Caseyville, IL Tax (Forest Lakes)		7.000			12/30/2022		18,662,883

F20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Illinois Continued
$	8,000,000	Centerpoint, IL Intermodal Center Program²		10.000	%⁶		06/15/2023	$	4,178,320
	20,000	Chicago, IL (Single Family Mtg.)²		6.350			10/01/2030		20,753
	35,000	Chicago, IL Midway Airport, Series B²		5.625			01/01/2029		33,973
	35,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)²		6.125			02/20/2042		35,777
	16,845,000	Chicago, IL O’Hare International Airport (Delta Airlines)²		6.450			05/01/2018		11,948,664
	5,300,000	Cortland, IL Special Tax (Sheaffer System)²		5.500			03/01/2017		3,268,934
	1,500,000	Deerfield, IL Educational Facilities (Chicagoland Jewish High School)²		6.000			05/01/2041		749,820
	1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)²		5.625			03/01/2036		614,630
	3,750,000	Gilberts, IL Special Service Area No. 19 Special Tax (Conservancy)²		5.375			03/01/2016		2,076,750
	1,375,000	Godfrey, IL (United Methodist Village)²		5.875			11/15/2029		777,618
	1,725,000	Hampshire, IL Special Service Area No. 16 (Crown Devel.-Prairie Ridge)²		5.625			03/01/2022		1,054,993
	3,135,000	Hampshire, IL Special Service Area No. 16 (Crown Devel.-Prairie Ridge)²		6.000			03/01/2046		1,598,913
	1,160,000	Hampshire, IL Special Service Area No. 17 (Crown Devel.-Oakstead)²		5.625			03/01/2022		709,444
	7,450,000	Hampshire, IL Special Service Area No. 17 (Crown Devel.-Oakstead)²		6.000			03/01/2045		3,755,247
	1,215,000	Hampshire, IL Special Service Area No. 18 (Crown Devel.-Tamms Farm)²		6.000			03/01/2044		613,599
	4,270,000	Hampshire, IL Special Service Area No. 19 (Crown Devel.-Prairie Ridge East)²		6.000			03/01/2046		2,148,664
	22,478	IL Devel. Finance Authority (Community Rehabilitation Providers)²		8.250			08/01/2012		18,020
	115,000	IL Devel. Finance Authority Solid Waste (WSREC)²		8.250			04/01/2023		115,163
	11,600,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)²		6.500			12/01/2037		8,572,980
	3,195,000	IL Finance Authority (Bethel Terrace Apartments)²		5.375			09/01/2035		2,179,949
	1,200,000	IL Finance Authority (Central Baptist Village)²		5.375			11/15/2039		766,056
	4,000,000	IL Finance Authority (Clare Oaks)²		6.000			11/15/2039		2,745,120
	1,000,000	IL Finance Authority (DeKalb Supportive Living)²		6.100			12/01/2041		690,620
	2,250,000	IL Finance Authority (Franciscan Communities)²		5.500			05/15/2027		1,579,703
	2,750,000	IL Finance Authority (Franciscan Communities)²		5.500			05/15/2037		1,714,873
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)²		5.375			02/15/2025		1,492,160
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)²		5.625			02/15/2037		1,344,920
	30,000,000	IL Finance Authority (Illinois River Energy)²		8.500			07/01/2019		21,943,200
	850,000	IL Finance Authority (Luther Oaks)²		6.000			08/15/2026		636,710
	1,500,000	IL Finance Authority (Luther Oaks)²		6.000			08/15/2039		1,030,365

F21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Illinois Continued
$	3,265,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)²		5.000	%		08/15/2024	$	2,341,070
	3,640,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)²		5.125			08/15/2028		2,469,412
	2,500,000	IL Finance Authority (Monarch Landing)²		7.000			12/01/2027		1,568,625
	12,250,000	IL Finance Authority (Monarch Landing)²		7.000			12/01/2037		6,976,253
	30,000,000	IL Finance Authority (Monarch Landing)²		7.000			12/01/2042		16,623,000
	1,250,000	IL Finance Authority (Montgomery Place)²		5.500			05/15/2026		911,050
	2,050,000	IL Finance Authority (Montgomery Place)²		5.750			05/15/2038		1,413,660
	21,000,000	IL Finance Authority (Provena Health)²		7.750			08/15/2034		21,158,760
	2,000,000	IL Finance Authority (Sedgebrook)²		6.000			11/15/2027		1,128,180
	9,000,000	IL Finance Authority (Sedgebrook)²		6.000			11/15/2037		4,509,270
	8,500,000	IL Finance Authority (Sedgebrook)²		6.000			11/15/2042		4,123,605
	750,000	IL Finance Authority (Three Crowns Park Plaza)²		5.875			02/15/2038		549,510
	8,700,000	IL Health Facilities Authority³		6.900			11/15/2033		3,833,220
	100,000	IL Health Facilities Authority (Delnor Community Resource Living)²		6.000			11/15/2017		87,074
	1,170,000	IL Hsg. Devel. Authority (Riverwoods Apartments)²		5.550			01/01/2048		1,125,634
	7,140,000	Lake County, IL Special Service Area No. 8²		7.125			03/01/2037		4,968,797
	13,635,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)²		7.125			01/01/2036		11,030,306
	3,760,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)²		5.750			03/01/2022		2,345,112
	4,000,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)²		6.125			03/01/2040		1,930,080
	1,810,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)²		5.750			03/01/2022		1,128,897
	380,000	Peoria, IL Hsg. (Peoria Oak Woods Apartments)²		7.750			10/15/2033		318,250
	3,500,000	Plano, IL Special Service Area No. 5²		6.000			03/01/2036		2,198,735
	3,750,000	Quad Cities, IL Regional EDA (Heritage Woods Moline)²		6.000			12/01/2041		2,482,500
	6,195,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)²		6.375			08/01/2040		3,966,411
	47,033	Robbins, IL Res Rec (Robbins Res Rec Partners)		5.873	⁵		10/15/2009		46,050
	347	Robbins, IL Res Rec (Robbins Res Rec Partners)²		7.250			10/15/2009		345
	162	Robbins, IL Res Rec (Robbins Res Rec Partners)²		7.250			10/15/2024		140
	10,000	Rockford, IL Mtg. (Faust Landmark Partnership)²		6.200			01/01/2028		10,067
	2,500,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)²		6.625			06/01/2037		1,894,775
	1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)²		5.850			12/01/2036		1,066,365
	16,865,000	Southwestern IL Devel. Authority (Local Government Programming)²		7.000			10/01/2022		14,808,145

F22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Illinois Continued
$	3,650,000	Southwestern IL Devel. Authority (Village of Sauget)²		5.625	%		11/01/2026	$	2,369,361
	15,230,000	Southwestern IL Devel. Authority Solid Waste Disposal (Center Ethanol Company)²		8.250			12/01/2019		9,851,069
	8,450,000	Upper, IL River Valley Devel. Authority (Living Springs McHenry)²		6.100			12/01/2041		5,867,849
	3,025,000	Vernon Hills, IL Tax Increment (Town Center)²		6.250			12/30/2026		2,374,050
	3,180,000	Volo Village, IL Special Service Area (Lancaster Falls)²		5.750			03/01/2036		1,852,954
	5,559,000	Volo Village, IL Special Service Area (Remington Pointe)²		6.450			03/01/2034		3,626,803
	5,170,000	Yorkville, IL United City Special Services Area Special Tax (Bristol Bay)²		5.875			03/01/2036		3,699,911

									329,413,388

Indiana—1.7%
	8,080,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)²		6.500	¹⁰		07/01/2033		5,218,872
	20,210,000	Bluffton, IN Solid Waste Disposal Facility (Bluffton Subordinate Industrial Bio-Energy)²		7.500			09/01/2019		13,583,545
	1,475,000	East Chicago, IN Solid Waste Disposal (USG Corp.)²		5.500			09/01/2028		912,037
	5,805,000	East Chicago, IN Solid Waste Disposal (USG Corp.)²		6.375			08/01/2029		3,990,241
	25,000	Fort Wayne, IN Pollution Control (General Motors Corp.)³		6.200			10/15/2025		2,500
	20,000	IN Bond Bank (Southwestern Bartholomew Water Corp.)²		6.625			06/01/2012		20,010
	925,000	IN Finance Authority Educational Facilities (Irvington Community)²		9.000			07/01/2039		970,297
	1,835,000	IN Health Facility Financing Authority (Methodist Hospitals)²		5.500			09/15/2031		1,320,356
	550,000	IN Pollution Control (General Motors Corp.)^3,7		5.625			04/01/2011		55,000
	9,365,000	Indianapolis, IN Multifamily Hsg. (Covered Bridge)²		6.000	¹⁰		04/01/2030		6,131,734
	75,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)²		5.600			04/01/2029		53,109
	215,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)²		5.625			12/01/2027		154,374
	560,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)²		6.700			04/01/2029		453,639
	30,000	North Manchester, IN (Estelle Peabody Memorial Home)³		6.500			07/01/2015		18,687
	17,505,000	North Manchester, IN (Estelle Peabody Memorial Home)³		7.250			07/01/2033		10,903,865
	60,000	Petersburg, IN Pollution Control (Indianapolis Power & Light Company)²		6.375			11/01/2029		55,176
	6,820,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)²		6.500			07/01/2022		5,557,141

F23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Indiana Continued
$	230,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)²		5.550	%		05/15/2019	$	190,571
	4,875,000	Vigo County, IN Hospital Authority (Union Hospital)²		5.800			09/01/2047		3,449,794
	6,215,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)²		6.250			01/01/2024		4,659,448
	25,000,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		9.250			07/01/2020		20,494,500
	4,500,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		14.000			07/01/2020		3,644,550

									81,839,446

Iowa—2.2%
	500,000	Cedar Rapids, IA (Cottage Grove Place)		5.875			07/01/2028		356,860
	3,095,000	Cedar Rapids, IA (Cottage Grove Place)		6.000			07/01/2014		2,824,188
	5,475,000	Dickinson County, IA Hsg. (Spirit Lake)		5.875			12/01/2036		3,641,368
	440,000	IA Finance Authority (Amity Fellowserve)²		5.900			10/01/2016		383,293
	825,000	IA Finance Authority (Amity Fellowserve)²		6.000			10/01/2028		585,956
	940,000	IA Finance Authority (Amity Fellowserve)²		6.375			10/01/2026		721,130
	2,190,000	IA Finance Authority (Amity Fellowserve)²		6.500			10/01/2036		1,618,848
	1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)²		5.900			12/01/2028		791,712
	900,000	IA Finance Authority Retirement Community (Friendship Haven)²		6.125			11/15/2032		676,935
	1,000,000	IA Finance Authority Senior Hsg. (Bethany Manor)²		5.550			11/01/2041		642,160
	1,300,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)²		5.375			06/01/2025		827,190
	36,910,000	IA Tobacco Settlement Authority²		5.375			06/01/2038		22,075,871
	45,000,000	IA Tobacco Settlement Authority²		5.500			06/01/2042		26,917,200
	190,800,000	IA Tobacco Settlement Authority		6.250	⁵		06/01/2046		3,787,380
	360,990,000	IA Tobacco Settlement Authority		7.125	⁵		06/01/2046		5,057,470
	60,000,000	IA Tobacco Settlement Authority (TASC)²		5.625			06/01/2046		36,156,000

									107,063,561

Kansas—0.3%
	70,000	Goddard, KS Industrial Revenue (IFR Systems)²		6.250			05/01/2012		70,410
	55,000	KS Devel. Finance Authority (VS/VSCF/JGCCF Obligated Group)²		5.500			11/15/2015		49,955
	1,270,000	Lenexa, KS Multifamily Hsg. (Meadows Apartments)²		7.950			10/15/2035		900,100
	4,500,000	Olathe, KS Tax Increment (Gateway)		5.000			03/01/2026		2,366,505
	2,500,000	Olathe, KS Transportation Devel. District (Gateway)		5.000			12/01/2028		1,255,950
	8,795,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)¹		5.500			12/01/2038		8,927,941

F24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Kansas Continued
$	135,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)²		7.600	%		12/01/2031	$	137,557
	325,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)²		7.600			12/01/2031		331,156
	1,590,000	Wichita, KS Hsg. (Innes Station Apartments)²		6.250			03/01/2028		1,177,522
	2,475,000	Wyandotte County/Kansas City, KS Unified Government Industrial Devel. (Crestwood Apartments)³		6.950			06/01/2037		992,277
	1,400,000	Wyandotte County/Kansas City, KS Unified Government Pollution Control (General Motors)³		6.000			06/01/2025		567,000

									16,776,373

Kentucky—0.3%
	15,000	Elizabethtown, KY Industrial Building (Elizabethtown Medical Rehabilitation)²		10.250			12/01/2016		15,044
	150,000	Kenton County, KY Airport (Delta Airlines)^3,4,7		8.000			12/01/2015		2
	28,805,000	Kenton County, KY Airport (Delta Airlines)^3,4,7		8.000			12/01/2015		288
	31,750,000	Kenton County, KY Airport (Delta Airlines)^3,4,7		8.000			12/01/2015		318
	27,170,000	Kenton County, KY Airport (Delta Airlines)^3,4,7		8.000			12/01/2015		272
	45,560,000	Kenton County, KY Airport (Delta Airlines)^3,4,7		8.000			12/01/2015		456
	2,520,000	Kuttawa, KY (1st Mtg.-GF/Kentucky)²		6.750			03/01/2029		2,084,947
	14,000,000	KY EDFA (Baptist Healthcare System)¹		5.375			08/15/2024		14,794,850
	5,000	KY EDFA (Norton)²		6.125			10/01/2010		5,045
	2,900,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)^3,7		6.000			05/01/2023		29,000
	4,600,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)^3,7		7.450			05/01/2022		46,000
	5,740,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)^3,7		7.650			05/01/2016		57,400

