Oppenheimer Multi-state Municipal Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-5867

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: 01/31/2010

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	20.4	%
Hospital/Health Care	15.9
Airlines	10.5
Sales Tax Revenue	6.3
Water Utilities	6.3
Highways/Commuter Facilities	4.9
Electric Utilities	4.3
Adult Living Facilities	4.3
Higher Education	3.8
Marine/Aviation Facilities	3.6

Portfolio holdings are subject to change. Percentages are as of January 31, 2010, and are based on total assets.

Credit Allocation
AAA	12.5	%
AA	12.4
A	14.9
BBB	33.5
BB or lower	26.7

Credit allocations are subject to change. Percentages are based on the total market value of investments as of January 31, 2010. Market value, the total value of the Fund’s securities, does not include cash. Credit allocations include securities rated by national ratings organizations as well as unrated securities. Unrated securities have been assigned ratings by the Manager that, in the Manager’s judgment, are similar to those of nationally recognized statistical rating organizations; they represented 17.32% of the Fund’s investments at the end of this reporting period. All ratings are shown as the equivalent S&P rating. AAA, AA, A and BBB are investment-grade ratings.

16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES

Total returns 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 semiannual 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 and, if available, summary prospectuses, contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.8000.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses and, if available, summary 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 one-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.

17 | 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 January 31, 2010.

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 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.

18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	August 1, 2009		January 31, 2010		January 31, 2010
Actual
Class A	$	1,000.00	$	1,181.20	$	7.39
Class B		1,000.00		1,176.00		12.02
Class C		1,000.00		1,176.60		11.63
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.45		6.84
Class B		1,000.00		1,014.22		11.13
Class C		1,000.00		1,014.57		10.77

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended January 31, 2010 are as follows:

Class	Expense Ratios
Class A		1.34	%
Class B		2.18
Class C		2.11

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager that can be terminated at any time, without advance notice. 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.

19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS January 31, 2010 / Unaudited

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—120.8%
New Jersey—89.2%
$	445,000	Atlantic County, NJ Utilities Authority Solid Waste1		7.125	%		03/01/2016	$	444,947
	3,755,000	Bayonne, NJ Parking Authority (City Parking)1		5.000			06/15/2027		3,070,050
	6,065,000	Bayonne, NJ Redevel. Agency1		7.625			04/01/2038		6,702,189
	485,000	Bayonne, NJ Redevel. Agency (Royal Caribbean)1		4.750			11/01/2016		403,447
	10,000	Bergen County, NJ HDC1		6.750			10/01/2018		10,022
	75,000	Bergen County, NJ Utilities Authority2		5.500			12/15/2016		75,259
	20,000	Berkeley, NJ HFC (Bayville Hsg.)1		5.750			08/01/2014		20,051
	3,000,000	Burlington County, NJ Bridge Commission Economic Devel. (The Evergreens)1		5.625			01/01/2038		2,558,250
	335,000	Camden County, NJ PCFA (Camden County Energy Recovery Associates)		7.500			12/01/2010		335,080
	220,000	Casino Reinvestment Devel. Authority of NJ1		5.250			01/01/2018		232,661
	25,000	Essex County, NJ Improvement Authority (Mt. Carmel Towers)1		4.850			11/01/2032		24,359
	20,000	Essex County, NJ Improvement Authority (Sportsplex)1		5.625			10/01/2023		20,009
	105,000	Essex County, NJ Improvement Authority (Sportsplex)1		5.625			10/01/2027		105,030
	740,000	Gloucester County, NJ HDC (Colonial Park)1		6.200			09/15/2011		740,126
	5,000	Gloucester County, NJ Utilities Authority1		5.125			01/01/2013		5,018
	3,860,000	Hudson County, NJ Solid Waste Improvement Authority (Koppers Site)1		6.125			01/01/2029		3,225,648
	1,000,000	Hudson County, NJ Solid Waste Improvement Authority, Series 11		6.000			01/01/2029		823,400
	5,000	Jackson, NJ Township Municipal Utilities Authority1		5.500			12/01/2015		5,010
	25,000	Middlesex County, NJ Improvement Authority (Edison Township)2		5.650			09/15/2011		25,106
	765,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)1		5.000			01/01/2015		437,067
	500,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)1		5.000			01/01/2020		281,135
	2,535,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)1		5.000			01/01/2032		1,428,219
	1,100,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)1		5.125			01/01/2037		621,280
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)1		5.500			09/01/2030		20,024
	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		2,532,375
	2,045,000	NJ EDA (American Airlines)		7.100			11/01/2031		1,591,930
	3,060,000	NJ EDA (Applewood Estates)1		5.000			10/01/2035		2,429,426
	50,000	NJ EDA (Bristol Glen)1		5.750			07/01/2029		43,678

F1 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	1,045,000	NJ EDA (Cadbury at Cherry Hill)1		5.500	%		07/01/2018	$	963,323
	25,000	NJ EDA (Cadbury at Cherry Hill)1		5.500			07/01/2028		19,943
	10,000	NJ EDA (Cigarette Tax)1		5.625			06/15/2017		10,002
	25,000	NJ EDA (Consumers New Jersey Water Company)1		5.100			09/01/2032		21,927
	580,000	NJ EDA (Continental Airlines)1		5.500			04/01/2028		368,126
	17,590,000	NJ EDA (Continental Airlines)1		6.250			09/15/2019		16,534,776
	4,375,000	NJ EDA (Continental Airlines)1		6.250			09/15/2029		3,845,669
	7,240,000	NJ EDA (Continental Airlines)1		6.400			09/15/2023		6,635,894
	3,940,000	NJ EDA (Continental Airlines)1		6.625			09/15/2012		3,883,422
	11,430,000	NJ EDA (Continental Airlines)1		7.000			11/15/2030		10,970,171
	9,475,000	NJ EDA (Continental Airlines)1		9.000			06/01/2033		9,947,329
	5,000,000	NJ EDA (Converted Organics of Woodbridge)		8.000			08/01/2027		3,175,600
	3,100,000	NJ EDA (Cranes Mill)1		5.100			06/01/2027		2,687,111
	160,000	NJ EDA (Dept. of Human Services)1		6.250			07/01/2024		166,130
	115,000	NJ EDA (Devereux Foundation)1		5.450			05/01/2027		114,999
	2,999,948	NJ EDA (Empowerment Zone-Cumberland)3,4		7.750			08/01/2021		1,604,582
	6,000,000	NJ EDA (GMT Realty)1		6.875			01/01/2037		4,879,980
	25,000	NJ EDA (Greater New York Councils Boy Scouts of America)1		5.450			09/01/2023		25,007
	100,000	NJ EDA (Hackensack Water Company)1		5.800			03/01/2024		100,077
	425,000	NJ EDA (Hackensack Water Company)1		5.900			03/01/2024		425,043
	18,440,000	NJ EDA (Hamilton Care)1		6.650			11/01/2037		16,116,376
	10,000	NJ EDA (Hillcrest Health Service)		7.250	5		01/01/2018		6,700
	4,115,000	NJ EDA (Kapkowski Road Landfill)1		6.500			04/01/2031		4,086,483
	90,000	NJ EDA (Keswick Pines)1		5.600			01/01/2012		90,029
	100,000	NJ EDA (Keswick Pines)1		5.750			01/01/2024		88,137
	40,000	NJ EDA (Kullman Associates)1		6.125			06/01/2018		34,251
	130,000	NJ EDA (Kullman Associates)1		6.750			07/01/2019		117,308
	160,000	NJ EDA (Leisure Park)1		5.875			12/01/2027		136,973
	810,000	NJ EDA (Lions Gate)1		5.750			01/01/2025		710,313
	1,345,000	NJ EDA (Lions Gate)1		5.875			01/01/2037		1,072,261
	30,000	NJ EDA (Manchester Manor)1		6.700			08/01/2022		30,047
	1,000,000	NJ EDA (Marcus L. Ward Home)1		5.750			11/01/2024		1,000,720
	1,200,000	NJ EDA (Marcus L. Ward Home)1		5.800			11/01/2031		1,182,384
	2,280,000	NJ EDA (Masonic Charity Foundation of New Jersey)1		5.500			06/01/2031		2,276,968
	90,000	NJ EDA (Metromall Urban Renewal)1		6.500			04/01/2031		89,376
	1,100,000	NJ EDA (Middlesex Water Company)1		5.250			02/01/2029		1,018,941
	770,000	NJ EDA (Middlesex Water Company)1		5.350			02/01/2038		726,364
	5,000	NJ EDA (New Jersey American Water Company)1		5.250			11/01/2032		4,709
	2,800,000	NJ EDA (New Jersey American Water Company)1		5.250			07/01/2038		2,529,156

F2 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	150,000	NJ EDA (New Jersey American Water Company)1		5.350	%		06/01/2023	$	150,435
	4,735,000	NJ EDA (New Jersey American Water Company)1		5.375			05/01/2032		4,314,153
	5,000,000	NJ EDA (New Jersey American Water Company)1		5.700			10/01/2039		4,952,200
	11,915,000	NJ EDA (New Jersey American Water Company)1		5.950			11/01/2029		11,913,689
	1,395,000	NJ EDA (New Jersey American Water Company)1		6.000			05/01/2036		1,358,897
	7,465,000	NJ EDA (New Jersey American Water Company)1		6.875			11/01/2034		7,468,583
	125,000	NJ EDA (New Jersey Natural Gas Company)1		5.000			12/01/2038		113,989
	30,000	NJ EDA (New Jersey Transit Corp.)2		5.750			12/15/2017		30,112
	10,000	NJ EDA (New Jersey Transit Corp.)2		5.750			12/15/2017		10,037
	400,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2027		355,008
	700,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2037		574,504
	3,995,000	NJ EDA (Nui Corp.)1		5.250			11/01/2033		3,368,984
	15,000	NJ EDA (Nui Corp.)1		5.250			11/01/2033		13,283
	5,780,000	NJ EDA (Pingry School)1		5.000			11/01/2038		4,573,425
	295,000	NJ EDA (Public Service Electric and Gas)1		6.400			05/01/2032		295,239
	1,165,000	NJ EDA (Reformed Church Ministries to the Aging The Particulare Synod Mid-Atlantics)1		5.375			12/01/2018		1,037,421
	10,080,000	NJ EDA (School Facilities Construction)6		5.125			03/01/2028		10,486,829
	36,180,000	NJ EDA (School Facilities Construction)6		5.125			03/01/2030		37,196,839
	3,715,000	NJ EDA (St. Francis Life Care Corp.)1		5.700			10/01/2017		3,708,276
	2,230,000	NJ EDA (St. Francis Life Care Corp.)1		5.750			10/01/2023		2,063,597
	10,000	NJ EDA (The Presbyterian Home at Montgomery)1		6.250			11/01/2020		9,435
	115,000	NJ EDA (The Presbyterian Home at Montgomery)1		6.375			11/01/2031		101,065
	20,000	NJ EDA (United Methodist Homes of New Jersey)1		5.125			07/01/2018		18,840
	5,000	NJ EDA (United Methodist Homes of New Jersey)1		7.100			07/01/2010		4,996
	25,000	NJ EDA (United Methodist Homes of New Jersey)1		7.200			07/01/2010		25,019
	2,500,000	NJ EDA Retirement Community (Seabrook Village)1		5.250			11/15/2026		2,117,475
	3,500,000	NJ EDA Retirement Community (Seabrook Village)1		5.250			11/15/2036		2,812,985
	625,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D1		5.250			07/01/2032		576,994
	17,000,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D1		6.000			07/01/2025		17,202,980
	5,000	NJ Educational Facilities Authority (Jersey City State College)1		6.250			07/01/2010		5,022
	5,000	NJ Educational Facilities Authority (Stevens Institute of Technology)1		5.000			07/01/2018		5,427
	475,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)1		6.150			07/01/2020		439,166
	750,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)1		6.375			07/01/2025		674,213

F3 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	565,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)1		6.625	%		07/01/2035	$	481,600
	5,245,000	NJ Health Care Facilities Financing Authority (Bayonne Hospital)1		6.250			07/01/2012		5,244,318
	38,900,000	NJ Health Care Facilities Financing Authority (CHE/MM/MC Obligated Group)1		0.983	7		11/15/2033		25,469,775
	50,000	NJ Health Care Facilities Financing Authority (CoMC/KMCC Obligated Group)1		5.500			07/01/2017		50,026
	35,000	NJ Health Care Facilities Financing Authority (CoMC/KMCC Obligated Group)1		5.500			07/01/2027		34,118
	7,000,000	NJ Health Care Facilities Financing Authority (Deborah Heart & Lung Center)1		6.300			07/01/2023		6,857,060
	750,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)1		5.300			11/01/2026		627,098
	1,000,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)1		5.375			11/01/2036		748,540
	1,260,000	NJ Health Care Facilities Financing Authority (Holy Name Hospital)1		5.000			07/01/2036		1,056,082
	5,485,000	NJ Health Care Facilities Financing Authority (Jersey Shore University Medical Center)1		6.750			07/01/2019		5,493,063
	50,000	NJ Health Care Facilities Financing Authority (Palisades Medical Center)1		5.200			07/01/2019		44,524
	435,000	NJ Health Care Facilities Financing Authority (Palisades Medical Center)1		5.250			07/01/2028		340,814
	1,391,484	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)2,3		5.125			07/01/2018		14
	5,599,967	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)2,3		5.125			07/01/2028		56
	131,226	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)2,3		6.625			07/01/2036		1
	1,000,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)1		7.250			07/01/2014		987,340
	9,830,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)1		7.250			07/01/2027		8,996,416
	25,000	NJ Health Care Facilities Financing Authority (Society of the Valley Hospital)1		5.375			07/01/2025		23,730
	10,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)1		5.500			07/01/2023		8,468
	70,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)1		5.500			07/01/2033		52,431
	37,955,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp./St. Barnabas Medical Center Obligated Group)		6.250	5		07/01/2030		7,558,359

F4 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	45,000	NJ Health Care Facilities Financing Authority (St. Barnabas)1		5.000	%		07/01/2024	$	38,969
	10,000,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)1		6.625			07/01/2038		10,066,500
	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		502,420
	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		1,052,510
	50,000	NJ Health Care Facilities Financing Authority (THGS/THGSF Obligated Group)1		5.200			07/01/2031		42,898
	2,000,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital)1		5.250			07/01/2030		1,719,440
	5,880,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)1		5.250			07/01/2030		5,055,154
	3,000,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)1		6.500			07/01/2023		2,580,570
	30,000	NJ Higher Education Student Assistance Authority (Student Loans)1		5.250			06/01/2018		30,321
	80,000	NJ Higher Education Student Assistance Authority (Student Loans)1		5.300			06/01/2017		80,325
	330,000	NJ Higher Education Student Assistance Authority (Student Loans)1		6.000			06/01/2015		336,092
	30,000,000	NJ Higher Education Student Assistance Authority (Student Loans)6		6.125			06/01/2030		31,729,523
	10,000	NJ Higher Education Student Assistance Authority (Student Loans)1		6.150			06/01/2019		10,152
	570,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)1		5.000			11/01/2036		543,848
	125,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)1		5.150			11/01/2030		125,070
	45,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)2		5.400			11/01/2017		45,033
	10,000,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		4.550			10/01/2022		9,878,846
	5,000,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		4.625			10/01/2027		4,770,100
	370,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)1		4.800			10/01/2047		334,935
	4,500,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		5.000			10/01/2037		4,381,335
	20,000,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		5.200			10/01/2025		20,129,101
	4,965,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		5.375			04/01/2030		5,055,255
	2,225,000	NJ Hsg. & Mtg. Finance Agency, Series A1		4.850			11/01/2039		1,988,549
	1,910,000	NJ Hsg. & Mtg. Finance Agency, Series A1		4.950			11/01/2048		1,695,622
	130,000	NJ Hsg. & Mtg. Finance Agency, Series A2		5.550			05/01/2027		130,033
	100,000	NJ South Jersey Port Corp.1		5.250			01/01/2030		97,110
	17,245,000	NJ Tobacco Settlement Financing Corp.1		4.500			06/01/2023		16,140,285

F5 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	48,000,000	NJ Tobacco Settlement Financing Corp.1		4.625	%		06/01/2026	$	39,995,520
	30,035,000	NJ Tobacco Settlement Financing Corp.1		4.750			06/01/2034		21,162,961
	11,585,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2029		9,076,848
	200,950,000	NJ Tobacco Settlement Financing Corp.		5.812	5		06/01/2041		10,356,963
	417,450,000	NJ Tobacco Settlement Financing Corp.		6.292	5		06/01/2041		26,929,700
	9,235,000	Port Authority NY/NJ, 127th Series6		5.250			12/15/2032		9,320,516
	10,500,000	Port Authority NY/NJ, 143rd Series6		5.000			10/01/2030		10,492,965
	245,000	Salem County, NJ IPCFA (Atlantic City Electric Company)1		5.600			11/01/2025		245,103
	60,000	Salem County, NJ IPCFA (Atlantic City Electric Company)1		5.600			11/01/2025		60,025
	1,440,000	Salem County, NJ IPCFA (Public Service Electric & Gas)1		5.750			04/01/2031		1,439,870
	50,000	Union County, NJ Utilities Authority (County Deficiency)1		5.000			06/15/2028		50,174
	50,000	Union County, NJ Utilities Authority (County Deficiency)1		5.000			06/15/2028		47,629
	15,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.000			06/01/2016		15,017
	1,770,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.000			06/01/2023		1,710,687
	185,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.350			06/01/2023		185,013
	185,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.375			06/01/2018		185,228
	350,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.375			06/01/2019		350,392
	120,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.375			06/01/2020		120,089
									558,316,089
New York—2.0%
	1,735,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		1,779,208
	5,560,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		5,559,444
	1,850,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2011		1,849,889
	3,605,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		3,253,549
									12,442,090
Pennsylvania—0.0%
	40,000	Delaware River Port Authority PA/NJ1		5.750			01/01/2026		40,049
U.S. Possessions—29.6%
	5,070,000	Guam GO1		5.125			11/15/2027		4,527,206
	1,455,000	Guam GO1		5.400			11/15/2018		1,428,941

F6 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	400,000	Guam GO1		6.750	%		11/15/2029	$	416,040
	600,000	Guam GO1		7.000			11/15/2039		618,336
	1,500,000	Guam Government Waterworks Authority & Wastewater System1		5.875			07/01/2035		1,466,445
	3,900,000	Guam Government Waterworks Authority & Wastewater System1		6.000			07/01/2025		3,915,873
	50,000	Guam Power Authority, Series A1		5.125			10/01/2029		46,012
	395,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2017		355,832
	4,625,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2030		3,411,539
	300,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		275,178
	1,200,000	Northern Mariana Islands Ports Authority, Series A1		5.500			03/15/2031		811,296
	2,955,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		2,110,845
	2,500,000	Puerto Rico Aqueduct & Sewer Authority1		0.000	8		07/01/2024		2,436,850
	10,000,000	Puerto Rico Aqueduct & Sewer Authority6		5.125			07/01/2047		9,817,083
	5,200,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		4,486,040
	3,000,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		2,621,940
	26,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.031	5		05/15/2055		490,620
	50,000	Puerto Rico Commonwealth GO1		5.000			07/01/2026		48,473
	950,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		906,623
	1,000,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037		1,057,640
	6,200,000	Puerto Rico Electric Power Authority, Series UU1		0.848	7		07/01/2025		4,681,000
	20,500,000	Puerto Rico Electric Power Authority, Series UU1		0.860	7		07/01/2031		14,268,000
	11,500,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2038		10,744,680
	36,000,000	Puerto Rico Highway & Transportation Authority, Series N1		0.698	7		07/01/2045		21,069,000
	1,000,000	Puerto Rico Infrastructure1		5.000			07/01/2027		929,540
	5,000,000	Puerto Rico Infrastructure1		5.000			07/01/2037		4,307,200
	5,000,000	Puerto Rico Infrastructure1		5.000			07/01/2037		4,307,200
	9,750,000	Puerto Rico Infrastructure1		5.000			07/01/2041		8,299,395
	10,100,000	Puerto Rico Infrastructure1		5.000			07/01/2046		8,532,379
	5,000,000	Puerto Rico Infrastructure		7.000	5		07/01/2032		1,049,750
	2,000,000	Puerto Rico Infrastructure		7.000	5		07/01/2033		386,200
	975,000	Puerto Rico Infrastructure		7.000	5		07/01/2035		160,739
	3,000,000	Puerto Rico Infrastructure		7.050	5		07/01/2042		297,900
	400,000	Puerto Rico Infrastructure (Mepsi Campus)1		6.500			10/01/2037		367,444
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		760,777
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2019		97,941
	555,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		498,013
	1,710,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		1,726,023

F7 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	205,000	Puerto Rico ITEMECF (Dr. Pila Hospital)1		6.250	%		08/01/2032	$	205,127
	1,000,000	Puerto Rico ITEMECF (Polytechnic University)1		5.000			08/01/2032		800,890
	265,000	Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxillio Obligated Group)1		6.250			07/01/2024		265,231
	18,350,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		14,153,539
	80,000	Puerto Rico Port Authority, Series D1		6.000			07/01/2021		80,057
	305,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		285,864
	1,000,000	Puerto Rico Public Buildings Authority1		5.625			07/01/2039		960,410
	200,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2025		214,364
	1,530,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		1,411,058
	11,500,000	Puerto Rico Sales Tax Financing Corp., Series A6		5.250			08/01/2057		11,340,035
	1,250,000	Puerto Rico Sales Tax Financing Corp., Series A9		5.375			08/01/2039		1,234,500
	3,500,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		3,745,700
	14,000,000	Puerto Rico Sales Tax Financing Corp., Series C6		5.750			08/01/2057		14,764,050
	2,950,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		2,650,575
	150,000	University of V.I., Series A1		5.250			12/01/2023		149,697
	710,000	University of V.I., Series A1		5.375			06/01/2034		669,090
	1,000,000	University of V.I., Series A1		6.000			12/01/2024		948,190
	40,000	University of V.I., Series A1		6.250			12/01/2029		37,826
	40,000	V.I. HFA, Series A2		6.500			03/01/2025		40,035
	5,000,000	V.I. Public Finance Authority (Hovensa Coker)1		6.500			07/01/2021		5,079,800
	400,000	V.I. Public Finance Authority, Series A1		5.000			10/01/2039		357,496
	1,515,000	V.I. Public Finance Authority, Series A1		6.375			10/01/2019		1,545,027
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.500	5		05/15/2035		119,823
	2,050,000	V.I. Tobacco Settlement Financing Corp.		6.875	5		05/15/2035		186,284
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.625	5		05/15/2035		265,205
	175,000	V.I. Water & Power Authority1		5.300			07/01/2021		166,764
									185,408,630
Total Municipal Bonds and Notes (Cost $855,368,339)									756,206,858
Units			Strike Price			Expiration
Rights, Warrants, and Certificates—0.0%
	652,688	Converted Organics, Inc. Wts.10 (Cost $0)	$	11.000			02/13/2012		143,591
Total Investments, at Value (Cost $855,368,339)—120.8%									756,350,449
Liabilities in Excess of Other Assets—(20.8)									(130,121,672	)
Net Assets—100.0%								$	626,228,777

F8 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Footnotes to Statement of Investments
1.	All or a portion of the security position 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 January 31, 2010 was $355,686, which represents 0.06% of the Fund’s net assets. See Note 5 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.	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.	Represents the current interest rate for a variable or increasing rate security.
8.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
9.	When-issued security or delayed delivery to be delivered and settled after January 31, 2010. See Note 1 of accompanying Notes.
10.	Received as the result of a conversion.

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 January 31, 2010 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	$	—	$	558,316,089	$	—	$	558,316,089
New York		—		12,442,090		—		12,442,090
Pennsylvania		—		40,049		—		40,049
U.S. Possessions		—		185,408,630		—		185,408,630
Rights, Warrants, and Certificates		143,591		—		—		143,591
Total Assets	$	143,591	$	756,206,858	$	—	$	756,350,449

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 methodologies, if any, during the reporting period.

F9 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

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

CHE	Catholic Health East
CoMC	Community Medical Center
DRIVERS	Derivative InverseTax 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
PA/NJ	Pennsylvania/New Jersey
PCFA	Pollution Control Finance Authority
RITES	Residual/Interest Tax Exempt Security
ROLs	Residual Option 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 Unaudited

January 31, 2010

Assets
Investments, at value (cost $855,368,339)—see accompanying statement of investments	$	756,350,449
Cash		468,177
Receivables and other assets:
Interest		8,422,928
Investments sold		1,440,103
Shares of beneficial interest sold		919,519
Other		395,838
Total assets		767,997,014
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		120,780,000
Payable on borrowings (See Note 6)		17,400,000
Shares of beneficial interest redeemed		1,492,227
Investments purchased (including $1,211,363 purchased on a when-issued or delayed delivery basis)		1,242,109
Dividends		529,847
Trustees’ compensation		84,163
Distribution and service plan fees		75,114
Transfer and shareholder servicing agent fees		24,292
Shareholder communications		15,374
Interest expense on borrowings		4,843
Other		120,268
Total liabilities		141,768,237
Net Assets	$	626,228,777
Composition of Net Assets
Paid-in capital	$	775,193,858
Accumulated net investment income		7,294,649
Accumulated net realized loss on investments		(57,241,840	)
Net unrealized depreciation on investments		(99,017,890	)
Net Assets	$	626,228,777

F11 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $409,962,782 and 41,405,959 shares of beneficial interest outstanding)	$	9.90
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	10.39
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $38,240,273 and 3,856,226 shares of beneficial interest outstanding)	$	9.92
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $178,025,722 and 17,964,862 shares of beneficial interest outstanding)	$	9.91

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended January 31, 2010

Investment Income
Interest	$	24,609,297
Other income		479
Total investment income		24,609,776
Expenses
Management fees		1,652,670
Distribution and service plan fees:
Class A		296,020
Class B		178,079
Class C		784,722
Transfer and shareholder servicing agent fees:
Class A		86,005
Class B		21,739
Class C		49,914
Shareholder communications:
Class A		10,223
Class B		2,452
Class C		5,083
Borrowing fees		991,520
Interest expense and fees on short-term floating rate notes issued (See Note 1)		849,695
Interest expense on borrowings		52,377
Trustees’ compensation		8,916
Custodian fees and expenses		3,256
Other		63,426
Total expenses		5,056,097
Less waivers and reimbursements of expenses		(29,123	)
Net expenses		5,026,974
Net Investment Income		19,582,802
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(2,989,677	)
Net change in unrealized depreciation on investments		82,608,532
Net Increase in Net Assets Resulting from Operations	$	99,201,657

See accompanying Notes to Financial Statements.

F13 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	January 31, 2010			July 31,
	(Unaudited)			2009
Operations
Net investment income	$	19,582,802		$	38,238,190
Net realized loss		(2,989,677	)		(29,157,553	)
Net change in unrealized depreciation		82,608,532			(75,259,531	)
Net increase (decrease) in net assets resulting from operations		99,201,657			(66,178,894	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(12,092,884	)		(23,337,815	)
Class B		(1,006,380	)		(2,253,792	)
Class C		(4,487,221	)		(8,447,046	)
		(17,586,485	)		(34,038,653	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(4,652,441	)		(39,552,338	)
Class B		(4,178,624	)		(8,320,135	)
Class C		1,672,868			(3,873,039	)
		(7,158,197	)		(51,745,512	)
Net Assets
Total increase (decrease)		74,456,975			(151,963,059	)
Beginning of period		551,771,802			703,734,861
End of period (including accumulated net investment income of $7,294,649 and $5,298,332, respectively)	$	626,228,777		$	551,771,802

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF CASH FLOWS Unaudited

For the Six Months Ended January 31, 2010

Cash Flows from Operating Activities
Net increase in net assets from operations	$	99,201,657
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(46,720,368	)
Proceeds from disposition of investment securities		81,663,208
Short-term investment securities, net		7,927,445
Premium amortization		375,943
Discount accretion		(4,084,091	)
Net realized loss on investments		2,989,677
Net change in unrealized depreciation on investments		(82,608,532	)
Increase in interest receivable		(312,701	)
Increase in receivable for securities sold		(1,435,103	)
Increase in other assets		(32,450	)
Increase in payable for securities purchased		1,137,055
Decrease in other liabilities		(77,397	)
Net cash provided by operating activities		58,024,343
Cash Flows from Financing Activities
Proceeds from bank borrowings		74,400,000
Payments on bank borrowings		(117,900,000	)
Proceeds from short-term floating rate notes issued		9,455,000
Proceeds from shares sold		53,266,996
Payments on shares redeemed		(70,849,628	)
Cash distributions paid		(6,469,548	)
Net cash used in financing activities		(58,097,180	)
Net decrease in cash		(72,837	)
Cash, beginning balance		541,014
Cash, ending balance	$	468,177

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $10,895,560.

Cash paid for interest on bank borrowings—$75,544.

Cash paid for interest on short-term floating rate notes issued—$849,695.

See accompanying Notes to Financial Statements.