									17,033,622

Louisiana—1.5%
	175,000	Caddo Parish, LA Industrial Devel. Board (Pennzoil Products Company)²		5.600			12/01/2028		167,423
	20,000	De Soto Parish, LA Environmental Improvement (International Paper Company)²		5.600			11/01/2022		16,627
	1,600,000	Juban Park, LA Community Devel. District Special Assessment²		5.150			10/01/2014		1,335,968
	3,710,000	LA CDA (Eunice Student Hsg. Foundation)		7.375			09/01/2033		2,431,497
	40,000	LA HFA (Single Family Mtg.)²		6.300			06/01/2020		40,763
	1,020,000	LA Local Government EF&CD Authority (Cypress Apartments)²		8.000			04/20/2028		826,016
	465,000	LA Local Government EF&CD Authority (Sharlo Apartments)²		8.000			06/20/2028		369,596

F25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Louisiana Continued
$	5,350,000	LA Public Facilities Authority (Progressive Healthcare)²		6.375	%		10/01/2028	$	3,963,441
	70,080,000	LA Tobacco Settlement Financing Corp. (TASC)²		5.875			05/15/2039		56,239,901
	7,400,000	Lakeshore Villages, LA Master Community Devel. District²		5.250			07/01/2017		5,793,386
	60,000	New Orleans, LA Sewage Service²		5.400			06/01/2017		53,464
	30,000	Tensas Parish, LA Law Enforcement District COP⁷		8.000			10/01/2010		29,305
	10,000	West Feliciana Parish, LA Pollution Control (Entergy Gulf States)²		6.600			09/01/2028		10,002

									71,277,389

Maine—0.3%
	56,390,000	ME Finance Authority Solid Waste Recycling Facilities (Great Northern Paper)^3,7		7.750			10/01/2022		5,639,000
	20,000	North Berwick, ME (Hussey Seating Company)²		7.000			12/01/2013		19,972
	4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)²		6.625			07/01/2020		2,841,456
	14,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)²		6.875			10/01/2026		7,749,747

									16,250,175

Maryland—0.3%
	6,810,000	Brunswick, MD Special Obligation (Brunswick Crossing)²		5.500			07/01/2036		3,976,631
	5,135,000	MD EDC Student Hsg. (Bowie State University)²		6.000			06/01/2023		3,844,883
	400,000	MD EDC Student Hsg. (University of Maryland)²		5.625			10/01/2023		281,684
	8,500,000	MD EDC Student Hsg. (University of Maryland)²		5.750			10/01/2033		5,325,845
	600,000	MD H&HEFA (King Farm Presbyterian Community)²		5.300			01/01/2037		356,460
	925,000	MD H&HEFA (Washington Christian Academy)		5.500			07/01/2038		464,507
	2,250,000	Salisbury, MD Special Obligation (Villages at Aydelotte Farm)²		5.250			01/01/2037		1,218,758

									15,468,768

Massachusetts—2.1%
	800,000	MA Devel. Finance Agency (Eastern Nazarene College)²		5.625			04/01/2019		684,512
	2,630,000	MA Devel. Finance Agency (Eastern Nazarene College)²		5.625			04/01/2029		1,863,723
	1,800,000	MA Devel. Finance Agency (Linden Ponds)²		5.750			11/15/2042		1,069,110
	300,000	MA Devel. Finance Agency (Regis College)²		5.250			10/01/2018		240,957
	1,000,000	MA Devel. Finance Agency (VOA Concord)²		5.200			11/01/2041		636,250
	30,000,000	MA Educational Financing Authority, Series H¹		6.350			01/01/2030		30,114,196
	65,000	MA H&EFA (Holyoke Hospital)²		6.500			07/01/2015		57,728
	50,080,000	MA HFA, Series A¹		5.250			07/01/2025		49,072,252
	10,500,000	MA HFA, Series A¹		5.300			06/01/2049		9,643,129
	8,330,000	MA HFA, Series C¹		5.400			12/01/2049		7,873,125
	50,000	MA Port Authority (Delta Air Lines)		5.000			01/01/2027		28,653

									101,283,635

F26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Michigan—2.1%
$	3,460,000	Detroit, MI Local Devel. Finance Authority²		6.700	%		05/01/2021	$	1,635,992
	2,145,000	Detroit, MI Local Devel. Finance Authority²		6.850			05/01/2021		1,014,049
	585,000	Detroit, MI Local Devel. Finance Authority (Chrysler Corp.)²		5.375			05/01/2018		272,423
	35,095,000	Detroit, MI Sewer Disposal System¹		1.000	⁶		07/01/2032		22,810,031
	5,845,000	Detroit, MI Sewer Disposal System²		1.000	⁶		07/01/2032		3,800,711
	760,000	East Lansing, MI Economic Corp. (Burcham Hills)²		5.250			07/01/2037		467,271
	1,400,000	Kalamazoo, MI EDC (Heritage Community)²		5.500			05/15/2036		901,404
	2,500,000	Kent, MI Hospital Finance Authority²		6.250			07/01/2040		1,816,800
	65,000	MI Hospital Finance Authority (Detroit Medical Center)²		6.500			08/15/2018		57,377
	900,000	MI Public Educational Facilities Authority (American Montessori)²		6.500			12/01/2037		647,136
	1,500,000	MI Public Educational Facilities Authority (Old Redford Academy)²		6.000			12/01/2035		1,083,105
	5,515,000	MI Strategic Fund Limited Obligation (Ford Motor Company), Series A		6.550			10/01/2022		3,719,923
	1,500,000	MI Strategic Fund Limited Obligation (Wolverine Human Services)²		7.875			08/31/2028		1,288,050
	4,730,000	MI Strategic Fund Pollution Control (General Motors Corp.)³		6.200			09/01/2020		473,000
	4,400,000	MI Strategic Fund Solid Waste (Genesee Power Station)²		7.500			01/01/2021		3,633,476
	428,990,000	MI Tobacco Settlement Finance Authority		7.286	⁵		06/01/2052		5,855,714
	3,048,780,000	MI Tobacco Settlement Finance Authority		8.877	⁵		06/01/2058		16,859,753
	27,930,000	Wayne County, MI Airport Authority¹		5.000			12/01/2029		25,844,278
	14,500,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)²		6.000			12/01/2029		9,664,975

									101,845,468

Minnesota—1.3%
	1,530,000	Burnsville, MN Commercial Devel. (Holiday Inn)^3,7		5.900			04/01/2008		642,600
	1,000,000	Cokato, MN Senior Hsg. (Cokato Charitable Trust)²		5.400			12/01/2036		681,120
	1,750,000	Cottage Grove, MN Senior Hsg.²		6.000			12/01/2046		1,351,385
	175,000	Eden Prairie, MN Multifamily Hsg. (Sterling Ponds)		6.250			12/01/2029		139,232
	2,000,000	Elysian, MN Senior Hsg. (Kingsway Ministries)²		5.350			05/01/2042		1,367,140
	1,000,000	Eveleth, MN Multifamily (Manor House Woodland)²		5.500			10/01/2025		776,440
	2,000,000	Eveleth, MN Multifamily (Manor House Woodland)²		5.700			10/01/2036		1,416,760
	2,160,000	Green Isle, MN Senior Hsg. (Kingsway Ministries)²		5.500			05/01/2042		1,480,939
	525,000	International Falls, MN Pollution Control (Boise Cascade Corp.)²		5.500			04/01/2023		272,333
	3,250,000	International Falls, MN Pollution Control (Boise Cascade Corp.)²		5.650			12/01/2022		1,730,495

F27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Minnesota Continued
$	6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)²		6.850	%		12/01/2029	$	3,314,120
	14,680,000	Lamberton, MN Solid Waste (Highwater Ethanol)²		8.500			12/01/2022		11,510,588
	9,545,000	Mankato, MN Industrial Devel. (Environ Biocomposites Holdings)^3,4		7.250			12/01/2025		4,074,665
	7,451,106	Minneapolis & St. Paul, MN Hsg. Finance Board (Single Family Mtg.)¹		5.000			11/01/2038		7,059,311
	47,015,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission (Northwest Airlines)^3,4,7		7.000			04/01/2025		470
	16,400,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission (Northwest Airlines)^3,4,7		7.375			04/01/2025		164
	100,000	Minneapolis, MN Multifamily Hsg. (Belmont Apartments)²		7.625			11/01/2027		89,733
	730,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)²		5.400			04/01/2028		505,138
	5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)²		5.500			04/01/2042		3,340,330
	500,000	Minneapolis, MN Tax Increment (Ivy Tower)²		5.500			02/01/2022		362,905
	1,000,000	Minneapolis, MN Tax Increment (Ivy Tower)²		5.700			02/01/2029		642,990
	900,000	New Hope, MN Hsg. & Health Care Facilities (Minnesota Masonic Home North Ridge)²		5.900			03/01/2019		786,825
	80,000	New Hope, MN Multifamily (Chardon Court)		7.250			06/01/2026		48,618
	25,000	Northfield, MN Lease (Village School of Northfield)^3,4,7		6.500			12/01/2014		5,524
	330,000	Northfield, MN Lease (Village School of Northfield)^3,4,7		7.500			12/01/2024		66,545
	2,100,000	Northwest MN Multi-County Hsg. and Redevel. Authority²		5.450			07/01/2041		1,313,277
	1,500,000	Oronoco, MN Multifamily Hsg. (Wedum Shorewood Campus)²		5.400			06/01/2041		1,040,880
	10,170,000	Otter Tail County, MN GO²		7.500			11/01/2019		3,571,501
	1,715,000	Pine City, MN Health Care & Hsg. (North Branch)²		6.125			10/20/2047		1,370,525
	6,200,000	Richfield, MN Senior Hsg. (Richfield Senior Hsg.)²		6.625			12/01/2039		5,008,236
	515,000	Rochester, MN Multifamily Hsg. (Eastridge Estates)²		7.750			12/15/2034		433,733
	830,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)²		5.375			08/01/2021		600,015
	790,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)²		5.625			02/01/2031		484,175
	90,000	St. Cloud, MN Hsg. & Redevel. Authority (Germain Towers)²		5.900			09/01/2020		71,834
	1,280,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)²		7.000			09/15/2037		943,603
	1,963,205	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)²		5.630			10/01/2033		1,396,585
	3,000,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)²		6.250			03/01/2029		2,049,720

F28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Minnesota Continued
$	400,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)²		5.750	%		09/01/2026	$	310,888
	650,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)²		6.000			09/01/2036		477,490
	1,900,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)²		6.800			03/01/2029		1,387,456
	1,246,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)²		7.000			03/01/2029		931,173
	905,000	St. Paul, MN Port Authority (Great Northern)²		6.000			03/01/2030		591,200
	560,000	St. Paul, MN Port Authority Parking Revenue (4th Parking Ramp)		8.000			12/01/2027		140,179
	1,545,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)²		6.000			02/01/2019		1,292,223

									65,081,063

Mississippi—0.3%
	175,000	Jackson, MS Hsg. Authority (Elton Park Apartments)²		5.400			04/01/2039		177,622
	5,000,000	MS Business Finance Corp. (Intrinergy Wiggins)²		8.000			01/01/2023		4,163,200
	16,410,000	Stonebridge, MS Public Improvement District Special Assessment²		7.500			10/01/2042		10,509,949
	270,000	Warren County, MS Environmental Improvement (International Paper Company)²		5.550			08/15/2022		229,767
	175,000	Warren County, MS Environmental Improvement (International Paper Company)²		6.250			09/01/2023		159,630

									15,240,168

Missouri—1.6%
	250,000	Belton, MO Tax Increment (Belton Town Center)²		5.500			03/01/2020		201,535
	400,000	Belton, MO Tax Increment (Belton Town Center)²		5.625			03/01/2025		293,496
	325,000	Branson Hills, MO Infrastructure Facilities²		5.000			04/01/2010		324,103
	580,000	Branson Hills, MO Infrastructure Facilities²		5.000			04/01/2012		564,120
	500,000	Branson Hills, MO Infrastructure Facilities²		5.000			04/01/2016		445,070
	500,000	Branson Hills, MO Infrastructure Facilities²		5.000			04/01/2017		431,875
	730,000	Branson Hills, MO Infrastructure Facilities²		5.500			04/01/2022		584,015
	750,000	Branson Hills, MO Infrastructure Facilities²		5.500			04/01/2027		553,980
	4,900,000	Branson, MO Commerce Park Community Improvement District²		5.750			06/01/2026		3,653,244
	2,485,000	Branson, MO IDA (Branson Hills Redevel.)²		5.750			05/01/2026		1,743,749
	13,000,000	Branson, MO IDA (Branson Hills Redevel.)²		7.050			05/01/2027		10,423,530
	1,940,000	Branson, MO IDA (Branson Landing)²		5.250			06/01/2021		1,345,700
	2,470,000	Branson, MO IDA (Branson Landing)²		5.500			06/01/2029		1,467,896
	24,545,000	Branson, MO IDA (Branson Shoppe Redevel.)²		5.950			11/01/2029		16,679,064
	5,000,000	Branson, MO Regional Airport (Branson Airport)		6.000			07/01/2025		3,516,500
	570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)²		6.125			12/01/2036		336,642

F29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal						��
Amount			Coupon			Maturity		Value

Missouri Continued
$	1,215,000	Chillicothe, MO Tax Increment (South U.S. 65)²		5.500	%		04/01/2021	$	987,613
	1,100,000	Chillicothe, MO Tax Increment (South U.S. 65)²		5.625			04/01/2027		820,985
	35,000	Fenton, MO Tax Increment (Dierbergs)²		7.250			10/01/2021		33,080
	200,000	Jackson County, MO IDA (Avila College)²		6.500			12/02/2025		180,190
	1,250,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)²		5.000			11/01/2023		950,613
	500,000	Kansas City, MO IDA (Plaza Library)²		5.900			03/01/2024		402,975
	1,352,000	Kansas City, MO IDA (West Paseo)²		6.750			07/01/2036		1,019,557
	440,000	Kansas City, MO IDA (Woodbridge Apartments)		6.700			08/01/2015		418,968
	3,750,000	Kansas City, MO Tax Increment (Briarcliff West)²		5.400			06/01/2024		2,830,163
	1,735,000	Lees Summit, MO IDA (Kensington Farms)²		5.500			03/01/2021		1,417,478
	750,000	Lees Summit, MO IDA (Kensington Farms)²		5.750			03/01/2029		551,708
	3,065,000	Liberty, MO Tax Increment (Liberty Triangle)²		5.875			10/01/2029		2,246,860
	3,290,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2026		1,882,571
	3,825,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2036		1,881,441
	2,720,000	MO Enright Arlington Community Improvement District²		5.400			03/01/2026		2,017,125
	2,000,000	MO Good Shepard Nursing Home District²		5.900			08/15/2023		1,599,900
	230,000	MO Grindstone Plaza Transportation Devel. District²		5.250			10/01/2021		121,187
	400,000	MO Grindstone Plaza Transportation Devel. District²		5.400			10/01/2026		210,760
	115,000	MO Grindstone Plaza Transportation Devel. District²		5.550			10/01/2036		60,595
	3,915,000	MO HDC (Mansion Apartments Phase II)²		6.170			04/01/2032		2,794,292
	10,000	MO HDC (Single Family Mtg.)²		5.500			09/01/2033		10,143
	50,000	MO HDC (Single Family Mtg.)²		6.400			03/01/2029		51,146
	788,000	Northwoods, MO Transportation Devel. District²		5.850			02/01/2031		533,578
	2,000,000	St. Joseph, MO IDA (Living Community of St. Joseph)²		7.000			08/15/2032		1,708,580
	2,000,000	St. Joseph, MO IDA (Shoppes at North Village)²		5.500			11/01/2027		1,563,240
	10,000	St. Louis County, MO IDA (Century Garden Apartments)²		5.700			08/20/2039		10,037
	2,454,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)²		6.000			08/21/2026		1,565,603
	2,034,000	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		1,143,840
	1,660,000	St. Louis, MO Tax Increment (Printers Lofts)²		6.000			08/21/2026		1,059,047
	3,045,000	St. Louis, MO Tax Increment (Security Building Redevel.)²		6.300			04/01/2027		2,000,474
	2,437,000	St. Louis, MO Tax Increment (Washington East Condominiums)²		5.500			01/20/2028		1,369,082
	1,600,000	St. Louis, MO Tax Increment (Washington East Condominiums)²		5.500			01/20/2028		898,864

F30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Missouri Continued
$	1,115,000	St. Louis, MO Tax Increment Financing, Series A²		5.500	%		09/02/2028	$	621,390
	1,865,000	Stone Canyon, MO Improvement District (Infrastructure)²		5.700			04/01/2022		1,483,496
	975,000	Stone Canyon, MO Improvement District (Infrastructure)²		5.750			04/01/2027		720,866

									79,731,966

Montana—0.2%
	4,360,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)²		0.000	⁸		09/01/2031		1,958,556
	6,800,000	MT Board of Investment Exempt Facilities (Stillwater Mining Company)²		8.000			07/01/2020		4,738,172
	1,125,000	MT Facilities Finance Authority (St. John’s Lutheran)²		6.000			05/15/2025		873,506
	1,650,000	MT Facilities Finance Authority (St. John’s Lutheran)²		6.125			05/15/2036		1,170,609
	1,810,000	MT Health Facilities Authority (CoMC)²		6.375			06/01/2018		1,810,163

									10,551,006

Multi States—0.1%
	8,000,000	Munimae TE Bond Subsidiary²		5.900			11/29/2049		4,076,000
Nebraska—0.7%
	1,360,000	Beatrice, NE Community Redevel. Authority (Beatrice Biodiesel)		6.625			12/01/2021		783,986
	50,000	Dawson County, NE Sanitation & Improvement District²		5.650			02/01/2022		39,337
	20,000,000	Douglas County, NE Hospital Authority (Methodist Health System)¹		5.750			11/01/2048		20,987,080
	1,200,000	Douglas County, NE Hsg. Authority (Orchard Gardens)²		5.150			10/01/2032		1,016,148
	1,250,000	Mead Village, NE Tax Increment (Biofuels-Mead)²		5.750			01/01/2022		528,013
	2,400,000	NE Educational Facilities Authority (Midland Lutheran College)²		5.600			09/15/2029		1,742,448
	65,000	NE Student Loans (Nebhelp)²		6.250			06/01/2018		69,239
	20,000	NE Student Loans (Nebhelp)²		6.450			06/01/2018		20,608
	45,745,000	Saunders County, NE Individual Devel. (Mead Biofuels)^3,4		7.000			12/01/2026		9,121,553

									34,308,412

Nevada—0.2%
	1,000,000	Clark County, NV Improvement District²		5.000			02/01/2026		491,590
	770,000	Clark County, NV Improvement District²		5.050			02/01/2031		347,185
	25,000	Clark County, NV Pollution Control (Nevada Power Company)²		5.450			10/01/2023		22,346
	10,000,000	Director of the State of NV Dept. of Business & Industry (Las Ventanas Retirement)		7.000			11/15/2034		5,349,800
	100,000	Las Vegas, NV Paiute Tribe, Series A		6.625			11/01/2017		85,743

F31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Nevada Continued
$	130,000	Mesquite, NV Special Improvement District (Canyon Creek)²		5.400	%		08/01/2020	$	87,762
	520,000	Mesquite, NV Special Improvement District (Canyon Creek)²		5.500			08/01/2025		305,682
	2,000,000	Mesquite, NV Special Improvement District No. 07-01 (Anthem at Mesquite)²		6.150			08/01/2037		1,207,520

									7,897,628

New Hampshire—0.1%
	2,020,000	NH Business Finance Authority (Air Cargo at Pease)		6.750			04/01/2024		1,493,608
	70,000	NH Business Finance Authority (Connecticut Light & Power)²		5.850			12/01/2022		70,043
	4,000,000	NH H&EFA (Franklin Pierce College)²		6.050			10/01/2034		2,491,520

									4,055,171

New Jersey—11.3%
	1,400,000	NJ EDA (Continental Airlines)²		5.500			04/01/2028		768,306
	42,830,000	NJ EDA (Continental Airlines)²		6.250			09/15/2019		33,176,975
	64,685,000	NJ EDA (Continental Airlines)²		6.250			09/15/2029		44,619,066
	16,375,000	NJ EDA (Continental Airlines)²		6.400			09/15/2023		12,152,543
	1,600,000	NJ EDA (Continental Airlines)²		6.625			09/15/2012		1,472,512
	25,935,000	NJ EDA (Continental Airlines)²		7.000			11/15/2030		19,467,848
	16,920,000	NJ EDA (Continental Airlines)²		7.200			11/15/2030		13,000,820
	16,500,000	NJ EDA (Continental Airlines)²		9.000			06/01/2033		15,272,730
	12,500,000	NJ EDA (Converted Organics of Woodbridge)³		8.000			08/01/2027		8,117,250
	1,109,191	NJ EDA (Empowerment Zone-Cumberland)³		7.750			08/01/2021		595,092
	9,000,000	NJ EDA (GMT Realty)²		6.875			01/01/2037		6,866,280
	34,350,000	NJ Health Care Facilities Financing Authority (CHE/MM/MC Obligated Group)²		1.392	⁶		11/15/2033		21,992,588
	6,130,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)²		7.250			07/01/2027		5,157,414
	154,940,000	NJ Tobacco Settlement Financing Corp.¹		4.750			06/01/2034		90,172,395
	96,125,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2029		65,390,800
	375,020,000	NJ Tobacco Settlement Financing Corp.²		5.000			06/01/2041		203,039,578
	198,050,000	NJ Tobacco Settlement Financing Corp.		7.389	⁵		06/01/2041		8,706,278

									549,968,475

New Mexico—0.3%
	525,000	Dona Ana County, NM Multifamily (Montana Meadows Apartments)²		8.500			12/01/2015		524,139
	5,300,000	Eldorado, NM Area Water and Sanitation District²		6.000			02/01/2025		4,096,423
	50,000	Farmington, NM Pollution Control (Public Service Company of New Mexico)²		6.600			10/01/2029		44,014

F32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value
\| \| \| \|
New Mexico Continued
$	1,100,000	Mariposa East, NM Public Improvement District²		5.500	%		09/01/2016	$	927,740
	500,000	Mariposa East, NM Public Improvement District²		5.750			09/01/2021		371,405
	500,000	Mariposa East, NM Public Improvement District²		6.000			09/01/2032		314,935
	900,000	Montecito Estates, NM Public Improvement District²		7.000			10/01/2037		604,836
	20,000	NM Educational Assistance Foundation²		6.650			11/01/2025		20,010
	5,000	NM Mtg. Finance Authority, Series C²		6.500			07/01/2025		5,236
	209,000	NM Regional Hsg. Authority (Wildewood Apartments)²		8.750			12/01/2020		206,454
	1,925,000	NM Trails Public Improvement District²		7.750			10/01/2038		1,494,763
	4,805,000	Saltillo, NM Improvement District²		7.625			10/01/2037		3,762,171
	1,000,000	Ventana West, NM Public Improvement District Special Levy²		6.875			08/01/2033		744,950

									13,117,076

New York—4.6%
	3,000,000	Albany, NY IDA (New Covenant Charter School)		7.000	¹⁰		05/01/2035		1,882,530
	17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		6.656	⁵		06/01/2055		118,413
	412,100,000	NY Counties Tobacco Trust V		7.151	⁵		06/01/2060		1,594,827
	500,000,000	NY Counties Tobacco Trust V		7.836	⁵		06/01/2060		1,935,000
	5,895,000	NYC GO¹		5.000			05/15/2031		5,944,590
	3,500,000	NYC GO¹		5.000			05/15/2033		3,508,348
	21,575,000	NYC GO¹		5.000			05/15/2036		21,447,570
	10,000,000	NYC GO¹		5.375			04/01/2036		10,322,700
	2,815,000	NYC IDA (American Airlines)		5.400			07/01/2020		1,103,959
	11,055,000	NYC IDA (American Airlines)		6.900			08/01/2024		4,473,074
	4,500,000	NYC IDA (American Airlines)²		7.500			08/01/2016		3,753,270
	28,500,000	NYC IDA (American Airlines)²		7.625			08/01/2025		22,533,810
	37,000,000	NYC IDA (American Airlines)²		7.750			08/01/2031		28,526,260
	10,000,000	NYC IDA (Bronx Parking Devel.)		5.750			10/01/2037		6,071,000
	500,000	NYC IDA (JFK International Airport)²		8.000			08/01/2012		473,765
	20,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2036		20,007,500
	20,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2039		19,929,800
	10,000,000	NYS DA (Personal Income Tax)¹		5.000			03/15/2038		9,999,450
	12,075,000	NYS DA (State Personal Income Tax Authority)¹		5.000			03/15/2035		12,097,771
	50,000,000	NYS IDA (Bronx Parking Devel. Company)		5.875			10/01/2046		30,548,000
	20,000,000	NYS UDC (State Personal Income Tax Authority)¹		5.000			03/15/2037		19,994,300

									226,265,937

North Carolina—0.9%
	46,700,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)²		5.600			07/01/2027		28,580,867

F33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

North Carolina Continued
$	14,235,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)²		7.750	%		02/01/2028	$	11,175,187
	4,380,000	Gaston, NC IF&PCFA (National Gypsum)²		5.750			08/01/2035		2,473,342
	2,775,000	NC Medical Care Commission Retirement Facilities (Village at Brookwood)²		5.250			01/01/2032		1,819,679

									44,049,075

North Dakota—0.1%
	1,000,000	Cando, ND Nursing Facility (Towner County Medical Center)²		7.125			08/01/2022		905,340
	100,000	Cass County, ND Industrial Devel. Revenue (Fraser Ltd.)²		7.000			11/01/2015		91,208
	10,000	ND HFA (Home Mtg.)²		5.400			01/01/2034		10,006
	10,000	ND HFA (Home Mtg.)²		5.550			07/01/2022		10,016
	2,880,000	Richland County, ND Hsg. (Birchwood Properties)²		6.750			05/01/2029		2,091,197

									3,107,767

Ohio—3.8%
	3,960,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)²		5.875			06/01/2030		2,789,899
	43,905,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)²		5.875			06/01/2047		25,207,178
	2,345,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.501	⁵		06/01/2052		19,111,750
	1,415,000	Butler County, OH Hsg. (Anthony Wayne Apartments)²		6.500			09/01/2030		981,034
	6,495,000	Centerville, OH Health Care (Bethany Lutheran Village)²		6.000			11/01/2038		4,647,822
	21,625,000	Cleveland, OH Airport (Continental Airlines)²		5.375			09/15/2027		12,251,428
	24,260,000	Cleveland, OH Airport (Continental Airlines)²		5.700			12/01/2019		16,651,821
	1,500,000	Cleveland-Cuyahoga County, OH Port Authority (St. Clarence)²		6.250			05/01/2038		880,455
	7,500,000	Grove City, OH Tax Increment Financing²		5.375			12/01/2031		4,541,925
	4,500,000	Hickory Chase, OH Community Authority Infrastructure Improvement²		7.000			12/01/2038		2,933,280
	810,000	Lorain County, OH Port Authority (Alumalloy LLC)²		6.000			11/15/2025		556,640
	15,770,000	Mahoning County, OH Hospital Facilities (Forum Health/Trumbull Memorial Hospital/Beeghly Oaks)		6.000			11/15/2032		9,939,516
	960,000	Moraine, OH Solid Waste Disposal (General Motors Corp.)³		5.650			07/01/2024		96,000
	3,225,000	Moraine, OH Solid Waste Disposal (General Motors Corp.)³		6.750			07/01/2014		322,500
	14,300,000	OH Air Quality Devel. Authority (Fostoria Ethanol)²		8.500			02/01/2020		9,892,025
	14,300,000	OH Air Quality Devel. Authority (Marion Ethanol)²		8.500			02/01/2020		9,892,025
	50,000	OH Environmental Facilities (Ford Motor Company)		5.750			04/01/2035		30,620