F15 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class A	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	8.63		$	10.00		$	11.98		$	11.90		$	12.03		$	10.76
Income (loss) from investment operations:
Net investment income1		.32			.61			.57			.52			.55			.62
Net realized and unrealized gain (loss)		1.23			(1.42	)		(2.01	)		.09			(.09	)		1.32
Total from investment operations		1.55			(.81	)		(1.44	)		.61			.46			1.94
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.28	)		(.56	)		(.54	)		(.53	)		(.59	)		(.67	)
Net asset value, end of period	$	9.90		$	8.63		$	10.00		$	11.98		$	11.90		$	12.03
Total Return, at Net Asset Value2		18.12	%		(7.63	)%		(12.20	)%		5.13	%		3.93	%		18.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	409,963		$	361,113		$	467,974		$	591,238		$	371,295		$	200,831
Average net assets (in thousands)	$	405,439		$	352,897		$	526,573		$	486,782		$	287,248		$	133,634
Ratios to average net assets:3
Net investment income		6.56	%		7.40	%		5.20	%		4.32	%		4.67	%		5.41	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.08	%		1.67	%		0.84	%		0.82	%		0.90	%		0.91	%
Interest and fees on short-term floating rate notes issued4		0.27	%		0.51	%		0.70	%		0.62	%		0.63	%		0.35	%
Total expenses		1.35	%		2.18	%		1.54	%		1.44	%		1.53	%		1.26	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.34	%		2.18	%		1.54	%		1.44	%		1.47	%		1.06	%
Portfolio turnover rate		8	%		14	%		31	%		18	%		19	%		7	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class B	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	8.65		$	10.02		$	11.99		$	11.91		$	12.05		$	10.78
Income (loss) from investment operations:
Net investment income1		.28			.54			.48			.43			.47			.54
Net realized and unrealized gain (loss)		1.23			(1.43	)		(1.99	)		.08			(.11	)		1.31
Total from investment operations		1.51			(.89	)		(1.51	)		.51			.36			1.85
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.24	)		(.48	)		(.46	)		(.43	)		(.50	)		(.58	)
Net asset value, end of period	$	9.92		$	8.65		$	10.02		$	11.99		$	11.91		$	12.05
Total Return, at Net Asset Value2		17.60	%		(8.39	)%		(12.81	)%		4.30	%		3.03	%		17.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	38,240		$	37,076		$	52,981		$	73,579		$	73,887		$	62,399
Average net assets (in thousands)	$	39,257		$	39,035		$	61,772		$	75,560		$	68,065		$	56,755
Ratios to average net assets:3
Net investment income		5.73	%		6.56	%		4.39	%		3.55	%		3.93	%		4.74	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.92	%		2.52	%		1.64	%		1.61	%		1.69	%		1.68	%
Interest and fees on short-term floating rate notes issued4		0.27	%		0.51	%		0.70	%		0.62	%		0.63	%		0.35	%
Total expenses		2.19	%		3.03	%		2.34	%		2.23	%		2.32	%		2.03	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.18	%		3.03	%		2.34	%		2.23	%		2.24	%		1.83	%
Portfolio turnover rate		8	%		14	%		31	%		18	%		19	%		7	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

F17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class C	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	8.64		$	10.01		$	11.99		$	11.91		$	12.04		$	10.77
Income (loss) from investment operations:
Net investment income1		.28			.55			.48			.43			.46			.53
Net realized and unrealized gain (loss)		1.24			(1.43	)		(2.00	)		.09			(.09	)		1.32
Total from investment operations		1.52			(.88	)		(1.52	)		.52			.37			1.85
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.25	)		(.49	)		(.46	)		(.44	)		(.50	)		(.58	)
Net asset value, end of period	$	9.91		$	8.64		$	10.01		$	11.99		$	11.91		$	12.04
Total Return, at Net Asset Value2		17.66	%		(8.35	)%		(12.87	)%		4.33	%		3.14	%		17.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	178,026		$	153,583		$	182,780		$	230,415		$	138,581		$	70,128
Average net assets (in thousands)	$	173,129		$	144,708		$	202,047		$	188,557		$	104,423		$	40,717
Ratios to average net assets:3
Net investment income		5.79	%		6.63	%		4.43	%		3.55	%		3.90	%		4.57	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.85	%		2.46	%		1.61	%		1.58	%		1.66	%		1.67	%
Interest and fees on short-term floating rate notes issued4		0.27	%		0.51	%		0.70	%		0.62	%		0.63	%		0.35	%
Total expenses		2.12	%		2.97	%		2.31	%		2.20	%		2.29	%		2.02	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.11	%		2.97	%		2.31	%		2.20	%		2.23	%		1.82	%
Portfolio turnover rate		8	%		14	%		31	%		18	%		19	%		7	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

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 significant 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 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 it is 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

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 of the Fund 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 remaining substantially fully invested. When the Fund engages in when-issued or delayed

F20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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 January 31, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed
	Delivery Basis Transactions
Purchased securities	$1,211,363

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 $120,780,000 as of January 31, 2010, which represents 15.73% 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

F21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 January 31, 2010, municipal bond holdings with a value of $179,362,477 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $120,780,000 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.

At January 31, 2010, 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
$	2,520,000	NJ EDA ROLs3		12.732	%		3/1/28	$	2,926,829
	9,045,000	NJ EDA ROLs3		12.732			3/1/30		10,061,839
	7,950,000	NJ Higher Education Assistance Authority (Student Loans) ROLs		17.969			6/1/30		9,679,523
	2,500,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		7.018			10/1/27		2,270,100
	2,485,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		8.310			4/1/30		2,575,255
	2,250,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		7.668			10/1/37		2,131,335
	6,665,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) RITES3		11.898			10/1/25		6,794,101
	2,840,000	NJ Hsg. & Mtg. Finance Agency ROLs3		13.028			10/1/22		2,718,846
	2,305,000	Port Authority NY/NJ, 238th Series ROLs		15.935			12/15/32		2,390,516
	5,250,000	Port Authority NY/NJ, 3205th Series		7.688			10/1/30		5,242,965
	4,995,000	Puerto Rico Aqueduct & Sewer Authority ROLs		7.925			7/1/47		4,812,083

F22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	2,875,000	Puerto Rico Sales Tax Financing Corp. ROLs3		15.450	%		8/1/57	$	2,715,035
	3,500,000	Puerto Rico Sales Tax Financing Corp. ROLs3		15.020			8/1/57		4,264,050
								$	58,582,477

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 January 31, 2010, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $74,315,000.

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 January 31, 2010 is as follows:

Cost	$	5,442,423
Market Value	$	1,604,653
Market Value as a % of Net Assets		0.26	%

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory 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.

F23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

During the fiscal year ended June 30, 2009, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of July 31, 2009, the Fund had available for federal income tax purposes post-October losses of $26,595,205 and unused capital loss carryforwards as follows:

Expiring
2010	$	1,401,537
2012		115,750
2014		34,199
2016		1,646,477
2017		18,113,753
Total	$	21,311,716

As of January 31, 2010, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $50,896,598 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended January 31, 2010, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

     Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains 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.

     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 January 31, 2010 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other

F24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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	$	862,322,140
Gross unrealized appreciation	$	20,704,644
Gross unrealized depreciation		(126,676,335	)
Net unrealized depreciation	$	(105,971,691	)

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 six months ended January 31, 2010, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	2,294
Payments Made to Retired Trustees		6,327
Accumulated Liability as of January 31, 2010		51,525

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

F25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

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 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.

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:

	Six Months Ended January 31, 2010						Year Ended July 31, 2009
	Shares			Amount			Shares			Amount
Class A
Sold		3,805,987		$	36,700,298			7,688,444		$	64,119,263
Dividends and/or distributions reinvested		784,223			7,581,549			1,793,924			14,627,633
Redeemed		(5,018,140	)		(48,934,288	)		(14,426,064	)		(118,299,234	)
Net decrease		(427,930	)	$	(4,652,441	)		(4,943,696	)	$	(39,552,338	)

F26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

	Six Months Ended January 31, 2010						Year Ended July 31, 2009
	Shares			Amount			Shares			Amount
Class B
Sold		153,549		$	1,474,505			440,979		$	3,678,061
Dividends and/or distributions reinvested		64,480			623,666			175,807			1,430,440
Redeemed		(650,494	)		(6,276,795	)		(1,616,788	)		(13,428,636	)
Net decrease		(432,465	)	$	(4,178,624	)		(1,000,002	)	$	(8,320,135	)
Class C
Sold		1,577,017		$	15,266,016			3,613,638		$	29,497,258
Dividends and/or distributions reinvested		278,160			2,690,345			631,561			5,135,506
Redeemed		(1,667,018	)		(16,283,493	)		(4,724,645	)		(38,505,803	)
Net increase (decrease)		188,159		$	1,672,868			(479,446	)	$	(3,873,039	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended January 31, 2010, were as follows:

	Purchases		Sales
Investment securities	$	46,720,368	$	81,663,208

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 six months ended January 31, 2010, the Fund paid $159,731 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

F27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

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 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 December 31, 2009 were as follows:

Class B	$	2,074,177
Class C		3,052,884

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	Contingent	Contingent
	Class A	Deferred Sales	Deferred Sales	Deferred Sales
	Front-End Sales	Charges	Charges	Charges
Six Months	Charges Retained	Retained by	Retained by	Retained by
Ended	by Distributor	Distributor	Distributor	Distributor
January 31, 2010	$70,906	$2,150	$43,498	$5,869

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.

     The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in

F28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

the “Pending Litigation” note which appears later in this report. During the six months ended January 31, 2010, the Manager reimbursed the Fund $29,123 for legal costs and fees. This undertaking may be amended or withdrawn at any time.

5. Illiquid Securities

As of January 31, 2010, 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 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 conduit lenders 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 $2.25 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 (0.2315% as of January 31, 2010). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended January 31, 2010 equal 0.34% 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.

F29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Borrowings Continued

As of January 31, 2010, the Fund had borrowings outstanding at an interest rate of 0.2315%. Details of the borrowings for the six months ended January 31, 2010 are as follows:

Average Daily Loan Balance	$	32,613,043
Average Daily Interest Rate		0.301	%
Fees Paid	$	1,045,626
Interest Paid	$	75,544

7. Subsequent Events Evaluation

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

8. Pending Litigation

Since 2009, a number of lawsuits 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 lawsuits naming the Fund as a defendant also name as defendants certain officers, trustees and former trustees of the Fund. The plaintiffs seek class action status on behalf of purchasers of shares of the Fund during a particular time period. The lawsuits 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. Litigation involving certain other Oppenheimer funds is similar in nature.

     In 2009, lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits 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 lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those suits 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

F30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. 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 is defending against them vigorously. The Fund’s Board of Trustees has also engaged counsel to defend against the suits brought against the Fund and the Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Fund may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not have any material effect on the operations of the Fund, 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, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer funds.

F31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

F32 | 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.

21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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

     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, Troy Willis, Mark DeMitry, Marcus Franz and Michael Camarella, 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 before the June 2009 Board meeting) 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

22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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.

     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 and September 2009, the Board, including a majority of the independent Trustees, decided to continue the Agreement for the period through September 30, 2010. 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.

23 | 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 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.

24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

MANAGEMENT COMMENTARIES

An Interview with Your Fund’s Portfolio Managers

SEMIANNUAL REPORT

Listing of Top Holdings

Listing of Investments

Financial Statements

OppenheimerFunds was the #1 tax-exempt bond fund family in the Barron’s/ Lipper Best Fund Families survey, which analyzed the 2009 performance of 61 mutual fund families.

Source: “Best Mutual- Fund Families,” Barron’s, February 1, 2010. See page 2 for specific information on the methodology used to determine the one-year rankings in the Barron’s/Lipper Best Fund Families survey. Past performance does not guarantee future results.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	19.0	%
Hospital/ Health Care	16.8
Higher Education	8.2
Single Family Housing	7.1
Adult Living Facilities	4.7
Building Products	4.3
Sales Tax Revenue	3.3
General Obligation	3.1
Electric Utilities	3.0
Energy Equipment & Services	2.8

Portfolio holdings are subject to change. Percentages are as of January 31, 2010, and are based on total assets.

Credit Allocation
AAA	12.0	%
AA	21.2
A	10.3
BBB	36.0
BB or lower	20.5

Credit allocations are subject to change. Percentages are based on the total market value of investments as of January 31, 2010. Market value, the total value of the Fund’s securities, does not include cash. Credit allocations include securities rated by national ratings organizations as well as unrated securities. Unrated securities have been assigned ratings by the Manager that, in the Manager’s judgment, are similar to those of nationally recognized statistical rating organizations they represented 18.11% of the Fund’s investments at the end of this reporting period. All ratings are shown as the equivalent S&P rating. AAA, AA, A and BBB are investment - grade ratings.

15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES

Total returns 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 semiannual 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 and, if available, summary prospectuses, contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.8000.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses and, if available, summary 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.

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 one-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.

16 | OPPENHEIMER PENNSYLVANIA 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 January 31, 2010.

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 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.

17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND EXPENSES Continued

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	August 1, 2009		January 31, 2010		January 31, 2010
Actual
Class A	$	1,000.00	$	1,176.60	$	7.65
Class B		1,000.00		1,170.60		12.26
Class C		1,000.00		1,171.20		11.82
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.20		7.10
Class B		1,000.00		1,013.96		11.38
Class C		1,000.00		1,014.37		10.97

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended January 31, 2010 are as follows:

Class	Expense Ratios
Class A		1.39	%
Class B		2.23
Class C		2.15

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager that can be terminated at any time, without advance notice. 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.

18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS January 31, 2010 / Unaudited

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—120.5%
Pennsylvania—85.9%
$	1,200,000	Allegheny County, PA Airport Authority (Pittsburgh International Airport)1		6.000	%		01/01/2014	$	1,214,340
	10,000	Allegheny County, PA COP1		5.000			12/01/2028		10,010
	24,750,000	Allegheny County, PA GO1		0.738	2		11/01/2026		20,257,875
	130,000	Allegheny County, PA HDA (Catholic Health East)1		5.375			11/15/2022		132,196
	75,000	Allegheny County, PA HDA (Catholic Health East)1		5.500			11/15/2032		75,205
	80,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)1		5.125			05/01/2025		72,193
	25,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)1		5.125			05/01/2029		21,924
	3,150,000	Allegheny County, PA HDA (Ohio Valley General Hospital)1		5.125			04/01/2035		2,616,548
	3,600,000	Allegheny County, PA HDA (Ohio Valley General Hospital)1		5.450			01/01/2028		3,266,712
	55,000	Allegheny County, PA HDA (Pittsburgh Mercy Health System)1		5.625			08/15/2026		58,626
	19,338	Allegheny County, PA HDA (The Covenant at South Hills)3,4,5		7.700			02/01/2009		—
	19,338	Allegheny County, PA HDA (The Covenant at South Hills)3,4,5		7.800			02/01/2009		—
	1,187,347	Allegheny County, PA HDA (The Covenant at South Hills)3,4,5		8.625			02/01/2021		12
	235,922	Allegheny County, PA HDA (The Covenant at South Hills)3,4,5		8.750			02/01/2031		2
	21,095,000	Allegheny County, PA HDA (UPMC Health System)1		1.008	2		02/01/2037		15,088,199
	5,000	Allegheny County, PA HDA (UPMC Health System)4		5.000			11/01/2016		5,031
	10,000	Allegheny County, PA HDA (UPMC Health System)1		5.000			12/15/2018		10,002
	20,000	Allegheny County, PA HDA (UPMC Health System)1		5.000			11/01/2023		20,054
	10,265,000	Allegheny County, PA HDA (WPAHS/AG/Forbes Health System/WPH/WPAON Obligated Group)1		5.000			11/15/2028		7,818,543
	50,000	Allegheny County, PA HEBA (Chatham College)1		5.250			11/15/2019		50,019
	8,000,000	Allegheny County, PA HEBA (Chatham College)1		5.750			11/15/2035		7,999,200
	910,000	Allegheny County, PA HEBA (Chatham College)1		5.850			03/01/2022		925,652
	1,000,000	Allegheny County, PA HEBA (Chatham College)1		5.950			03/01/2032		1,007,340
	2,500,000	Allegheny County, PA HEBA (Robert Morris University)1		5.900			10/15/2028		2,508,175
	15,000	Allegheny County, PA HEBA (Robert Morris University)1		6.000			05/01/2028		15,249
	2,000,000	Allegheny County, PA HEBA (Robert Morris University)1		6.000			10/15/2038		1,970,160
	115,000	Allegheny County, PA HEBA (Thiel College)1		5.375			11/15/2019		102,123
	110,000	Allegheny County, PA HEBA (Thiel College)1		5.375			11/15/2029		87,900
	3,245,000	Allegheny County, PA HEBA (Waynesburg College)1		4.800			05/01/2036		2,833,566

F1 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	10,000	Allegheny County, PA IDA (ARC Allegheny Foundation)1		5.000	%		12/01/2028	$	9,079
	1,000,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.000			09/01/2021		951,760
	1,225,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.100			09/01/2026		1,124,575
	1,360,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.125			09/01/2031		1,194,556
	2,090,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)1		5.100			07/01/2014		2,010,267
	23,750,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)1		5.600			07/01/2023		20,203,650
	280,000	Allegheny County, PA Redevel. Authority (Robinson Mall)1		6.875			11/01/2017		281,604
	80,000	Allegheny County, PA Redevel. Authority (Robinson Mall)1		7.000			11/01/2017		80,855
	1,760,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)1		5.950			01/20/2043		1,754,914
	1,355,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)1		6.100			01/20/2043		1,368,062
	1,760,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)1		6.160			01/20/2043		1,784,834
	5,000	Beaver County, PA Hospital Authority (Valley Health System)1		5.000			05/15/2028		5,004
	13,000,000	Berks County, PA Municipal Authority (Reading Hospital & Medical Center)6		5.500			11/01/2031		13,670,345
	40,000	Blair County, PA IDA (The Village at Penn State Retirement Community)1		6.400			01/01/2012		32,197
	4,140,000	Blair County, PA IDA (The Village at Penn State Retirement Community)1		6.900			01/01/2022		3,336,302
	7,135,000	Blair County, PA IDA (The Village at Penn State Retirement Community)1		7.000			01/01/2034		5,752,665
	50,000	Blair County, PA IDA (The Village at Penn State Retirement Community)3,5		10.000			01/01/2012		2,785
	1,180,000	Bonneauville Borough, PA Municipal Authority1		5.250			06/01/2037		1,100,610
	2,000,000	Bonneauville Borough, PA Municipal Authority1		5.300			06/01/2043		1,821,940
	4,720,000	Bradford County, PA IDA (International Paper Company)1		4.700			03/01/2019		4,405,082
	5,500,000	Bradford County, PA IDA (International Paper Company)1		5.200			12/01/2019		5,325,980
	1,000,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)1		6.200			05/01/2019		955,850
	10,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)1		6.300			05/01/2029		8,799
	1,000,000	Bucks County, PA IDA (Lutheran Community Telford Center)1		5.750			01/01/2027		864,210
	8,255,000	Bucks County, PA IDA (Pennsylvania Suburban Water Company)1		5.550			09/01/2032		8,277,123

F2 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	80,000	Bucks County, PA IDA (USX Corp.)1		5.600	%		03/01/2033	$	79,999
	2,000,000	Butler County, PA Hospital Authority (Butler Health System)1		7.250			07/01/2039		2,197,440
	5,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)1		5.250			07/01/2012		5,014
	75,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)1		5.250			07/01/2016		75,207
	145,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)1		5.250			07/01/2016		145,400
	480,000	Butler County, PA IDA (Greenview Gardens Apartments)1		6.000			07/01/2023		450,528
	880,000	Butler County, PA IDA (Greenview Gardens Apartments)1		6.250			07/01/2033		795,142
	100,000	Cambridge, PA Area Joint Authority1		5.250			12/01/2021		100,012
	2,865,000	Cambridge, PA Area Joint Authority1		6.000			12/01/2037		2,541,112
	25,000	Carbondale, PA Hsg. Corp.1		8.125			05/01/2019		25,018
	3,995,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)1		6.250			11/15/2044		4,144,892
	900,000	Chartiers Valley, PA Industrial and Commercial Devel. Authority (Asbury Health Center)1		5.750			12/01/2022		799,686
	2,330,000	Chester County, PA H&EFA (Chester County Hospital)1		6.750			07/01/2021		2,351,506
	8,750,000	Chester County, PA H&EFA (Chester County Hospital)1		6.750			07/01/2031		8,593,988
	245,000	Chester County, PA H&EFA (Devereaux Foundation)4		5.500			05/01/2027		245,453
	25,000	Chester County, PA H&EFA (Immaculata College)1		5.300			10/15/2011		25,012
	30,000	Chester County, PA H&EFA (Immaculata College)1		5.400			10/15/2012		30,015
	65,000	Chester County, PA H&EFA (Immaculata College)1		5.600			10/15/2018		62,399
	25,000	Chester County, PA H&EFA (Immaculata College)1		5.625			10/15/2027		22,093
	45,000	Chester County, PA H&EFA (Jefferson Health System)1		5.250			05/15/2022		45,124
	10,000,000	Chester County, PA H&EFA (Jefferson Health System)1		5.375			05/15/2027		10,019,600
	23,915,000	Chester County, PA IDA (Aqua Pennsylvania)6		5.000			02/01/2041		22,550,659
	1,100,000	Chester County, PA IDA (Collegium Charter School)1		5.000			04/15/2022		894,619
	7,595,000	Chester County, PA IDA (Collegium Charter School)1		5.500			04/15/2031		5,860,986
	120,000	Chester Guaranteed Host Community, PA, Series B		5.800			12/01/2013		120,028
	15,000	Clarion County, PA Hospital Authority (Clarion Hospital)1		5.750			07/01/2017		15,010
	1,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)1		5.000			01/01/2027		863,960
	12,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)1		5.000			01/01/2036		9,530,880
	1,000,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)1		5.000			12/01/2020		949,330
	1,950,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)1		5.000			12/01/2021		1,836,686
	6,605,000	Delaware County, PA Authority (Cabrini College)1		5.500			07/01/2024		6,501,434

F3 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	60,000	Delaware County, PA Authority (CCMC)1		5.300	%		12/01/2027	$	51,438
	15,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		5.375			12/01/2018		14,373
	25,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		6.250			12/15/2022		28,060
	25,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		6.250			12/15/2031		28,060
	2,500,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		5.000			12/15/2026		2,087,375
	120,000	Delaware County, PA Authority (MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group)1		5.375			11/15/2023		128,869
	1,160,000	Delaware County, PA Authority (Neumann College)1		6.000			10/01/2025		1,226,503
	280,000	Delaware County, PA Authority (Neumann College)1		6.000			10/01/2030		290,114
	2,530,000	Delaware County, PA Authority (Neumann College)1		6.000			10/01/2031		2,541,714
	1,000,000	Delaware County, PA Authority (Neumann College)1		6.125			10/01/2034		1,034,890
	3,000,000	Delaware County, PA Authority (Neumann College)1		6.250			10/01/2038		3,171,990
	11,055,000	Delaware County, PA IDA (Aqua Pennsylvania)6		5.000			11/01/2037		10,512,791
	18,705,000	Delaware County, PA IDA (Aqua Pennsylvania)6		5.000			11/01/2038		17,721,389
	4,500,000	Delaware County, PA IDA (Naamans Creek)1		7.000			12/01/2036		4,096,350
	45,000	Delaware County, PA IDA (Philadelphia Suburban Water Company)1		5.350			10/01/2031		45,085
	45,000	Delaware County, PA IDA (Philadelphia Suburban Water Company)1		6.000			06/01/2029		45,118
	50,000	Delaware River Port Authority PA/NJ1		5.000			01/01/2026		50,004
	25,000	Derry Township, PA Municipal Authority1		5.100			12/01/2020		25,021
	15,000	East Hempfield Township, PA IDA (Homestead Village)1		6.375			11/01/2023		13,621
	4,000,000	Erie County, PA Hospital Authority (St. Vincents Health)1		7.000			07/01/2027		4,012,160
	140,000	Erie County, PA IDA (International Paper Company)1		5.000			11/01/2018		135,554
	10,000	Erie County, PA IDA (International Paper Company)1		5.850			12/01/2020		10,000
	3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)1		5.500			03/15/2038		2,859,720
	2,240,000	Erie-Western PA Port Authority1		5.125			06/15/2016		2,353,501
	5,585,000	Fayette County, PA Redevel. Authority (Fayette Crossing)1		7.000			09/01/2019		5,414,434
	45,000	Franklin County, PA IDA (The Chambersburg Hospital)1		5.000			07/01/2022		42,895
	10,000	Gettysburg, PA Municipal Authority (Gettysburg College)1		5.000			08/15/2023		10,027
	575,000	Harveys Lake, PA General Municipal Authority (Misericordia University)1		6.000			05/01/2019		560,228
	7,080,000	Horsham, PA Industrial and Commercial Devel. Authority (Pennsylvania LTC)1		6.000			12/01/2037		5,703,648
	90,000	Indiana County, PA IDA Pollution Control (Metropolitan Edison Company)1		5.950			05/01/2027		89,995

F4 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	115,000	Indiana County, PA IDA Pollution Control (PSEG Power LLC)1		5.850	%		06/01/2027	$	114,741
	1,530,000	Jefferson County, PA GO1		5.625			06/01/2028		1,537,482
	5,075,000	Jefferson County, PA GO1		5.875			06/01/2035		5,089,007
	25,000	Lancaster County, PA Hospital Authority (Landis Homes Retirement Community)1		5.700			09/01/2018		23,127
	20,000	Lancaster County, PA Hospital Authority (Landis Homes Retirement Community)1		5.750			09/01/2023		17,101
	25,000	Lancaster County, PA Hospital Authority (St. Anne’s Home for the Aged)1		6.500			04/01/2015		25,027
	10,000	Latrobe, PA IDA (St. Vincent College)1		5.375			05/01/2013		10,565
	10,000	Latrobe, PA IDA (St. Vincent College)1		5.375			05/01/2018		10,023
	35,000	Latrobe, PA IDA (St. Vincent College)1		5.700			05/01/2031		34,279
	13,665,000	Lawrence County, PA IDA (Shenango Presbyterian Center)1		5.625			11/15/2037		10,590,922
	1,020,000	Lehigh County, PA GPA (Bible Fellowship Church Home)1		6.000			12/15/2023		954,292
	1,060,000	Lehigh County, PA GPA (Bible Fellowship Church Home)1		7.625			11/01/2021		1,085,048
	750,000	Lehigh County, PA GPA (Bible Fellowship Church Home)1		7.750			11/01/2033		754,208
	410,000	Lehigh County, PA GPA (Desales University)1		5.125			12/15/2023		393,649
	1,265,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		5.800			11/01/2012		1,170,226
	8,190,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		6,235,375
	2,000,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		1,522,680
	1,100,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		738,914
	3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		2,418,264
	115,000	Lehigh County, PA GPA (Lehigh Valley Hospital)1		5.625			07/01/2015		115,186
	10,000	Luzerne County, PA Flood Protection Authority1		5.000			01/15/2023		10,002
	5,000,000	Luzerne County, PA IDA1		7.750			12/15/2027		4,895,400
	22,500,000	Luzerne County, PA IDA (Pennsylvania-American Water)6		5.100			09/01/2034		21,527,550
	10,000	Luzerne County, PA IDA (Pennsylvania-American Water)1		5.100			09/01/2034		9,568
	2,730,000	McKean County, PA Hospital Authority (Bradford Hospital)1		5.000			10/01/2020		2,347,472
	2,900,000	McKean County, PA Hospital Authority (Bradford Hospital)1		5.250			10/01/2030		2,235,871
	595,000	Millcreek, PA Richland Joint Authority1		5.250			08/01/2022		587,491
	855,000	Millcreek, PA Richland Joint Authority1		5.375			08/01/2027		827,230
	1,000,000	Millcreek, PA Richland Joint Authority1		5.500			08/01/2037		930,520
	2,445,000	Millcreek, PA Richland Joint Authority1		5.500			08/01/2037		2,275,121
	75,000	Monroe County, PA Hospital Authority (Pocono Medical Center)1		5.625			01/01/2032		72,210
	10,000	Montgomery County, PA HEHA (Abington Memorial Hospital)		5.000			06/01/2028		9,673

F5 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	20,000	Montgomery County, PA HEHA (Abington Memorial Hospital)1		5.125	%		06/01/2027	$	19,806
	20,000	Montgomery County, PA HEHA (Abington Memorial Hospital)1		5.125			06/01/2032		19,240
	110,000	Montgomery County, PA HEHA (Holy Redeemer Health System)1		5.250			10/01/2023		102,757
	50,000	Montgomery County, PA HEHA (Holy Redeemer Health System)1		5.250			10/01/2027		44,301
	80,000	Montgomery County, PA HEHA (Holy Redeemer Physician & Ambulatory Services)1		5.250			10/01/2023		78,014
	880,000	Montgomery County, PA IDA (ACTS Retirement Life Community)1		5.250			11/15/2028		825,924
	270,000	Montgomery County, PA IDA (Pennsylvania-American Water Company)1		5.050			06/01/2029		255,625
	3,840,000	Montgomery County, PA IDA (Wordsworth Academy)1		8.000			09/01/2024		3,841,267
	1,000,000	Mount Lebanon, PA Hospital Authority (St. Claire Memorial Hospital)1		5.625			07/01/2032		1,002,520
	200,000	New Morgan, PA IDA (Browning-Ferris Industries)1		6.500			04/01/2019		199,982
	2,085,000	New Wilmington, PA Municipal Authority (Westminster College)1		5.000			05/01/2027		1,943,199
	85,000	Northampton County, PA IDA (Moravian Hall Square)4		5.350			07/01/2010		85,221
	25,000	Northampton County, PA IDA (Moravian Hall Square)4		5.550			07/01/2014		25,036
	40,000	Northampton County, PA IDA (Moravian Hall Square)1		5.700			07/01/2020		40,000
	830,000	Northumberland County, PA IDA (Aqua Pennsylvania)1		5.050			10/01/2039		762,006
	1,205,000	Northumberland County, PA IDA (NHS Youth Services)1		5.500			02/15/2033		895,195
	1,770,000	Northumberland County, PA IDA (NHS Youth Services)1		7.500			02/15/2029		1,755,752
	3,740,000	Northumberland County, PA IDA (NHS Youth Services)1		7.750			02/15/2029		3,766,030
	11,400,000	PA EDFA (30th Street Garage)1		5.875			06/01/2033		10,810,620
	10,000,000	PA EDFA (Albert Einstein Healthcare)1		6.250			10/15/2023		10,549,800
	50,000	PA EDFA (Amtrak)1		6.000			11/01/2011		51,439
	250,000	PA EDFA (Amtrak)1		6.125			11/01/2021		252,455
	5,005,000	PA EDFA (Amtrak)1		6.250			11/01/2031		5,054,600
	12,475,000	PA EDFA (Amtrak)1		6.375			11/01/2041		12,617,964
	40,000,000	PA EDFA (Bionol Clearfield)1		8.500			07/15/2015		33,078,400
	500,000	PA EDFA (Fayette Thermal)1		5.250			12/01/2016		399,020
	35,000	PA EDFA (Fayette Thermal)1		5.500			12/01/2021		25,140
	14,700,000	PA EDFA (National Gypsum Company)1		6.125			11/01/2027		10,296,909
	5,000,000	PA EDFA (National Gypsum Company)1		6.250			11/01/2027		3,554,850
	5,400,000	PA EDFA (Northampton Generating)		6.500			01/01/2013		2,991,384
	21,800,000	PA EDFA (Northampton Generating)		6.600			01/01/2019		12,017,032
	500,000	PA EDFA (Northampton Generating)3,4		6.875			01/01/2011		147,500

F6 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	12,000,000	PA EDFA (Northampton Generating)3		6.950	%		01/01/2021	$	3,865,680
	45,000	PA EDFA (Northwestern Human Services)1		5.125			06/01/2018		40,095
	3,000,000	PA EDFA (Northwestern Human Services)1		5.250			06/01/2028		2,364,330
	3,000,000	PA EDFA (Philadelphia Biosolids Facility)1		6.250			01/01/2032		3,082,380
	1,675,000	PA EDFA (Reliant Energy)1		6.750			12/01/2036		1,697,780
	1,450,000	PA EDFA (Reliant Energy)1		6.750			12/01/2036		1,469,720
	44,825,000	PA EDFA (USG Corp.)1		6.000			06/01/2031		36,864,528
	4,870,000	PA EDFA (Waste Management)1		5.100			10/01/2027		4,737,000
	30,000,000	PA Geisinger Authority Health System, Series A6		5.250			06/01/2039		30,890,850
	50,000	PA HEFA (Allegheny College)1		5.000			11/01/2026		50,010
	755,000	PA HEFA (Allegheny Delaware Valley Obligated Group)1		5.700			11/15/2011		754,162
	3,185,000	PA HEFA (Allegheny Delaware Valley Obligated Group)1		5.875			11/15/2021		3,057,823
	1,025,000	PA HEFA (Assoc. of Independent Colleges & Universities)1		5.125			05/01/2032		898,443
	100,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		5.000			07/01/2028		70,585
	115,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.750			09/01/2032		115,408
	55,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.800			09/01/2025		55,612
	1,475,000	PA HEFA (College of Science & Agriculture)1		5.350			04/15/2028		1,275,492
	1,460,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.650			04/15/2025		1,346,368
	815,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.750			04/15/2029		731,120
	220,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.750			04/15/2034		193,204
	3,210,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.800			04/15/2030		2,888,968
	3,385,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.800			04/15/2033		3,010,247
	55,000	PA HEFA (Drexel University)1		5.750			05/01/2022		55,182
	4,000,000	PA HEFA (Edinboro University Foundation)1		5.750			07/01/2028		3,820,600
	5,500,000	PA HEFA (Edinboro University Foundation)1		5.875			07/01/2038		5,103,505
	5,825,000	PA HEFA (Edinboro University Foundation)1		6.000			07/01/2042		5,447,715
	4,000,000	PA HEFA (Elizabethtown College)1		5.000			12/15/2027		3,857,720
	130,000	PA HEFA (Frontier II)1		5.125			04/01/2033		113,790
	2,000,000	PA HEFA (La Salle University)1		5.000			05/01/2037		1,859,460
	50,000	PA HEFA (La Salle University)1		5.500			05/01/2034		50,128
	1,490,000	PA HEFA (Marywood University)1		5.125			06/01/2029		1,375,494
	1,100,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.600			11/15/2010		1,098,548
	70,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875			11/15/2016		69,992