F34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Ohio Continued
$	520,000	OH Environmental Facilities (Ford Motor Company)		5.950	%		09/01/2029	$	321,823
	100,000	OH Environmental Facilities (Ford Motor Company)		6.150			06/01/2030		63,051
	550,000	OH Pollution Control (General Motors Corp.)³		5.625			03/01/2015		55,000
	2,050,000	OH Port Authority of Columbiana Solid Waste (A&L Salvage)^3,4,7		14.500			07/01/2028		—
	16,320,000	OH Port Authority of Columbiana Solid Waste (Apex Environmental)²		7.250			08/01/2034		11,462,189
	14,000,000	OH Solid Waste (General Motors Corp.)³		6.300			12/01/2032		1,400,000
	29,515,000	OH Solid Waste Disposal (USG Corp.)		5.600			08/01/2032		17,860,412
	38,910,000	OH Solid Waste Disposal (USG Corp.)²		5.650			03/01/2033		23,616,425
	6,640,000	OH Solid Waste Disposal (USG Corp.)²		6.050			08/01/2034		4,235,390
	70,000	Pike County, OH Hospital Facilities (Pike Health Services)²		7.000			07/01/2022		61,880
	450,000	Toledo-Lucas County, OH Port Authority (Northwest Ohio)²		5.125			11/15/2025		305,865
	3,415,000	Warren County, OH Port Authority (Corridor 75 Park)²		7.500			12/01/2034		2,722,028

									182,829,981

Oklahoma—1.1%
	1,700,000	Ardmore, OK Devel. Authority (Airpark Increment District)²		5.750			11/01/2022		1,361,683
	1,500,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)²		6.625			10/01/2037		1,033,575
	1,650,000	Cleveland County, OK IDA (Vaughn Foods)		7.750			12/01/2012		1,477,971
	2,365,000	Cleveland County, OK IDA (Vaughn Foods)		8.100			12/01/2024		1,726,237
	320,000	Grady County, OK Industrial Authority (Correctional Facilities)		7.000			11/01/2011		257,213
	2,610,000	Jackson County, OK Memorial Hospital Authority (Jackson County Memorial)²		7.300			08/01/2015		2,609,896
	95,000	OK HFA (Single Family Mtg.)		5.686	⁵		09/01/2030		28,751
	50,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)²		6.500			09/01/2026		50,036
	1,500,000	Oklahoma City, OK Industrial & Cultural Facilities (Aero Obligated Group)²		6.750			01/01/2023		1,228,350
	2,950,000	Oklahoma County, OK Finance Authority (Var-Sail Assoc.)²		5.250			05/15/2041		2,812,737
	4,075,000	Tulsa, OK Municipal Airport Trust (American Airlines)²		6.250			06/01/2020		2,987,179
	215,000	Tulsa, OK Municipal Airport Trust (American Airlines)²		7.350			12/01/2011		203,644
	43,980,000	Tulsa, OK Municipal Airport Trust (American Airlines)		7.750			06/01/2035		36,214,891

									51,992,163

F35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Oregon—0.2%
$	20,000	Lane County, OR Hsg. Authority & Community Services (Firewood)²		6.600	%		11/01/2015	$	18,823
	1,095,000	OR Economic Devel. (Georgia-Pacific Corp.)²		5.700			12/01/2025		817,001
	2,325,000	OR Economic Devel. (Georgia-Pacific Corp.)²		6.350			08/01/2025		1,852,839
	10,000	OR GO (Elderly & Disabled Hsg.)²		5.250			08/01/2031		9,659
	8,270,000	OR Solid Waste Disposal (USG Corp.)²		6.400			12/01/2029		5,687,362
	50,000	Port Astoria, OR Pollution Control (James River)²		6.550			02/01/2015		45,838
	3,655,000	Port of St. Helen’s, OR Pollution Control (Boise Cascade Corp.)²		5.650			12/01/2027		1,766,535
	1,150,000	Western Generation, OR Agency Cogeneration (Wauna Cogeneration)²		5.000			01/01/2021		910,547

									11,108,604

Pennsylvania—3.3%
	1,250,000	Allegheny County, PA HDA (The Covenant at South Hills)³		8.750			02/01/2031		91,663
	54,250,000	Allegheny County, PA HDA (West Penn Allegheny Health System)²		5.375			11/15/2040		32,695,933
	10,000,000	Allegheny County, PA HDA (WPAHS/AG/Forbes Health System/WPH/WPAON Obligated Group)²		5.000			11/15/2028		6,417,100
	35,000	Chester Guaranteed Host Community, Series B²		5.800			12/01/2013		32,872
	10,000	Erie County, PA IDA (International Paper Company)²		5.850			12/01/2020		9,048
	42,230,000	Lehigh County, PA GPA (St. Lukes Hospital Bethlehem)²		1.512	⁶		08/15/2033		20,924,965
	24,000,000	Lehigh County, PA GPA (St. Lukes Hospital Bethlehem)²		1.612	⁶		08/15/2042		12,720,000
	25,000,000	PA EDFA (Bionol Clearfield)²		8.500			07/15/2015		20,704,500
	5,000,000	PA EDFA (National Gypsum Company)²		6.250			11/01/2027		2,822,100
	5,000,000	PA EDFA (Northampton Generating)²		6.500			01/01/2013		3,661,850
	5,000,000	PA EDFA (Northampton Generating)²		6.600			01/01/2019		3,781,950
	1,905,000	PA EDFA (Reliant Energy)²		6.750			12/01/2036		1,784,204
	14,200,000	PA EDFA (Reliant Energy)²		6.750			12/01/2036		13,299,578
	8,865,000	PA EDFA (Reliant Energy)²		6.750			12/01/2036		8,302,870
	9,100,000	PA EDFA (Reliant Energy)²		6.750			12/01/2036		8,522,969
	11,470,000	PA EDFA (USG Corp.)²		6.000			06/01/2031		7,422,925
	11,500,000	PA Geisinger Authority Health System, Series A¹		5.250			06/01/2039		11,422,663
	100,000	Philadelphia, PA H&HEFA (Temple University Hospital)²		6.625			11/15/2023		98,672
	10,000,000	Sayre, PA Health Care Facilities Authority (Guthrie Healthcare System)²		1.227	⁶		12/01/2024		5,757,500

									160,473,362

Rhode Island—2.5%
	45,000,000	Central Falls, RI Detention Facility²		7.250			07/15/2035		31,500,450
	45,000	RI Health & Educational Building Corp. (Roger Williams General Hospital)²		5.500			07/01/2018		43,043

F36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Rhode Island Continued
$	11,500,000	RI Hsg. & Mtg. Finance Corp.¹		5.000	%		10/01/2048	$	9,273,434
	12,835,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)¹		5.200			10/01/2047		11,754,450
	52,090,000	RI Tobacco Settlement Financing Corp. (TASC)		6.125	⁵		06/01/2052		537,048
	32,675,000	RI Tobacco Settlement Financing Corp. (TASC)²		6.250			06/01/2042		25,318,224
	1,839,245,000	RI Tobacco Settlement Financing Corp. (TASC)		7.054	⁵		06/01/2052		22,310,042
	42,825,000	RI Tobacco Settlement Financing Corp. (TASC)		7.868	⁵		06/01/2052		299,347
	25,605,000	RI Tobacco Settlement Financing Corp. (TASC), Series A²		6.125			06/01/2032		21,273,658

									122,309,696

South Carolina—0.6%
	1,375,000	Allendale County, SC School District Energy Savings Special Obligation²		8.500			12/01/2018		1,376,760
	15,000	Georgetown County, SC Environmental Improvement (International Paper Company)²		6.250			09/01/2023		13,683
	7,285,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)²		7.750			11/01/2039		5,587,449
	5,000	Horry County, SC Airport²		5.600			07/01/2017		5,003
	5,220,000	Lancaster County, SC (Edenmoor Improvement District)²		5.750			12/01/2037		2,617,099
	1,000,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)²		5.250			11/01/2026		643,730
	2,000,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)²		5.300			11/01/2035		1,136,580
	16,963,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)²		6.200			11/01/2036		10,776,255
	500,000	Richland County, SC Environmental Improvement²		5.950			09/01/2031		400,820
	200,000	SC Connector 2000 Assoc. Toll Road, Series B		6.300	⁵		01/01/2026		35,488
	7,620,000	SC Connector 2000 Assoc. Toll Road, Series B		6.453	⁵		01/01/2020		2,151,812
	8,500,000	SC Connector 2000 Assoc. Toll Road, Series B		6.621	⁵		01/01/2024		1,692,180
	50,000	SC Jobs-EDA (JDAM/LH/Franke Home/LS Obligated Group)²		5.650			05/01/2018		43,624
	500,000	SC Jobs-EDA (Lutheran Homes)²		5.625			05/01/2042		334,835
	5,035,000	York County, SC (Hoechst Celanese Corp.)²		5.700			01/01/2024		3,593,580
	790,000	York County, SC Pollution Control (Bowater)^3,7		7.400			01/01/2010		79,000

									30,487,898

South Dakota—0.8%
	19,000,000	Brown County, SD Solid Waste Facilities (Heartland Grain Fuels)³		8.250			01/01/2018		4,814,600
	1,000,000	Lower Brule, SD Sioux Tribe, Series B²		5.500			05/01/2019		799,520
	33,445,000	SD Educational Enhancement Funding Corp. Tobacco Settlement²		6.500			06/01/2032		28,301,159

F37 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

South Dakota Continued
$	4,999,161	Sioux Falls, SD Economic Devel. (City Centre Hotel)²		7.000	%⁶		11/01/2016	$	4,999,311
	1,425,000	Turner County, SD Tax Increment²		5.000			12/15/2026		985,687

									39,900,277

Tennessee—0.8%
	45,000	Blount County, TN H&EFB (Asbury)²		4.750			04/01/2012		43,726
	4,850,000	Blount County, TN H&EFB (Asbury)²		5.125			04/01/2023		3,519,694
	845,000	Chattanooga, TN HE&HFB (Campus Devel. Foundation Phase I)²		5.500			10/01/2020		702,034
	21,710,000	Maury County, TN Industrial Devel. Board (General Motors Corp.)³		6.500			09/01/2024		8,792,550
	15,480,000	McMinn County, TN Industrial Devel. Board Pollution Control (Calhoun Newsprint)^3,7		7.625			03/01/2016		1,548,000
	19,575,000	McMinn County, TN Industrial Devel. Board Solid Waste (Calhoun Newsprint)^3,7		7.400			12/01/2022		1,957,500
	1,840,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)⁷		1.760	⁶		04/01/2042		1,417,352
	9,080,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)²		5.750			04/01/2042		5,478,327
	215,000	Memphis-Shelby County, TN Airport Authority (Express Airlines)²		6.125			12/01/2016		175,141
	7,870,000	Metropolitan Knoxville, TN Airport Authority (Northwest Airlines)²		8.000			04/01/2032		6,640,863
	515,000	Shelby County, TN HE&HF (Lapaloma Apartments)²		7.750			12/01/2029		397,194
	10,000,000	TN Energy Acquisition Corp., Series B²		5.625			09/01/2026		7,915,200

									38,587,581

Texas—27.5%
	20,000	Abilene, TX HFDC (Hendrick Medical Center)²		6.000			09/01/2013		20,021
	45,625,000	Alliance Airport Authority, TX (American Airlines)		5.250			12/01/2029		15,603,750
	93,500,000	Alliance Airport Authority, TX (American Airlines)		5.750			12/01/2029		32,906,390
	305,000	Alliance Airport Authority, TX (American Airlines)		7.000			12/01/2011		171,477
	230,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)²		7.750			12/01/2028		197,869
	305,000	Bexar County, TX HFC (American Opportunity Hsg.)²		7.500			01/01/2013		285,919
	980,000	Bexar County, TX HFC (American Opportunity Hsg.)²		8.000			01/01/2031		759,765
	1,130,000	Bexar County, TX HFC (American Opportunity Hsg.-Nob Hill Apartments)^3,4		8.500			06/01/2031		568,503
	995,000	Bexar County, TX HFC (Doral Club)²		8.750			10/01/2036		735,992
	200,000	Bexar County, TX HFC (Honey Creek LLC)²		8.000			04/01/2030		134,830
	100,000	Bexar County, TX HFC (Honey Creek LLC)		9.000			04/01/2030		70,155
	1,460,000	Bexar County, TX HFC (Perrin Square)³		9.750			11/20/2031		1,224,546

F38 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Texas Continued
$	41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.000	%		03/01/2041	$	16,419,820
	13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.400			05/01/2029		5,430,645
	2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.300			07/01/2032		1,013,673
	14,080,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			04/01/2038		9,527,373
	11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			10/01/2038		5,223,965
	10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			03/01/2032		4,722,300
	28,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			04/01/2033		13,278,826
	17,065,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)²		7.000			11/01/2039		13,426,059
	190,000	Cass County, TX IDC (International Paper Company)²		6.600			03/15/2024		177,612
	45,125,000	Dallas, TX Area Rapid Transit¹		5.250			12/01/2048		45,563,291
	10,000,000	Dallas-Fort Worth, TX International Airport¹		5.000			11/01/2035		8,510,600
	20,000	Dallas-Fort Worth, TX International Airport²		5.750			11/01/2030		19,997
	32,500,000	Dallas-Fort Worth, TX International Airport (American Airlines/AMR Corp. Obligated Group)		5.500			11/01/2030		11,441,300
	320,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)		6.000			11/01/2014		154,275
	63,880,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)		6.375			05/01/2035		23,757,611
	305,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)		8.250			11/01/2036		128,673
	22,100,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.		9.000			05/01/2029		10,871,432
	45,945,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.		9.125			05/01/2029		21,228,887
	2,115,000	Danbury, TX Higher Education Finance Corp. (Island Foundation)²		6.250			02/15/2036		1,550,105
	450,000	Decatur, TX Hospital Authority (Wise Regional Health System)²		5.625			09/01/2013		448,632
	22,950,000	Donna, TX GO²		6.250			02/15/2037		16,382,858
	61	El Paso, TX HFC (Single Family)²		6.180			04/01/2033		64
	55,000	Gainesville, TX Hsg. Authority²		6.800			12/01/2020		49,158
	25,000	Galveston County, TX HFC (Friendswood)²		6.200			10/01/2021		25,022
	1,000,000	Grapevine, TX IDC (Air Cargo)²		6.500			01/01/2024		809,520

F39 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Texas Continued
$	31,000,000	Gulf Coast, TX IDA (Microgy Holdings)		7.000	%		12/01/2036	$	13,684,330
	70,000	Gulf Coast, TX Waste Disposal Authority (FMC Corp.)²		7.050			10/01/2009		70,044
	150,000	Gulf Coast, TX Waste Disposal Authority (Valero Energy Corp.)²		5.700			04/01/2032		127,758
	5,440,000	Harris County, TX IDC (Continental Airlines)²		5.375			07/01/2019		3,904,070
	1,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)²		5.625			11/01/2026		1,270,850
	2,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)²		5.750			11/01/2036		1,844,480
	2,000,000	HFDC of Central TX (Lutheran Social Services of the South)²		6.875			02/15/2032		1,607,140
	4,000,000	HFDC of Central TX (Villa De San Antonio)		6.250			05/15/2036		2,464,400
	7,940,000	Houston, TX Airport Special Facilities (Continental Airlines)²		5.700			07/15/2029		5,055,954
	7,290,000	Houston, TX Airport Special Facilities (Continental Airlines)²		5.700			07/15/2029		4,642,053
	18,840,000	Houston, TX Airport Special Facilities (Continental Airlines)²		6.125			07/15/2017		14,976,670
	18,735,000	Houston, TX Airport Special Facilities (Continental Airlines)²		6.125			07/15/2027		12,838,346
	20,245,000	Houston, TX Airport Special Facilities (Continental Airlines)²		6.125			07/15/2027		13,873,089
	65,165,000	Houston, TX Airport Special Facilities (Continental Airlines)²		6.750			07/01/2029		48,502,961
	100,000	Houston, TX Airport Special Facilities (Continental Airlines)²		7.000			07/01/2029		75,597
	3,520,000	Houston, TX Airport Special Facilities (Continental Airlines)²		7.375			07/01/2022		2,899,459
	8,860,000	Houston, TX HFC (Hometowne on Bellfort)¹		5.250			12/01/2040		8,372,317
	470,000	Houston, TX IDC (Air Cargo)²		6.375			01/01/2023		379,168
	10,000,000	La Vernia, TX Higher Education Finance Corp.²		7.125			02/15/2038		8,838,600
	1,840,000	Lubbock, TX HFC (Las Colinas Quail Creek Apartments)²		6.000			07/01/2032		1,236,480
	15,000	Lubbock, TX HFC, Series A²		6.150			10/01/2030		15,611
	575,000	Matagorda County, TX Navigation District (Reliant Energy)²		5.950			05/01/2030		482,672
	690,000	Midlothian, TX Devel. Authority Tax Increment²		5.125			11/15/2026		482,834
	38,000,000	North Central TX HFDC (Children’s Medical Center)¹		5.750			08/15/2039		38,345,420
	100,000	Northwest Harris County, TX Municipal Utility District (Waterworks & Sewer)²		6.100			04/01/2012		100,023
	6,120,000	Port of Bay City, TX (Hoechst Celanese Corp.)²		6.500			05/01/2026		4,584,186

F40 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Texas Continued
$	15,000,000	Port of Corpus Christi, TX Authority (CNA Holdings)²		6.700	%		11/01/2030	$	11,164,200
	5,711,433	Sabine Neches, TX HFC (Single Family Mtg.)¹		4.875			12/01/2039		5,623,023
	4,100,000	Sabine, TX River Authority Pollution Control (TXU Electric Company)		6.150			08/01/2022		1,833,684
	1,800,000	Sabine, TX River Authority Pollution Control (TXU Electric Company)		6.450			06/01/2021		840,852
	25,000	San Antonio, TX HFC (La Risa Apartments)		8.250			01/01/2026		20,306
	10,500	San Antonio, TX HFC (Point East Section 8)^3,4,7		7.500			08/01/2023		1
	6,800,000	San Jacinto, TX Community College District¹		5.000			02/15/2033		6,811,594
	10,000,000	San Jacinto, TX Community College District¹		5.125			02/15/2038		10,044,450
	3,600,000	Southeast TX HFC (Forest View Apartments)		6.750			07/01/2037		1,806,696
	6,030,000	Springhill, TX Courtland Heights Public Facility Corp.²		5.850			12/01/2028		3,587,729
	14,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)¹		5.750			11/15/2024		14,129,080
	34,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)¹		6.250			11/15/2029		35,034,280
	4,250,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)²		5.750			11/15/2037		3,185,928
	1,600,000	Travis County, TX HFDC (Querencia Barton Creek)²		5.650			11/15/2035		1,059,040
	2,495,000	Trinity, TX River Authority (TXU Energy Company)		6.250			05/01/2028		1,028,115
	20,500,000	Trophy Club, TX Public Improvement (Highlands Trophy Club)²		7.750			10/01/2037		16,497,170
	2,320,000	TX Affordable Hsg. Corp. (American Hsg. Foundation)^3,4		8.000			03/01/2032		233,624
	6,170,000	TX Affordable Hsg. Corp. (South Texas Affordable Properties Corp.)³		8.000			03/01/2032		3,107,212
	36,000,000	TX Angelina & Neches River Authority (Aspen Power)²		6.500			11/01/2029		21,195,720
	45,000	TX Angelina & Neches River Authority Solid Waste (Champion International Corp.)²		6.300			04/01/2018		43,055
	250,000	TX Angelina & Neches River Authority Waste Disposal (Temple-Inland)²		6.950			05/01/2023		222,865
	15,000	TX Dept. of Hsg. & Community Affairs²		5.350			07/01/2033		13,893
	155,000	TX Dept. of Hsg. & Community Affairs (Sugar Creek Apartments)²		6.000			01/01/2042		161,684
	6,750,000	TX Dept. of Hsg. & Community Affairs (Summit Point Apartments)¹		5.250			06/20/2047		6,592,455
	38,380,000	TX Multifamily Housing Options (Affordable Hsg.)		0.600	⁶		01/01/2039		14,177,572
	1,480,000	TX Multifamily Hsg. Revenue Bond Pass-Through Certificates (Skyway Villas)²		5.950			11/01/2034		1,385,828
	5,960,000	TX Municipal Gas Acquisition & Supply Corp.²		1.872	⁶		12/15/2026		3,861,782
	259,560,000	TX Municipal Gas Acquisition & Supply Corp.¹		5.625			12/15/2017		246,962,913
	481,755,000	TX Municipal Gas Acquisition & Supply Corp.¹		6.250			12/15/2026		465,883,816

F41 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Texas Continued
$	4,360,000	TX Panhandle HFA (Amarillo Affordable Hsg.)³		6.750	%		03/01/2031	$	2,183,139
	3,075,000	TX Public Finance Authority Charter School Finance Corp. (Cosmos Foundation)²		5.375			02/15/2037		2,132,605
	1,600,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)²		6.250			09/01/2036		1,176,736
	25,000	TX Student Hsg. Corp. (University of North Texas)²		6.000			07/01/2011		24,098
	635,000	TX Student Hsg. Corp. (University of North Texas)²		6.750			07/01/2021		510,197
	200,000	TX Student Hsg. Corp. (University of North Texas)²		6.850			07/01/2031		145,842
	2,115,000	Vintage Township, TX Public Facilities Corp.²		7.375			10/01/2038		1,670,194
	1,279,000	Vintage Township, TX Public Facilities Corp.²		7.375			10/01/2038		1,010,014

									1,338,876,819

U.S. Possessions—0.6%
	700,000	Northern Mariana Islands Commonwealth, Series A²		6.750			10/01/2033		632,667
	11,000,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.250			08/01/2057		10,699,941
	17,000,000	Puerto Rico Sales Tax Financing Corp., Series C¹		5.750			08/01/2057		17,428,825

									28,761,433

Utah—0.1%
	85,000	Emery County, UT Pollution Control (Pacificorp)²		5.625			11/01/2023		85,134
	1,780,000	UT HFA (RHA Community Service of Utah)²		6.875			07/01/2027		1,428,308
	1,315,000	Utah County, UT Charter School (Lincoln Academy)²		5.875			06/15/2037		939,620
	825,000	Utah County, UT Charter School (Renaissance Academy)²		5.625			07/15/2037		574,126
	4,425,000	West Valley City, UT Sewer (East Hollywood High School)²		5.625			06/15/2037		2,977,715

									6,004,903

Vermont—0.1%
	2,000,000	VT EDA (Wake Robin Corp.)²		5.375			05/01/2036		1,471,440
	10,000	VT EDA (Wake Robin Corp.)²		6.000			03/01/2022		9,231
	2,604,663	VT Educational & Health Buildings Financing Agency (Marlboro College)²		2.779			04/01/2019		1,804,537

									3,285,208

Virginia—1.7%
	570,000	Bedford County, VA IDA (Georgia-Pacific Corp.)²		5.600			12/01/2025		415,581
	595,000	Bedford County, VA IDA (Georgia-Pacific Corp.)²		6.300			12/01/2025		469,705
	2,535,000	Bedford County, VA IDA (Georgia-Pacific Corp.)²		6.550			12/01/2025		2,045,796
	14,857,000	Farms New Kent, VA Community Devel. Authority Special Assessment²		5.125			03/01/2036		8,087,259
	9,200,000	Farms New Kent, VA Community Devel. Authority Special Assessment²		5.450			03/01/2036		5,232,316

F42 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Virginia Continued
$	3,206,000	Farms New Kent, VA Community Devel. Authority Special Assessment²		5.800	%		03/01/2036	$	1,888,013
	475,000	Giles County, VA IDA (Hoechst Celanese Corp.)²		5.950			12/01/2025		335,645
	10,000,000	Giles County, VA IDA (Hoechst Celanese Corp.)²		6.450			05/01/2026		7,449,100
	7,930,000	Giles County, VA IDA (Hoechst Celanese Corp.)²		6.625			12/01/2022		6,212,441
	235,000	Goochland County, VA IDA (Georgia-Pacific Corp.)²		5.650			12/01/2025		172,676
	4,000,000	Lewistown, VA Commerce Center Community Devel. Authority²		6.050			03/01/2027		2,618,400
	3,000,000	New Port, VA CDA²		5.600			09/01/2036		1,557,000
	2,050,000	Norfolk, VA EDA, Series A²		6.000			11/01/2036		1,236,437
	1,085,000	Norfolk, VA Redevel. & Hsg. Authority (First Mtg.-Retirement Community)²		6.125			01/01/2035		779,008
	10,425,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation²		6.450			09/01/2037		7,628,598
	24,550,000	Richmond, VA Public Utility¹		5.000			01/15/2040		24,752,129
	5,300,000	VA Celebrate South CDA Special Assessment²		6.250			03/01/2037		3,417,599
	3,400,000	VA H2O Community Devel. Authority²		5.200			09/01/2037		1,800,640
	228,700,000	VA Tobacco Settlement Authority		7.075	⁵		06/01/2047		5,342,432
	2,500,000	West Point, VA IDA Solid Waste (Chesapeake Corp.)^3,7		6.375			03/01/2019		62,500

									81,503,275

Washington—3.5%
	11,480,000	Chelan County, WA Public Utility District No. 001 (Chelan Hydropower)¹		5.600			01/01/2036		10,589,056
	25,000	King County, WA Hsg. Authority (Cascadian Apartments)²		6.800			07/01/2019		25,130
	15,000	King County, WA Hsg. Authority (Kona Village)²		6.700			01/01/2020		13,686
	125,000	King County, WA Hsg. Authority (Southwood Square Apartments)²		6.100			10/01/2021		105,480
	725,000	King County, WA Hsg. Authority (Southwood Square Apartments)²		6.200			10/01/2031		556,481
	35,000	King County, WA Hsg. Authority (Woodridge Park)²		6.250			05/01/2015		35,126
	50,000	King County, WA Hsg. Authority (Woodridge Park)²		6.350			05/01/2025		50,122
	22,595,000	King County, WA Sewer¹		5.750			01/01/2043		23,683,642
	1,885,000	Kitsap County, WA Consolidated Hsg. Authority²		5.500			06/01/2027		1,383,307
	2,350,000	Kitsap County, WA Consolidated Hsg. Authority²		5.600			06/01/2037		1,575,534
	50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)²		6.100			10/01/2031		37,885
	2,465,000	Port Camas, WA Public Industrial Corp. (James River Corp. of Virginia)²		6.700			04/01/2023		2,087,954
	36,900,000	Port of Seattle, WA¹		5.000			10/01/2032		34,546,186
	26,110,000	Port of Seattle, WA Special Facilities²		6.250			09/01/2026		26,293,553

F43 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Washington Continued
$	5,000,000	Port of Seattle, WA Special Facility (Northwest Airlines)²		7.125	%		04/01/2020	$	4,179,750
	13,600,000	Port of Seattle, WA Special Facility (Northwest Airlines)²		7.250			04/01/2030		10,694,360
	2,425,000	Snohomish County, WA Hsg. Authority (Westwood Crossing Apartments)²		5.250			05/01/2037		1,538,638
	100,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)²		5.100			09/01/2015		90,891
	1,675,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)²		5.600			09/01/2025		1,290,219
	1,250,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)²		5.750			09/01/2030		919,763
	1,500,000	Tes Properties, WA¹		5.500			12/01/2029		1,534,193
	12,000,000	Tes Properties, WA¹		5.625			12/01/2038		12,002,340
	19,500,000	WA Health Care Facilities Authority (Peacehealth)¹		5.000			11/01/2018		19,455,930
	10,760,000	WA Kalispel Tribe Indians Priority District²		6.750			01/01/2038		7,800,354
	14,285,000	WA Tobacco Settlement Authority (TASC)²		6.625			06/01/2032		12,146,536

									172,636,116

West Virginia—0.5%
	13,435,000	Harrison County, WV Tax Increment (Charles Pointe)²		7.000			06/01/2028		10,449,877
	1,840,000	Harrison County, WV Tax Increment (Charles Pointe)²		7.000			06/01/2035		1,353,412
	13,710,000	Harrison County, WV Tax Increment (Charles Pointe)²		7.000			06/01/2035		10,084,391
	25,000	Kingswood, WV Sewage System²		6.000			10/01/2025		21,115
	15,000	WV Hospital Finance Authority (Charleston Area Medical Center)²		7.250			10/01/2014		15,032