F7 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	35,085,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875	%		11/15/2016	$	35,081,141
	9,740,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875			11/15/2021		9,351,082
	250,000	PA HEFA (Philadelphia University)1		5.000			06/01/2035		233,650
	3,000,000	PA HEFA (Philadelphia University)1		5.125			06/01/2025		2,866,260
	2,000,000	PA HEFA (Philadelphia University)1		5.250			06/01/2032		1,832,660
	2,005,000	PA HEFA (Philadelphia University)1		5.500			06/01/2020		2,115,516
	105,000	PA HEFA (St. Francis University)1		5.750			11/01/2023		98,351
	3,925,000	PA HEFA (St. Francis University)1		6.250			11/01/2018		3,944,036
	60,000	PA HEFA (University of the Arts)1		5.500			03/15/2020		60,009
	2,000,000	PA HEFA (University of the Arts)1		5.625			03/15/2025		1,999,860
	25,000	PA HEFA (University of the Arts)1		5.750			03/15/2030		24,763
	100,000	PA HEFA (UPMC Health System)1		5.000			08/01/2029		100,546
	30,000	PA HEFA (UPMC Health System)1		6.000			01/15/2031		30,923
	650,000	PA HEFA (Widener University)1		5.000			07/15/2026		613,067
	100,000	PA HEFA (Widener University)1		5.250			07/15/2024		100,339
	70,000	PA HEFA (Widener University)1		5.400			07/15/2036		66,688
	11,105,000	PA HFA (Single Family Mtg.)6		4.700			10/01/2037		10,131,309
	35,000	PA HFA (Single Family Mtg.)1		4.700			10/01/2037		31,812
	33,935,000	PA HFA (Single Family Mtg.), Series 100A6		5.350			10/01/2033		34,173,218
	14,780,000	PA HFA (Single Family Mtg.), Series 102A6		5.500			10/01/2034		15,009,755
	1,265,000	PA HFA (Single Family Mtg.), Series 102A1		5.500			10/01/2034		1,284,658
	9,180,000	PA HFA (Single Family Mtg.), Series 61A6		5.450			10/01/2021		9,185,646
	25,000	PA HFA (Single Family Mtg.), Series 62A1		5.200			10/01/2011		25,026
	560,000	PA HFA (Single Family Mtg.), Series 63A1		5.448	7		04/01/2030		179,340
	60,000	PA HFA (Single Family Mtg.), Series 641		5.000			10/01/2017		60,031
	5,000	PA HFA (Single Family Mtg.), Series 66A4		5.650			04/01/2029		5,000
	18,000,000	PA HFA (Single Family Mtg.), Series 72A6		5.350			10/01/2031		18,020,970
	190,000	PA HFA (Single Family Mtg.), Series 72A1		5.350			10/01/2031		190,220
	11,400,000	PA HFA (Single Family Mtg.), Series 73A6		5.350			10/01/2022		11,524,374
	11,020,000	PA HFA (Single Family Mtg.), Series 74B6		5.150			10/01/2022		11,139,787
	30,350,000	PA HFA (Single Family Mtg.), Series 96A6		4.700			10/01/2037		27,639,528
	4,260,000	PA HFA (Single Family Mtg.), Series 97A1		5.500			10/01/2032		4,377,789
	9,000,000	PA HFA (Single Family Mtg.), Series 99A6		5.250			10/01/2032		9,034,430
	12,845,000	PA HFA (Single Family Mtg.), Series 99A6		5.300			10/01/2037		12,680,150
	1,265,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2020		1,195,994
	1,400,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2023		1,274,420
	2,245,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2025		1,977,980
	3,265,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2026		2,837,840
	900,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2027		773,037

F8 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	2,510,000	PA Southcentral General Authority (Hanover Hospital)1		5.000	%		12/01/2028	$	2,147,907
	1,470,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2030		1,248,309
	24,615,000	PA Southcentral General Authority (Wellspan Health Obligated Group)6		6.000			06/01/2029		26,795,101
	50,000	PA St. Mary Hospital Authority (Franciscan Health)1		7.000			06/15/2015		50,135
	15,000	PA State Public School Building Authority (Butler College)1		5.400			07/15/2012		15,172
	5,000	PA State Public School Building Authority (Chester Upland School District)1		5.150			11/15/2026		5,144
	300,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital)1		6.250			01/01/2032		300,036
	5,000	Patterson Township, PA Municipal Authority4		5.500			04/15/2011		5,012
	135,000	Philadelphia, PA Airport1		5.375			06/15/2015		135,927
	15,000	Philadelphia, PA Airport, Series B1		5.250			06/15/2031		14,753
	5,000	Philadelphia, PA Authority for Industrial Devel.1		5.250			10/01/2030		5,432
	6,510,000	Philadelphia, PA Authority for Industrial Devel. (Aero Philadelphia)1		5.500			01/01/2024		4,829,639
	3,870,000	Philadelphia, PA Authority for Industrial Devel. (Air Cargo)1		7.500			01/01/2025		3,639,464
	25,000	Philadelphia, PA Authority for Industrial Devel. (American College of Physicians)1		6.000			06/15/2030		25,957
	1,150,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)1		5.500			11/15/2018		940,390
	786,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)1		5.600			11/15/2028		493,883
	20,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)1		5.600			04/01/2012		20,014
	35,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)1		5.700			04/01/2015		35,004
	450,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)1		6.750			04/01/2023		433,634
	2,600,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)1		6.875			04/01/2034		2,357,498
	2,750,000	Philadelphia, PA Authority for Industrial Devel. (First Mtg.-CPAP)1		6.125			04/01/2019		1,629,760
	30,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.000			07/01/2019		30,016
	10,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.125			07/01/2020		10,047
	115,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.250			07/01/2028		111,691
	5,000,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport), Series A1		5.400			07/01/2022		5,030,750

F9 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)1		6.250	%		05/01/2033	$	1,562,690
	1,370,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)1		5.000			01/01/2015		1,369,356
	1,580,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)1		5.125			01/01/2021		1,316,630
	2,105,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Arbor House)1		6.100			07/01/2033		1,944,978
	780,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (GIH/PPAM)1		5.125			07/01/2016		729,620
	1,860,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Miriam and Robert M. Rieder House)1		6.100			07/01/2033		1,718,603
	3,000,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)1		5.625			07/01/2035		2,428,530
	1,745,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Robert Saligman House)1		6.100			07/01/2033		1,612,345
	25,000	Philadelphia, PA Gas Works1		5.000			07/01/2014		25,061
	15,000	Philadelphia, PA Gas Works1		5.000			07/01/2026		15,008
	1,210,000	Philadelphia, PA H&HEFA (Centralized Comprehensive Human Services)1		7.250			01/01/2021		1,183,041
	19,420,000	Philadelphia, PA H&HEFA (Temple University Hospital)1		5.500			07/01/2026		17,314,289
	1,000,000	Philadelphia, PA Municipal Authority1		6.500			04/01/2034		1,055,700
	5,000	Philadelphia, PA New Public Housing Authority1		5.000			04/01/2012		5,399
	20,000	Philadelphia, PA Parking Authority, Series A1		5.250			02/15/2029		20,004
	1,000,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A1		5.625			07/01/2023		869,720
	1,500,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A1		5.625			07/01/2028		1,255,560
	165,000	Philadelphia, PA Redevel. Authority (Multifamily Hsg.)1		5.450			02/01/2023		172,318
	2,580,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)1		6.000			10/01/2023		2,567,848
	4,100,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)1		6.250			10/01/2032		3,964,700
	9,395,000	Philadelphia, PA Redevel. Authority (Residential Mtg.)1		4.750			12/01/2028		8,858,170
	10,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority1		5.000			02/01/2024		10,001
	50,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority1		5.000			02/01/2029		48,101
	40,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority1		5.250			02/01/2031		39,006
	2,985,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)1		6.130			01/20/2043		3,031,656
	20,000	Pittsburgh, PA Urban Redevel. Authority, Series A1		5.200			10/01/2020		20,076
	30,000	Pittsburgh, PA Urban Redevel. Authority, Series A1		5.250			10/01/2029		30,051
	775,000	Pittsburgh, PA Urban Redevel. Authority, Series A1		6.250			10/01/2028		782,952

F10 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	10,000	Pittsburgh, PA Urban Redevel. Authority, Series A4		7.250	%		02/01/2024	$	10,015
	40,000	Pittsburgh, PA Urban Redevel. Authority, Series B1		5.350			10/01/2022		40,436
	60,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.600			04/01/2020		60,043
	25,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.700			04/01/2030		25,010
	35,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.900			10/01/2022		35,034
	750,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.950			10/01/2029		750,480
	5,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		7.125			08/01/2013		5,011
	30,000	Potter County, PA Hospital Authority (Charles Cole Memorial Hospital)1		5.250			08/01/2028		27,256
	120,000	Potter County, PA Hospital Authority (Charles Cole Memorial Hospital)1		6.050			08/01/2024		119,999
	1,000,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)1		5.500			07/01/2018		964,070
	390,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)1		5.500			07/01/2018		375,987
	4,170,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)1		5.625			07/01/2024		3,735,152
	235,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)1		5.625			07/01/2024		211,695
	30,000	Sayre, PA Health Care Facilities Authority (Guthrie Healthcare System)1		5.750			12/01/2021		30,642
	10,000	Schuylkill County, PA IDA (DOCNHS/BSVHS/WMHS Obligated Group)1		5.000			11/01/2028		10,013
	2,100,000	Scranton, PA Parking Authority1		5.250			06/01/2034		1,897,098
	8,500,000	Scranton, PA Parking Authority1		5.250			06/01/2039		7,430,445
	145,000	Scranton, PA School District1		5.000			04/01/2022		146,866
	20,000	Scranton-Lackawanna, PA Health & Welfare Authority (Mercy Health System)1		5.700			01/01/2023		19,999
	5,000	Sharon, PA Regional Health System Authority (SRPS/ SRHS Obligated Group)1		5.000			12/01/2028		4,776
	245,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)1		5.000			07/01/2028		224,800
	5,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)1		5.375			07/01/2022		5,003
	355,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)1		5.250			07/01/2026		342,124
	15,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)4		5.375			07/01/2016		15,044
	100,000	Susquehanna, PA Area Regional Airport Authority1		5.000			01/01/2028		89,005
	45,000	Susquehanna, PA Area Regional Airport Authority1		5.000			01/01/2033		37,904
	140,000	Susquehanna, PA Area Regional Airport Authority1		5.375			01/01/2018		125,541
	4,300,000	Susquehanna, PA Area Regional Airport Authority1		6.500			01/01/2038		3,992,980

F11 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	900,000	Susquehanna, PA Area Regional Airport Authority (Aero Harrisburg)1		5.500	%		01/01/2024	$	678,780
	15,000	Union County, PA Hospital Authority (United Methodist Continuing Care Services)1		6.250			04/01/2012		15,008
	75,000	Washington County, PA Hospital Authority (Washington Hospital)1		5.125			07/01/2028		68,285
	8,000,000	Washington County, PA Redevel. Authority (Victory Centre)1		5.450			07/01/2035		6,609,760
	550,000	Washington, PA Township Municipal Authority1		5.875			12/15/2023		533,929
	2,475,000	Washington, PA Township Municipal Authority1		6.000			12/15/2033		2,297,790
	1,085,000	Westmoreland County, PA IDA (Redstone Retirement Community)1		5.875			01/01/2032		885,664
	35,000	Westmoreland County, PA Redevel. Authority (Harmon House)1		5.400			06/20/2028		35,204
	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)1		5.000			03/01/2027		4,778,400
	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)1		5.000			03/01/2037		4,538,850
	10,000	York County, PA IDA (PSEG Power)1		5.500			09/01/2020		10,198
									975,779,803
U.S. Possessions—34.6%
	35,000	Guam GO4		5.375			11/15/2013		35,035
	750,000	Guam GO1		6.750			11/15/2029		780,075
	1,000,000	Guam GO1		7.000			11/15/2039		1,030,560
	700,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		755,265
	4,320,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)1		5.250			06/01/2032		3,625,430
	1,500,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)1		5.625			06/01/2047		1,272,585
	38,902,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		7.250	7		06/01/2057		560,578
	1,000,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2017		900,840
	1,000,000	Northern Mariana Islands Commonwealth, Series A1		5.000			10/01/2022		827,180
	600,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		550,356
	2,610,000	Northern Mariana Islands Ports Authority, Series A1		5.500			03/15/2031		1,764,569
	1,745,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,246,506
	1,280,000	Northern Mariana Islands Ports Authority, Series A1		6.600			03/15/2028		1,052,608
	4,500,000	Puerto Rico Aqueduct & Sewer Authority1		0.000	8		07/01/2024		4,386,330
	3,145,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		3,186,262
	28,855,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		27,831,513
	88,895,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		76,689,717
	68,835,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		60,160,413
	457,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.432	7		05/15/2050		16,872,600

F12 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	136,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.3257	%		05/15/2055	$	2,566,320
	1,817,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	7		05/15/2057		28,781,280
	1,725,000	Puerto Rico Commonwealth GO1		6.000			07/01/2038		1,756,826
	13,300,000	Puerto Rico Electric Power Authority, Series UU1		0.848	2		07/01/2025		10,041,500
	31,890,000	Puerto Rico Electric Power Authority, Series UU1		0.860	2		07/01/2031		22,195,440
	25,000	Puerto Rico Highway & Transportation Authority, Series A1		5.000			07/01/2038		22,486
	445,000	Puerto Rico Highway & Transportation Authority, Series AA1		5.000			07/01/2035		405,644
	325,000	Puerto Rico Highway & Transportation Authority, Series H1		5.000			07/01/2028		309,205
	2,750,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027		2,644,703
	4,000,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		3,746,920
	700,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		652,449
	2,105,000	Puerto Rico IMEPCF (American Airlines)		6.450			12/01/2025		1,608,178
	12,000,000	Puerto Rico Infrastructure1		5.000			07/01/2041		10,214,640
	2,350,000	Puerto Rico Infrastructure1		5.000			07/01/2046		1,985,257
	1,400,000	Puerto Rico Infrastructure (Mepsi Campus)1		6.500			10/01/2037		1,286,054
	1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		1,022,550
	235,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2019		230,161
	500,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		448,660
	790,000	Puerto Rico ITEMECF (IEP/HESL/HECR Obligated Group)1		5.750			06/01/2019		394,360
	26,535,000	Puerto Rico Port Authority (American Airlines), Series A		6.250			06/01/2026		19,745,490
	1,170,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		902,433
	75,000	Puerto Rico Port Authority, Series D1		7.000			07/01/2014		75,242
	1,000,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		1,070,440
	1,000,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		1,086,310
	1,015,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		936,094
	2,500,000	Puerto Rico Sales Tax Financing Corp., Series A9		5.375			08/01/2039		2,469,000
	2,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		2,140,400
	49,985,000	Puerto Rico Sales Tax Financing Corp., Series A		7.140	7		08/01/2034		10,036,488
	22,130,000	Puerto Rico Sales Tax Financing Corp., Series C6		5.750			08/01/2057		23,338,291
	5,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2042		5,164,450
	1,075,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		965,888
	6,645,000	V.I. Government Refinery Facilities (Hovensa Coker)1		6.500			07/01/2021		6,730,654
	25,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)1		5.000			10/01/2031		23,158

F13 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	4,000,000	V.I. Public Finance Authority (Hovensa Coker)1		6.500	%		07/01/2021	$	4,063,840
	8,500,000	V.I. Public Finance Authority (Hovensa Refinery)1		4.700			07/01/2022		7,631,810
	1,500,000	V.I. Public Finance Authority (Hovensa Refinery)1		5.875			07/01/2022		1,504,080
	5,000,000	V.I. Public Finance Authority (Hovensa Refinery)1		6.125			07/01/2022		5,041,550
	17,450,000	V.I. Tobacco Settlement Financing Corp.		6.250	7		05/15/2035		2,145,638
	2,195,000	V.I. Tobacco Settlement Financing Corp.		6.500	7		05/15/2035		239,101
	4,150,000	V.I. Tobacco Settlement Financing Corp.		6.875	7		05/15/2035		377,111
	7,000,000	V.I. Tobacco Settlement Financing Corp.		7.625	7		05/15/2035		598,850
	30,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2021		29,116
	2,235,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2031		1,839,964
	435,000	V.I. Water & Power Authority, Series A1		5.000			07/01/2031		403,162
									392,399,615
Total Investments, at Value (Cost $1,448,523,391)—120.5%									1,368,179,418
Liabilities in Excess of Other Assets—(20.5)									(232,397,257	)
Net Assets-10 0.0%								$	1,135,782,161

Footnotes to Statement of Investments

1.	All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.
2.	Represents the current interest rate for a variable or increasing rate security.
3.	Issue is in default. See Note 1 of accompanying Notes.
4.	Illiquid security. The aggregate value of illiquid securities as of January 31, 2010 was $578,361, which represents 0.05% of the Fund’s net assets. See Note 5 of accompanying Notes.
5.	Non-income producing 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.
9.	When-issued security or delayed delivery to be delivered and settled after January 31, 2010. See Note 1 of accompanying Notes.

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).

F14 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of January 31, 2010 based on valuation input level:

			Level 2—
	Level 1—		Other		Level 3—
	Unadjusted		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	—	$	975,779,789	$	14	$	975,779,803
U.S. Possessions		—		392,399,615		—		392,399,615
Total Assets	$	—	$	1,368,179,404	$	14	$	1,368,179,418

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 methodologies, if any, during the reporting period.

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

ACTS	Adult Communities Total Services
AG	Allegheny General Hospital
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
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
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
WMHS	Western Maryland Health Systems
WPAHS	West Penn Allegheny Health System
WPAON	West Penn Allegheny Oncology Network
WPH	Western Pennsylvania Hospital

See accompanying Notes to Financial Statements.

F15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

January 31, 2010
Assets
Investments, at value (cost $1,448,523,391)—see accompanying statement of investments	$	1,368,179,418
Cash		445,180
Receivables and other assets:
Interest		16,735,497
Shares of beneficial interest sold		2,385,276
Investments sold		5,000
Other		482,961
Total assets		1,388,233,332
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		211,155,000
Payable on borrowings (See Note 6)		34,700,000
Shares of beneficial interest redeemed		2,580,931
Investments purchased (including $2,422,725 purchased on a when-issued or delayed delivery basis)		2,543,904
Dividends		977,229
Trustees’ compensation		146,351
Distribution and service plan fees		141,388
Transfer and shareholder servicing agent fees		49,103
Shareholder communications		32,705
Interest expense on borrowings		5,456
Other		119,104
Total liabilities		252,451,171
Net Assets	$	1,135,782,161
Composition of Net Assets
Paid-in capital	$	1,337,213,005
Accumulated net investment income		10,836,078
Accumulated net realized loss on investments		(131,922,949	)
Net unrealized depreciation on investments		(80,343,973	)
Net Assets	$	1,135,782,161

F16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $776,286,061 and 73,319,586 shares of beneficial interest outstanding)	$	10.59
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	11.12
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $72,475,328 and 6,848,232 shares of beneficial interest outstanding)	$	10.58
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $287,020,772 and 27,154,400 shares of beneficial interest outstanding)	$	10.57

See accompanying Notes to Financial Statements.

F17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended January 31, 2010

Investment Income
Interest	$	45,220,484
Other income		734
Total investment income		45,221,218
Expenses
Management fees		2,642,984
Distribution and service plan fees:
Class A		567,537
Class B		333,490
Class C		1,254,897
Transfer and shareholder servicing agent fees:
Class A		176,521
Class B		46,785
Class C		88,201
Shareholder communications:
Class A		18,197
Class B		3,737
Class C		7,880
Borrowing fees		2,193,876
Interest expense and fees on short-term floating rate notes issued (See Note 1)		1,646,319
Interest expense on borrowings		77,313
Trustees’ compensation		15,791
Custodian fees and expenses		9,886
Other		80,822
Total expenses		9,164,236
Less waivers and reimbursements of expenses		(39,936	)
Net expenses		9,124,300
Net Investment Income		36,096,918
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(2,994,780	)
Net change in unrealized depreciation on investments		140,058,377
Net Increase in Net Assets Resulting from Operations	$	173,160,515

See accompanying Notes to Financial Statements.

F18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	January 31, 2010			July 31,
	(Unaudited)			2009
Operations
Net investment income	$	36,096,918		$	68,710,661
Net realized loss		(2,994,780	)		(101,498,274	)
Net change in unrealized depreciation		140,058,377			(108,702,389	)
Net increase (decrease) in net assets resulting from operations		173,160,515			(141,490,002	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(23,564,055	)		(44,125,525	)
Class B		(1,983,331	)		(4,766,155	)
Class C		(7,554,030	)		(13,920,491	)
		(33,101,416	)		(62,812,171	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		5,372,127			(5,248,673	)
Class B		(6,734,771	)		(29,668,556	)
Class C		8,805,282			(256,208	)
		7,442,638			(35,173,437	)
Net Assets
Total increase (decrease)		147,501,737			(239,475,610	)
Beginning of period		988,280,424			1,227,756,034
End of period (including accumulated net investment income of $10,836,078 and $7,840,576, respectively)	$	1,135,782,161		$	988,280,424

See accompanying Notes to Financial Statements.

F19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS Unaudited

For the Six Months Ended January 31, 2010

Cash Flows from Operating Activities
Net increase in net assets from operations	$	173,160,515
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(57,345,535	)
Proceeds from disposition of investment securities		86,738,754
Short-term investment securities, net		(7,805,126	)
Premium amortization		466,525
Discount accretion		(6,080,298	)
Net realized loss on investments		2,994,780
Net change in unrealized depreciation on investments		(140,058,377	)
Increase in interest receivable		(814,899	)
Decrease in receivable for securities sold		6,874,595
Decrease in other assets		2,143,622
Increase in payable for securities purchased		2,543,904
Decrease in other liabilities		(1,417,581	)
Net cash provided by operating activities		61,400,879
Cash Flows from Financing Activities
Proceeds from bank borrowings		124,100,000
Payments on bank borrowings		(167,900,000	)
Proceeds from short-term floating rate notes issued		7,290,000
Proceeds from shares sold		88,029,412
Payments on shares redeemed		(101,412,387	)
Cash distributions paid		(11,703,945	)
Net cash used in financing activities		(61,596,920	)
Net decrease in cash		(196,041	)
Cash, beginning balance		641,221
Cash, ending balance	$	445,180

Supplemental disclosure of cash flow information:

Non cash financing activities not included herein consist of reinvestment of dividends and distributions of $21,003,588.

Cash paid for interest on bank borrowings—$107,134.

Cash paid for interest on short-term floating rate notes issued—$1,646,319.

See accompanying Notes to Financial Statements.

F20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class A	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	9.28		$	11.12		$	12.77		$	12.75		$	12.85		$	11.76
Income (loss) from investment operations:
Net investment income1		.35			.69			.64			.59			.62			.67
Net realized and unrealized gain (loss)		1.28			(1.90	)		(1.69	)		.02			(.10	)		1.10
Total from investment operations		1.63			(1.21	)		(1.05	)		.61			.52			1.77
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.32	)		(.63	)		(.60	)		(.59	)		(.62	)		(.68	)
Net asset value, end of period	$	10.59		$	9.28		$	11.12		$	12.77		$	12.75		$	12.85
Total Return, at Net Asset Value2		17.66	%		(10.41	)%		(8.42	)%		4.81	%		4.21	%		15.43	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	776,286		$	675,031		$	816,645		$	868,070		$	600,716		$	384,863
Average net assets (in thousands)	$	755,594		$	640,109		$	847,089		$	747,558		$	484,153		$	295,002
Ratios to average net assets:3
Net investment income		6.73	%		7.53	%		5.33	%		4.57	%		4.88	%		5.35	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.10	%		1.60	%		0.81	%		0.74	%		0.82	%		0.81	%
Interest and fees on short-term floating rate notes issued4		0.30	%		0.49	%		0.60	%		0.61	%		0.59	%		0.40	%
Total expenses		1.40	%		2.09	%		1.41	%		1.35	%		1.41	%		1.21	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.39	%		2.09	%		1.41	%		1.35	%		1.41	%		1.21	%
Portfolio turnover rate		5	%		30	%		51	%		4	%		19	%		14	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

F21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class B	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	9.28		$	11.12		$	12.76		$	12.75		$	12.85		$	11.76
Income (loss) from investment operations:
Net investment income1		.31			.60			.54			.49			.53			.57
Net realized and unrealized gain (loss)		1.27			(1.89	)		(1.68	)		.01			(.10	)		1.11
Total from investment operations		1.58			(1.29	)		(1.14	)		.50			.43			1.68
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.28	)		(.55	)		(.50	)		(.49	)		(.53	)		(.59	)
Net asset value, end of period	$	10.58		$	9.28		$	11.12		$	12.76		$	12.75		$	12.85
Total Return, at Net Asset Value2		17.06	%		(11.16	)%		(9.07	)%		3.93	%		3.41	%		14.56	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	72,475		$	69,650		$	119,418		$	179,266		$	196,704		$	189,643
Average net assets (in thousands)	$	73,521		$	78,974		$	148,180		$	193,167		$	193,225		$	173,663
Ratios to average net assets:3
Net investment income		5.88	%		6.66	%		4.51	%		3.81	%		4.14	%		4.62	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.94	%		2.40	%		1.60	%		1.52	%		1.59	%		1.59	%
Interest and fees on short-term floating rate notes issued4		0.30	%		0.49	%		0.60	%		0.61	%		0.59	%		0.40	%
Total expenses		2.24	%		2.89	%		2.20	%		2.13	%		2.18	%		1.99	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.23	%		2.89	%		2.20	%		2.13	%		2.18	%		1.99	%
Portfolio turnover rate		5	%		30	%		51	%		4	%		19	%		14	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

F22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class C	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	9.27		$	11.11		$	12.75		$	12.73		$	12.83		$	11.75
Income (loss) from investment operations:
Net investment income1		.31			.61			.55			.49			.52			.57
Net realized and unrealized gain (loss)		1.27			(1.89	)		(1.68	)		.02			(.09	)		1.10
Total from investment operations		1.58			(1.28	)		(1.13	)		.51			.43			1.67
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.28	)		(.56	)		(.51	)		(.49	)		(.53	)		(.59	)
Net asset value, end of period	$	10.57		$	9.27		$	11.11		$	12.75		$	12.73		$	12.83
Total Return, at Net Asset Value2		17.12	%		(11.11	)%		(9.05	)%		4.02	%		3.41	%		14.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	287,021		$	243,599		$	291,693		$	322,869		$	220,256		$	133,569
Average net assets (in thousands)	$	276,879		$	227,214		$	309,446		$	274,274		$	174,354		$	96,508
Ratios to average net assets:3
Net investment income		5.95	%		6.74	%		4.56	%		3.80	%		4.10	%		4.56	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.86	%		2.37	%		1.58	%		1.50	%		1.58	%		1.59	%
Interest and fees on short-term floating rate notes issued4		0.30	%		0.49	%		0.60	%		0.61	%		0.59	%		0.40	%
Total expenses		2.16	%		2.86	%		2.18	%		2.11	%		2.17	%		1.99	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.15	%		2.86	%		2.18	%		2.11	%		2.17	%		1.99	%
Portfolio turnover rate		5	%		30	%		51	%		4	%		19	%		14	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

F23 | 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 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 significant 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 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 it is 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

F24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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.

     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 of the Fund 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 remaining

F25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 January 31, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed
	Delivery Basis Transactions
Purchased securities	$	2,422,725

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 $211,155,000 as of January 31, 2010, which represents 15.21% 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

F26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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 January 31, 2010, municipal bond holdings with a value of $325,546,143 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $211,155,000 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.

At January 31, 2010, 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
$	3,250,000	Berks County, PA Municipal Authority ROLs		16.619	%		11/1/31	$	3,920,345
	7,980,000	Chester County, PA IDA (Water Facilities Authority)3		9.288			2/1/41		6,615,659
	3,690,000	Delaware County, PA IDA ROLs3		10.912			11/1/37		3,147,791
	6,240,000	Delaware County, PA IDA ROLs3		10.918			11/1/38		5,256,389
	7,500,000	Luzerne County, PA IDA (Water Facility) ROLs3		11.586			9/1/34		6,527,550
	9,000,000	PA Austin Trust Various States Inverse Certificates		8.371			10/1/31		9,020,970
	7,390,000	PA Austin Trust Various States Inverse Certificates		8.631			10/1/34		7,619,755
	7,820,000	PA Austin Trust Various States Inverse Certificates		8.374			10/1/33		7,929,871
	7,500,000	PA Geisinger Authority Health System DRIVERS		15.425			6/1/39		8,390,850
	5,700,000	PA HFA (Single Family Mtg.) DRIVERS		8.274			10/1/22		5,824,374
	5,510,000	PA HFA (Single Family Mtg.) DRIVERS		7.216			10/1/22		5,629,787
	2,295,000	PA HFA (Single Family Mtg.) ROLs		16.835			10/1/21		2,300,646
	4,320,000	PA HFA (Single Family Mtg.) ROLs3		8.563			10/1/32		4,354,430
	6,365,000	PA HFA (Single Family Mtg.) ROLs		16.646			10/1/37		9,148,478
	5,075,000	PA HFA (Single Family Mtg.) ROLs3		15.064			10/1/33		5,203,347
	3,750,000	PA HFA (Single Family Mtg.) ROLs3		14.220			10/1/37		3,585,150
	6,415,000	PA HFA (Single Family Mtg.) ROLs3		10.758			10/1/37		4,837,359
	6,155,000	PA Southcentral General Authority (Hanover Hospital) ROLs		17.844			6/1/29		8,335,101
	5,535,000	Puerto Rico Sales Tax Financing Corp. ROLs3		15.013			8/1/57		6,743,291
								$	114,391,143

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F15 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.

F27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 January 31, 2010, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $105,365,000.

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 January 31, 2010 is as follows:

Cost	$	13,450,711
Market Value	$	4,015,979
Market Value as a % of Net Assets		0.35	%

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory 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.

F28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

During the fiscal year ended July 31, 2009, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of July 31, 2009, the Fund had available for federal income tax purposes post-October losses of $59,318,570 and unused capital loss carryforwards as follows:

Expiring
2013	$	1,195,731
2016		3,710,588
2017		48,870,545
Total	$	53,776,864

As of January 31, 2010, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $116,090,214 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended January 31, 2010, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

     Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains 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.