									21,923,827

Wisconsin—0.7%
	27,100,000	Aztalan, WI Exempt Facility (Renew Energy)^3,7		7.500			05/01/2018		1,422,750
	645,000	Milwaukee, WI (Aero Milwaukee)²		6.500			01/01/2025		518,045
	1,220,000	Milwaukee, WI (Air Cargo)²		7.500			01/01/2025		1,058,399
	3,970,000	Necedah, WI Community Devel. Authority Exempt
		Facility (Castle Rock Renewable Fuels)²		7.500			03/01/2018		2,395,538
	165,000	New Berlin, WI Hsg. Authority (Pinewood Creek)²		6.800			11/01/2012		162,999
	160,000	New Berlin, WI Hsg. Authority (Pinewood Creek)²		6.850			05/01/2013		157,598
	1,595,000	New Berlin, WI Hsg. Authority (Pinewood Creek)²		7.125			05/01/2024		1,438,212
	200,000	Reedsburg, WI Industrial Devel. Revenue (Seats, Inc.)²		6.250			05/01/2019		168,486
	1,750,000	Sokaogon, WI Chippewa Community (Gaming)²		7.000			01/01/2026		1,293,723
	1,800,000	Sokaogon, WI Chippewa Community (Gaming)²		8.250			01/01/2017		1,432,638
	3,000,000	WI H&EFA (AE Nursing Centers)²		7.250			06/01/2038		2,503,110
	55,000	WI H&EFA (Aurora Health Care)²		5.625			02/15/2029		49,716
	1,600,000	WI H&EFA (Catholic Residential Services)²		5.250			05/01/2028		1,129,216
	1,000,000	WI H&EFA (Eastcastle Place)²		6.125			12/01/2034		736,110

F44 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Wisconsin Continued
$	70,000	WI H&EFA (Marshfield Clinic)²		6.250	%		02/15/2029	$	66,157
	7,335,000	WI H&EFA (Wellington Homes)²		6.750			09/01/2037		5,586,776
	500,000	WI H&EFA (Wisconsin Illinois Senior Hsg.)²		5.650			08/01/2021		412,780
	2,385,000	WI H&EFA (Wisconsin Illinois Senior Hsg.)²		5.800			08/01/2029		1,820,126
	10,540,000	WI Hsg. & EDA (Home Ownership), Series D¹		5.100			09/01/2024		10,333,258

									32,685,637

Total Municipal Bonds and Notes (Cost $9,757,438,922)									6,790,247,359

Corporate Bonds and Notes—0.2%
	17,181,803	Delta Air Lines, Inc. Sr. Unsec. Nts.^2,11(Cost $17,009,987)		8.000			12/01/2015		8,071,324


Shares

Common Stocks—0.0%
	139,762	Delta Air Lines, Inc.^4,11(Cost $860,880)	968,551


Units			Strike Price		Expiration

Rights, Warrants, and Certificates—0.0%
	1,631,721	Converted Organics, Inc. Wts.⁴(Cost $0)	$	11.000		02/13/2012		489,516
Total Investments, at Value (Cost $9,775,309,789)—139.5%								6,799,776,750
Liabilities in Excess of Other Assets—(39.5)								(1,923,941,322	)

Net Assets—100.0%							$	4,875,835,428


Footnotes to Statement of Investments

1.		Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.

2.		All or a portion of the security has been segregated for collateral to cover borrowings. See Note 7 of accompanying Notes.

3.		Issue is in default. See Note 1 of accompanying Notes.

4.		Non-income producing security.

5.		Zero coupon bond reflects effective yield on the date of purchase.

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

7.		Illiquid security. The aggregate value of illiquid securities as of July 31, 2009 was $26,898,035, which represents 0.55% of the Fund’s net assets. See Note 6 of accompanying Notes.

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

9.		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 $3,466,320 or 0.07% of the Fund’s net assets as of July 31, 2009.

10.		Subject to a deferred-interest forebearance agreement. Rate shown is current rate. See Note 1 of accompanying Notes.

11.		Received as the result of a corporate action.

F45 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Valuation Inputs

	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 (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 31, 2009 based on valuation input level:


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

Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama	$	—	$	49,641,746	$	—	$	49,641,746
Alaska		—		12,976,578		—		12,976,578
Arizona		—		246,196,356		—		246,196,356
Arkansas		—		8,794,077		—		8,794,077
California		—		871,963,540		—		871,963,540
Colorado		—		224,709,327		—		224,709,327
Connecticut		—		9,748,814		—		9,748,814
Delaware		—		4,049,196		—		4,049,196
District of Columbia		—		75,293,042		—		75,293,042
Florida		—		1,005,585,583		—		1,005,585,583
Georgia		—		35,892,540		—		35,892,540
Hawaii		—		6,253,919		—		6,253,919
Idaho		—		74,292		—		74,292
Illinois		—		329,413,388		—		329,413,388
Indiana		—		81,839,446		—		81,839,446
Iowa		—		107,063,561		—		107,063,561
Kansas		—		16,776,373		—		16,776,373
Kentucky		—		17,033,622		—		17,033,622
Louisiana		—		71,277,389		—		71,277,389
Maine		—		16,250,175		—		16,250,175
Maryland		—		15,468,768		—		15,468,768
Massachusetts		—		101,283,635		—		101,283,635
Michigan		—		101,845,468		—		101,845,468
Minnesota		—		65,081,063		—		65,081,063
Mississippi		—		15,240,168		—		15,240,168
Missouri		—		79,731,966		—		79,731,966
Montana		—		10,551,006		—		10,551,006
Multi States		—		4,076,000		—		4,076,000
Nebraska		—		34,308,412		—		34,308,412
Nevada		—		7,897,628		—		7,897,628

F46 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


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

New Hampshire	$	—	$	4,055,171	$	—	$	4,055,171
New Jersey		—		549,968,475		—		549,968,475
New Mexico		—		13,117,076		—		13,117,076
New York		—		226,265,937		—		226,265,937
North Carolina		—		44,049,075		—		44,049,075
North Dakota		—		3,107,767		—		3,107,767
Ohio		—		182,829,981		—		182,829,981
Oklahoma		—		51,992,163		—		51,992,163
Oregon		—		11,108,604		—		11,108,604
Pennsylvania		—		160,473,362		—		160,473,362
Rhode Island		—		122,309,696		—		122,309,696
South Carolina		—		30,487,898		—		30,487,898
South Dakota		—		39,900,277		—		39,900,277
Tennessee		—		38,587,581		—		38,587,581
Texas		—		1,324,699,247		14,177,572		1,338,876,819
U.S. Possessions		—		28,761,433		—		28,761,433
Utah		—		6,004,903		—		6,004,903
Vermont		—		3,285,208		—		3,285,208
Virginia		—		81,503,275		—		81,503,275
Washington		—		172,636,116		—		172,636,116
West Virginia		—		21,923,827		—		21,923,827
Wisconsin		—		32,685,637		—		32,685,637
Corporate Bonds and Notes		—		8,071,324		—		8,071,324
Common Stocks		968,551		—		—		968,551
Rights, Warrants, and Certificates		489,516		—		—		489,516

Total Assets	$	1,458,067	$	6,784,141,111	$	14,177,572	$	6,799,776,750

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


	Investments			Other Financial
	in Securities			Instruments

Valuation Description
Value as of July 31, 2008:	$	35,823,892		$	—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(22,215,423	)		—
Accretion/(amortization) of premium discount¹		110,819			—
Net purchases (sales)		(147,306	)		—
Transfers in and out of Level 3		605,590			—

Value as of July 31, 2009	$	14,177,572		$	—


1.		Included in net investment income for fixed income securities.

F47 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

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


AG		Allegheny General Hospital
AHF		American Housing Foundation
CAB		Capital Appreciation Bond
CDA		Communities Devel. Authority
CFGH		Central Florida Group Homes
CHE		Catholic Health East
CHFTEH		Catholic Housing for the Elderly & Handicapped
CHS		Catholic Health Services
COP		Certificates of Participation
CoMC		Community Medical Center
DA		Dormitory Authority
DRIVERS		Derivative Inverse Tax Exempt Receipts
EDA		Economic Devel. Authority
EDC		Economic Devel. Corp.
EDFA		Economic Devel. Finance Authority
EF&CD		Environmental Facilities and Community Devel.
GO		General Obligation
GPA		General Purpose Authority
H&EFA		Health and Educational Facilities Authority
H&EFB		Health and Educational Facilities Board
H&HEFA		Hospitals and Higher Education Facilities Authority
HDA		Hospital Devel. Authority
HDC		Housing Devel. Corp.
HE&HF		Higher Educational and Housing Facilities
HE&HFB		Health Educational and Housing Facility Board
HFA		Housing Finance Agency
HFC		Housing Finance Corp.
HFDC		Health Facilities Devel. Corp.
IDA		Industrial Devel. Agency
IDC		Industrial Devel. Corp.
IF&PCFA		Industrial Facilities and Pollution Control Financing Authority
JDAM		Julia Dyckman Andrus Memorial
JFK		John Fitzgerald Kennedy
JGCCF		Jewish Geriatric & Convalescent Center Foundation
LH		Lowman Home
LS		Lutheran Services
MC		Mccauley Center
MM		Mercy Medical
NH		Northgate Housing
NTH		North Terrace Housing
NYC		New York City
NYS		New York State
Res Rec		Resource Recovery Facility
RHA		Resource Healthcare of America
RITES		Residual Interest Tax Exempt Security
ROLs		Residual Option Longs
SANC		St. Anne’s Nursing Center
SJR		St. Joseph Residence
SJRNC		St. Johns Rehabilitation and Nursing Center
TASC		Tobacco Settlement Asset-Backed Bonds
UDC		Urban Devel. Corp.
VH		Village Housing
VMNRC		Villa Marina Nursing & Rehabilitation Center
VS		Village Shalom
VSCF		Village Shalom Charitable Foundation
WPAHS		West Penn Allegheny Health System
WPAON		West Penn Allegheny Oncology Network
WPH		Western Pennsylvania Hospital
WSREC		West Suburban Recycling and Energy Corp.

See accompanying Notes to Financial Statements.

F48 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES July 31, 2009


Assets
Investments, at value (cost $9,775,309,789)—see accompanying statement of investments	$	6,799,776,750
Cash		1,708,811
Receivables and other assets:
Interest		109,010,762
Shares of beneficial interest sold		19,307,846
Investments sold (including $1,925,919 sold on a when-issued or delayed delivery basis)		9,496,479
Other		6,751,188

Total assets		6,946,051,836

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		1,586,890,000
Payable on borrowings (See Note 7)		464,200,000
Shares of beneficial interest redeemed		10,211,046
Dividends		3,965,791
Investments purchased		1,775,220
Trustees’ compensation		705,504
Distribution and service plan fees		612,413
Transfer and shareholder servicing agent fees		324,637
Interest expense on borrowings		247,654
Shareholder communications		107,830
Other		1,176,313

Total liabilities		2,070,216,408

Net Assets	$	4,875,835,428


Composition of Net Assets
Paid-in capital	$	9,347,684,036
Accumulated net investment income		15,903,740
Accumulated net realized loss on investments		(1,512,219,309	)
Net unrealized depreciation on investments		(2,975,533,039	)

Net Assets	$	4,875,835,428

F49 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share

Class A Shares:
Net asset value and redemption price per share (based on net assets of $3,408,946,230 and 577,491,462 shares of beneficial interest outstanding)	$	5.90
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	6.19

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $212,744,844 and 35,931,506 shares of beneficial interest outstanding)	$	5.92

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,254,144,354 and 212,920,914 shares of beneficial interest outstanding)	$	5.89

See accompanying Notes to Financial Statements.

F50 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF OPERATIONS For the Year Ended July 31, 2009


Investment Income
Interest	$	615,233,523
Other income		2,215

Total investment income		615,235,738

Expenses
Management fees		18,123,863
Distribution and service plan fees:
Class A		4,944,617
Class B		2,093,905
Class C		10,940,058
Transfer and shareholder servicing agent fees:
Class A		2,204,769
Class B		366,152
Class C		1,169,602
Shareholder communications:
Class A		165,647
Class B		32,717
Class C		98,736
Interest expense and fees on short-term floating rate notes issued (See Note 1)		64,045,423

Borrowing fees		36,063,729

Interest expense on borrowings		12,226,362

Trustees’ compensation		218,778

Custodian fees and expenses		98,228

Other		672,860

Total expenses		153,465,446
Less reduction to custodian expenses		(314	)

Net expenses		153,465,132

Net Investment Income		461,770,606

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (including premiums on options exercised)		(1,006,679,800	)
Closing and expiration of option contracts written		30,013


Net realized loss		(1,006,649,787	)

Net change in unrealized appreciation (depreciation) on:
Investments		(1,152,869,115	)
Option contracts written		14,583

Net change in unrealized depreciation		(1,152,854,532	)

Net Decrease in Net Assets Resulting from Operations	$	(1,697,733,713	)

See accompanying Notes to Financial Statements.

F51 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS


Year Ended July 31,	2009			2008

Operations
Net investment income	$	461,770,606		$	462,074,895

Net realized loss		(1,006,649,787	)		(504,607,864	)

Net change in unrealized depreciation		(1,152,854,532	)		(1,935,297,605	)


Net decrease in net assets resulting from operations		(1,697,733,713	)		(1,977,830,574	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(326,236,980	)		(315,036,292	)
Class B		(20,619,463	)		(25,507,935	)
Class C		(109,271,240	)		(102,017,272	)


		(456,127,683	)		(442,561,499	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		392,780,817			274,523,857
Class B		(31,165,765	)		(75,415,052	)
Class C		149,550,201			141,440,580


		511,165,253			340,549,385

Net Assets
Total decrease		(1,642,696,143	)		(2,079,842,688	)

Beginning of period		6,518,531,571			8,598,374,259


End of period (including accumulated net investment income of $15,903,740 and $18,047,181, respectively)	$	4,875,835,428		$	6,518,531,571

See accompanying Notes to Financial Statements.