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 January 31, 2010 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	1,453,312,249
Gross unrealized appreciation	$	52,967,314
Gross unrealized depreciation		(138,100,145	)
Net unrealized depreciation	$	(85,132,831	)

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 six months ended

F29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

January 31, 2010, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	4,057
Payments Made to Retired Trustees		10,667
Accumulated Liability as of January 31, 2010		86,921

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

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts 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.

F30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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:

	Six Months Ended January 31, 2010						Year Ended July 31, 2009
	Shares			Amount			Shares			Amount
Class A
Sold		5,749,825		$	59,324,451			15,579,306		$	139,183,042
Dividends and/or
distributions reinvested		1,441,858			14,931,923			3,275,494			28,958,010
Redeemed		(6,590,352	)		(68,884,247	)		(19,560,021	)		(173,389,725	)
Net increase (decrease)		601,331		$	5,372,127			(705,221	)	$	(5,248,673	)
Class B
Sold		491,872		$	5,092,490			814,483		$	7,347,046
Dividends and/or
distributions reinvested		123,058			1,272,943			336,886			2,975,814
Redeemed		(1,273,103	)		(13,100,204	)		(4,385,820	)		(39,991,416	)
Net decrease		(658,173	)	$	(6,734,771	)		(3,234,451	)	$	(29,668,556	)
Class C
Sold		2,366,888		$	24,360,365			5,064,611		$	44,530,477
Dividends and/or
distributions reinvested		464,319			4,798,722			1,008,767			8,888,624
Redeemed		(1,962,230	)		(20,353,805	)		(6,052,932	)		(53,675,309	)
Net increase (decrease)		868,977		$	8,805,282			20,446		$	(256,208	)

F31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / 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 six months ended January 31, 2010, were as follows:

	Purchases		Sales
Investment securities	$	57,345,535	$	86,738,754

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 six months ended January 31, 2010, the Fund paid $313,650 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

F32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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 December 31, 2009 were as follows:

Class B	$	3,392,489
Class C		4,611,564

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
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by
Six Months Ended	Distributor		Distributor		Distributor		Distributor
January 31, 2010	$	173,746	$	8,947	$	50,482	$	4,324

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.

     The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the “Pending Litigation” note which appears later in this report. During the six months ended January 31, 2010, the Manager reimbursed the Fund $39,936 for legal costs and fees. This undertaking may be amended or withdrawn at any time.

5. Illiquid Securities

As of January 31, 2010, 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.

F33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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 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 conduit lenders 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 $2.25 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 (0.2315% as of January 31, 2010). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended January 31, 2010 equal 0.41% 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 January 31, 2010, the Fund had borrowings outstanding at an interest rate of 0.2315%. Details of the borrowings for the six months ended January 31, 2010 are as follows:

Average Daily Loan Balance	$	47,797,283
Average Daily Interest Rate		0.301	%
Fees Paid	$	1,408,758
Interest Paid	$	107,134

7. Subsequent Events Evaluation

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

F34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

8. Pending Litigation

Since 2009, a number of lawsuits 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 lawsuits naming the Fund as a defendant also name as defendants certain officers, trustees and former trustees of the Fund. The plaintiffs seek class action status on behalf of purchasers of shares of the Fund during a particular time period. The lawsuits 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. Litigation involving certain other Oppenheimer funds is similar in nature.

     In 2009, lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits 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 lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those suits 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 as defendants. 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 is defending against them vigorously. The Fund’s Board of Trustees has also engaged counsel to defend against the suits brought against the Fund and the Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Fund may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not have any material effect on the operations of the Fund, 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, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer funds.

F35 | 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.

     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.

19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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

     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, Troy Willis, Mark DeMitry Marcus Franz and Michael Camarella, 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 before the June 2009 Board meeting) 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.

20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

     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 and September 2009, the Board, including a majority of the independent Trustees, decided to continue the Agreement for the period through September 30, 2010. 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.

21 | OPPENHEIMER PENNSYLVANIA 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 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.

22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	21.1	%
Airlines	15.3
Special Assessment	13.1
Hospital/Health Care	11.0
Tax Increment Financing (TIF)	4.4
Multifamily Housing	3.4
Gas Utilities	3.1
Adult Living Facilities	2.6
Marine/Aviation Facilities	2.4
Energy Equipment & Services	2.1

Portfolio holdings are subject to change. Percentages are as of January 31, 2010, and are based on total assets.

Credit Allocation
AAA	14.2	%
AA	18.6
A	2.1
BBB	18.0
BB or lower	47.1

Credit allocations are subject to change. Percentages are based on the total market value of investments as of January 31, 2010. Market value, the total value of the Fund’s securities, does not include cash. Credit allocations include securities rated by national ratings organizations as well as unrated securities. Unrated securities have been assigned ratings by the Manager that, in the Manager’s judgment, are similar to these of nationally recognized statistical rating organizations; they represented 40.63% of the Fund’s investments at the end of this reporting period. All ratings are shown as the equivalent S&P rating. AAA, AA, A and BBB are investment-grade ratings.

15 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES

Total returns 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 semiannual report must be preceded or accompanied by the current prospectus of 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 and, if available, summary prospectuses, contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.8000.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses and, if available, summary 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. 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 10/1/93. 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.

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 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.

16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 January 31, 2010.

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 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.

17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND EXPENSES Continued

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	August 1, 2009		January 31, 2010		January 31, 2010
Actual
Class A	$	1,000.00	$	1,257.40	$	8.33
Class B		1,000.00		1,253.00		13.24
Class C		1,000.00		1,253.10		12.73
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,017.85		7.45
Class B		1,000.00		1,013.51		11.84
Class C		1,000.00		1,013.96		11.38

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended January 31, 2010 are as follows:

Class	Expense Ratios
Class A		1.46	%
Class B		2.32
Class C		2.23

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager that can be terminated at any time, without advance notice. 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.

18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS January 31, 2010 / Unaudited

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—125.9%
Alabama—0.9%
$	14,165,000	AL HFA (Single Family)1		5.450	%		10/01/2032	$	14,357,230
	15,000	AL HFA (South Bay Apartments)2		5.950			02/01/2033		15,339
	7,665,000	AL IDA Solid Waste Disposal (Pine City Fiber Company)2		6.450			12/01/2023		5,783,166
	16,120,000	AL IDA Solid Waste Disposal (Pine City Fiber Company)2		6.450			12/01/2023		12,162,379
	9,175,000	AL Space Science Exhibit Finance Authority2		6.000			10/01/2025		7,395,601
	10,000	Alexander City, AL GO2		5.625			05/01/2021		9,856
	1,810,000	Andalusia-Opp, AL Airport Authority2		5.000			08/01/2026		1,402,768
	7,050,000	Governmental Utility Services Corp. of Moody, AL2		7.500			03/01/2038		5,707,116
	25,000	Mobile, AL Industrial Devel. Board (International Paper Company)2		6.450			05/15/2019		25,264
	2,200,000	Rainbow City, AL Special Health Care Facilities Financing Authority (Regency Pointe)3,4		8.250			01/01/2031		1,607,804
	10,000	Selma, AL Industrial Devel. Board (International Paper Company)2		6.000			05/01/2025		9,901
	7,220,000	Tuscaloosa, AL Educational Building Authority (Stillman College)2		5.000			06/01/2026		6,217,359
									54,693,783
Alaska—0.2%
	20,000	AK HFC, Series A-12		6.100			06/01/2030		20,019
	40,000	AK Industrial Devel. & Export Authority (Snettisham)5		6.000			01/01/2014		40,274
	2,250,000	AK Industrial Devel. and Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)		6.150			08/01/2031		1,109,633
	1,650,000	AK Industrial Devel. and Export Authority Community Provider (Boys & Girls Home)2		5.875			12/01/2027		1,321,931
	500,000	AK Industrial Devel. and Export Authority Community Provider (Boys & Girls Home)2		6.000			12/01/2036		351,605
	5,000,000	AK Northern Tobacco Securitization Corp. (TASC)2		5.000			06/01/2032		3,804,500
	10,000,000	AK Northern Tobacco Securitization Corp. (TASC)2		5.000			06/01/2046		6,752,500
	31,850,000	AK Northern Tobacco Securitization Corp. (TASC)		6.125	6		06/01/2046		1,364,454
	20,860,000	AK Northern Tobacco Securitization Corp. (TASC)		6.375	6		06/01/2046		791,220
									15,556,136
Arizona—3.4%
	162,650,000	AZ Health Facilities Authority (Banner Health System)1		0.979	7		01/01/2037		106,959,385
	3,000,000	Buckeye, AZ Watson Road Community Facilities District2		5.750			07/01/2022		2,575,920
	5,000,000	Buckeye, AZ Watson Road Community Facilities District2		6.000			07/01/2030		4,010,000
	9,422,832	East San Luis, AZ Community Facilities District Special Assessment (Area One)2		6.375			01/01/2028		7,610,916
	4,512,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)		8.500			01/01/2028		4,281,933

F1 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Arizona Continued
$	305,000	Estrella Mountain Ranch, AZ Community Facilities District2		5.450	%		07/15/2021	$	280,085
	810,000	Estrella Mountain Ranch, AZ Community Facilities District2		5.625			07/15/2025		721,208
	900,000	Estrella Mountain Ranch, AZ Community Facilities District2		5.800			07/15/2030		798,588
	1,015,000	Estrella Mountain Ranch, AZ Community Facilities District2		5.900			07/15/2022		957,713
	335,000	Estrella Mountain Ranch, AZ Community Facilities District2		6.125			07/15/2027		309,510
	500,000	Estrella Mountain Ranch, AZ Community Facilities District2		6.200			07/15/2032		459,245
	1,382,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)2		6.000			07/01/2017		1,267,736
	1,260,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)2		6.375			07/01/2022		1,089,862
	3,135,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)2		6.750			07/01/2032		2,543,958
	500,000	Gladden Farms, AZ Community Facilities District2		5.500			07/15/2031		387,950
	1,000,000	Goodyear, AZ IDA Water and Sewer (Litchfield Park Service Company)2		6.750			10/01/2031		908,750
	3,900,000	Maricopa County, AZ IDA (Christian Care Apartments)2		6.500			01/01/2036		3,543,111
	1,885,000	Maricopa County, AZ IDA (Immanuel Campus Care)2		8.500			04/20/2041		1,717,461
	355,000	Maricopa County, AZ IDA (Sun King Apartments)2		6.750			11/01/2018		325,713
	500,000	Maricopa County, AZ IDA (Sun King Apartments)2		6.750			05/01/2031		389,685
	3,685,000	Maricopa County, AZ IDA (Sun King Apartments)2		9.500			11/01/2031		3,039,425
	456,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien2		5.250			07/01/2024		363,058
	368,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien2		5.250			07/01/2024		292,994
	926,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien2		5.300			07/01/2030		685,305
	1,125,000	Palm Valley, AZ Community Facility District No. 32		5.300			07/15/2031		863,910
	420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)2		5.300			07/15/2025		346,966
	350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)2		5.350			07/15/2031		270,624
	3,275,000	Phoenix, AZ IDA (America West Airlines)		6.250			06/01/2019		2,344,835
	7,500,000	Phoenix, AZ IDA (America West Airlines)		6.300			04/01/2023		5,030,325
	1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)2		6.250			07/01/2036		1,352,852
	1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)2		5.875			11/01/2037		1,304,267

F2 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Arizona Continued
$	1,100,000	Phoenix, AZ IDA (Royal Paper Converting)2		7.000	%		03/01/2014	$	1,035,815
	5,000,000	Pima County, AZ IDA (American Charter Schools Foundation)2		5.625			07/01/2038		3,832,800
	1,875,000	Pima County, AZ IDA (Christian Senior Living)2		5.050			01/01/2037		1,622,813
	400,000	Pima County, AZ IDA (Desert Technology Schools)3,4		6.375			02/01/2014		137,164
	1,000,000	Pima County, AZ IDA (Desert Technology Schools)3,4		7.000			02/01/2024		305,990
	1,250,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)2		6.250			06/01/2026		1,025,738
	3,700,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)2		6.375			06/01/2036		2,857,288
	12,400,000	Pima County, AZ IDA (Metro Police Facility)1		5.375			07/01/2039		12,550,288
	1,500,000	Pima County, AZ IDA (P.L.C. Charter Schools)2		6.750			04/01/2036		1,303,530
	250,000	Pima County, AZ IDA (Paradise Education Center)2		5.875			06/01/2022		191,223
	550,000	Pima County, AZ IDA (Paradise Education Center)2		6.000			06/01/2036		361,862
	1,600,000	Pima County, AZ IDA (Sonoran Science Academy)2		5.670			12/01/2027		1,319,856
	1,960,000	Pima County, AZ IDA (Sonoran Science Academy)2		5.750			12/01/2037		1,516,687
	3,410,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)2		5.450			12/01/2017		3,273,191
	2,215,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)2		5.600			12/01/2022		2,033,968
	11,100,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)2		5.750			12/01/2032		9,868,455
	10,000,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)2		6.550			12/01/2037		9,723,500
	1,495,000	Pinal County, AZ IDA (San Manuel Facility)2		6.250			06/01/2026		1,274,248
	1,385,000	Prescott Valley, AZ Southside Community Facilities District No. 12		7.250			07/01/2032		1,252,843
	1,500,000	Quail Creek, AZ Community Facilities District2		5.550			07/15/2030		1,185,885
	1,435,000	Salte Verde, AZ Financial Corp.2		5.000			12/01/2032		1,267,449
	265,000	Show Low Bluff, AZ Community Facilities District2		5.600			07/01/2031		197,258
	275,000	Show Low Bluff, AZ Community Facilities District Special Assessment2		5.200			07/01/2017		247,118
	730,000	Tucson, AZ IDA (Joint Single Family Mtg.)2		5.000			01/01/2039		693,821
	4,000,000	Verrado, AZ Community Facilities District No. 12		5.350			07/15/2031		3,092,840
									219,204,920
Arkansas—0.1%
	7,600,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)2		6.250			02/01/2038		6,244,844
	25,000	Pine Bluff, AR (International Paper Company)2		5.550			08/15/2022		24,799
									6,269,643

F3 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
California—17.4%
$	7,200,000	Adelanto, CA Public Utility Authority2		6.750	%		07/01/2039	$	7,068,672
	750,000	Alhambra, CA (Atherton Baptist Homes)		7.625			01/01/2040		752,363
	3,900,000	Antelope Valley, CA Healthcare District2		5.250			09/01/2017		3,808,350
	695,000	Azusa, CA Special Tax Community Facilities District No. 05-12		5.000			09/01/2027		500,949
	100,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)2		5.750			05/01/2034		84,474
	5,500,000	Brea, CA Community Facilities District (Brea Plaza Area)2		7.375			09/01/2039		5,496,150
	25,000	Buena Park, CA Special Tax (Park Mall)2		6.125			09/01/2033		21,791
	8,800,000	CA Access to Loans for Learning Student Loan Corp.2		7.375			01/01/2042		7,152,200
	127,310,000	CA County Tobacco Securitization Agency		6.489	6		06/01/2046		5,453,960
	107,400,000	CA County Tobacco Securitization Agency		6.619	6		06/01/2050		2,186,664
	33,920,000	CA County Tobacco Securitization Agency		6.650	6		06/01/2046		1,264,538
	215,100,000	CA County Tobacco Securitization Agency		7.000	6		06/01/2055		2,703,807
	117,250,000	CA County Tobacco Securitization Agency		7.129	6		06/01/2055		1,473,833
	143,610,000	CA County Tobacco Securitization Agency		7.300	6		06/01/2046		6,152,252
	246,760,000	CA County Tobacco Securitization Agency		7.477	6		06/01/2055		2,655,138
	11,485,000	CA County Tobacco Securitization Agency		8.150	6		06/01/2033		1,423,221
	102,000,000	CA County Tobacco Securitization Agency		8.550	6		06/01/2055		1,097,520
	36,000,000	CA County Tobacco Securitization Agency (TASC)2		0.000	8		06/01/2041		25,360,560
	56,530,000	CA County Tobacco Securitization Agency (TASC)2		0.000	8		06/01/2046		39,689,713
	255,000	CA County Tobacco Securitization Agency (TASC)2		5.250			06/01/2045		176,294
	19,000,000	CA County Tobacco Securitization Agency (TASC)2		5.250			06/01/2046		13,104,870
	2,435,000	CA County Tobacco Securitization Agency (TASC)2		5.500			06/01/2033		2,066,998
	2,610,000	CA County Tobacco Securitization Agency (TASC)2		5.875			06/01/2035		2,116,710
	7,285,000	CA County Tobacco Securitization Agency (TASC)2		5.875			06/01/2043		5,797,257
	2,930,000	CA County Tobacco Securitization Agency (TASC)2		6.000			06/01/2042		2,379,893
	5,000,000	CA County Tobacco Securitization Agency (TASC)2		6.125			06/01/2038		4,166,200
	57,000,000	CA County Tobacco Securitization Agency (TASC)		6.400	6		06/01/2046		2,124,960
	525,920,000	CA County Tobacco Securitization Agency (TASC)		6.664	6		06/01/2050		13,647,624
	9,475,000	CA Dept. of Veterans Affairs Home Purchase2		4.900			12/01/2022		9,078,566
	14,855,000	CA Dept. of Veterans Affairs Home Purchase1		5.200			12/01/2028		14,861,390
	30,000,000	CA Educational Funding Services2		6.250			12/01/2042		17,772,000
	10,700,000	CA GO2		6.000			04/01/2038		10,887,571
	19,000,000	CA Golden State Tobacco Securitization Corp. (TASC)2		5.000			06/01/2033		14,822,280
	19,815,000	CA Golden State Tobacco Securitization Corp. (TASC)2		5.125			06/01/2047		13,686,815
	228,715,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.750			06/01/2047		174,638,443
	340,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.000	6		06/01/2047		10,591,000
	1,296,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.082	6		06/01/2047		49,118,400
	16,000,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)2		5.750			07/01/2039		16,539,840

F4 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
California Continued
$	15,420,000	CA Health Facilities Financing Authority
		(SJHS/SJHCN/SJHE/SJHO Obligated Group)1		5.750	%		07/01/2039	$	15,940,425
	12,095,000	CA Health Facilities Financing Authority (Sutter Health/ California Pacific Medical Center Obligated Group)2		5.000			11/15/2042		11,094,502
	7,600,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center)2		5.250			11/15/2046		7,227,372
	8,600,000	CA M-S-R Energy Authority2		7.000			11/01/2034		9,652,468
	750,000	CA Municipal Finance Authority (Harbor Regional Center)2		8.500			11/01/2039		759,285
	3,960,000	CA Public Works2		6.625			11/01/2034		4,116,578
	160,600,000	CA Silicon Valley Tobacco Securitization Authority		8.147	6		06/01/2056		1,832,446
	15,000,000	CA Silicon Valley Tobacco Securitization Authority		8.150	6		06/01/2041		991,200
	82,250,000	CA Silicon Valley Tobacco Securitization Authority		8.435	6		06/01/2056		800,293
	3,400,000	CA Statewide CDA (740 Olive Street)2		5.100			07/20/2050		3,429,376
	4,585,000	CA Statewide CDA (Aspire Public Schools)2		7.250			08/01/2031		4,465,882
	10,000	CA Statewide CDA (Escrow Term)2		6.750			09/01/2037		9,395
	14,400,000	CA Statewide CDA (Fairfield Apartments)3,4		7.250			01/01/2035		5,759,856
	2,141,800	CA Statewide CDA (Microgy Holdings)5		9.000			12/01/2038		423,006
	1,500,000	CA Statewide CDA (Notre Dame de Namur University)2		6.625			10/01/2033		1,266,945
	5,000,000	CA Statewide CDA (Sutter Health Obligated Group)2		5.500			08/15/2034		5,009,250
	6,000,000	CA Statewide CDA (Sutter Health Obligated Group)2		5.625			08/15/2042		6,018,780
	1,500,000	CA Statewide CDA (Thomas Jefferson School of Law)2		7.250			10/01/2038		1,519,485
	200,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)2		5.600			09/01/2020		179,816
	555,300,000	CA Statewide Financing Authority Tobacco Settlement2		7.001	6		06/01/2055		6,980,121
	260,000,000	CA Statewide Financing Authority Tobacco Settlement		7.876	6		06/01/2055		2,797,600
	301,950,000	CA Statewide Financing Authority Tobacco Settlement		8.000	6		06/01/2046		11,857,577
	4,500,000	CA Statewide Financing Authority Tobacco Settlement (TASC)2		6.000			05/01/2037		3,693,690
	100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)2		6.000			05/01/2043		81,100
	1,405,000	CA Statewide Financing Authority Tobacco Settlement (TASC)2		6.000			05/01/2043		1,139,455
	11,400,000	CA Valley Health System COP		6.875			05/15/2023		6,275,016
	55,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)2		6.700			09/01/2020		40,494
	10,465,000	Cerritos, CA Community College District1		5.250			08/01/2033		10,724,617
	165,000	Chino, CA Community Facilities District Special Tax2		5.000			09/01/2026		130,032
	990,000	Chino, CA Community Facilities District Special Tax No. 2005-12		5.000			09/01/2023		715,077
	1,500,000	Chino, CA Community Facilities District Special Tax No. 2005-12		5.000			09/01/2036		914,655

F5 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
California Continued
$	1,440,000	Coyote Canyon, CA Public Facilities Community Facilities District No. 2004-12		6.625	%		09/01/2039	$	1,429,718
	33,000,000	Desert, CA Community College District1		5.000			08/01/2037		33,225,720
	840,000	Elsinore Valley, CA Municipal Water District Community Facilities District No. 2004-12		6.625			09/01/2040		839,387
	100,000	Fort Bragg, CA Redevel. Agency Tax Allocation2		5.300			05/01/2024		100,104
	200,000	Imperial, CA Redevel. Agency Tax Allocation (Imperial Redevel.)2		5.000			12/01/2036		158,514
	80,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		6.750	6		06/01/2047		2,122,400
	10,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.587	6		06/01/2036		923,900
	432,795,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.626	6		06/01/2057		3,795,612
	1,000,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		8.001	6		06/01/2057		8,810,000
	450,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 292		8.250			09/01/2029		473,679
	1,000,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 292		8.625			09/01/2039		1,057,630
	1,000,000	Lake Elsinore, CA Unified School District Community Facilities District No. 04-32		5.250			09/01/2029		652,180
	1,360,000	Lathrop, CA Special Tax Community Facilities District No. 03-22		7.000			09/01/2033		1,318,738
	13,000,000	Long Beach, CA Harbor1		5.200			05/15/2027		13,089,848
	8,755,000	Los Angeles County, CA Unified School District1		5.000			01/01/2034		8,764,899
	31,940,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)1		5.375			05/15/2030		32,353,144
	5,000,000	Los Angeles, CA Dept. of Water & Power1		5.000			07/01/2034		5,143,000
	5,000,000	Los Angeles, CA Dept. of Water & Power1		5.000			07/01/2039		5,113,600
	16,260,000	Los Angeles, CA Harbor Dept.1		5.250			08/01/2039		16,725,686
	5,700,000	Los Angeles, CA Regional Airports Improvement Corp. (Air Canada)		8.750			10/01/2014		5,297,865
	15,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)2		7.000			12/01/2012		14,903
	5,350,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)2		7.125			12/01/2024		5,180,726
	17,810,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)2		7.500			12/01/2024		17,464,664
	74,145,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)2		7.500			12/01/2024		73,292,333
	2,825,000	Los Angeles, CA Regional Airports Improvement Corp. (Continental Airlines)2		5.650			08/01/2017		2,562,275
	1,135,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta Airlines)2		6.350			11/01/2025		1,072,325
	12,900,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)2		9.250			08/01/2024		12,915,222

F6 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
California Continued
$	400,000	Los Angeles, CA Regional Airports Improvement Corp. (United Airlines)3,4,5		6.875	%		11/15/2012	$	—
	2,590,000	Los Angeles, CA Regional Airports Improvement Corp. (United Airlines)3,4,5		8.800			11/15/2021		—
	11,000,000	Los Angeles, CA Unified School District1		5.000			07/01/2032		11,094,600
	30,000,000	Los Angeles, CA Unified School District1		5.000			07/01/2032		30,258,000
	7,330,000	Los Angeles, CA Unified School District1		5.000			01/01/2034		7,338,294
	10,550,000	Los Angeles, CA Unified School District1		5.000			01/01/2034		10,561,933
	11,535,000	Newport Beach, CA (Presbyterian Hoag Memorial Hospital)1		5.000			12/01/2024		11,797,824
	115,975,000	Northern CA Tobacco Securitization Authority (TASC)		6.375	6		06/01/2045		4,732,940
	5,925,000	Palm Desert, CA Improvement Bond Act 19152		5.100			09/02/2037		3,823,877
	10,000	Perris, CA Public Financing Authority, Series A2		6.125			09/01/2034		8,873
	2,500,000	Rancho Mirage, CA Joint Powers Financing Authority (Eisenhower Medical Center/Eisenhower Health Services Obligated Group)2		5.000			07/01/2047		2,162,800
	20,000	Rancho Santa Fe, CA Community Services District Special Tax2		6.700			09/01/2030		20,012
	400,000	Riverside, CA Special Tax Community Facilities District No. 92-1, Series A2		5.300			09/01/2034		315,412
	2,200,000	San Diego County, CA COP		5.700			02/01/2028		1,581,602
	15,000,000	San Diego, CA Public Facilities Financing Authority1		5.375			08/01/2034		15,710,475
	22,110,000	San Francisco, CA Bay Area Toll Authority1		5.000			04/01/2031		22,614,992
	16,260,000	San Francisco, CA Bay Area Toll Authority1		5.125			04/01/2047		16,492,136
	12,000,000	Southern CA Metropolitan Water District1		5.000			07/01/2035		12,414,300
	45,440,000	Southern CA Tobacco Securitization Authority2		5.125			06/01/2046		30,778,330
	195,570,000	Southern CA Tobacco Securitization Authority		6.383	6		06/01/2046		7,680,034
	41,325,000	Southern CA Tobacco Securitization Authority		6.400	6		06/01/2046		1,540,596
	143,080,000	Southern CA Tobacco Securitization Authority		7.100	6		06/01/2046		4,286,677
	5,125,000	Southern CA Tobacco Securitization Authority (TASC)2		5.000			06/01/2037		3,883,469
	5,425,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)2		5.450			09/01/2026		3,167,169
	4,000,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)2		5.500			09/01/2036		2,068,400
	200,000	Upland, CA Community Facilities District (San Antonio)2		6.100			09/01/2034		171,938
	1,250,000	Washington Township, CA Health Care District2		5.000			07/01/2037		1,079,788
	1,565,000	Washington Township, CA Health Care District2		5.250			07/01/2029		1,475,842
	60,000	West Patterson, CA Financing Authority Special Tax2		6.700			09/01/2032		51,459
	35,000	West Patterson, CA Financing Authority Special Tax Community Facilities District No. 2001-1-A2		6.500			09/01/2026		30,539
	5,555,000	Western Placer, CA Unified School District2		5.750			08/01/2049		5,559,833
	15,000,000	Westminster, CA Redevel. Agency Tax Allocation1		5.750			11/01/2045		15,956,700

F7 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
-
California Continued
$	7,500,000	Westminster, CA Redevel. Agency Tax Allocation1		6.250	%		11/01/2039	$	8,442,600
	75,000	Woodland, CA Special Tax Community Facilities District No. 12		6.000			09/01/2028		66,764
									1,108,835,340
Colorado—4.7%
	1,000,000	CO Andonea Metropolitan District No. 22		6.125			12/01/2025		810,090
	2,380,000	CO Andonea Metropolitan District No. 32		6.250			12/01/2035		1,756,940
	5,000,000	CO Arista Metropolitan District2		6.750			12/01/2035		3,560,200
	14,000,000	CO Arista Metropolitan District		9.250			12/01/2037		12,609,800
	2,620,000	CO Beacon Point Metropolitan District2		6.125			12/01/2025		2,249,977
	3,500,000	CO Beacon Point Metropolitan District2		6.250			12/01/2035		2,812,390
	500,000	CO Castle Oaks Metropolitan District2		6.125			12/01/2035		372,780
	5,675,000	CO Central Marksheffel Metropolitan District2		7.250			12/01/2029		4,984,863
	1,000,000	CO Confluence Metropolitan District2		5.400			12/01/2027		725,760
	1,000,000	CO Copperleaf Metropolitan District No. 22		5.850			12/01/2026		730,030
	1,850,000	CO Copperleaf Metropolitan District No. 22		5.950			12/01/2036		1,236,207
	1,025,000	CO Country Club Highlands Metropolitan District2		7.250			12/01/2037		814,691
	1,700,000	CO Crystal Crossing Metropolitan District2		6.000			12/01/2036		1,144,287
	1,255,000	CO Educational and Cultural Facilities Authority (Carbon Valley Academy Charter School)2		5.625			12/01/2036		975,122
	885,000	CO Educational and Cultural Facilities Authority (Crown Point Charter School)2		5.000			07/15/2039		813,554
	2,475,000	CO Educational and Cultural Facilities Authority (Inn at Auraria)		5.375			07/01/2015		1,493,935
	24,295,000	CO Educational and Cultural Facilities Authority (Inn at Auraria)		6.000			07/01/2042		13,694,849
	1,335,000	CO Elbert and Highway 86 Metropolitan District2		5.750			12/01/2036		935,448
	5,000,000	CO Elbert and Highway 86 Metropolitan District2		7.500			12/01/2032		4,243,550
	2,448,000	CO Elkhorn Ranch Metropolitan District2		6.375			12/01/2035		1,888,240
	700,000	CO Fallbrook Metropolitan District2		5.625			12/01/2026		532,189
	26,250,000	CO Health Facilities Authority (Catholic Health Initiatives)1		5.000			07/01/2039		26,445,300
	1,225,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)2		5.300			07/01/2037		951,727
	2,960,000	CO Heritage Todd Creek Metropolitan District2		5.500			12/01/2037		1,968,134
	5,315,000	CO High Plains Metropolitan District2		6.125			12/01/2025		4,226,488
	10,875,000	CO High Plains Metropolitan District2		6.250			12/01/2035		8,028,034
	706,000	CO Horse Creek Metropolitan District2		5.750			12/01/2036		489,773
	160,000	CO Hsg. & Finance Authority2		6.400			11/01/2024		166,227
	275,000	CO Hsg. & Finance Authority2		8.400			10/01/2021		299,360
	5,000	CO Hsg. & Finance Authority (Single Family)2		6.500			11/01/2029		5,154
	15,000	CO Hsg. & Finance Authority (Single Family)2		6.800			04/01/2030		15,405