F52 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2009


Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(1,697,733,713	)

Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(1,381,286,295	)
Proceeds from disposition of investment securities		1,240,867,491
Short-term investment securities, net		307,508,201
Premium amortization		4,236,682
Discount accretion		(88,213,165	)
Net realized loss on investments		1,006,649,787
Net change in unrealized depreciation on investments		1,152,854,532
Decrease in interest receivable		4,259,578
Decrease in receivable for securities sold		57,075,161
Increase in other assets		(6,169,914	)
Decrease in payable for options written		(78,060	)
Decrease in payable for securities purchased		(68,303,531	)
Decrease in payable for accrued expenses		(361,418	)

Net cash provided by operating activities		531,305,336

Cash Flows from Financing Activities
Proceeds from bank borrowings		2,383,800,000
Payments on bank borrowings		(2,317,800,000	)
Payments on short-term floating rate notes issued		(643,892,000	)
Proceeds from shares sold		2,220,249,761
Payments on shares redeemed		(1,979,749,823	)
Cash distributions paid		(192,680,103	)

Net cash used in financing activities		(530,072,165	)

Net increase in cash		1,233,171

Cash, beginning balance		475,640

Cash, ending balance	$	1,708,811

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $269,818,450.

Cash paid for interest on bank borrowings—$12,902,606.

Cash paid for interest on short-term floating rate notes issued—$64,045,423.

See accompanying Notes to Financial Statements.

F53 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS


Class A Year Ended July 31,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	8.89		$	12.43		$	12.47		$	12.69		$	11.13

Income (loss) from investment operations:
Net investment income¹		.62			.70			.67			.69			.78
Net realized and unrealized gain (loss)		(2.98	)		(3.57	)		(.03	)		(.24	)		1.59

Total from investment operations		(2.36	)		(2.87	)		.64			.45			2.37

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.63	)		(.67	)		(.68	)		(.67	)		(.81	)


Net asset value, end of period	$	5.90		$	8.89		$	12.43		$	12.47		$	12.69


Total Return, at Net Asset Value²		(26.44	)%		(23.62	)%		5.16	%		3.79	%		21.97	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,408,946		$	4,503,510		$	5,886,284		$	3,439,135		$	2,309,856

Average net assets (in thousands)	$	3,338,722		$	4,903,394		$	4,813,462		$	2,721,861		$	1,366,113

Ratios to average net assets:³
Net investment income		9.89	%		6.70	%		5.23	%		5.60	%		6.46	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.63	%		0.79	%		0.63	%		0.67	%		0.69	%
Interest and fees on short-term floating rate notes issued⁴		1.34	%		1.25	%		0.84	%		0.81	%		0.39	%

Total expenses		2.97	%⁵		2.04	%⁵		1.47	%⁵		1.48	%		1.08	%⁵

Portfolio turnover rate		20	%		37	%		6	%		24	%		6	%


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

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

3.		Annualized for periods less than one full year.

4.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F54 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Class B Year Ended July 31,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	8.91		$	12.46		$	12.50		$	12.72		$	11.15

Income (loss) from investment operations:
Net investment income¹		.57			.62			.57			.60			.70
Net realized and unrealized gain (loss)		(2.99	)		(3.58	)		(.02	)		(.24	)		1.59

Total from investment operations		(2.42	)		(2.96	)		.55			.36			2.29

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.57	)		(.59	)		(.59	)		(.58	)		(.72	)


Net asset value, end of period	$	5.92		$	8.91		$	12.46		$	12.50		$	12.72


Total Return, at Net Asset Value²		(27.02	)%		(24.27	)%		4.34	%		2.97	%		21.09	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	212,745		$	356,192		$	586,763		$	558,386		$	528,192

Average net assets (in thousands)	$	232,793		$	458,627		$	587,412		$	533,869		$	410,031

Ratios to average net assets:³
Net investment income		8.99	%		5.86	%		4.49	%		4.84	%		5.80	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.47	%		1.60	%		1.41	%		1.46	%		1.48	%
Interest and fees on short-term floating rate notes issued⁴		1.34	%		1.25	%		0.84	%		0.81	%		0.39	%

Total expenses		3.81	%⁵		2.85	%⁵		2.25	%⁵		2.27	%		1.87	%⁵

Portfolio turnover rate		20	%		37	%		6	%		24	%		6	%


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

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

3.		Annualized for periods less than one full year.

4.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F55 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS Continued



Class C Year Ended July 31,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	8.87		$	12.41		$	12.45		$	12.67		$	11.11

Income (loss) from investment operations:
Net investment income¹		.57			.62			.57			.60			.68
Net realized and unrealized gain (loss)		(2.97	)		(3.57	)		(.02	)		(.24	)		1.60

Total from investment operations		(2.40	)		(2.95	)		.55			.36			2.28

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.58	)		(.59	)		(.59	)		(.58	)		(.72	)


Net asset value, end of period	$	5.89		$	8.87		$	12.41		$	12.45		$	12.67


Total Return, at Net Asset Value²		(26.98	)%		(24.26	)%		4.38	%		3.01	%		21.08	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,254,144		$	1,658,830		$	2,125,327		$	1,299,995		$	868,108

Average net assets (in thousands)	$	1,215,913		$	1,800,637		$	1,756,797		$	1,050,344		$	488,562

Ratios to average net assets:³
Net investment income		9.09	%		5.93	%		4.47	%		4.83	%		5.68	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.41	%		1.56	%		1.39	%		1.44	%		1.46	%
Interest and fees on short-term floating rate notes issued⁴		1.34	%		1.25	%		0.84	%		0.81	%		0.39	%

Total expenses		3.75	%⁵		2.81	%⁵		2.23	%⁵		2.25	%		1.85	%⁵

Portfolio turnover rate		20	%		37	%		6	%		24	%		6	%


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

2.		Assumes an 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 of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F56 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

Oppenheimer Rochester National Municipals (the “Fund”) is a separate series of Oppenheimer Multi-State Municipal Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek a high level of current income exempt from federal income taxes for individual investors by investing in a diversified portfolio of high-yield municipal securities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers.

F57 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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.

There have been no significant changes to the fair valuation methodologies during the period.

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

F58 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of July 31, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery
	Basis Transactions

Sold securities		$1,925,919

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 35% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $1,586,890,000 as of July 31, 2009, which represents 22.85% of the Fund’s total assets.

F59 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 31, 2009, municipal bond holdings with a value of $2,400,599,334 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $1,586,890,000 in short-term floating rate notes issued and outstanding at that date.

At July 31, 2009, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	4,150,000	AL HFA (Single Family Mtg.) ROLs³		14.988	%		10/1/32	$	4,175,315
	7,066,000	Aurora, IL Single Family Mtg. ROLs³		8.649			12/1/45		6,264,292
	9,140,000	Aurora, IL Single Family Mtg. ROLs³		10.824			12/1/39		10,317,506
	163,925,000	AZ Health Facilities Authority ROLs³		1.264			1/1/37		71,387,698
	17,620,000	AZ Health Facilities Authority ROLs³		1.264			1/1/37		7,673,334
	53,605,000	AZ Health Facilities Authority ROLs³		1.264			1/1/37		23,344,441
	4,125,000	Broward County, FL Water and Sewer ROLs³		15.240			10/1/34		4,321,350
	3,715,000	CA Dept. of Veterans Affairs Home Purchase ROLs³		15.151			12/1/28		3,715,817
	139,520,000	CA Golden State Tobacco Securitization Corp. ROLs³		6.230			6/1/47		48,033,946
	2,615,000	Cerritos, CA Community College District DRIVERS		14.935			8/1/33		2,761,335
	4,710,000	Chelan County, WA Public Utility District No.1 ROLs³		10.026			1/1/36		3,819,056
	11,985,000	Dallas, TX Area Rapid Transit ROLs³		14.403			12/1/48		12,423,291
	2,500,000	Dallas-Fort Worth, TX International Airport ROLs³		13.321			11/1/35		1,010,600
	7,025,000	Detroit, MI Sewer Disposal System ROLs³		0.000	⁴		7/1/32		(5,259,969	)
	2,595,000	District of Columbia HFA RITES		13.736			6/1/38		2,087,678
	4,675,000	Douglas County, NE Hospital Authority ROLs³		17.696			11/1/48		5,662,080
	2,145,000	FL HFC ROLs³		14.879			7/1/38		1,881,380
	4,345,000	Houston, TX HFC ROLs³		8.057			12/1/40		3,857,317

F60 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	5,650,000	King County, WA Sewer ROLs³		16.975	%		1/1/43	$	6,738,642
	3,500,000	KY EDFA (Baptist Healthcare System) ROLs³		15.764			8/15/24		4,294,850
	4,330,000	Long Beach, CA Harbor DRIVERS		10.746			5/15/27		3,805,074
	7,985,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		15.138			5/15/30		7,309,788
	1,250,000	Los Angeles, CA Dept. of Water & Power DRIVERS		14.271			7/1/34		1,165,900
	1,250,000	Los Angeles, CA Dept. of Water & Power DRIVERS		14.271			7/1/39		1,106,325
	4,065,000	Los Angeles, CA Harbor Dept. DRIVERS		15.155			8/1/39		3,943,782
	2,750,000	Los Angeles, CA Unified School District ROLs³		14.101			7/1/32		2,485,780
	1,835,000	Los Angeles, CA Unified School District ROLs³		14.443			1/1/34		1,593,661
	2,640,000	Los Angeles, CA Unified School District ROLs³		14.448			1/1/34		2,292,787
	2,190,000	Los Angeles, CA Unified School District ROLs³		14.543			1/1/34		1,901,971
	7,500,000	Los Angeles, CA Unified School District ROLs³		14.161			7/1/32		6,779,400
	9,165,000	MA Educational Financing Authority ROLs³		15.604			1/1/30		9,279,196
	3,940,000	MA HFA ROLs³		10.134			6/1/49		3,083,129
	3,125,000	MA HFA ROLs³		10.367			12/1/49		2,668,125
	13,020,000	MA HFA ROLs³		14.209			7/1/25		12,012,252
	4,035,000	Metropolitan Washington D.C. Airport Authority, Series B DRIVERS		10.122			10/1/34		2,966,250
	5,000,000	Miami-Dade County, FL Aviation ROLs³		10.986			10/1/40		3,103,850
	2,500,000	Miami-Dade County, FL School Board ROLs³		15.330			2/1/27		2,672,150
	2,500,000	Miami-Dade County, FL School Board ROLs³		14.461			2/1/27		2,463,450
	12,500,000	Miami-Dade County, FL School Board ROLs³		15.764			2/1/34		12,914,750
	1,903,645	Minneapolis & St. Paul, MN Hsg. Finance Board (Single Family Mtg.) ROLs³		7.049			11/1/38		1,499,311
	2,885,000	Newport Beach, CA GO ROLs³		14.455			12/1/24		3,073,102
	60,560,000	NJ Tobacco Settlement Financing Corp. ROLs³		4.709			6/1/29		29,825,800
	117,755,000	NJ Tobacco Settlement Financing Corp. ROLs³		3.929			6/1/34		52,987,395
	9,500,000	North Central Texas HFDC (Children’s Medical Center) DRIVERS		16.736			8/15/39		9,845,420
	2,500,000	NYC GO ROLs³		15.705			4/1/36		2,822,700
	1,475,000	NYC GO ROLs³		14.539			5/15/31		1,524,590
	875,000	NYC GO ROLs³		14.551			5/15/33		883,348
	5,395,000	NYC GO ROLs³		14.548			5/15/36		5,267,570
	5,000,000	NYC Municipal Water Finance Authority DRIVERS		14.199			6/15/36		5,007,500
	5,000,000	NYC Municipal Water Finance Authority DRIVERS		14.199			6/15/39		4,929,800
	3,020,000	NYS DA (State Personal Income Tax Authority) DRIVERS		14.193			3/15/35		3,042,771
	2,500,000	NYS DA ROLs³		14.401			3/15/38		2,499,450
	5,000,000	NYS UDC (State Personal Income Tax Authority) DRIVERS		14.199			3/15/37		4,994,300
	4,625,000	Orlando, FL Utilities Commission ROLs		15.330			10/1/39		4,805,283
	3,750,000	Orlando, FL Utilities Commission ROLs³		14.461			10/1/33		3,750,900
	2,875,000	PA Geisinger Authority Health System, Series A DRIVERS		15.065			6/1/39		2,797,663
	11,070,000	Port of Seattle, WA Special Facilities ROLs³		11.791			10/1/32		8,716,186

F61 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	3,670,000	Puerto Rico Sales Tax Financing Corp. DRIVERS		11.606	%		8/1/57	$	3,369,941
	4,250,000	Puerto Rico Sales Tax Financing Corp. ROLs³		8.350			8/1/57		4,678,825
	3,210,000	RI Hsg. & Mtg. Finance Corp. ROLs³		15.121			10/1/47		2,129,450
	6,785,000	RI Hsg. & Mtg. Finance Corp. ROLs³		6.528			10/1/48		4,558,434
	6,140,000	Richmond, VA Public Utility ROLs³		14.456			1/15/40		6,342,129
	1,472,000	Sabine Neches, TX HFC (Single Family Mtg.) ROLs		7.822			12/1/39		1,343,023
	3,750,000	San Diego, CA Public Facilities Financing Authority DRIVERS		15.588			8/1/34		3,806,475
	5,425,000	San Francisco, CA Bay Area Toll Authority ROLs³		11.502			4/1/47		4,925,520
	7,370,000	San Francisco, CA Bay Area Toll Authority ROLs³		11.186			4/1/31		7,302,343
	1,700,000	San Jacinto, TX Community College District ROLs³		14.011			2/15/33		1,711,594
	2,500,000	San Jacinto, TX Community College District ROLs³		14.445			2/15/38		2,544,450
	3,700,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)		9.713			12/1/38		3,832,941
	3,000,000	Southern CA Metropolitan Water District DRIVERS		14.288			7/1/35		3,102,300
	3,500,000	Tampa Bay, FL Regional Water Supply Authority DRIVERS		14.139			10/1/34		3,575,810
	3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs³		16.618			11/15/24		3,629,080
	8,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs³		18.356			11/15/29		9,534,280
	375,000	Tes Properties, WA DRIVERS		15.870			12/1/29		409,193
	3,000,000	Tes Properties, WA DRIVERS		16.303			12/1/38		3,002,340
	3,375,000	TX Dept. of Hsg. & Community Affairs (Multifamily Hsg.) ROLs³		7.925			6/20/47		3,217,455
	103,825,000	TX Municipal Gas Acquisition & Supply Corp. ROLs³		8.568			12/15/17		91,227,913
	192,705,000	TX Municipal Gas Acquisition & Supply Corp. ROLs³		9.926			12/15/26		176,833,816
	4,875,000	WA Health Care Facilities Authority ROLs³		14.371			11/1/18		4,830,930
	5,670,000	Wayne County, MI Airport Authority ROLs³		10.980			12/1/29		4,400,430
	3,645,000	Wayne County, MI Airport Authority ROLs³		10.981			12/1/29		2,828,848
	1,875,000	Westminster, CA Redevel. Agency Tax Allocation ROLs³		18.956			11/1/39		2,188,163
	3,750,000	Westminster, CA Redevel. Agency Tax Allocation ROLs³		17.218			11/1/45		2,989,725
	5,270,000	WI Hsg. & EDA DRIVERS		7.887			9/1/24		5,063,258

								$	813,709,334


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F48 of the Statement of Investments.