F8 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Colorado Continued
$	14,000	CO Hsg. & Finance Authority (Single Family)2		7.250	%		05/01/2027	$	14,264
	1,700,000	CO Huntington Trails Metropolitan District		0.000	8		12/01/2037		1,685,958
	500,000	CO Huntington Trails Metropolitan District2		6.250			12/01/2036		367,805
	2,500,000	CO International Center Metropolitan District No. 32		6.500			12/01/2035		1,811,300
	1,145,000	CO Liberty Ranch Metropolitan District2		6.250			12/01/2036		842,273
	1,875,000	CO Madre Metropolitan District No. 22		5.500			12/01/2036		1,235,831
	2,800,000	CO Mountain Shadows Metropolitan District2		5.625			12/01/2037		1,822,156
	1,725,000	CO Multifamily Hsg. Revenue Bond Pass-Through Certificates (MS Loveland/American International Obligated Group)2		6.000	7		11/01/2033		1,530,179
	3,000,000	CO Murphy Creek Metropolitan District No. 32		6.000			12/01/2026		1,656,570
	10,060,000	CO Murphy Creek Metropolitan District No. 32		6.125			12/01/2035		5,053,440
	2,275,000	CO Neu Towne Metropolitan District3		7.250			12/01/2034		725,065
	1,290,000	CO North Range Metropolitan District No. 22		5.500			12/15/2018		1,101,596
	1,000,000	CO North Range Metropolitan District No. 22		5.500			12/15/2037		694,280
	4,500,000	CO Northwest Metropolitan District No. 32		6.125			12/01/2025		3,645,405
	7,855,000	CO Northwest Metropolitan District No. 32		6.250			12/01/2035		5,957,625
	12,585,000	CO Park Valley Water and Sanitation Metropolitan District		6.000	6		12/15/2017		8,307,862
	320,000	CO Potomac Farms Metropolitan District2		0.000	8		12/01/2023		277,418
	1,590,000	CO Potomac Farms Metropolitan District2		7.250			12/01/2037		1,145,420
	835,000	CO Prairie Center Metropolitan District No. 32		5.250			12/15/2021		705,800
	1,250,000	CO Prairie Center Metropolitan District No. 32		5.400			12/15/2031		962,075
	990,000	CO Prairie Center Metropolitan District No. 32		5.400			12/15/2031		761,963
	2,275,000	CO Regency Metropolitan District2		5.750			12/01/2036		1,601,236
	1,750,000	CO Serenity Ridge Metropolitan District No. 2		7.500			12/01/2034		784,875
	1,320,000	CO Silver Peaks Metropolitan District2		5.750			12/01/2036		903,685
	10,230,000	CO Sorrell Ranch Metropolitan District2		5.750			12/01/2036		7,756,181
	1,735,000	CO Sorrell Ranch Metropolitan District		6.750			12/15/2036		1,395,877
	1,330,000	CO Stoneridge Metropolitan District2		5.625			12/01/2036		918,791
	2,063,000	CO Tallgrass Metropolitan District2		5.250			12/01/2037		1,544,609
	8,000,000	CO Talon Pointe Metropolitan District2		8.000			12/01/2039		7,295,840
	655,000	CO Todd Creek Farms Metropolitan District No. 1		6.125			12/01/2019		327,035
	695,000	CO Traditions Metropolitan District No. 22		5.750			12/01/2036		482,142
	4,390,000	CO Traditions Metropolitan District No. 2 CAB		0.000	8		12/15/2037		3,071,068
	3,780,000	CO Waterview I Metropolitan District2		8.000			12/15/2032		3,388,732
	500,000	CO Wheatlands Metropolitan District2		6.000			12/01/2025		399,595
	2,500,000	CO Wheatlands Metropolitan District2		6.125			12/01/2035		1,843,650
	4,000,000	CO Wheatlands Metropolitan District No. 2		8.250			12/15/2035		3,666,720
	3,875,000	CO Woodmen Heights Metropolitan District No. 1		6.750			12/01/2020		3,458,128
	21,195,000	CO Woodmen Heights Metropolitan District No. 12		7.000			12/01/2030		17,576,590

F9 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Colorado Continued
$	500,000	CO Wyndham Hill Metropolitan District2		6.250	%		12/01/2025	$	401,140
	892,000	CO Wyndham Hill Metropolitan District2		6.375			12/01/2035		669,740
	18,510,000	Colorado Springs, CO Urban Renewal (University Village Colorado)2		7.000			12/01/2029		16,282,877
	75,375,000	Denver, CO City & County Airport Special Facilities (United Air Lines)2		5.250			10/01/2032		56,617,178
	35,200,000	Denver, CO City & County Airport Special Facilities (United Air Lines)2		5.750			10/01/2032		28,334,944
	375,000	Eagle County, CO Airport Terminal Corp.2		5.250			05/01/2020		315,233
									300,320,655
Connecticut—0.1%
	145,000	CT Devel. Authority (Bridgeport Hydraulic Company)2		6.150			04/01/2035		145,309
	125,000	CT Devel. Authority (Bridgeport Hydraulic Company)2		6.150			04/01/2035		125,266
	80,000	CT H&EFA (Bridgeport Hospital/Bridgeport Hospital Foundation Obligated Group)2		6.500			07/01/2012		80,225
	20,000	CT H&EFA (St. Mary’s Hospital Corp.)2		5.500			07/01/2012		20,001
	470,000	Georgetown, CT Special Taxing District		5.125			10/01/2036		240,236
	3,750,000	Mashantucket, CT Western Pequot Tribe, Series B		5.500			09/01/2036		1,964,700
	1,750,000	Mashantucket, CT Western Pequot Tribe, Series B		5.750			09/01/2027		970,323
	6,000,000	Mashantucket, CT Western Pequot Tribe, Series B9		6.500			09/01/2031		3,141,480
	1,665,000	West Haven, CT Hsg. Authority (Meadow Landing Apartments)2		6.000			01/01/2028		1,554,178
									8,241,718
Delaware—0.1%
	215,000	DE Hsg. Authority (Multifamily Mtg.)2		7.375			01/01/2015		212,463
	55,000	DE Hsg. Authority (Single Family Mtg.)2		6.000			07/01/2032		55,181
	6,939,000	Millsboro, DE Special Obligation (Plantation Lakes)2		5.450			07/01/2036		4,439,572
									4,707,216
District of Columbia—2.2%
	115,000	District of Columbia HFA (Benning Road Apartments)2		6.300			01/01/2012		111,966
	10,380,000	District of Columbia HFA (Shipley Park Apartments)1		4.800			06/01/2038		10,275,162
	105,000	District of Columbia Tobacco Settlement Financing Corp.2		6.250			05/15/2024		105,410
	32,680,000	District of Columbia Tobacco Settlement Financing Corp.2		6.750			05/15/2040		32,771,504
	515,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.367	6		06/15/2046		19,806,900
	1,375,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.897	6		06/15/2055		15,655,238
	1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		7.250	6		06/15/2055		11,499,500
	29,315,000	Metropolitan Washington D.C. Airport Authority1		5.000			10/01/2032		28,922,112

F10 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
District of Columbia Continued
$	16,615,000	Metropolitan Washington D.C. Airport Authority (Dulles Toll Road)2		1.060	%6		10/01/2041	$	11,696,960
	12,100,000	Metropolitan Washington D.C. Airport Authority, Series B1		5.000			10/01/2034		11,897,201
									142,741,953
Florida—16.2%
	1,070,000	Aberdeen, FL Community Devel. District		5.250			11/01/2015		587,644
	315,000	Aberdeen, FL Community Devel. District		5.500			11/01/2011		172,998
	22,800,000	Aberdeen, FL Community Devel. District		5.500			05/01/2036		11,510,352
	8,000,000	Alachua County, FL Industrial Devel. Revenue (North Florida Retirement Village)2		5.875			11/15/2042		6,227,200
	5,350,000	Amelia Concourse, FL Community Devel. District3		5.750			05/01/2038		2,350,362
	1,770,000	Amelia Walk, FL Community Devel. District Special Assessment3		5.500			05/01/2037		868,504
	12,205,000	Arborwood, FL Community Devel. District (Centex Homes)2		5.250			05/01/2016		10,054,967
	13,850,000	Arlington Ridge, FL Community Devel. District		5.500			05/01/2036		6,076,134
	2,200,000	Avelar Creek, FL Community Devel. District2		5.375			05/01/2036		1,530,122
	1,045,000	Avignon Villages, FL Community Devel. District3,4		5.300			05/01/2014		282,150
	755,000	Avignon Villages, FL Community Devel. District3,4		5.400			05/01/2037		203,850
	1,000,000	Bahia Lakes, FL Community Devel. District2		5.450			05/01/2037		685,170
	2,585,000	Bainebridge, FL Community Devel. District2		5.500			05/01/2038		1,537,480
	14,970,000	Baker, FL Correctional Devel. Corp. (Detention Center)		7.500			02/01/2030		12,817,913
	2,470,000	Bay Laurel Center, FL Community Devel. District Special Assessment2		5.450			05/01/2037		1,820,143
	225,000	Bayshore, FL Hsg. Corp.3		8.000			12/01/2016		67,626
	4,380,000	Baywinds, FL Community Devel. District3		4.900			05/01/2012		2,285,046
	10,650,000	Baywinds, FL Community Devel. District		5.250			05/01/2037		5,125,313
	10,640,000	Bella Verde, FL Golf Community Devel. District3,4,5		7.250			05/15/2009		3,564,400
	10,000,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment2		7.375			05/01/2034		9,507,300
	9,625,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment2		7.500			05/01/2034		9,280,618
	3,950,000	Boynton Village, FL Community Devel. District Special Assessment2		6.000			05/01/2038		2,894,916
	75,000	Broward County, FL Educational Facilities Authority (Pompano Oaks Apartments)5		6.000			12/01/2027		75,075
	25,000	Broward County, FL HFA (Cross Keys Apartments)2		5.750			10/01/2028		24,800
	12,475,000	Broward County, FL HFA (Pembroke Village Apartments)2		7.000			06/01/2046		11,992,342
	480,000	Broward County, FL HFA (Single Family)2		5.000			10/01/2039		481,718
	15,000	Broward County, FL HFA (Stirling Apartments)2		5.600			10/01/2018		15,032
	125,000	Broward County, FL HFA (Stirling Apartments)2		5.750			04/01/2038		122,260
	16,500,000	Broward County, FL Water and Sewer1		5.250			10/01/2034		17,056,050

F11 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	5,955,000	Buckeye Park, FL Community Devel. District3		7.875	%		05/01/2038	$	2,676,415
	800,000	Cascades, FL Groveland Community Devel. District2		5.300			05/01/2036		504,152
	25,500,000	CFM, FL Community Devel. District, Series A3		6.250			05/01/2035		11,482,905
	2,500,000	Chapel Creek, FL Community Devel. District Special Assessment3		5.200			05/01/2011		998,250
	3,665,000	Chapel Creek, FL Community Devel. District Special Assessment3		5.250			05/01/2015		1,463,435
	12,480,000	Chapel Creek, FL Community Devel. District Special Assessment3		5.500			05/01/2038		4,731,542
	4,100,000	City Center, FL Community Devel. District3		6.000			05/01/2038		1,842,868
	7,430,000	City Center, FL Community Devel. District3		6.125			05/01/2036		3,340,082
	26,530,000	Clearwater Cay, FL Community Devel. District		5.500			05/01/2037		11,231,476
	55,000	Collier County, FL IDA (Allete)2		6.500			10/01/2025		55,010
	16,110,000	Concord Stations, FL Community Devel. District		5.300			05/01/2035		7,401,256
	3,775,000	Connerton West, FL Community Devel. District3		5.125			05/01/2016		1,459,453
	4,310,000	Connerton West, FL Community Devel. District3		5.400			05/01/2038		1,786,150
	4,910,000	Copperstone, FL Community Devel. District2		5.200			05/01/2038		3,361,975
	7,400,000	Cordoba Ranch, FL Community Devel. District Special Assessment3,4		5.550			05/01/2037		2,869,128
	3,125,000	Coronado, FL Community Devel. District2		6.000			05/01/2038		2,495,281
	3,230,000	Creekside, FL Community Devel. District3		5.200			05/01/2038		1,759,284
	2,625,000	Crosscreek, FL Community Devel. District2		5.500			05/01/2017		983,036
	1,280,000	Crosscreek, FL Community Devel. District2		5.600			05/01/2039		479,437
	9,440,000	Cypress Creek of Hillsborough County, FL Community Devel. District		5.350			05/01/2037		4,527,707
	45,000	Dade County, FL HFA (Golden Lakes Apartments)5		6.050			11/01/2039		45,000
	90,000	Dade County, FL HFA (Siesta Pointe Apartments)5		5.650			09/01/2017		90,095
	7,786	Dade County, FL HFA (Single Family Mtg.)2		6.100			04/01/2027		7,874
	1,700,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)2		8.000			06/01/2022		1,576,784
	115,000	Dade County, FL Res Rec2		5.500			10/01/2013		115,266
	7,815,000	Deer Run, FL Community Devel. District Special Assessment2		7.625			05/01/2039		6,405,330
	2,940,000	Durbin Crossing, FL Community Devel. District Special Assessment		5.250			11/01/2015		1,985,264
	3,310,000	East Homestead, FL Community Devel. District2		5.375			05/01/2036		2,498,322
	900,000	East Homestead, FL Community Devel. District2		5.450			11/01/2036		686,979
	2,225,000	East Park, FL Community Devel. District Special Assessment2		7.500			05/01/2039		1,920,264
	1,095,000	Easton Park, FL Community Devel. District2		5.200			05/01/2037		744,315
	1,500,000	Enclave at Black Point Marina, FL Community Devel. District2		5.200			05/01/2014		938,850
	1,225,000	Enclave at Black Point Marina, FL Community Devel. District2		5.400			05/01/2037		739,827
	75,000	Escambia County, FL HFA (Single Family Mtg.)2		5.500			10/01/2031		75,308
	20,960,000	Fiddler’s Creek, FL Community Devel. District No. 23		6.000			05/01/2038		8,374,568

F12 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	175,000	FL Capital Projects Finance Authority (Peerless Group)2		7.500	%		08/01/2019	$	137,036
	26,200,000	FL Capital Trust Agency (AHF Florida LLC)		8.125			10/01/2038		4,714,952
	3,085,000	FL Capital Trust Agency (American Opportunity)2		5.750			06/01/2023		1,657,725
	2,000,000	FL Capital Trust Agency (American Opportunity)2		5.875			06/01/2038		903,560
	950,000	FL Capital Trust Agency (American Opportunity)		7.250			06/01/2038		333,118
	690,000	FL Capital Trust Agency (American Opportunity)		8.250			12/01/2038		207,173
	7,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)2		7.000			07/15/2032		3,477,810
	13,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)2		8.260			07/15/2038		6,455,540
	2,455,000	FL Gateway Services Community Devel. District (Sun City Center)2		6.500			05/01/2033		2,221,186
	30,000	FL HFA (Hsg. Partners of Panama City)2		5.700			05/01/2037		29,548
	100,000	FL HFA (Mar Lago Village Apartments)2		5.900			12/01/2027		90,865
	115,000	FL HFA (Reserve at Kanapaha)2		5.700			07/01/2037		109,492
	20,000	FL HFA (Spinnaker Cove Apartments)5		6.500			07/01/2036		20,009
	1,345,000	FL HFA (St. Cloud Village Associates)		8.000			02/15/2030		1,059,618
	95,000	FL HFA (Stoddert Arms Apartments)5		6.250			09/01/2026		95,049
	15,000	FL HFA (Wentworth Apartments)2		5.450			10/01/2037		12,886
	10,000	FL HFA (Wentworth Apts.)2		5.350			10/01/2027		8,988
	50,000	FL HFA (Willow Lake Apartments)2		5.250			01/01/2021		47,524
	100,000	FL HFA (Willow Lake Apartments)2		5.350			07/01/2027		89,964
	100,000	FL HFC (Ashton Point Apartments)2		5.750			07/01/2036		100,404
	105,000	FL HFC (Brittany of Rosemont)2		6.250			07/01/2035		105,004
	20,000	FL HFC (East Lake Apartments)2		5.050			10/01/2026		18,816
	45,000	FL HFC (Grande Pointe Apartments)2		6.000			07/01/2038		45,274
	7,505,000	FL HFC (Homeowner Mtg.)1		5.150			07/01/2038		7,577,162
	110,000	FL HFC (Homeowner Mtg.)		5.573	6		01/01/2029		36,472
	15,000	FL HFC (Homeowner Mtg.)2		6.250			07/01/2022		15,614
	145,000	FL HFC (Logan Heights Apartments)2		6.000			10/01/2039		145,373
	25,000	FL HFC (Mystic Pointe II)2		6.100			12/01/2035		25,499
	25,000	FL HFC (Raceway Pointe Apartments)2		5.950			09/01/2032		25,006
	10,000	FL HFC (River Trace Senior Apartments)2		5.800			01/01/2041		10,045
	10,000	FL HFC (Sanctuary Winterlakes)2		5.850			09/01/2026		10,132
	20,000	FL HFC (Sheridan Place of Bredenton)2		5.500			10/01/2036		20,206
	190,000	FL HFC (Spring Harbor Apartments)2		5.900			08/01/2039		188,425
	10,000	FL HFC (Sundance Pointe Associates)2		5.850			02/01/2037		10,054
	10,000	FL HFC (Villas De Mallorca)2		5.750			07/01/2027		10,205
	5,040,000	FL HFC (Westchase Apartments)		6.610			07/01/2038		3,368,635
	8,630,000	FL Island at Doral III Community Devel. District Special Assessment2		5.900			05/01/2035		6,174,420
	3,400,000	FL Lake Ashton II Community Devel. District2		5.375			05/01/2036		2,378,470

F13 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	2,910,000	FL Mira Lago West Community Devel. District2		5.375	%		05/01/2036	$	2,170,016
	1,555,000	FL New Port Tampa Bay Community Devel. District3,5		5.300			11/01/2012		527,145
	24,390,000	FL New Port Tampa Bay Community Devel. District3,5		5.875			05/01/2038		8,268,210
	1,500,000	FL Parker Road Community Devel. District		5.350			05/01/2015		952,470
	1,480,000	FL Parker Road Community Devel. District		5.600			05/01/2038		861,079
	1,500,000	Flora Ridge, FL Educational Facilities Benefit District2		5.300			05/01/2037		1,103,955
	4,900,000	Fontainbleau Lakes, FL Community Devel. District		6.000			05/01/2015		2,689,071
	4,000,000	Fontainbleau Lakes, FL Community Devel. District		6.000			05/01/2038		2,348,080
	9,390,000	Forest Creek, FL Community Devel. District3		5.450			05/01/2036		4,316,771
	7,965,000	Glades, FL Correctional Devel. Corp. (Glades County Detention)2		7.375			03/01/2030		6,660,413
	10,000,000	Grand Bay at Doral, FL Community Devel. District2		6.000			05/01/2017		6,704,200
	8,735,000	Grand Bay at Doral, FL Community Devel. District2		6.000			05/01/2039		4,494,332
	12,200,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District		5.500			05/01/2038		5,824,402
	11,465,000	Greater Orlando, FL Aviation Authority (JetBlue Airways Corp.)		6.500			11/15/2036		10,017,085
	2,830,000	Greyhawk Landing, FL Community Devel. District Special Assessment2		7.000			05/01/2033		2,851,593
	50,000	Gulf Breeze, FL GO2		5.900			12/01/2015		50,062
	5,855,000	Hammocks, FL Community Devel. District Special Assessment2		5.500			05/01/2037		3,153,210
	8,800,000	Harrison Ranch, FL Community Devel. District2		5.300			05/01/2038		5,958,568
	1,125,000	Hawks Point, FL Community Devel. District2		5.300			05/01/2039		754,999
	15,435,000	Heritage Bay, FL Community Devel. District2		5.500			05/01/2036		10,621,441
	17,850,000	Heritage Harbour North, FL Community Devel. District2		6.375			05/01/2038		13,886,586
	1,910,000	Heritage Plantation, FL Community Devel. District		5.100			11/01/2013		1,347,983
	3,480,000	Heritage Plantation, FL Community Devel. District		5.400			05/01/2037		1,737,007
	8,830,000	Hialeah Gardens, FL Health Facilities Authority (CHS/SJRNC/VMNRC/SJR/CHFTEH/SANC Obligated Group)2		5.250			08/15/2031		8,445,807
	930,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A3		5.500			05/01/2036		390,526
	13,500,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)2		5.125			11/15/2032		13,418,190
	10,000,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)2		5.250			11/15/2036		10,004,800
	4,035,000	Highlands, FL Community Devel. District3		5.550			05/01/2036		2,029,524
	2,000,000	Hillsborough County, FL IDA (National Gypsum Company)2		7.125			04/01/2030		1,548,700
	9,250,000	Hillsborough County, FL IDA (Senior Care Group)2		6.700			07/01/2021		8,926,713
	6,035,000	Hillsborough County, FL IDA (Senior Care Group)2		6.750			07/01/2029		5,581,228
	11,300,000	Indigo, FL Community Devel. District2		5.750			05/01/2036		6,217,147

F14 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	2,800,000	Keys Cove, FL Community Devel. District2		5.500	%		05/01/2036	$	2,179,436
	1,160,000	Keys Cove, FL Community Devel. District2		5.875			05/01/2035		1,032,493
	920,000	Lake Frances, FL Community Devel. District Special Assessment3		5.300			05/01/2037		436,890
	2,000,000	Lakeside Landings, FL Devel. District3		5.250			05/01/2013		858,200
	750,000	Lakeside Landings, FL Devel. District3		5.500			05/01/2038		321,825
	9,260,000	Lakewood Ranch, FL Stewardship District2		5.500			05/01/2036		6,726,094
	18,105,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)2		5.400			05/01/2037		12,896,916
	14,500,000	Landmark at Doral, FL Community Devel. District Special Assessment3		5.200			05/01/2015		4,776,735
	8,000,000	Landmark at Doral, FL Community Devel. District Special Assessment3		5.500			05/01/2038		2,636,080
	49,662	Largo, FL Sun Coast Health System (Sun Coast Hospital)3		6.200			03/01/2013		15,868
	65,000	Lee County, FL HFA (Single Family Mtg.)2		7.200			03/01/2033		66,180
	1,100,000	Legends Bay, FL Community Devel. District2		5.500			05/01/2014		731,346
	1,500,000	Legends Bay, FL Community Devel. District2		5.875			05/01/2038		890,400
	100,000	Leon County, FL Educational Facilities Authority (Southgate Residence Hall)		6.750			09/01/2028		77,196
	1,385,000	Liberty County, FL Revenue (Twin Oaks)		8.250			07/01/2028		1,190,324
	7,930,000	Madeira, FL Community Devel. District		5.250			11/01/2014		4,160,395
	8,045,000	Madeira, FL Community Devel. District		5.450			05/01/2039		3,834,488
	1,550,000	Madison County, FL Mtg. (Twin Oaks)2		6.000			07/01/2025		1,167,383
	5,000,000	Magnolia Creek, FL Community Devel. District		5.600			05/01/2014		3,080,250
	5,360,000	Magnolia Creek, FL Community Devel. District		5.900			05/01/2039		3,225,648
	2,855,000	Magnolia West, FL Community Devel. District Special Assessment2		5.350			05/01/2037		1,674,572
	3,000,000	Main Street, FL Community Devel. District2		6.800			05/01/2038		2,302,530
	14,255,000	Martin County, FL IDA (Indiantown Cogeneration)2		7.875			12/15/2025		14,259,134
	1,035,000	Martin County, FL IDA (Indiantown Cogeneration)2		8.050			12/15/2025		1,035,393
	4,800,000	Meadow Woods, FL Community Devel. District Special Assessment2		6.050			05/01/2035		2,519,376
	3,980,000	Mediterranea, FL Community Devel. District Special Assessment2		5.600			05/01/2037		2,470,426
	1,075,000	Miami Beach, FL Health Facilities Authority (Mt. Sinai Medical Center)2		6.700			11/15/2019		1,086,771
	540,000	Miami Beach, FL Health Facilities Authority (Mt. Sinai Medical Center)2		6.800			11/15/2031		498,020
	15,000,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.000			10/01/2040		13,956,650
	10,000,000	Miami-Dade County, FL School Board COP1		5.000			02/01/2027		10,366,900
	10,000,000	Miami-Dade County, FL School Board COP1		5.250			02/01/2027		10,550,300

F15 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	50,000,000	Miami-Dade County, FL School Board COP1		5.375	%		02/01/2034	$	52,119,500
	11,590,000	Miromar Lakes, FL Community Devel. District2		6.875			05/01/2035		9,330,761
	9,725,000	Miromar Lakes, FL Community Devel. District2		7.375			05/01/2032		8,585,327
	15,490,000	Montecito, FL Community Devel. District		5.100			05/01/2013		7,926,233
	5,535,000	Montecito, FL Community Devel. District		5.500			05/01/2037		2,482,392
	680,000	Moody River, FL Estates Community Devel. District2		5.350			05/01/2036		388,083
	16,670,000	Myrtle Creek, FL Improvement District Special Assessment2		5.200			05/01/2037		10,132,693
	11,150,000	Nassau County, FL (Nassau Care Centers)2		6.900			01/01/2038		9,863,067
	3,705,000	Naturewalk, FL Community Devel. District2		5.300			05/01/2016		1,998,440
	6,410,000	Naturewalk, FL Community Devel. District2		5.500			05/01/2038		3,278,202
	2,375,000	North Springs, FL Improvement District (Heron Bay North Assessment)2		5.200			05/01/2027		1,504,824
	14,875,000	North Springs, FL Improvement District (Parkland Golf-Country Club)2		5.450			05/01/2026		12,120,001
	750,000	Northern Palm Beach, FL Improvement District2		5.350			08/01/2041		511,275
	3,995,000	Oak Creek, FL Community Devel. District Special Assessment2		5.800			05/01/2035		2,877,239
	2,750,000	Oakmont Grove, FL Community Devel. District Special Assessment3		5.250			05/01/2012		1,404,260
	4,595,000	Oakmont Grove, FL Community Devel. District Special Assessment3		5.400			05/01/2038		1,878,068
	3,320,000	Old Palm, FL Community Devel. District (Palm Beach Gardens)2		5.375			05/01/2014		3,093,974
	1,535,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)2		8.875			07/01/2021		1,588,832
	3,200,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)2		9.000			07/01/2031		3,313,056
	10,000,000	Orange County, FL Health Facilities Authority (Nemours Foundation)1		5.000			01/01/2039		10,013,907
	750,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)2		5.500			07/01/2032		590,355
	6,020,000	Orange County, FL HFA (Dunwoodie Apartments)2		6.500			07/01/2035		4,346,380
	10,000	Orange County, FL HFA (Homeowner)2		5.200			09/01/2023		10,006
	125,000	Orange County, FL HFA (Homeowner)		5.420	6		03/01/2028		46,849
	15,000	Orange County, FL HFA (Homeowner)2		5.550			09/01/2033		15,447
	100,000	Orange County, FL HFA (Loma Vista)2		5.450			09/01/2024		98,415
	2,000,000	Orange County, FL HFA (Loma Vista)2		5.500			03/01/2032		1,883,020
	5,000	Orange County, FL HFA (Park Avenue Villas)2		5.250			09/01/2031		5,020
	15,000,000	Orlando, FL Utilities Commission1		5.000			10/01/2033		15,591,900
	18,500,000	Orlando, FL Utilities Commission1		5.250			10/01/2039		19,574,943
	3,750,000	Palm Bay, FL Educational Facilities (Patriot Charter School)3,4		7.000			07/01/2036		1,874,250
	55,000	Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.)2		6.100			08/01/2029		55,047

F16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	13,995,000	Palm Coast Park, FL Community Devel. District Special Assessment2		5.700	%		05/01/2037		$	8,211,986
	2,700,000	Palm Glades, FL Community Devel. District2		5.300			05/01/2036			1,904,607
	6,565,000	Palm Glades, FL Community Devel. District Special Assessment2		7.125			05/01/2039			4,817,988
	1,850,000	Palm River, FL Community Devel. District3		5.150			05/01/2013			803,455
	935,000	Palm River, FL Community Devel. District3		5.375			05/01/2036			406,071
	1,500,000	Parkway Center, FL Community Devel. District, Series A2		6.300			05/01/2034			1,023,720
	6,465,000	Pine Ridge Plantation, FL Community Devel. District3		5.400			05/01/2037			3,425,157
	4,625,000	Pinellas County, FL Health Facility Authority (St. Mark Village)2		5.650			05/01/2037			3,562,915
	35,000	Pinellas County, FL HFA (Single Family Hsg.)2		5.200			03/01/2037			33,105
	75,000	Pinellas County, FL HFA (Single Family Hsg.)2		5.250			03/01/2038			67,309
	1,810,000	Poinciana West, FL Community Devel. District Special Assessment2		6.000			05/01/2037			1,496,418
	2,100,000	Port St. Lucie, FL Special Assessment (Peacock & Lowry)2		5.350			07/01/2027			1,678,656
	10,700,000	Portico, FL Community Devel. District2		5.450			05/01/2037			6,395,497
	3,045,000	Portofino Cove, FL Community Devel. District Special Assessment3		5.500			05/01/2038			1,235,387
	2,815,000	Portofino Isles, FL Community Devel. District (Portofino Court)3		5.600			05/01/2036			1,142,130
	1,000,000	Portofino Landings, FL Community Devel. District Special Assessment3		5.200			05/01/2017			469,600
	2,000,000	Portofino Landings, FL Community Devel. District Special Assessment3		5.400			05/01/2038			901,060
	1,900,000	Portofino Springs, FL Community Devel. District Special Assessment3		5.500			05/01/2038			770,849
	2,470,000	Portofino Vista, FL Community Devel. District2		5.000			05/01/2013			1,110,512
	3,090,000	Quarry, FL Community Devel. District2		5.250			05/01/2036			1,806,847
	8,970,000	Quarry, FL Community Devel. District2		5.500			05/01/2036			5,458,604
	485,000	Renaissance Commons, FL Community Devel. District, Series A2		5.600			05/01/2036			349,797
	6,780,000	Renaissance, FL Community Devel. District2		7.000			05/01/2033			6,805,086
	6,400,000	Reunion East, FL Community Devel. District2		5.800			05/01/2036			3,568,576
	10,000,000	Reunion East, FL Community Devel. District, Series A2		7.375			05/01/2033			7,000,100
	22,335,000	Reunion West, FL Community Devel. District		6.250			05/01/2036			9,245,127
	4,545,000	Ridgewood Trails, FL Community Devel. District2		5.650			05/01/2038			2,399,533
	9,365,000	River Bend, FL Community Devel. District3		5.450			05/01/2035			4,143,170
	6,035,000	River Bend, FL Community Devel. District3		7.125			11/01/2015			2,952,926
	7,890,000	River Glen, FL Community Devel. District Special Assessment3		5.450			05/01/2038			3,298,178