2.		Represents the current interest rate for a variable rate bond known as an “inverse floater.”

3.		Security is subject to a shortfall and forbearance agreement.

4.		Interest rate is less than 0.0005%.

F62 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Cost	$	544,035,215
Market Value	$	176,761,136
Market Value as a % of Net Assets		3.63	%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original principal or coupon interest rates. As of July 31, 2009, securities with an aggregate market value of $13,233,136, representing 0.27% of the Fund’s net assets, were subject to these forbearance agreements. Principal payments of $735,000 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

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.

F63 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Net Unrealized

Depreciation

Based on Cost

of Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3,4

Tax Purposes

$34,491,971

—

1,478,155,014

3,009,361,337


1.		As of July 31, 2009, the Fund had $648,457,056 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2009, details of the capital loss carryforwards were as follows:


Expiring

2014	$	187,364
2016		81,480,187
2017		566,789,505

Total	$	648,457,056


2.		As of July 31, 2009, the Fund had $829,697,958 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2018.

3.		During the fiscal year ended July 31, 2009, the Fund did not utilize any capital loss carryforward.

4.		During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward.

Accordingly, the following amounts have been reclassified for July 31, 2009. Net assets of the Fund were unaffected by the reclassifications.


Reduction	Reduction
to Accumulated	to Accumulated
Net Investment	Net Realized Loss
Income	on Investments

$7,786,364	$	7,786,364

F64 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

The tax character of distributions paid during the years ended July 31, 2009 and July 31, 2008 was as follows:


	Year Ended		Year Ended
	July 31, 2009		July 31, 2008

Distributions paid from:
Exempt-interest dividends	$	453,500,939	$	439,859,049
Ordinary income		2,626,744		2,702,450

Total	$	456,127,683	$	442,561,499


Federal tax cost of securities	$	8,079,682,952


Gross unrealized appreciation	$	165,130,985
Gross unrealized depreciation		(3,174,492,322	)

Net unrealized depreciation	$	(3,009,361,337	)


Projected Benefit Obligations Increased	$	70,394
Payments Made to Retired Trustees		45,754
Accumulated Liability as of July 31, 2009		465,816

F65 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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 to the compensation deferral plan.

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

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

F66 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

2. Shares of Beneficial Interest

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


	Year Ended July 31, 2009						Year Ended July 31, 2008
	Shares			Amount			Shares			Amount

Class A
Sold		276,370,390		$	1,681,940,175			278,856,237		$	2,916,922,847
Dividends and/or distributions reinvested		32,720,913			198,677,274			18,646,375			191,467,084
Redeemed		(238,364,361	)		(1,487,836,632	)		(264,338,488	)		(2,833,866,074	)

Net increase		70,726,942		$	392,780,817			33,164,124		$	274,523,857


Class B
Sold		8,133,260		$	50,040,887			6,521,405		$	67,139,700
Dividends and/or distributions reinvested		1,784,195			10,905,137			1,277,996			13,230,189
Redeemed		(13,955,886	)		(92,111,789	)		(14,920,016	)		(155,784,941	)

Net decrease		(4,038,431	)	$	(31,165,765	)		(7,120,615	)	$	(75,415,052	)


Class C
Sold		77,123,003		$	473,777,038			86,844,863		$	900,968,735
Dividends and/or distributions reinvested		9,966,026			60,236,039			5,305,983			54,272,275
Redeemed		(61,182,005	)		(384,462,876	)		(76,450,271	)		(813,800,430	)

Net increase		25,907,024		$	149,550,201			15,700,575		$	141,440,580

The Fund may participate in the ReFlow, LLC (“ReFlow”) liquidity program which is designed to provide an alternative source of funding to meet shareholder redemptions. ReFlow provides liquidity by being prepared to purchase Fund shares at the closing net asset value equal to the amount of the net redemptions on any given day. On subsequent days, when the Fund experiences net subscriptions, ReFlow redeems its holdings at the net asset value on that day, subject to maximum holding period restrictions set by ReFlow. The Fund will waive its transaction fees with respect to redemptions by ReFlow. When participating in the ReFlow program, the Fund pays ReFlow a fee equal to the value of shares purchased for the period held times a rate determined by a daily auction with other participating mutual funds in the ReFlow program. ReFlow is prohibited from acquiring more than 3% of the outstanding shares of the Fund and there is no assurance that ReFlow will have sufficient funds available to meet the Fund’s liquidity needs on a particular day. Fees incurred by the Fund during the period, if any, under the ReFlow liquidity program are included in “Other Expenses” per the Statement of Operations and fees payable by the Fund to ReFlow at period end, if any, are included in “Other Liabilities” per the Statement of Assets and Liabilities. As of July 31, 2009, ReFlow did not hold any shares of the Fund.

F67 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2009, were as follows:


	Purchases		Sales

Investment securities	$	1,381,286,295	$	1,240,867,491

4. Fees and Other Transactions with Affiliates

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


Fee Schedule from Aug. 1, 2008 to Aug. 31, 2008

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


Fee Schedule from Sept. 1, 2008 to July 31, 2009

Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Next $10 billion	0.35
Over $11 billion	0.34

F68 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.15% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2009 were as follows:


Class B	$	14,402,276
Class C		31,902,928

Class A

Class B

Class C

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

July 31, 2009

2,295,822

624,341

829,525

536,559

5. Option Activity

The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option.

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

F69 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS

5. Option Activity Continued

Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities.

The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.

Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk.

Written option activity for the year ended July 31, 2009 was as follows:


	Call Options
	Number of			Amount of
	Contracts			Premiums

Options outstanding as of July 31, 2008		439		$	63,477
Options closed or expired		(191	)		(30,013	)
Options exercised		(248	)		(33,464	)

Options outstanding as of July 31, 2009		—		$	—

6. Illiquid Securities

7. Borrowings

F70 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $3.0 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.437% as of July 31, 2009). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended July 31, 2009 equal 1.01% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 31, 2009, the Fund had borrowings outstanding at an interest rate of 0.437%. Details of the borrowings for the year ended July 31, 2009 are as follows:


Average Daily Loan Balance	$	601,371,233
Average Daily Interest Rate		1.934	%
Fees Paid	$	41,562,861
Interest Paid	$	12,902,606

8. Subsequent Events Evaluation

9. Pending Litigation

F71 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

9. Pending Litigation Continued

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F72 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of

Oppenheimer Multi-State Municipal Trust:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester National Municipals (one of the portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2009, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester National Municipals as of July 31, 2009, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
September 17, 2009

F73 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

THIS PAGE INTENTIONALLY LEFT BLANK.

F74 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FEDERAL INCOME TAX INFORMATION Unaudited

None of the dividends paid by the Fund during the fiscal year ended July 31, 2009 are eligible for the corporate dividend-received deduction. 99.42% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact

28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier and Troy Willis, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources, that the Fund benefits from the services provided under the Agreement.

Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load high yield municipal debt funds. The Board noted that the Fund’s one-year, three-year, five-year and ten-year performance was below its peer group median as of December 31, 2008. The Board also noted that the Fund’s recent performance has improved and its year-to date performance through June 5, 2009 (the most recent date available at the Board meeting at which the independent Trustees considered the matter) was in the top quintile of its peer group category.

Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other high yield municipal debt funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual and actual management fees and total expenses are lower than its peer group median.

Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser,

29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow. The Board also noted that effective September 1, 2008, the Fund pays the Manager an advisory fee at the following annual rate that declines as the Fund’s assets grow: 0.60% of the first $200 million of average annual net assets, 0.55% of the next $100 million, 0.50% of the next $200 million, 0.45% of the next $250 million, 0.40% of the next $250 million, 0.35% of the next $10 billion, and 0.34% of average annual net assets in excess over $11 billion.

30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

Householding—Delivery of Shareholder Documents

31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios
Fund, Length of Service, Age		in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 66		Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999- September 2004). Oversees 60 portfolios in the OppenheimerFunds complex.

David K. Downes, Trustee (since 2007) Age: 69		Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (January 2006-2007); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985- 1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 60 portfolios in the OppenheimerFunds complex.

Matthew P. Fink, Trustee (since 2005) Age: 68		Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 60 portfolios in the OppenheimerFunds complex.

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Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios
Fund, Length of Service, Age		in the Fund Complex Currently Overseen
Phillip A. Griffiths, Trustee (since 1999) Age: 70		Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 60 portfolios in the OppenheimerFunds complex.

Mary F. Miller, Trustee (since 2004) Age: 66		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 60 portfolios in the OppenheimerFunds complex.

Joel W. Motley, Trustee (since 2002) Age: 57		Managing Director of Public Capital Advisors, LLC (privately held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 60 portfolios in the OppenheimerFunds complex.

Mary Ann Tynan, Trustee (since 2008) Age: 63		Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospital (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 60 portfolios in the OppenheimerFunds complex.

Joseph M. Wikler, Trustee (since 2005) Age: 68		Director of C-TASC (bio-statistics services (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 60 portfolios in the OppenheimerFunds complex.

Peter I. Wold, Trustee (since 2005) Age: 61		Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 60 portfolios in the OppenheimerFunds complex.

33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios
Fund, Length of Service, Age		in the Fund Complex Currently Overseen
INTERESTED TRUSTEE		The address of Mr. Reynolds is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Mr. Reynolds serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Reynolds is an “Interested Trustee” because of a potential consulting relationship between RSR Partners, which Mr. Reynolds may be deemed to control, and the Manager.

Russell S. Reynolds, Jr., Trustee (since 1989) Age: 77		Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Retired CEO of Russell Reynolds Associates (executive recruiting) (October 1969-March 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 60 portfolios in the OppenheimerFunds complex.

INTERESTED TRUSTEE AND OFFICER		The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.

John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 60		Chairman and Director of the Manager (since June 2001); Chief Executive Officer of the Manager (June 2001-December 2008); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation and Trinity Investment Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 98 port- folios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Mr. Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios
Fund, Length of Service, Age		in the Fund Complex Currently Overseen
Daniel G. Loughran, Vice President and Senior Portfolio Manager (since 2005) Age: 45		Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (1999-2005). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 37		Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 36		Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-July 2009). Portfolio Manager of the Manager (2002- 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 33		Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (2006-2009). Research analyst of the Manager (June 2003-September 2006) and a credit analyst of the Manager (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Michael L. Camarella, Vice President (since 2009) and Associate Portfolio Manager (since 2008) Age: 33		Assistant Vice President of the Manager (since July 2009). Research analyst of the Manager (February 2006-April 2008) and a credit analyst of the Manager (June 2003-January 2006). Associate Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard Stein, Vice President (since 2007) Age: 51		Director (since 2003) and head of the Rochester Credit Analysis team (since 1993). Vice President of the Manager (since 1997). An officer of the Fund and other Oppenheimer Funds.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 98 portfolios in the OppenheimerFunds complex.



Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 49		Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (March 1999-June 2008), Centennial Asset Management Corporation (March 1999- October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 98 portfolios in the OppenheimerFunds complex.

35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios
Fund, Length of Service, Age		in the Fund Complex Currently Overseen
Robert G. Zack, Secretary (since 2001) Age: 60		Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985- December 2003). An officer of 98 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.525.7048.

36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $133,600 in fiscal 2009 and $106,000 in fiscal 2008.

(b)

Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $7,896 in fiscal 2009 and $4,026 in fiscal 2008.

The principal accountant for the audit of the registrant’s annual financial statements billed $271,540 in fiscal 2009 and $250,000 in fiscal 2008 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: agreed upon procedures, internal control reviews and professional services for FAS 157.

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $21,672 in fiscal 2009 and no such fees in fiscal 2008.

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

Such services include: Preparation and review of tax returns.

(d)

All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

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

(e)

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

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

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

		(2) 100%

(f)		Not applicable as less than 50%.

(g)		The principal accountant for the audit of the registrant’s annual financial statements billed $301,108 in fiscal 2009 and $254,026 in fiscal 2008 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

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

1.		The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2.		The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

	•		the name, address, and business, educational, and/or other pertinent background of the person being recommended;

	•		a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

	•		any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

	•		the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

		The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4.		Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5.		Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

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 07/31/2009, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a)

(1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b)

Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Multi-State Municipal Trust


By:		/s/ John V. Murphy John V. Murphy
		Principal Executive Officer

Date: 09/11/2009

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/ John V. Murphy John V. Murphy
		Principal Executive Officer

Date: 09/11/2009

By:		/s/ Brian W. Wixted Brian W. Wixted
		Principal Financial Officer

Date: 09/11/2009

Oppenheimer Multi-state Municipal Trust Inactive N-CSRCertified annual shareholder report (management investment company)