F17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	3,495,000	Riverwood Estates, FL Community Devel. District Special Assessment3,4		5.350	%		05/01/2037	$	696,554
	2,420,000	Rolling Hills, FL Community Devel. District2		5.125			11/01/2013		1,777,901
	1,290,000	Rolling Hills, FL Community Devel. District2		5.450			05/01/2037		805,450
	200,000	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		112,560
	23,200,000	Sarasota, FL National Community Devel. District Special Assessment		5.300			05/01/2039		11,214,184
	4,475,000	Seminole County, FL IDA (Progressive Health)2		7.500			03/01/2035		4,138,928
	6,850,000	Shingle Creek, FL Community Devel. District3		6.100			05/01/2025		2,739,315
	25,060,000	Shingle Creek, FL Community Devel. District3		6.125			05/01/2037		10,021,494
	930,000	Six Mile Creek, FL Community Devel. District		5.500			05/01/2017		421,337
	8,625,000	Six Mile Creek, FL Community Devel. District		5.875			05/01/2038		3,453,191
	6,900,000	South Bay, FL Community Devel. District3,4		5.125			11/01/2009		2,477,997
	12,035,000	South Bay, FL Community Devel. District3,4		5.375			05/01/2013		4,320,445
	16,775,000	South Bay, FL Community Devel. District3		5.950			05/01/2036		6,024,406
	11,400,000	South Fork East, FL Community Devel. District2		5.350			05/01/2036		6,607,212
	3,615,000	South Fork East, FL Community Devel. District3		6.500			05/01/2038		1,624,798
	5,505,000	South Fork East, FL Community Devel. District3		7.000			11/01/2015		2,472,846
	100,000	South Lake County, FL Hospital District (Orlando Regional Healthcare System)2		6.000			10/01/2022		100,902
	4,300,000	St. John’s Forest, FL Community Devel. District, Series A2		6.125			05/01/2034		3,504,414
	3,100,000	St. Johns County, FL IDA (Glenmoor Health Care)2		5.375			01/01/2040		2,205,960
	565,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)2		5.200			10/01/2027		424,439
	1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)2		5.250			10/01/2041		689,010
	1,940,000	Stonebrier, FL Community Devel. District2		5.500			05/01/2037		1,216,419
	4,665,000	Stoneybrook, FL South Community Devel. District2		5.800			05/01/2039		2,171,138
	2,500,000	Summerville, FL Community Devel. District2		5.500			05/01/2036		1,376,600
	5,220,000	Sumter County, FL IDA (North Sumter Utility Company)2		6.800			10/01/2032		5,066,950
	5,900,000	Sweetwater Creek, FL Community Devel. District		5.500			05/01/2038		3,430,083
	14,000,000	Tampa Bay, FL Regional Water Supply Authority1		5.000			10/01/2034		14,406,000
	9,460,000	Tern Bay, FL Community Devel. District3,4		5.000			05/01/2015		2,832,513
	19,075,000	Tern Bay, FL Community Devel. District3,4		5.375			05/01/2037		5,712,390
	33,650,000	Tolomato, FL Community Devel. District Special Assessment2		6.650			05/01/2040		27,092,625
	2,880,000	Town Center, FL at Palm Coast Community Devel. District2		6.000			05/01/2036		1,842,106
	5,000,000	Treeline, FL Preservation Community Devel. District2		6.800			05/01/2039		2,569,450
	735,000	Turnbull Creek, FL Community Devel. District Special Assessment2		5.250			05/01/2037		468,857
	1,390,000	Two Creeks, FL Community Devel. District2		5.250			05/01/2037		712,625
	10,590,000	Verandah East, FL Community Devel. District2		5.400			05/01/2037		5,053,442

F18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount				Coupon			Maturity		Value
Florida Continued
$	7,805,000		Verano Center, FL Community Devel. District2		5.375	%		05/01/2037	$	3,693,950
	2,500,000		Villa Portofino East, FL Community Devel. District2		5.200			05/01/2037		1,873,000
	1,265,000		Villa Vizcaya, FL Community Devel. District Special Assessment2		5.550			05/01/2039		741,088
	1,955,000		Villages of Westport, FL Community Devel. District		5.400			05/01/2020		1,459,720
	8,340,000		Villages of Westport, FL Community Devel. District		5.700			05/01/2035		5,691,049
	2,775,000		Villagewalk of Bonita Springs, FL Community Devel. District2		5.150			05/01/2038		1,629,425
	1,395,000		Waterford Estates, FL Community Devel. District Special Assessment3		5.125			05/01/2013		598,595
	3,350,000		Waterford Estates, FL Community Devel. District Special Assessment3		5.500			05/01/2037		1,391,758
	3,735,000		Watergrass, FL Community Devel. District Special Assessment2		5.125			11/01/2014		2,102,954
	2,370,000		Watergrass, FL Community Devel. District Special Assessment2		5.375			05/01/2039		1,207,017
	3,190,000		Waterlefe, FL Community Devel. District Golf Course5		8.125			10/01/2025		56,782
	6,490,000		Waters Edge, FL Community Devel. District2		5.350			05/01/2039		3,220,014
	3,025,000		Waters Edge, FL Community Devel. District2		5.400			05/01/2039		1,500,824
	5,800,000		Waterstone, FL Community Devel. District3,4		5.500			05/01/2018		2,638,420
	6,250,000		Wentworth Estates, FL Community Devel. District3		5.125			11/01/2012		2,995,000
	27,815,000		Wentworth Estates, FL Community Devel. District3		5.625			05/01/2037		13,274,987
	3,100,000		West Villages, FL Improvement District		5.350			05/01/2015		2,387,248
	10,175,000		West Villages, FL Improvement District3		5.500			05/01/2037		4,887,256
	21,120,000		West Villages, FL Improvement District2		5.500			05/01/2038		10,801,190
	18,550,000		West Villages, FL Improvement District		5.800			05/01/2036		9,655,832
	14,925,000		Westridge, FL Community Devel. District3		5.800			05/01/2037		5,968,060
	11,210,000		Westside, FL Community Devel. District		5.650			05/01/2037		5,272,175
	17,340,000		Westside, FL Community Devel. District		7.200			05/01/2038		8,746,990
	2,085,000		World Commerce, FL Community Devel. District Special Assessment3,4		5.500			05/01/2038		815,152
	1,000,000		World Commerce, FL Community Devel. District Special Assessment3,4		6.500			05/01/2036		401,120
	7,420,000		Wyld Palms, FL Community Devel. District3		5.400			05/01/2015		2,444,296
	4,340,000	��	Wyld Palms, FL Community Devel. District3		5.500			05/01/2038		1,430,073
	2,040,000		Zephyr Ridge, FL Community Devel. District3		5.250			05/01/2013		814,796
	2,665,000		Zephyr Ridge, FL Community Devel. District3,4		5.625			05/01/2037		1,069,118
										1,031,231,726
Georgia—1.4%
	60,000		Acworth, GA Hsg. Authority (Wingate Falls Apartments)5		6.200			03/01/2027		60,054
	25,000		Acworth, GA Hsg. Authority (Wingate Falls Apartments)2		6.200			03/01/2029		25,020

F19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Georgia Continued
$	50,000	Americus-Sumter County, GA Hospital Authority (South Georgia Methodist Home for the Aging)2		6.250	%		05/15/2016	$	49,395
	3,000,000	Atlanta, GA Devel. Authority Student Hsg. (Clark Atlanta University)2		6.250			07/01/2036		2,063,880
	4,500,000	Atlanta, GA Tax Allocation (Beltline)2		7.500			01/01/2031		4,519,890
	775,000	Atlanta, GA Tax Allocation (Beltline)2		7.500			01/01/2031		773,311
	140,000	Atlanta, GA Urban Residential Finance Authority (Spring Branch Apartments)		4.250			04/01/2026		50,999
	200,000	Brunswick and Glynn County, GA Devel. Authority (Georgia-Pacific Corp.)2		5.550			03/01/2026		182,130
	295,000	Charlton County, GA Solid Waste Management Authority (Chesser Island Road Landfill)2		7.375			04/01/2018		272,745
	30,000	Cherokee County, GA Hospital Authority (RT Jones Memorial Hospital)2		7.300			12/01/2013		33,461
	50,000	Crisp County, GA Devel. Authority (International Paper Company)2		6.200			02/01/2020		50,613
	480,000	East Point, GA (Camp Creek), Series B2		8.000			02/01/2026		487,565
	125,000	Fulton County, GA Airport (Delta Airlines)3,4,5		5.300			05/01/2013		1
	250,000	Fulton County, GA Airport (Delta Airlines)3,4,5		5.450			05/01/2023		3
	25,000	Fulton County, GA Airport (Delta Airlines)3,4,5		5.500			05/01/2033		—
	80,000	Fulton County, GA Airport (Delta Airlines)3,4,5		6.950			11/01/2012		1
	2,885,000	Fulton County, GA Devel. Authority (Piedmont Healthcare)2		5.000			06/15/2029		2,938,921
	29,060,000	Fulton County, GA Devel. Authority (Piedmont Healthcare)1		5.000			06/15/2029		29,603,131
	13,730,000	Fulton County, GA Devel. Authority (Piedmont Healthcare/Piedmont Hospital/Piedmont Hospital Foundation Obligated Group)1		5.250			06/15/2037		13,993,891
	6,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)2		5.000			07/01/2027		4,459,800
	1,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)2		5.125			07/01/2042		662,500
	15,000	GA Hsg. and Finance Authority (Single Family Mtg.)2		5.400			12/01/2031		15,366
	24,150,000	Irwin County, GA COP		8.000			08/01/2037		21,004,221
	2,000,000	Marietta, GA Devel. Authority (University Facilities)2		7.000			06/15/2039		1,844,200
	100,000	McDuffie County, GA County Devel. Authority (Temple-Inland)2		6.950			12/01/2023		93,267
	430,000	Savannah, GA EDA (Skidway Health & Living Services)2		6.850			01/01/2019		435,379
	1,055,000	Savannah, GA EDA (Skidway Health & Living Services)2		7.400			01/01/2024		1,063,936
	2,985,000	Savannah, GA EDA (Skidway Health & Living Services)2		7.400			01/01/2034		2,968,194
									87,651,874
Hawaii—0.1%
	1,750,000	HI Dept. of Budget & Finance Special Purpose (15 Craigside)		9.000			11/15/2044		1,882,930
	400,000	HI Dept. of Transportation (Continental Airlines)2		5.625			11/15/2027		320,916

F20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Hawaii Continued
$	7,415,000	HI Dept. of Transportation (Continental Airlines)2		7.000	%		06/01/2020	$	7,083,994
									9,287,840
Idaho—0.0%
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)2		5.350			01/01/2025		5,068
	35,000	ID Hsg. Agency (Single Family Mtg.)2		6.200			07/01/2025		35,926
	25,000	Power County, ID Industrial Devel. Corp. (FMC Corp.)2		6.450			08/01/2032		25,014
									66,008
Illinois—7.0%
	1,700,000	Annawan, IL Tax Increment (Patriot Renewable Fuels)2		5.625			01/01/2018		1,313,760
	29,718,429	Aurora, IL Single Family Mtg.1		5.500			12/01/2039		32,688,447
	38,770,573	Aurora, IL Single Family Mtg.1		6.300			12/01/2045		40,841,079
	1,750,000	Belleville, IL Tax Increment (Frank Scott Parkway Redevel.)		5.700			05/01/2036		1,321,513
	4,117,500	Bolingbrook, IL Will and Du Page Counties Wastewater Facilities (Crossroads Treatment)2		6.600			01/01/2035		3,019,775
	30,685,000	Caseyville, IL Tax (Forest Lakes)		7.000			12/30/2022		18,682,255
	65,000	Chicago, IL Midway Airport, Series B2		5.625			01/01/2029		65,014
	35,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)2		6.125			02/20/2042		35,926
	16,845,000	Chicago, IL O’Hare International Airport (Delta Airlines)2		6.450			05/01/2018		15,986,242
	9,783,000	Cortland, IL Special Tax (Sheaffer System)		5.500			03/01/2017		5,888,486
	1,500,000	Deerfield, IL Educational Facilities (Chicagoland Jewish High School)2		6.000			05/01/2041		749,670
	1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)2		5.625			03/01/2036		738,820
	3,750,000	Gilberts, IL Special Service Area No. 19 Special Tax (Conservancy)2		5.375			03/01/2016		2,074,125
	1,375,000	Godfrey, IL (United Methodist Village)2		5.875			11/15/2029		778,869
	1,720,000	Hampshire, IL Special Service Area No. 16 (Crown Devel.-Prairie Ridge)2		5.625			03/01/2022		1,397,844
	3,135,000	Hampshire, IL Special Service Area No. 16 (Crown Devel.-Prairie Ridge)2		6.000			03/01/2046		2,331,500
	1,160,000	Hampshire, IL Special Service Area No. 17 (Crown Devel.-Oakstead)2		5.625			03/01/2022		942,732
	7,450,000	Hampshire, IL Special Service Area No. 17 (Crown Devel.-Oakstead)2		6.000			03/01/2045		5,549,803
	2,430,000	Hampshire, IL Special Service Area No. 18 (Crown Devel.-Tamms Farm)2		6.000			03/01/2044		1,813,460
	1,575,000	Hampshire, IL Special Service Area No. 19 (Crown Devel.-Prairie Ridge East)2		5.625			03/01/2022		1,280,003
	4,270,000	Hampshire, IL Special Service Area No. 19 (Crown Devel.-Prairie Ridge East)2		6.000			03/01/2046		3,175,599
	6,165,000	Harvey, IL GO2		5.500			12/01/2027		5,927,463

F21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Illinois Continued
$	2,500,000	Harvey, IL GO2		5.625	%		12/01/2032	$	2,351,525
	18,671	IL Devel. Finance Authority (Community Rehabilitation Providers)2		8.250			08/01/2012		14,678
	115,000	IL Devel. Finance Authority Solid Waste (WSREC)2		8.250			04/01/2023		115,158
	11,455,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)2		6.500			12/01/2037		9,353,237
	8,800,000	IL Finance Authority (Advocate Health Care)2		5.375			04/01/2044		8,968,432
	685,000	IL Finance Authority (Advocate Health Care)2		5.375			04/01/2044		698,111
	27,375,000	IL Finance Authority (Advocate Health Care)1		5.375			04/01/2044		27,899,140
	11,000,000	IL Finance Authority (Advocate Health Care)1		5.375			04/01/2044		11,210,805
	20,000,000	IL Finance Authority (Advocate Health Care)1		5.500			04/01/2044		20,564,415
	3,195,000	IL Finance Authority (Bethel Terrace Apartments)2		5.375			09/01/2035		2,580,602
	1,000,000	IL Finance Authority (Bridgeway/Bridgeway Foundation/Occupation Devel. Center Obligated Group)2		4.625			07/01/2027		805,240
	1,200,000	IL Finance Authority (Central Baptist Village)2		5.375			11/15/2039		889,704
	12,500,000	IL Finance Authority (Central Dupage Health)1		5.500			11/01/2039		12,957,438
	5,000,000	IL Finance Authority (Central Dupage HealthSystem/Central Dupage Hospital Assoc.)1		5.375			11/01/2039		5,135,225
	4,000,000	IL Finance Authority (Clare Oaks)2		6.000			11/15/2039		3,056,160
	1,000,000	IL Finance Authority (DeKalb Supportive Living)2		6.100			12/01/2041		765,390
	6,000,000	IL Finance Authority (EMHC/EMHH/EMH Obligated Group)2		5.625			01/01/2037		5,558,100
	2,250,000	IL Finance Authority (Franciscan Communities)2		5.500			05/15/2027		1,741,635
	2,750,000	IL Finance Authority (Franciscan Communities)2		5.500			05/15/2037		1,881,248
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)2		5.375			02/15/2025		1,708,840
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)2		5.625			02/15/2037		1,582,960
	30,000,000	IL Finance Authority (Illinois River Energy)2		8.500			07/01/2019		18,097,500
	850,000	IL Finance Authority (Luther Oaks)2		6.000			08/15/2026		737,477
	1,500,000	IL Finance Authority (Luther Oaks)2		6.000			08/15/2039		1,217,520
	3,265,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)2		5.000			08/15/2024		2,549,541
	3,640,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)2		5.125			08/15/2028		2,708,524
	2,500,000	IL Finance Authority (Monarch Landing)10		7.000			12/01/2027		800,000
	12,250,000	IL Finance Authority (Monarch Landing)10		7.000			12/01/2037		3,920,000
	30,000,000	IL Finance Authority (Monarch Landing)10		7.000			12/01/2042		9,600,000
	1,250,000	IL Finance Authority (Montgomery Place)2		5.500			05/15/2026		1,091,263
	2,050,000	IL Finance Authority (Montgomery Place)2		5.750			05/15/2038		1,675,875
	8,000,000	IL Finance Authority (OSF Healthcare System)2		5.750			11/15/2033		7,958,160
	21,000,000	IL Finance Authority (Provena Health)2		7.750			08/15/2034		23,656,500

F22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Illinois Continued
$	1,040,000	IL Finance Authority (RUMC/RCMC/CMH/RCF/TYW Obligated Group)2		7.250	%		11/01/2030	$	1,158,123
	2,000,000	IL Finance Authority (Sedgebrook)10		6.000			11/15/2027		800,260
	9,000,000	IL Finance Authority (Sedgebrook)10		6.000			11/15/2037		3,601,440
	8,500,000	IL Finance Authority (Sedgebrook)10		6.000			11/15/2042		3,401,190
	8,700,000	IL Health Facilities Authority3,4		6.900			11/15/2033		3,837,396
	90,000	IL Health Facilities Authority (Delnor Community Resource Living)2		6.000			11/15/2017		86,107
	5,780,000	IL Health Facilities Authority (Sherman Health System)2		5.250			08/01/2022		5,559,609
	7,140,000	Lake County, IL Special Service Area No. 8		7.125			03/01/2037		6,351,458
	500,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)2		5.500			01/01/2036		321,505
	13,635,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)2		7.125			01/01/2036		10,959,949
	3,489,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)2		5.750			03/01/2022		2,099,366
	4,000,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)2		6.125			03/01/2040		1,947,520
	1,810,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)2		5.750			03/01/2022		1,089,095
	370,000	Peoria, IL Hsg. (Peoria Oak Woods Apartments)2		7.750			10/15/2033		332,345
	3,500,000	Plano, IL Special Service Area No. 52		6.000			03/01/2036		2,744,035
	3,750,000	Quad Cities, IL Regional EDA (Heritage Woods Moline)2		6.000			12/01/2041		2,778,600
	6,195,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)2		6.375			08/01/2040		4,035,299
	162	Robbins, IL Res Rec (Robbins Res Rec Partners)2		7.250			10/15/2024		149
	10,000	Rockford, IL Mtg. (Faust Landmark Partnership)2		6.200			01/01/2028		10,046
	2,500,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)2		6.625			06/01/2037		2,269,175
	1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)2		5.850			12/01/2036		1,230,330
	16,915,000	Southwestern IL Devel. Authority (Local Government Programming)2		7.000			10/01/2022		15,784,063
	7,040,000	Southwestern IL Devel. Authority (Village of Sauget)2		5.625			11/01/2026		4,979,251
	15,230,000	Southwestern IL Devel. Authority Solid Waste Disposal (Center Ethanol Company)2		8.250			12/01/2019		8,406,046
	8,450,000	Upper, IL River Valley Devel. Authority (Living Springs McHenry)2		6.100			12/01/2041		6,505,824
	3,025,000	Vernon Hills, IL Tax Increment (Town Center)2		6.250			12/30/2026		2,590,882
	3,180,000	Volo Village, IL Special Service Area (Lancaster Falls)2		5.750			03/01/2036		2,270,711
	5,547,000	Volo Village, IL Special Service Area (Remington Pointe)2		6.450			03/01/2034		4,613,773
	5,170,000	Yorkville, IL United City Special Services Area Special Tax (Bristol Bay)2		5.875			03/01/2036		4,411,303
									444,627,638

F23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Indiana—2.5%
$	8,080,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)2,10		6.500	%		07/01/2033	$	5,336,840
	20,210,000	Bluffton, IN Solid Waste Disposal Facility (Bluffton Subordinate Industrial Bio-Energy)2		7.500			09/01/2019		13,481,283
	14,700,000	Carmel, IN Redevel. District COP2		7.750			01/15/2030		14,870,961
	11,830,000	Carmel, IN Redevel. District COP2		8.000			01/15/2035		11,970,422
	1,475,000	East Chicago, IN Solid Waste Disposal (USG Corp.)2		5.500			09/01/2028		1,155,707
	5,805,000	East Chicago, IN Solid Waste Disposal (USG Corp.)2		6.375			08/01/2029		5,029,626
	25,000	Fort Wayne, IN Pollution Control (General Motors Corp.)3,4,5		6.200			10/15/2025		6,250
	20,000	IN Bond Bank (Southwestern Bartholomew Water Corp.)2		6.625			06/01/2012		20,026
	24,000,000	IN Finance Authority (Trinity Healthcare Credit Group)1		5.250			12/01/2038		24,554,000
	925,000	IN Finance Authority Educational Facilities (Irvington Community)2		9.000			07/01/2039		1,063,408
	9,585,000	IN Health & Educational Facilities Financing Authority (AH/SVH/SHCNA/SHCSA Obligated Group)2		5.000			11/15/2036		9,595,256
	14,745,000	IN Health & Educational Facilities Financing Authority (Ascension Health/St. Vincent’s Hospital Obligated Group)		5.000			11/15/2036		14,760,777
	1,835,000	IN Health Facility Financing Authority (Methodist Hospitals)2		5.500			09/15/2031		1,526,867
	550,000	IN Pollution Control (General Motors Corp.)3,5		5.625			04/01/2011		137,500
	9,365,000	Indianapolis, IN Multifamily Hsg. (Covered Bridge)2,10		6.000			04/01/2030		6,889,831
	75,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)2		5.600			04/01/2029		68,036
	215,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)2		5.625			12/01/2027		196,340
	560,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)2		6.700			04/01/2029		561,490
	30,000	North Manchester, IN (Estelle Peabody Memorial Home)3		6.500			07/01/2015		18,699
	17,505,000	North Manchester, IN (Estelle Peabody Memorial Home)3		7.250			07/01/2033		10,920,494
	60,000	Petersburg, IN Pollution Control (Indianapolis Power & Light Company)2		6.375			11/01/2029		60,561
	6,820,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)2		6.500			07/01/2022		6,062,571
	230,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)2		5.550			05/15/2019		220,395
	4,875,000	Vigo County, IN Hospital Authority (Union Hospital)2		5.800			09/01/2047		4,003,740
	5,955,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)2		6.250			01/01/2024		4,941,459
	25,000,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		9.250			07/01/2020		19,511,750
	4,500,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		14.000			07/01/2020		3,601,215
									160,565,504

F24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Iowa—2.1%
$	500,000	Cedar Rapids, IA (Cottage Grove Place)		5.875	%		07/01/2028	$	371,785
	3,095,000	Cedar Rapids, IA (Cottage Grove Place)		6.000			07/01/2014		2,935,979
	5,475,000	Dickinson County, IA Hsg. (Spirit Lake)		5.875			12/01/2036		4,283,804
	395,000	IA Finance Authority (Amity Fellowserve)2		5.900			10/01/2016		374,804
	810,000	IA Finance Authority (Amity Fellowserve)2		6.000			10/01/2028		669,830
	940,000	IA Finance Authority (Amity Fellowserve)2		6.375			10/01/2026		830,998
	2,190,000	IA Finance Authority (Amity Fellowserve)2		6.500			10/01/2036		1,893,890
	1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)2		5.900			12/01/2028		921,411
	900,000	IA Finance Authority Retirement Community (Friendship Haven)2		6.125			11/15/2032		771,948
	1,000,000	IA Finance Authority Senior Hsg. (Bethany Manor)2		5.550			11/01/2041		740,460
	1,300,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)2		5.375			06/01/2025		917,813
	36,910,000	IA Tobacco Settlement Authority2		5.375			06/01/2038		27,270,584
	45,000,000	IA Tobacco Settlement Authority2		5.500			06/01/2042		33,006,600
	190,800,000	IA Tobacco Settlement Authority		6.250	6		06/01/2046		6,191,460
	360,990,000	IA Tobacco Settlement Authority		7.125	6		06/01/2046		9,681,752
	60,000,000	IA Tobacco Settlement Authority (TASC)2		5.625			06/01/2046		44,523,000
									135,386,118
Kansas—0.1%
	70,000	Goddard, KS Industrial Revenue (IFR Systems)2		6.250			05/01/2012		70,629
	55,000	KS Devel. Finance Authority (VS/VSCF/JGCCF Obligated Group)2		5.500			11/15/2015		54,139
	1,265,000	Lenexa, KS Multifamily Hsg. (Meadows Apartments)2		7.950			10/15/2035		910,269
	4,500,000	Olathe, KS Tax Increment (Gateway)		5.000			03/01/2026		2,181,510
	2,500,000	Olathe, KS Transportation Devel. District (Gateway)		5.000			12/01/2028		1,202,525
	2,475,000	Wyandotte County/Kansas City, KS Unified Government Industrial Devel. (Crestwood Apartments)3,4		6.950			06/01/2037		741,263
	1,400,000	Wyandotte County/Kansas City, KS Unified Government Pollution Control (General Motors)5		6.000			06/01/2025		816,438
									5,976,773
Kentucky—0.3%
	15,000	Elizabethtown, KY Industrial Building (Elizabethtown Medical Rehabilitation)2		10.250			12/01/2016		15,089
	28,805,000	Kenton County, KY Airport (Delta Airlines)3,4,5		8.000			12/01/2015		288
	31,750,000	Kenton County, KY Airport (Delta Airlines)3,4,5		8.000			12/01/2015		318
	27,170,000	Kenton County, KY Airport (Delta Airlines)3,4,5		8.000			12/01/2015		272
	45,560,000	Kenton County, KY Airport (Delta Airlines)3,4,5		8.000			12/01/2015		456
	150,000	Kenton County, KY Airport (Delta Airlines)3,4,5		8.000			12/01/2015		2
	2,520,000	Kuttawa, KY (1st Mtg.-GF/Kentucky)2		6.750			03/01/2029		2,256,962

F25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Kentucky Continued
$	14,000,000	KY EDFA (Baptist Healthcare System)1		5.375	%		08/15/2024	$	15,097,600
	1,775,000	Louisville & Jefferson County, KY Metropolitan Government Health Facilities (JHF/SMHC Obligated Group)2		6.125			02/01/2037		1,835,616
	2,900,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)3,4,5		6.000			05/01/2023		29,000
	4,600,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)3,4,5		7.450			05/01/2022		46,000
	5,740,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)3,5		7.650			05/01/2016		57,400
									19,339,003
Louisiana—1.6%
	175,000	Caddo Parish, LA Industrial Devel. Board (Pennzoil Products Company)2		5.600			12/01/2028		175,056
	20,000	De Soto Parish, LA Environmental Improvement (International Paper Company)2		5.600			11/01/2022		19,240
	1,400,000	Jefferson Parish, LA Hospital Service District No. 1 (West Jefferson Medical Center)2		5.250			01/01/2028		1,474,844
	1,400,000	Juban Park, LA Community Devel. District Special Assessment2		5.150			10/01/2014		1,238,314
	3,660,000	LA CDA (Eunice Student Hsg. Foundation)		7.375			09/01/2033		2,441,147
	11,415,000	LA HFA (La Chateau)2		7.250			09/01/2039		11,460,774
	15,000	LA HFA (Single Family Mtg.)2		6.300			06/01/2020		15,318
	1,000,000	LA Local Government EF&CD Authority (Cypress Apartments)2		8.000			04/20/2028		837,170
	455,000	LA Local Government EF&CD Authority (Sharlo Apartments)2		8.000			06/20/2028		377,077
	3,285,000	LA Public Facilities Authority (FMOOLHS/SFMC/OLOLRMC Obligated Group)2		5.250			08/15/2036		3,062,671
	7,000,000	LA Public Facilities Authority (Ochsner Clinic Foundation)2		5.375			05/15/2043		6,329,400
	5,350,000	LA Public Facilities Authority (Progressive Healthcare)2		6.375			10/01/2028		4,286,313
	65,080,000	LA Tobacco Settlement Financing Corp. (TASC)2		5.875			05/15/2039		61,313,170
	7,400,000	Lakeshore Villages, LA Master Community Devel. District2		5.250			07/01/2017		6,147,032
	60,000	New Orleans, LA Sewage Service2		5.400			06/01/2017		59,175
	15,000	Tensas Parish, LA Law Enforcement District COP5		8.000			10/01/2010		14,814
	10,000	West Feliciana Parish, LA Pollution Control (Entergy Gulf States)2		6.600			09/01/2028		10,007
									99,261,522
Maine—0.4%
	56,390,000	ME Finance Authority Solid Waste Recycling Facilities (Great Northern Paper)3,5		7.750			10/01/2022		13,533,600
	20,000	North Berwick, ME (Hussey Seating Company)2		7.000			12/01/2013		20,015
	4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)2		6.625			07/01/2020		3,842,160
	14,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)2		6.875			10/01/2026		10,954,664
									28,350,439

F26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Maryland—0.3%
$	6,810,000	Brunswick, MD Special Obligation (Brunswick Crossing)2		5.500	%		07/01/2036	$	4,857,845
	5,135,000	MD EDC Student Hsg. (Bowie State University)2		6.000			06/01/2023		4,491,995
	400,000	MD EDC Student Hsg. (University of Maryland)2		5.625			10/01/2023		302,696
	8,500,000	MD EDC Student Hsg. (University of Maryland)2		5.750			10/01/2033		5,873,330
	600,000	MD H&HEFA (King Farm Presbyterian Community)2		5.300			01/01/2037		421,866
	925,000	MD H&HEFA (Washington Christian Academy)		5.500			07/01/2038		443,991
	2,250,000	Salisbury, MD Special Obligation (Villages at Aydelotte Farm)2		5.250			01/01/2037		1,344,578
									17,736,301
Massachusetts—2.1%
	800,000	MA Devel. Finance Agency (Eastern Nazarene College)2		5.625			04/01/2019		722,856
	2,630,000	MA Devel. Finance Agency (Eastern Nazarene College)2		5.625			04/01/2029		2,107,524
	1,800,000	MA Devel. Finance Agency (Linden Ponds)2		5.750			11/15/2042		1,267,128
	275,000	MA Devel. Finance Agency (Regis College)2		5.250			10/01/2018		239,214
	1,000,000	MA Devel. Finance Agency (VOA Concord)2		5.200			11/01/2041		703,790
	24,215,000	MA Educational Financing Authority, Series H1		6.350			01/01/2030		24,956,020
	65,000	MA H&EFA (Holyoke Hospital)2		6.500			07/01/2015		60,339
	1,410,000	MA H&EFA (North Adams Regional Hospital)2		6.625			07/01/2018		1,368,842
	4,250,000	MA H&EFA (Partners Healthcare System)1		5.000			07/01/2034		4,287,995
	23,100,000	MA H&EFA (Partners Healthcare System)1		5.000			07/01/2039		23,271,864
	6,300,000	MA H&EFA (Tufts Medical Center)2		5.000			05/15/2022		5,685,813
	50,080,000	MA HFA, Series A1		5.250			07/01/2025		50,326,859
	10,500,000	MA HFA, Series A1		5.300			06/01/2049		9,970,031
	8,330,000	MA HFA, Series C1		5.400			12/01/2049		8,298,063
	50,000	MA Port Authority (Delta Air Lines)		5.000			01/01/2027		35,457
									133,301,795
Michigan—4.3%
	100,000	Detroit, MI GO2		5.000			04/01/2014		96,028
	225,000	Detroit, MI GO2		5.250			04/01/2014		218,108
	2,600,000	Detroit, MI GO2		5.250			04/01/2016		2,374,814
	350,000	Detroit, MI GO2		5.250			04/01/2017		310,447
	100,000	Detroit, MI GO2		5.250			04/01/2023		80,287
	40,000	Detroit, MI GO2		5.375			04/01/2015		38,113
	3,460,000	Detroit, MI Local Devel. Finance Authority2		6.700			05/01/2021		1,396,491
	2,145,000	Detroit, MI Local Devel. Finance Authority2		6.850			05/01/2021		860,295
	585,000	Detroit, MI Local Devel. Finance Authority (Chrysler Corp.)2		5.375			05/01/2018		210,003
	35,095,000	Detroit, MI Sewer Disposal System1		0.768	7		07/01/2032		26,366,438
	5,845,000	Detroit, MI Sewer Disposal System2		0.768	7		07/01/2032		4,392,518
	10,000,000	Detroit, MI Tax Anticipation Notes		10.000			10/01/2010		9,999,100

F27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Michigan Continued
$	760,000	East Lansing, MI Economic Corp. (Burcham Hills)2		5.250	%		07/01/2037	$	561,184
	1,400,000	Kalamazoo, MI EDC (Heritage Community)2		5.500			05/15/2036		1,067,402
	10,500,000	Kent, MI Hospital Finance Authority2		6.250			07/01/2040		8,826,930
	1,625,000	Kent, MI Hospital Finance Authority (MetroH/MetroHC/MetroF Obligated Group)2		6.000			07/01/2035		1,341,974
	455,000	Macomb, MI Public Academy2		6.750			05/01/2037		381,968
	65,000	MI Hospital Finance Authority (Detroit Medical Center)2		6.500			08/15/2018		64,037
	2,500,000	MI Hospital Finance Authority (Henry Ford Health System)2		5.250			11/15/2046		2,201,425
	5,000,000	MI Hospital Finance Authority (HFHS/HAPM/WH&MC Obligated Group)2		5.750			11/15/2039		4,915,500
	2,900,000	MI Hospital Finance Authority (Oakwood Obligated Group)2		5.000			07/15/2037		2,484,256
	2,135,000	MI Hospital Finance Authority (OUH/OHP/OHS Obligated Group)2		5.750			04/01/2032		2,069,818
	50,000,000	MI Municipal Bond Authority		9.500			08/20/2010		49,956,000
	900,000	MI Public Educational Facilities Authority (American Montessori)2		6.500			12/01/2037		729,891
	1,500,000	MI Public Educational Facilities Authority (Old Redford Academy)2		6.000			12/01/2035		1,296,270
	5,515,000	MI Strategic Fund Limited Obligation (Ford Motor Company), Series A		6.550			10/01/2022		4,741,907
	1,483,875	MI Strategic Fund Limited Obligation (Wolverine Human Services)2		7.875			08/31/2028		1,384,114
	4,730,000	MI Strategic Fund Pollution Control (General Motors Corp.)3,5		6.200			09/01/2020		1,138,511
	4,200,000	MI Strategic Fund Solid Waste (Genesee Power Station)2		7.500			01/01/2021		3,690,414
	428,990,000	MI Tobacco Settlement Finance Authority		7.286	6		06/01/2052		9,480,679
	3,048,780,000	MI Tobacco Settlement Finance Authority		8.877	6		06/01/2058		32,621,946
	52,930,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)1		5.000			12/01/2029		50,991,854
	20,000,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)2		5.000			12/01/2034		16,932,200
	10,000,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)1		5.000			12/01/2034		9,627,714
	5,830,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)2		5.250			12/01/2021		5,810,236
	14,400,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)2		6.000			12/01/2029		12,547,152
									271,206,024
Minnesota—1.1%
	1,530,000	Burnsville, MN Commercial Devel. (Holiday Inn)3,4,5		5.900			04/01/2008		344,250
	1,000,000	Cokato, MN Senior Hsg. (Cokato Charitable Trust)2		5.400			12/01/2036		820,220

F28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Minnesota Continued
$	1,750,000	Cottage Grove, MN Senior Hsg.2		6.000	%		12/01/2046	$	1,603,035
	2,000,000	Elysian, MN Senior Hsg. (Kingsway Ministries)		5.350			05/01/2042		1,455,680
	1,000,000	Eveleth, MN Multifamily (Manor House Woodland)2		5.500			10/01/2025		907,080
	2,000,000	Eveleth, MN Multifamily (Manor House Woodland)2		5.700			10/01/2036		1,693,980
	2,160,000	Green Isle, MN Senior Hsg. (Kingsway Ministries)		5.500			05/01/2042		1,574,813
	525,000	International Falls, MN Pollution Control (Boise Cascade Corp.)2		5.500			04/01/2023		362,581
	3,250,000	International Falls, MN Pollution Control (Boise Cascade Corp.)2		5.650			12/01/2022		2,292,875
	6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)2		6.850			12/01/2029		4,783,106
	14,680,000	Lamberton, MN Solid Waste (Highwater Ethanol)2		8.500			12/01/2022		11,303,013
	9,545,000	Mankato, MN Industrial Devel. (Environ Biocomposites Holdings)3,4		7.250			12/01/2025		4,038,585
	47,015,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission (Northwest Airlines)3,4,5		7.000			04/01/2025		470
	16,400,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission (Northwest Airlines)3,4,5		7.375			04/01/2025		164
	100,000	Minneapolis, MN Multifamily Hsg. (Belmont Apartments)2		7.625			11/01/2027		95,975
	730,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)2		5.400			04/01/2028		558,888
	5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)2		5.500			04/01/2042		3,776,715
	500,000	Minneapolis, MN Tax Increment (Ivy Tower)2		5.500			02/01/2022		368,090
	1,000,000	Minneapolis, MN Tax Increment (Ivy Tower)2		5.700			02/01/2029		662,750
	900,000	New Hope, MN Hsg. & Health Care Facilities (Minnesota Masonic Home North Ridge)2		5.900			03/01/2019		873,504
	80,000	New Hope, MN Multifamily (Chardon Court)		7.250			06/01/2026		42,864
	25,000	Northfield, MN Lease (Village School of Northfield)3,4,5		6.500			12/01/2014		6,054
	330,000	Northfield, MN Lease (Village School of Northfield)3,4,5		7.500			12/01/2024		67,056
	2,100,000	Northwest MN Multi-County Hsg. and Redevel. Authority2		5.450			07/01/2041		1,631,994
	10,170,000	Otter Tail County, MN GO2		7.500			11/01/2019		2,872,110
	1,000,000	Pine City, MN Health Care & Hsg. (North Branch)2		6.125			10/20/2047		930,210
	4,200,000	Richfield, MN Senior Hsg. (Richfield Senior Hsg.)2		6.625			12/01/2039		4,009,908
	465,000	Rochester, MN Multifamily Hsg. (Eastridge Estates)2		7.750			12/15/2034		414,682
	830,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)2		5.375			08/01/2021		753,906
	790,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)2		5.625			02/01/2031		660,772
	85,000	St. Cloud, MN Hsg. & Redevel. Authority (Germain Towers)2		5.900			09/01/2020		72,621
	10,000,000	St. Louis Park, MN Health Care Facilities (Nicollett Health Services)2		5.750			07/01/2039		9,985,400
	1,275,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)2		7.000			09/15/2037		1,001,564

F29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Minnesota Continued
$	1,944,214	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)2		5.630	%		10/01/2033	$	1,639,322
	3,000,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)2		6.250			03/01/2029		2,531,490
	400,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)2		5.750			09/01/2026		345,372
	650,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)2		6.000			09/01/2036		539,591
	1,900,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)2		6.800			03/01/2029		1,705,839
	1,246,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)2		7.000			03/01/2029		1,143,130
	905,000	St. Paul, MN Port Authority (Great Northern)2		6.000			03/01/2030		814,391
	560,000	St. Paul, MN Port Authority Parking Revenue (4th Parking Ramp)3,5		8.000			12/01/2027		145,762
	1,425,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)2		6.000			02/01/2019		1,207,901
									70,037,713
Mississippi—0.3%
	175,000	Jackson, MS Hsg. Authority (Elton Park Apartments)2		5.400			04/01/2039		177,923
	3,000,000	Meridian, MS Tax Increment (Meridian Crossroads)2		8.750			12/01/2024		3,009,240
	4,810,000	MS Business Finance Corp. (Intrinergy Wiggins)2		8.000			01/01/2023		4,152,329
	1,395,000	Ridgeland, MS Tax Increment (Colony Park)2		5.250			10/01/2027		1,382,222
	1,755,000	Ridgeland, MS Tax Increment (Colony Park)2		5.375			10/01/2028		1,741,592
	16,410,000	Stonebridge, MS Public Improvement District Special Assessment3		7.500			10/01/2042		10,884,425
	270,000	Warren County, MS Environmental Improvement (International Paper Company)2		5.550			08/15/2022		258,698
	175,000	Warren County, MS Environmental Improvement (International Paper Company)2		6.250			09/01/2023		175,089
									21,781,518
Missouri—1.4%
	250,000	Belton, MO Tax Increment (Belton Town Center)2		5.500			03/01/2020		228,238
	400,000	Belton, MO Tax Increment (Belton Town Center)2		5.625			03/01/2025		344,876
	325,000	Branson Hills, MO Infrastructure Facilities2		5.000			04/01/2010		325,462
	580,000	Branson Hills, MO Infrastructure Facilities2		5.000			04/01/2012		582,923
	500,000	Branson Hills, MO Infrastructure Facilities2		5.000			04/01/2016		478,955
	500,000	Branson Hills, MO Infrastructure Facilities2		5.000			04/01/2017		468,940
	730,000	Branson Hills, MO Infrastructure Facilities2		5.500			04/01/2022		656,679
	750,000	Branson Hills, MO Infrastructure Facilities2		5.500			04/01/2027		636,525
	4,900,000	Branson, MO Commerce Park Community Improvement District2		5.750			06/01/2026		4,031,426
	2,485,000	Branson, MO IDA (Branson Hills Redevel.)2		5.750			05/01/2026		1,911,909
	13,000,000	Branson, MO IDA (Branson Hills Redevel.)2		7.050			05/01/2027		11,378,250
	1,940,000	Branson, MO IDA (Branson Landing)2		5.250			06/01/2021		1,472,615

F30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Missouri Continued
$	2,470,000	Branson, MO IDA (Branson Landing)2		5.500	%		06/01/2029	$	1,660,655
	24,535,000	Branson, MO IDA (Branson Shoppe Redevel.)2		5.950			11/01/2029		18,516,319
	5,000,000	Branson, MO Regional Airport (Branson Airport)		6.000			07/01/2025		3,588,150
	570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)2		6.125			12/01/2036		368,072
	1,215,000	Chillicothe, MO Tax Increment (South U.S. 65)2		5.500			04/01/2021		1,090,876
	1,100,000	Chillicothe, MO Tax Increment (South U.S. 65)2		5.625			04/01/2027		937,409
	35,000	Fenton, MO Tax Increment (Dierbergs)2		7.250			10/01/2021		35,066
	200,000	Jackson County, MO IDA (Avila College)2		6.500			12/02/2025		196,490
	1,250,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)2		5.000			11/01/2023		1,072,913
	500,000	Kansas City, MO IDA (Plaza Library)2		5.900			03/01/2024		466,010
	1,342,000	Kansas City, MO IDA (West Paseo)2		6.750			07/01/2036		1,017,679
	440,000	Kansas City, MO IDA (Woodbridge Apartments)		6.700			08/01/2015		413,622
	3,750,000	Kansas City, MO Tax Increment (Briarcliff West)2		5.400			06/01/2024		3,137,363
	1,735,000	Lees Summit, MO IDA (Kensington Farms)2		5.500			03/01/2021		1,526,696
	750,000	Lees Summit, MO IDA (Kensington Farms)2		5.750			03/01/2029		613,935
	3,065,000	Liberty, MO Tax Increment (Liberty Triangle)2		5.875			10/01/2029		2,559,306
	3,290,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2026		2,016,441
	3,825,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2036		1,991,027
	2,720,000	MO Enright Arlington Community Improvement District2		5.400			03/01/2026		2,264,509
	20,000	MO Environmental Improvement & Energy Resources Authority (Union Electric Company)2		5.450			10/01/2028		19,676
	1,910,000	MO Good Shepard Nursing Home District2		5.900			08/15/2023		1,754,564
	230,000	MO Grindstone Plaza Transportation Devel. District2		5.250			10/01/2021		168,434
	400,000	MO Grindstone Plaza Transportation Devel. District2		5.400			10/01/2026		272,120
	115,000	MO Grindstone Plaza Transportation Devel. District2		5.550			10/01/2036		69,340
	3,915,000	MO HDC (Mansion Apartments Phase II)2		6.170			04/01/2032		3,081,888
	10,000	MO HDC (Single Family Mtg.)2		5.500			09/01/2033		10,271
	50,000	MO HDC (Single Family Mtg.)2		6.400			03/01/2029		51,732
	782,000	Northwoods, MO Transportation Devel. District2		5.850			02/01/2031		603,164
	2,000,000	St. Joseph, MO IDA (Living Community of St. Joseph)2		7.000			08/15/2032		1,879,560
	2,000,000	St. Joseph, MO IDA (Shoppes at North Village)2		5.500			11/01/2027		1,719,300
	10,000	St. Louis County, MO IDA (Century Garden Apartments)2		5.700			08/20/2039		10,040
	2,461,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)2		6.000			08/21/2026		1,781,346
	2,034,000	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		1,338,657
	1,660,000	St. Louis, MO Tax Increment (Printers Lofts)		6.000			08/21/2026		1,201,558
	3,045,000	St. Louis, MO Tax Increment (Security Building Redevel.)2		6.300			04/01/2027		2,255,949
	2,437,000	St. Louis, MO Tax Increment (Washington East Condominiums)2		5.500			01/20/2028		1,604,301

F31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Missouri Continued
$	1,600,000	St. Louis, MO Tax Increment (Washington East Condominiums)2		5.500	%		01/20/2028	$	1,053,296
	1,108,000	St. Louis, MO Tax Increment Financing, Series A		5.500			09/02/2028		724,444
	1,865,000	Stone Canyon, MO Improvement District (Infrastructure)2		5.700			04/01/2022		1,483,048
	975,000	Stone Canyon, MO Improvement District (Infrastructure)2		5.750			04/01/2027		718,770
	1,025,000	Suemandy, MO Mid-Rivers Community Improvement District2		7.000			10/01/2019		1,018,481
	2,225,000	Suemandy, MO Mid-Rivers Community Improvement District2		7.500			10/01/2029		2,220,127
									91,029,402
Montana—0.2%
	4,360,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)2		0.000	8		09/01/2031		2,179,956
	6,800,000	MT Board of Investment Exempt Facilities (Stillwater Mining Company)2		8.000			07/01/2020		5,051,312
	1,125,000	MT Facilities Finance Authority (St. John’s Lutheran)2		6.000			05/15/2025		1,007,629
	1,650,000	MT Facilities Finance Authority (St. John’s Lutheran)2		6.125			05/15/2036		1,376,529
									9,615,426
Multi States—0.1%
	8,000,000	Munimae TE Bond Subsidiary2		5.900			11/29/2049		4,424,160
Nebraska—0.6%
	1,360,000	Beatrice, NE Community Redevel. Authority (Beatrice Biodiesel)		6.625			12/01/2021		766,550
	50,000	Dawson County, NE Sanitation & Improvement District2		5.650			02/01/2022		42,480
	20,000,000	Douglas County, NE Hospital Authority (Methodist Health System)1		5.750			11/01/2048		21,065,059
	1,250,000	Mead Village, NE Tax Increment (Biofuels-Mead)2		5.750			01/01/2022		526,288
	2,400,000	NE Educational Facilities Authority (Midland Lutheran College)2		5.600			09/15/2029		1,943,496
	5,560,000	Santee Sioux Nation, NE Tribal Health Care (Indian Health Service)2		8.750			10/01/2020		5,607,872
	45,745,000	Saunders County, NE Individual Devel. (Mead Biofuels)3,4		7.000			12/01/2026		9,069,404
									39,021,149
Nevada—0.8%
	47,000,000	Clark County, NV Airport11		5.125			07/01/2036		45,575,900
	1,000,000	Clark County, NV Improvement District2		5.000			02/01/2026		755,490
	770,000	Clark County, NV Improvement District2		5.050			02/01/2031		543,250
	25,000	Clark County, NV Pollution Control (Nevada Power Company)2		5.450			10/01/2023		23,264
	10,000,000	Director of the State of NV Dept. of Business & Industry (Las Ventanas Retirement)3		7.000			11/15/2034		5,357,100

F32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Nevada Continued
$	100,000	Las Vegas, NV Paiute Tribe, Series A2		6.625	%		11/01/2017	$	87,874
	130,000	Mesquite, NV Special Improvement District (Canyon Creek)2		5.400			08/01/2020		95,125
	515,000	Mesquite, NV Special Improvement District (Canyon Creek)2		5.500			08/01/2025		330,465
	1,930,000	Mesquite, NV Special Improvement District No. 07-01 (Anthem at Mesquite)2		6.150			08/01/2037		1,406,256
									54,174,724
New Hampshire—0.1%
	2,020,000	NH Business Finance Authority (Air Cargo at Pease)		6.750			04/01/2024		1,557,056
	70,000	NH Business Finance Authority (Connecticut Light & Power)2		5.850			12/01/2022		71,086
	1,500,000	NH Business Finance Authority (Huggins Hospital)2		6.875			10/01/2039		1,496,040
	4,000,000	NH H&EFA (Franklin Pierce College)2		6.050			10/01/2034		2,901,840
									6,026,022
New Jersey—10.5%
	1,400,000	NJ EDA (Continental Airlines)2		5.500			04/01/2028		888,580
	42,830,000	NJ EDA (Continental Airlines)2		6.250			09/15/2019		40,260,628
	59,685,000	NJ EDA (Continental Airlines)2		6.250			09/15/2029		52,463,712
	16,375,000	NJ EDA (Continental Airlines)2		6.400			09/15/2023		15,008,670
	1,600,000	NJ EDA (Continental Airlines)2		6.625			09/15/2012		1,577,024
	25,935,000	NJ EDA (Continental Airlines)2		7.000			11/15/2030		24,891,635
	16,920,000	NJ EDA (Continental Airlines)2		7.200			11/15/2030		16,596,151
	16,500,000	NJ EDA (Continental Airlines)2		9.000			06/01/2033		17,322,525
	12,500,000	NJ EDA (Converted Organics of Woodbridge)		8.000			08/01/2027		7,939,000
	1,109,191	NJ EDA (Empowerment Zone-Cumberland)3,4		7.750			08/01/2021		593,273
	9,000,000	NJ EDA (GMT Realty)2		6.875			01/01/2037		7,319,970
	34,125,000	NJ Health Care Facilities Financing Authority (CHE/MM/MC Obligated Group)2		0.983	7		11/15/2033		22,343,344
	75,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)2		7.250			07/01/2014		74,051
	6,130,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)2		7.250			07/01/2027		5,610,176
	154,940,000	NJ Tobacco Settlement Financing Corp.2		4.750			06/01/2034		109,172,273
	96,125,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2029		75,279,642
	375,020,000	NJ Tobacco Settlement Financing Corp.2		5.000			06/01/2041		260,402,637
	198,050,000	NJ Tobacco Settlement Financing Corp.		7.389	6		06/01/2041		12,776,206
									670,519,497
New Mexico—0.6%
	467,000	Dona Ana County, NM Multifamily (Montana Meadows Apartments)2		8.500			12/01/2015		469,993
	5,300,000	Eldorado, NM Area Water and Sanitation District2		6.000			02/01/2025		4,460,745

F33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount				Coupon			Maturity		Value
New Mexico Continued
$	50,000		Farmington, NM Pollution Control (Public Service Company of New Mexico)2		6.600	%		10/01/2029	$	49,560
	1,100,000		Mariposa East, NM Public Improvement District2		5.500			09/01/2016		1,002,628
	500,000		Mariposa East, NM Public Improvement District2		5.750			09/01/2021		415,330
	500,000		Mariposa East, NM Public Improvement District2		6.000			09/01/2032		380,590
	900,000		Montecito Estates, NM Public Improvement District2		7.000			10/01/2037		772,884
	21,565,000		NM Hospital Equipment (Presbyterian Healthcare)1		5.000			08/01/2039		21,523,154
	5,000		NM Mtg. Finance Authority, Series C2		6.500			07/01/2025		5,242
	200,000	��	NM Regional Hsg. Authority (Wildewood Apartments)2		8.750			12/01/2020		200,652
	1,925,000		NM Trails Public Improvement District2		7.750			10/01/2038		1,690,150
	4,805,000		Saltillo, NM Improvement District2		7.625			10/01/2037		4,260,786
	1,000,000		Ventana West, NM Public Improvement District Special Levy2		6.875			08/01/2033		844,690
										36,076,404
New York—3.7%
	3,000,000		Albany, NY IDA (New Covenant Charter School)10		7.000			05/01/2035		1,889,940
	17,700,000		Erie County, NY Tobacco Asset Securitization Corp.		6.656	6		06/01/2055		194,523
	412,100,000		NY Counties Tobacco Trust V		7.151	6		06/01/2060		2,752,828
	500,000,000		NY Counties Tobacco Trust V		7.836	6		06/01/2060		3,340,000
	13,765,000		NY/NJ Port Authority Austin Trust Inverse Certificates		7.766	12		04/01/2036		13,486,121
	2,815,000		NYC IDA (American Airlines)		5.400			07/01/2020		2,087,435
	11,055,000		NYC IDA (American Airlines)		6.900			08/01/2024		8,942,721
	4,500,000		NYC IDA (American Airlines)2		7.500			08/01/2016		4,466,340
	28,500,000		NYC IDA (American Airlines)2		7.625			08/01/2025		27,972,750
	37,000,000		NYC IDA (American Airlines)2		7.750			08/01/2031		36,857,920
	10,000,000		NYC IDA (Bronx Parking Devel.)		5.750			10/01/2037		7,770,000
	500,000		NYC IDA (JFK International Airport)2		8.000			08/01/2012		505,680
	20,000,000		NYC Municipal Water Finance Authority1		5.000			06/15/2036		20,459,000
	20,000,000		NYC Municipal Water Finance Authority1		5.000			06/15/2039		20,679,900
	10,000,000		NYS DA (Personal Income Tax)1		5.000			03/15/2038		10,332,550
	12,075,000		NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2035		12,370,477
	50,000,000		NYS IDA (Bronx Parking Devel. Company)		5.875			10/01/2046		38,019,000
	20,000,000		NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2037		20,566,200
	250,000		Port Authority NY/NJ (JFK International Air Terminal)2		5.750			12/01/2025		249,975
										232,943,360
North Carolina—0.8%
	46,700,000		Charlotte, NC Douglas International Airport Special Facilities (US Airways)2		5.600			07/01/2027		33,114,503
	14,235,000		Charlotte, NC Douglas International Airport Special Facilities (US Airways)2		7.750			02/01/2028		12,302,029

F34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
North Carolina Continued
$	4,380,000	Gaston, NC IF&PCFA (National Gypsum)2		5.750	%		08/01/2035	$	2,830,706
	2,775,000	NC Medical Care Commission Retirement Facilities (Village at Brookwood)2		5.250			01/01/2032		2,015,399
									50,262,637
North Dakota—0.1%
	1,000,000	Cando, ND Nursing Facility (Towner County Medical Center)2		7.125			08/01/2022		974,160
	100,000	Cass County, ND Industrial Devel. Revenue (Fraser Ltd.)2		7.000			11/01/2015		93,855
	10,000	ND HFA (Home Mtg.)2		5.400			01/01/2034		10,244
	10,000	ND HFA (Home Mtg.)2		5.550			07/01/2022		10,118
	2,880,000	Richland County, ND Hsg. (Birchwood Properties)2		6.750			05/01/2029		2,322,806
									3,411,183
Ohio—4.5%
	3,960,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)2		5.875			06/01/2030		3,418,787
	43,905,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)2		5.875			06/01/2047		33,686,550
	2,345,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.501	6		06/01/2052		56,866,250
	1,385,000	Butler County, OH Hsg. (Anthony Wayne Apartments)2		6.500			09/01/2030		1,019,055
	4,495,000	Centerville, OH Health Care (Bethany Lutheran Village)2		6.000			11/01/2038		3,852,844
	13,125,000	Cleveland, OH Airport (Continental Airlines)2		5.375			09/15/2027		10,316,119
	22,630,000	Cleveland, OH Airport (Continental Airlines)2		5.700			12/01/2019		19,714,125
	1,500,000	Cleveland-Cuyahoga County, OH Port Authority (St. Clarence)2		6.250			05/01/2038		1,189,395
	750,000	Erie County, OH Hospital Facilities (Firelands Regional Medical Center)2		5.000			08/15/2036		620,865
	6,500,000	Erie County, OH Hospital Facilities (Firelands Regional Medical Center)2		5.250			08/15/2046		5,328,245
	2,850,000	Franklin County, OH Hospital (Nationwide Childrens Hospital)2		5.000			11/01/2034		2,865,077
	6,500,000	Franklin County, OH Hospital (Nationwide Childrens Hospital)2		5.250			11/01/2040		6,608,680
	7,500,000	Grove City, OH Tax Increment Financing2		5.375			12/01/2031		5,291,925
	4,500,000	Hickory Chase, OH Community Authority Infrastructure Improvement2		7.000			12/01/2038		2,938,275
	125,000	Lake County, OH Hospital Facilities (Lake Hospital System)2		5.750			08/15/2038		117,829
	125,000	Lake County, OH Hospital Facilities (Lake Hospital System)2		6.000			08/15/2043		120,731
	790,000	Lorain County, OH Port Authority (Alumalloy LLC)2		6.000			11/15/2025		570,585
	15,770,000	Mahoning County, OH Hospital Facilities (Forum Health/Trumbull Memorial Hospital/Beeghly Oaks)		6.000			11/15/2032		10,754,825

F35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Ohio Continued
$	19,780,000	Montgomery County, OH (Catholic Health Initiatives)1		5.000	%		05/01/2039	$	19,851,208
	960,000	Moraine, OH Solid Waste Disposal (General Motors Corp.)3,4,5		5.650			07/01/2024		240,000
	3,225,000	Moraine, OH Solid Waste Disposal (General Motors Corp.)3,4,5		6.750			07/01/2014		806,250
	13,910,000	OH Air Quality Devel. Authority (Fostoria Ethanol)2		8.500			02/01/2020		9,950,797
	13,910,000	OH Air Quality Devel. Authority (Marion Ethanol)2		8.500			02/01/2020		9,950,797
	50,000	OH Environmental Facilities (Ford Motor Company)		5.750			04/01/2035		37,241
	520,000	OH Environmental Facilities (Ford Motor Company)		5.950			09/01/2029		406,832
	100,000	OH Environmental Facilities (Ford Motor Company)		6.150			06/01/2030		80,247
	2,500,000	OH Hospital Facility (Cleveland Clinic Foundation/Fairview Hospital/Lutheran Hospital Obligated Group)2		5.500			01/01/2039		2,598,100
	550,000	OH Pollution Control (General Motors Corp.)3,5		5.625			03/01/2015		137,500
	2,050,000	OH Port Authority of Columbiana Solid Waste (A&L Salvage)3,4,5		14.500			07/01/2028		—
	16,320,000	OH Port Authority of Columbiana Solid Waste (Apex Environmental)2		7.250			08/01/2034		12,023,434
	14,000,000	OH Solid Waste (General Motors Corp.)3,4,5		6.300			12/01/2032		3,500,000
	29,515,000	OH Solid Waste Disposal (USG Corp.)2		5.600			08/01/2032		22,909,248
	38,910,000	OH Solid Waste Disposal (USG Corp.)2		5.650			03/01/2033		30,323,341
	6,640,000	OH Solid Waste Disposal (USG Corp.)2		6.050			08/01/2034		5,434,242
	70,000	Pike County, OH Hospital Facilities (Pike Health Services)2		7.000			07/01/2022		66,602
	440,000	Toledo-Lucas County, OH Port Authority (Northwest Ohio)2		5.125			11/15/2025		344,340
	3,000,000	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)2		5.400			11/01/2036		2,688,150
	3,415,000	Warren County, OH Port Authority (Corridor 75 Park)2		7.500			12/01/2034		3,115,675
									289,744,166
Oklahoma—0.9%
	1,700,000	Ardmore, OK Devel. Authority (Airpark Increment District)2		5.750			11/01/2022		1,493,722
	1,500,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)2		6.625			10/01/2037		1,299,510
	1,280,000	Cleveland County, OK IDA (Vaughn Foods)		7.750			12/01/2012		1,177,997
	2,365,000	Cleveland County, OK IDA (Vaughn Foods)		8.100			12/01/2024		1,906,332
	220,000	Grady County, OK Industrial Authority (Correctional Facilities)		7.000			11/01/2011		184,144
	2,610,000	Jackson County, OK Memorial Hospital Authority (Jackson County Memorial)2		7.300			08/01/2015		2,611,670
	95,000	OK HFA (Single Family Mtg.)		5.686	6		09/01/2030		29,622
	50,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)2		6.500			09/01/2026		50,043
	1,500,000	Oklahoma City, OK Industrial & Cultural Facilities (Aero Obligated Group)2		6.750			01/01/2023		1,329,615

F36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Oklahoma Continued
$	2,950,000	Oklahoma County, OK Finance Authority (Var-Sail Assoc.)2		5.250	%		05/15/2041	$	2,976,521
	4,075,000	Tulsa, OK Municipal Airport Trust (American Airlines)2		6.250			06/01/2020		3,469,374
	215,000	Tulsa, OK Municipal Airport Trust (American Airlines)2		7.350			12/01/2011		212,872
	43,980,000	Tulsa, OK Municipal Airport Trust (American Airlines)		7.750			06/01/2035		43,181,323
									59,922,745
Oregon—0.2%
	20,000	Lane County, OR Hsg. Authority & Community Services (Firewood)2		6.600			11/01/2015		19,781
	1,095,000	OR Economic Devel. (Georgia-Pacific Corp.)2		5.700			12/01/2025		1,014,156
	10,000	OR GO (Elderly & Disabled Hsg.)2		5.250			08/01/2031		10,013
	8,270,000	OR Solid Waste Disposal (USG Corp.)2		6.400			12/01/2029		7,177,037
	50,000	Port Astoria, OR Pollution Control (James River)2		6.550			02/01/2015		50,023
	3,655,000	Port of St. Helen’s, OR Pollution Control (Boise Cascade Corp.)2		5.650			12/01/2027		2,407,804
	920,000	Western Generation, OR Agency Cogeneration (Wauna Cogeneration)2		5.000			01/01/2021		838,065
									11,516,879
Pennsylvania—2.2%
	966,895	Allegheny County, PA HDA (The Covenant at South Hills)3,5		8.750			02/01/2031		10
	54,250,000	Allegheny County, PA HDA (West Penn Allegheny Health System)2		5.375			11/15/2040		40,174,838
	10,000,000	Allegheny County, PA HDA (WPAHS/AG/Forbes Health System/WPH/WPAON Obligated Group)2		5.000			11/15/2028		7,616,700
	1,500,000	Chester County, PA H&EFA (Chester County Hospital)2		6.750			07/01/2031		1,473,255
	30,000	Chester Guaranteed Host Community, PA, Series B2		5.800			12/01/2013		30,007
	10,000	Erie County, PA IDA (International Paper Company)2		5.850			12/01/2020		10,000
	1,300,000	Luzerne County, PA IDA2		7.500			12/15/2019		1,284,712
	500,000	Luzerne County, PA IDA2		7.750			12/15/2027		489,540
	25,000,000	PA EDFA (Bionol Clearfield)2		8.500			07/15/2015		20,674,000
	5,000,000	PA EDFA (National Gypsum Company)2		6.250			11/01/2027		3,554,850
	6,300,000	PA EDFA (Northampton Generating)		6.500			01/01/2013		3,489,948
	7,450,000	PA EDFA (Northampton Generating)		6.600			01/01/2019		4,106,738
	1,905,000	PA EDFA (Reliant Energy)2		6.750			12/01/2036		1,930,908
	14,200,000	PA EDFA (Reliant Energy)2		6.750			12/01/2036		14,393,120
	4,100,000	PA EDFA (Reliant Energy)2		6.750			12/01/2036		4,155,760
	11,470,000	PA EDFA (USG Corp.)2		6.000			06/01/2031		9,433,043
	11,500,000	PA Geisinger Authority Health System, Series A1		5.250			06/01/2039		11,841,493
	3,000,000	PA HEFA (MCP/HUHS/AUS Obligated Group)2		5.875			11/15/2016		2,999,670
	3,500,000	PA HEFA (MCP/HUHS/AUS Obligated Group)2		5.875			11/15/2021		3,360,245
	100,000	Philadelphia, PA H&HEFA (Temple University Hospital)2		6.625			11/15/2023		100,004

F37 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	10,000,000	Sayre, PA Health Care Facilities Authority (Guthrie Healthcare System)2		0.951	%7		12/01/2024	$	6,987,500
									138,106,341
Rhode Island—2.3%
	45,000,000	Central Falls, RI Detention Facility2		7.250			07/15/2035		38,679,750
	45,000	RI Health & Educational Building Corp. (Roger Williams General Hospital)2		5.500			07/01/2018		41,893
	20,000	RI Health & Educational Building Corp. (Roger Williams Medical Center)2		5.500			07/01/2028		16,124
	4,000,000	RI Hsg. & Mtg. Finance Corp.2		5.000			10/01/2048		3,694,440
	12,820,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)1		5.200			10/01/2047		12,401,544
	52,090,000	RI Tobacco Settlement Financing Corp. (TASC)		6.125	6		06/01/2052		940,225
	27,675,000	RI Tobacco Settlement Financing Corp. (TASC)2		6.250			06/01/2042		26,348,814
	1,839,245,000	RI Tobacco Settlement Financing Corp. (TASC)		7.054	6		06/01/2052		40,647,315
	42,825,000	RI Tobacco Settlement Financing Corp. (TASC)		7.868	6		06/01/2052		632,097
	25,605,000	RI Tobacco Settlement Financing Corp. (TASC), Series A2		6.125			06/01/2032		24,458,664
									147,860,866
South Carolina—0.5%
	1,375,000	Allendale County, SC School District Energy Savings Special Obligation2		8.500			12/01/2018		1,424,101
	15,000	Georgetown County, SC Environmental Improvement (International Paper Company)2		6.250			09/01/2023		15,011
	7,285,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)2		7.750			11/01/2039		6,315,439
	5,000	Horry County, SC Airport2		5.600			07/01/2017		5,007
	5,145,000	Lancaster County, SC (Edenmoor Improvement District)		5.750			12/01/2037		1,807,644
	1,000,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)2		5.250			11/01/2026		722,120
	2,000,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)2		5.300			11/01/2035		1,297,220
	16,722,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)2		6.200			11/01/2036		13,175,431
	200,000	SC Connector 2000 Assoc. Toll Road, Series B5		6.300	6		01/01/2026		18,876
	7,620,000	SC Connector 2000 Assoc. Toll Road, Series B5		6.453	6		01/01/2020		1,073,277
	8,500,000	SC Connector 2000 Assoc. Toll Road, Series B5		6.621	6		01/01/2024		945,880
	50,000	SC Jobs-EDA (JDAM/LH/Franke Home/LS Obligated Group)2		5.650			05/01/2018		48,361
	3,650,000	SC Jobs-EDA (Palmetto Health)2		5.750			08/01/2036		3,581,855
	1,400,000	SC Jobs-EDA (Palmetto Health)2		5.750			08/01/2039		1,365,070
	790,000	York County, SC Pollution Control (Bowater)3,4,5		7.400			01/01/2010		189,600
									31,984,892

F38 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
South Dakota—0.7%
$	1,725,000	Aberdeen, SD Economic Devel. (PresentationCollege)2		6.150	%		05/01/2029	$	1,544,220
	19,000,000	Brown County, SD Solid Waste Facilities (Heartland Grain Fuels)3		8.250			01/01/2018		4,909,790
	1,000,000	Lower Brule, SD Sioux Tribe, Series B2		5.500			05/01/2019		823,240
	33,445,000	SD Educational Enhancement Funding Corp. Tobacco Settlement2		6.500			06/01/2032		33,169,079
	1,425,000	Turner County, SD Tax Increment2		5.000			12/15/2026		1,112,099
									41,558,428
Tennessee—0.6%
	90,000	Blount County, TN H&EFB (Asbury)2		4.750			04/01/2012		88,854
	790,000	Chattanooga, TN HE&HFB (Campus Devel. Foundation Phase I)2		5.500			10/01/2020		708,993
	21,710,000	Maury County, TN Industrial Devel. Board (General Motors Corp.)5		6.500			09/01/2024		14,437,150
	15,480,000	McMinn County, TN Industrial Devel. Board Pollution Control (Calhoun Newsprint)3,5		7.625			03/01/2016		3,715,200
	19,575,000	McMinn County, TN Industrial Devel. Board Solid Waste (Calhoun Newsprint)3,4,5		7.400			12/01/2022		4,698,000
	9,080,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)2		5.750			04/01/2042		5,380,808
	215,000	Memphis-Shelby County, TN Airport Authority (Express Airlines)2		6.125			12/01/2016		193,737
	7,870,000	Metropolitan Knoxville, TN Airport Authority (Northwest Airlines)2		8.000			04/01/2032		7,776,190
	505,000	Shelby County, TN HE&HF (Lapaloma Apartments)2		7.750			12/01/2029		397,268
									37,396,200
Texas—20.1%
	45,625,000	Alliance Airport Authority, TX (American Airlines)		5.250			12/01/2029		28,559,425
	93,500,000	Alliance Airport Authority, TX (American Airlines)		5.750			12/01/2029		62,677,725
	305,000	Alliance Airport Authority, TX (American Airlines)		7.000			12/01/2011		288,615
	230,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)2		7.750			12/01/2028		206,770
	235,000	Bexar County, TX HFC (American Opportunity Hsg.)2		7.500			01/01/2013		223,163
	980,000	Bexar County, TX HFC (American Opportunity Hsg.)2		8.000			01/01/2031		776,013
	1,130,000	Bexar County, TX HFC (American Opportunity Hsg.-Nob Hill Apartments)3,4		8.500			06/01/2031		452,463
	995,000	Bexar County, TX HFC (Doral Club)2		8.750			10/01/2036		708,868
	200,000	Bexar County, TX HFC (Honey Creek LLC)		8.000			04/01/2030		118,628
	100,000	Bexar County, TX HFC (Honey Creek LLC)		9.000			04/01/2030		59,356
	1,460,000	Bexar County, TX HFC (Perrin Square)3,4		9.750			11/20/2031		1,276,434
	41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.000			03/01/2041		19,113,145

F39 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Texas Continued
$	13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.400	%		05/01/2029	$	6,467,445
	2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.300			07/01/2032		1,238,723
	14,080,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			04/01/2038		11,603,187
	11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			10/01/2038		6,544,231
	10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			03/01/2032		6,484,200
	28,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			04/01/2033		18,373,046
	16,900,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)2		7.000			11/01/2039		15,287,909
	190,000	Cass County, TX IDC (International Paper Company)2		6.600			03/15/2024		191,989
	45,125,000	Dallas, TX Area Rapid Transit1		5.250			12/01/2048		46,549,657
	10,000,000	Dallas-Fort Worth, TX International Airport1		5.000			11/01/2035		9,675,950
	20,000	Dallas-Fort Worth, TX International Airport2		5.750			11/01/2030		20,017
	32,500,000	Dallas-Fort Worth, TX International Airport (American Airlines/AMR Corp. Obligated Group)		5.500			11/01/2030		21,052,525
	320,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)		6.000			11/01/2014		289,507
	63,880,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)		6.375			05/01/2035		45,387,379
	305,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)		8.250			11/01/2036		265,265
	22,100,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.		9.000			05/01/2029		21,805,628
	45,945,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.		9.125			05/01/2029		43,572,400
	2,115,000	Danbury, TX Higher Education Finance Corp. (Island Foundation)2		6.250			02/15/2036		1,774,337
	450,000	Decatur, TX Hospital Authority (Wise Regional Health System)2		5.625			09/01/2013		472,793
	22,950,000	Donna, TX GO2		6.250			02/15/2037		17,313,251
	55	El Paso, TX HFC (Single Family)2		6.180			04/01/2033		58
	50,000	Gainesville, TX Hsg. Authority2		6.800			12/01/2020		45,583
	1,000,000	Grapevine, TX IDC (Air Cargo)2		6.500			01/01/2024		928,910
	11,930,493	Gulf Coast, TX IDA (Microgy Holdings)5		7.000			12/01/2036		2,356,272
	150,000	Gulf Coast, TX Waste Disposal Authority (Valero Energy Corp.)2		5.700			04/01/2032		141,357
	6,000,000	Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children’s Hospital)2		5.000			10/01/2029		6,086,940

F40 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Texas Continued
$	2,225,000	Harris County, TX Cultural Education FacilitiesFinance Corp. (Space Center Houston)2		7.000	%		08/15/2028	$	2,222,597
	5,440,000	Harris County, TX IDC (Continental Airlines)2		5.375			07/01/2019		4,719,363
	1,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)2		5.625			11/01/2026		1,504,073
	2,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)2		5.750			11/01/2036		2,170,438
	2,000,000	HFDC of Central TX (Lutheran Social Services of the South)2		6.875			02/15/2032		1,857,600
	4,000,000	HFDC of Central TX (Villa De San Antonio)		6.250			05/15/2036		2,675,480
	7,940,000	Houston, TX Airport Special Facilities (Continental Airlines)2		5.700			07/15/2029		6,467,924
	7,290,000	Houston, TX Airport Special Facilities (Continental Airlines)2		5.700			07/15/2029		5,938,434
	18,840,000	Houston, TX Airport Special Facilities (Continental Airlines)2		6.125			07/15/2017		17,298,700
	18,735,000	Houston, TX Airport Special Facilities (Continental Airlines)2		6.125			07/15/2027		16,038,471
	20,245,000	Houston, TX Airport Special Facilities (Continental Airlines)2		6.125			07/15/2027		17,331,137
	56,165,000	Houston, TX Airport Special Facilities (Continental Airlines)		6.750			07/01/2029		53,091,090
	100,000	Houston, TX Airport Special Facilities (Continental Airlines)		7.000			07/01/2029		97,327
	3,520,000	Houston, TX Airport Special Facilities (Continental Airlines)		7.375			07/01/2022		3,523,168
	470,000	Houston, TX IDC (Air Cargo)2		6.375			01/01/2023		428,861
	10,000,000	La Vernia, TX Higher Education Finance Corp.2		7.125			02/15/2038		9,865,800
	1,945,000	Lubbock, TX HFC (Las Colinas Quail Creek Apartments)2		6.000			07/01/2032		1,393,768
	575,000	Matagorda County, TX Navigation District (Reliant Energy)2		5.950			05/01/2030		558,095
	1,800,000	Maverick County, TX GO COP2		8.750			03/01/2034		1,827,234
	6,110,000	Maverick County, TX GO COP2		8.750			03/01/2034		6,152,159
	665,000	Midlothian, TX Devel. Authority Tax Increment2		5.125			11/15/2026		576,289
	38,000,000	North Central TX HFDC (Children’s Medical Center)1		5.750			08/15/2039		39,584,980
	100,000	Northwest Harris County, TX Municipal Utility District (Waterworks & Sewer)2		6.100			04/01/2012		100,119
	5,315,928	Sabine Neches, TX HFC (Single Family Mtg.)1		4.875			12/01/2039		5,385,291
	4,100,000	Sabine, TX River Authority Pollution Control (TXU Electric Company)		6.150			08/01/2022		2,582,959
	1,800,000	Sabine, TX River Authority Pollution Control (TXU Electric Company)		6.450			06/01/2021		1,110,942
	25,000	San Antonio, TX HFC (La Risa Apartments)		8.250			01/01/2026		20,544
	6,800,000	San Jacinto, TX Community College District1		5.000			02/15/2033		6,971,836
	10,000,000	San Jacinto, TX Community College District1		5.125			02/15/2038		10,268,300
	3,600,000	Southeast TX HFC (Forest View Apartments)3,4		6.750			07/01/2037		1,831,896
	5,870,000	Springhill, TX Courtland Heights Public Facility Corp.2		5.850			12/01/2028		3,578,469
	14,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)1		5.750			11/15/2024		15,357,090

F41 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Texas Continued
$	34,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)1		6.250	%		11/15/2029	$	37,295,790
	3,750,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)2		5.750			11/15/2037		3,298,313
	13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)11		5.000			12/01/2033		13,406,175
	16,890,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)11		5.000			12/01/2036		16,716,540
	1,600,000	Travis County, TX HFDC (Querencia Barton Creek)2		5.650			11/15/2035		1,284,128
	2,495,000	Trinity, TX River Authority (TXU Energy Company)		6.250			05/01/2028		1,362,195
	20,500,000	Trophy Club, TX Public Improvement (Highlands Trophy Club)2		7.750			10/01/2037		18,697,025
	2,320,000	TX Affordable Hsg. Corp. (American Hsg. Foundation)3,4		8.000			03/01/2032		115,675
	6,170,000	TX Affordable Hsg. Corp. (South Texas Affordable Properties Corp.)3		8.000			03/01/2032		2,478,427
	35,600,000	TX Angelina & Neches River Authority (Aspen Power)2		6.500			11/01/2029		20,488,512
	45,000	TX Angelina & Neches River Authority Solid Waste (Champion International Corp.)2		6.300			04/01/2018		45,039
	250,000	TX Angelina & Neches River Authority Waste Disposal (Temple-Inland)2		6.950			05/01/2023		247,198
	10,000	TX Dept. of Hsg. & Community Affairs2		5.350			07/01/2033		9,854
	155,000	TX Dept. of Hsg. & Community Affairs (Sugar Creek Apartments)2		6.000			01/01/2042		157,846
	38,380,000	TX Multifamily Housing Options (Affordable Hsg.)		0.640	7		01/01/2039		13,452,190
	1,465,000	TX Multifamily Hsg. Revenue Bond Pass-Through Certificates (Skyway Villas)2		5.950			11/01/2034		1,401,302
	5,960,000	TX Municipal Gas Acquisition & Supply Corp.2		1.620	7		12/15/2026		4,051,310
	451,755,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250			12/15/2026		484,193,163
	4,360,000	TX Panhandle HFA (Amarillo Affordable Hsg.)3,4		6.750			03/01/2031		2,227,524
	10,000,000	TX Private Activity Bond Surface Transportation Corp.2		6.875			12/31/2039		10,454,700
	3,075,000	TX Public Finance Authority Charter School Finance Corp. (Cosmos Foundation)2		5.375			02/15/2037		2,395,517
	1,600,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)2		6.250			09/01/2036		1,372,480
	25,000	TX Student Hsg. Corp. (University of North Texas)2		6.000			07/01/2011		24,377
	635,000	TX Student Hsg. Corp. (University of North Texas)2		6.750			07/01/2021		516,700
	200,000	TX Student Hsg. Corp. (University of North Texas)2		6.850			07/01/2031		148,940
	2,500,000	Tyler, TX HFDC (Mother Frances Hospital Regional Health Care Center)2		5.000			07/01/2033		2,101,975
	2,115,000	Vintage Township, TX Public Facilities Corp.2		7.375			10/01/2038		1,888,843
	1,279,000	Vintage Township, TX Public Facilities Corp.2		7.375			10/01/2038		1,142,237
									1,281,893,573

F42 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions—0.5%
$	700,000	Northern Mariana Islands Commonwealth, Series A2		6.750	%		10/01/2033	$	642,082
	11,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.250			08/01/2057		10,846,851
	17,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.750			08/01/2057		17,927,775
									29,416,708
Utah—0.1%
	85,000	Emery County, UT Pollution Control (Pacificorp)2		5.625			11/01/2023		85,373
	1,780,000	UT HFA (RHA Community Service of Utah)2		6.875			07/01/2027		1,631,512
	1,315,000	Utah County, UT Charter School (Lincoln Academy)2		5.875			06/15/2037		1,056,392
	825,000	Utah County, UT Charter School (Renaissance Academy)2		5.625			07/15/2037		638,996
	4,425,000	West Valley City, UT Sewer (East Hollywood High School)2		5.625			06/15/2037		3,407,339
									6,819,612
										��
Vermont—0.0%
	10,000	VT EDA (Wake Robin Corp.)2		6.000			03/01/2022		9,593
	75,000	VT EDA (Wake Robin Corp.)2		6.300			03/01/2033		71,495
	2,492,070	VT Educational & Health Buildings Financing Agency (Marlboro College)2		2.779			04/01/2019		1,868,130
									1,949,218
Virginia—1.3%
	570,000	Bedford County, VA IDA (Georgia-Pacific Corp.)2		5.600			12/01/2025		514,978
	595,000	Bedford County, VA IDA (Georgia-Pacific Corp.)2		6.300			12/01/2025		580,976
	2,535,000	Bedford County, VA IDA (Georgia-Pacific Corp.)2		6.550			12/01/2025		2,539,031
	1,875,000	Celebrate, VA North Community Devel. Authority Special Assessment2		6.750			03/01/2034		1,488,225
	14,802,000	Farms New Kent, VA Community Devel. Authority Special Assessment2		5.125			03/01/2036		9,631,957
	9,200,000	Farms New Kent, VA Community Devel. Authority Special Assessment2		5.450			03/01/2036		6,231,988
	3,206,000	Farms New Kent, VA Community Devel. Authority Special Assessment2		5.800			03/01/2036		2,262,859
	475,000	Giles County, VA IDA (Hoechst Celanese Corp.)2		5.950			12/01/2025		444,762
	7,930,000	Giles County, VA IDA (Hoechst Celanese Corp.)2		6.625			12/01/2022		7,928,890
	235,000	Goochland County, VA IDA (Georgia-Pacific Corp.)2		5.650			12/01/2025		216,494
	4,000,000	Lewistown, VA Commerce Center Community Devel. Authority2		6.050			03/01/2027		3,207,120
	3,000,000	New Port, VA CDA2		5.600			09/01/2036		1,600,260
	2,050,000	Norfolk, VA EDA, Series A2		6.000			11/01/2036		1,296,379
	760,000	Norfolk, VA Redevel. & Hsg. Authority (First Mtg.-Retirement Community)2		6.125			01/01/2035		655,933
	10,425,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation2		6.450			09/01/2037		9,763,847

F43 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Virginia Continued
$	10,000,000	Richmond, VA Public Utility1		5.000	%		01/15/2040	$	10,436,450
	5,300,000	VA Celebrate South CDA Special Assessment2		6.250			03/01/2037		3,883,098
	3,400,000	VA H2O Community Devel. Authority2		5.200			09/01/2037		1,913,282
	9,770,000	VA Small Business Financing Authority (Hampton Roads Proton)2		9.000			07/01/2039		10,158,064
	228,700,000	VA Tobacco Settlement Authority		7.075	6		06/01/2047		9,648,853
	2,500,000	West Point, VA IDA Solid Waste (Chesapeake Corp.)3,4,5		6.375			03/01/2019		2,500
									84,405,946
Washington—3.0%
	11,480,000	Chelan County, WA Public Utility District No. 001 (Chelan Hydropower)1		5.600			01/01/2036		11,502,608
	25,000	King County, WA Hsg. Authority (Cascadian Apartments)2		6.800			07/01/2019		25,156
	15,000	King County, WA Hsg. Authority (Kona Village)2		6.700			01/01/2020		14,759
	125,000	King County, WA Hsg. Authority (Southwood Square Apartments)2		6.100			10/01/2021		111,709
	725,000	King County, WA Hsg. Authority (Southwood Square Apartments)2		6.200			10/01/2031		604,512
	35,000	King County, WA Hsg. Authority (Woodridge Park)2		6.250			05/01/2015		35,148
	50,000	King County, WA Hsg. Authority (Woodridge Park)2		6.350			05/01/2025		50,170
	22,595,000	King County, WA Sewer1		5.750			01/01/2043		24,498,485
	1,885,000	Kitsap County, WA Consolidated Hsg. Authority2		5.500			06/01/2027		1,482,439
	2,350,000	Kitsap County, WA Consolidated Hsg. Authority2		5.600			06/01/2037		1,719,190
	50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)2		6.100			10/01/2031		41,172
	2,465,000	Port Camas, WA Public Industrial Corp. (James River Corp. of Virginia)2		6.700			04/01/2023		2,465,148
	36,900,000	Port of Seattle, WA1		5.000			10/01/2032		36,503,694
	5,000,000	Port of Seattle, WA Special Facility (Northwest Airlines)2		7.125			04/01/2020		4,961,950
	13,600,000	Port of Seattle, WA Special Facility (Northwest Airlines)2		7.250			04/01/2030		13,604,488
	2,425,000	Snohomish County, WA Hsg. Authority (Westwood Crossing Apartments)2		5.250			05/01/2037		1,701,526
	100,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)2		5.100			09/01/2015		94,252
	1,675,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)2		5.600			09/01/2025		1,390,568
	1,250,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)2		5.750			09/01/2030		1,010,025
	1,500,000	Tes Properties, WA1		5.500			12/01/2029		1,593,270
	12,000,000	Tes Properties, WA1		5.625			12/01/2038		12,390,600
	19,500,000	WA Health Care Facilities Authority (Peacehealth)1		5.000			11/01/2018		20,882,843

F44 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Washington Continued
$	17,410,000	WA Health Care Facilities Authority (Peacehealth)1		5.000	%		11/01/2028	$	17,732,096
	15,000,000	WA Health Care Facilities Authority (Seattle Children’s Hospital)1		5.625			10/01/2038		15,536,350
	115,000	WA HEFA (Seattle University)2		5.250			05/01/2039		114,649
	10,760,000	WA Kalispel Tribe Indians Priority District2		6.750			01/01/2038		8,952,105
	14,285,000	WA Tobacco Settlement Authority (TASC)2		6.625			06/01/2032		14,323,427
									193,342,339
West Virginia—0.5%
	13,435,000	Harrison County, WV Tax Increment (Charles Pointe)2		7.000			06/01/2028		11,733,995
	1,840,000	Harrison County, WV Tax Increment (Charles Pointe)2		7.000			06/01/2035		1,531,395
	13,710,000	Harrison County, WV Tax Increment (Charles Pointe)2		7.000			06/01/2035		11,410,559
	25,000	Kingswood, WV Sewage System2		6.000			10/01/2025		23,065
	1,920,000	WV Hospital Finance Authority (Charleston Area Medical Center)2		5.500			09/01/2025		1,921,210
	15,000	WV Hospital Finance Authority (Charleston Area Medical Center)2		7.250			10/01/2014		15,051
	4,000,000	WV Hospital Finance Authority (UTD Health System)2		5.500			06/01/2039		3,982,360
									30,617,635
Wisconsin—0.7%
	27,100,000	Aztalan, WI Exempt Facility (Renew Energy)3,5		7.500			05/01/2018		3,753,350
	600,000	Milwaukee, WI (Aero Milwaukee)2		6.500			01/01/2025		549,030
	1,195,000	Milwaukee, WI (Air Cargo)2		7.500			01/01/2025		1,119,727
	1,350,000	Monroe, WI Redevel. Authority (Monroe Clinic)2		5.875			02/15/2039		1,358,883
	3,970,000	Necedah, WI Community Devel. Authority Exempt Facility (Castle Rock Renewable Fuels)2		7.500			03/01/2018		1,608,644
	165,000	New Berlin, WI Hsg. Authority (Pinewood Creek)2		6.800			11/01/2012		164,243
	160,000	New Berlin, WI Hsg. Authority (Pinewood Creek)2		6.850			05/01/2013		158,741
	1,595,000	New Berlin, WI Hsg. Authority (Pinewood Creek)2		7.125			05/01/2024		1,460,861
	200,000	Reedsburg, WI Industrial Devel. Revenue (Seats, Inc.)2		6.250			05/01/2019		178,952
	1,750,000	Sokaogon, WI Chippewa Community (Gaming)2		7.000			01/01/2026		1,056,563
	1,800,000	Sokaogon, WI Chippewa Community (Gaming)2		8.250			01/01/2017		1,087,416
	3,000,000	WI H&EFA (AE Nursing Centers)2		7.250			06/01/2038		2,739,420
	1,500,000	WI H&EFA (Aurora Health Care)2		5.600			02/15/2029		1,467,330
	55,000	WI H&EFA (Aurora Health Care)2		5.625			02/15/2029		53,897
	1,000,000	WI H&EFA (Eastcastle Place)2		6.125			12/01/2034		844,220
	13,000,000	WI H&EFA (Froedtert & Community Health)1		5.000			04/01/2034		12,749,134
	70,000	WI H&EFA (Marshfield Clinic)2		6.250			02/15/2029		70,186
	7,335,000	WI H&EFA (Wellington Homes)2		6.750			09/01/2037		6,515,253
	2,385,000	WI H&EFA (Wisconsin Illinois Senior Hsg.)2		5.800			08/01/2029		2,192,030

F45 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
Wisconsin Continued
$	8,075,000	WI Hsg. & EDA (Home Ownership), Series D1		5.100	%		09/01/2024	$	8,124,611
									47,252,491
Total Municipal Bonds and Notes (Cost $9,900,025,554)									8,027,671,163
Corporate Bonds and Notes—0.1%
	16,135,664	Delta Air Lines, Inc., Sr. Sec. Nts.2,13 (Cost $15,974,309)		8.000			12/01/2015		8,089,777

Shares
Common Stocks—0.0%
	146,685	Delta Air Lines, Inc.4,13 (Cost $943,887)	1,793,958

Units			Strike Price		Expiration
Rights, Warrants, and Certificates—0.0%
	1,631,721	Converted Organics, Inc. Wts.4,13 (Cost $0)	$	11.000		02/13/2012		358,979
Total Investments, at Value (Cost $9,916,943,750)—126.0%								8,037,913,877
Liabilities in Excess of Other Assets—(26.0)								(1,659,817,911	)
Net Assets—100.0%							$	6,378,095,966

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 position has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.
3.	Issue is in default. See Note 1 of accompanying Notes.
4.	Non-income producing security.
5.	Illiquid security. The aggregate value of illiquid securities as of January 31, 2010 was $65,483,574, which represents 1.03% of the Fund’s net assets. See Note 5 of accompanying Notes.
6.	Zero coupon bond reflects effective yield on the date of purchase.
7.	Represents the current interest rate for a variable or increasing rate security.
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 $3,141,480 or 0.05% of the Fund’s net assets as of January 31, 2010.
10.	Subject to a forebearance agreement. Rate shown is current rate. See Note 1 of accompanying Notes.
11.	When-issued security or delayed delivery to be delivered and settled after January 31, 2010. See Note 1 of accompanying Notes.
12.	Represents the current interest rate for a variable rate bond known as an “inverse floater.” See Note 1 of accompanying Notes.
13.	Received as a result of a corporate action.

F46 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 January 31, 2010 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	$	—	$	54,693,783	$	—	$	54,693,783
Alaska		—		15,556,136		—		15,556,136
Arizona		—		219,204,920		—		219,204,920
Arkansas		—		6,269,643		—		6,269,643
California		—		1,108,835,340		—		1,108,835,340
Colorado		—		300,320,655		—		300,320,655
Connecticut		—		8,241,718		—		8,241,718
Delaware		—		4,707,216		—		4,707,216
District of Columbia		—		142,741,953		—		142,741,953
Florida		—		1,031,231,726		—		1,031,231,726
Georgia		—		87,651,874		—		87,651,874
Hawaii		—		9,287,840		—		9,287,840
Idaho		—		66,008		—		66,008
Illinois		—		444,627,638		—		444,627,638
Indiana		—		160,565,504		—		160,565,504
Iowa		—		135,386,118		—		135,386,118
Kansas		—		5,976,773		—		5,976,773
Kentucky		—		19,339,003		—		19,339,003
Louisiana		—		99,261,522		—		99,261,522
Maine		—		28,350,439		—		28,350,439
Maryland		—		17,736,301		—		17,736,301
Massachusetts		—		133,301,795		—		133,301,795
Michigan		—		271,206,024		—		271,206,024
Minnesota		—		70,037,713		—		70,037,713
Mississippi		—		21,781,518		—		21,781,518
Missouri		—		91,029,402		—		91,029,402
Montana		—		9,615,426		—		9,615,426
Multi States		—		4,424,160		—		4,424,160
Nebraska		—		39,021,149		—		39,021,149
Nevada		—		54,174,724		—		54,174,724
New Hampshire		—		6,026,022		—		6,026,022
New Jersey		—		670,519,497		—		670,519,497

F47 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

					Level 3–
	Level 1–		Level 2–		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Municipal Bonds and Notes Continued
New Mexico	$	—	$	36,076,404	$	—	$	36,076,404
New York		—		232,943,360		—		232,943,360
North Carolina		—		50,262,637		—		50,262,637
North Dakota		—		3,411,183		—		3,411,183
Ohio		—		289,744,166		—		289,744,166
Oklahoma		—		59,922,745		—		59,922,745
Oregon		—		11,516,879		—		11,516,879
Pennsylvania		—		138,106,341		—		138,106,341
Rhode Island		—		147,860,866		—		147,860,866
South Carolina		—		31,984,892		—		31,984,892
South Dakota		—		41,558,428		—		41,558,428
Tennessee		—		37,396,200		—		37,396,200
Texas		—		1,268,441,383		13,452,190		1,281,893,573
U.S. Possessions		—		29,416,708		—		29,416,708
Utah		—		6,819,612		—		6,819,612
Vermont		—		1,949,218		—		1,949,218
Virginia		—		84,405,946		—		84,405,946
Washington		—		193,342,339		—		193,342,339
West Virginia		—		30,617,635		—		30,617,635
Wisconsin		—		47,252,491		—		47,252,491
Corporate Bonds and Notes		—		8,089,777		—		8,089,777
Common Stocks		1,793,958		—		—		1,793,958
Rights, Warrants, and Certificates		358,979		—		—		358,979
Total Assets	$	2,152,937	$	8,022,308,750	$	13,452,190	$	8,037,913,877

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 methodologies, if any, during the reporting period.

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

ABH	Adventist Bolingbrook Hospital
AG	Allegheny General Hospital
AGH	Adventist Glenoaks Hospital
AH	Ascension Health
AHF	American Housing Foundation
AHSGA	Adventist Health System-Georgia
AUS	Allegheny United Hospital
CAB	Capital Appreciation Bond
CDA	Communities Devel. Authority
CDHA	Central Dupage Hospital Association
CDHS	Central Dupage Health System
CFGH	Central Florida Group Homes
CHE	Catholic Health East
CHFTEH	Catholic Housing for the Elderly & Handicapped
CHS	Catholic Health Services
CMH	Copley Memorial Hospital
CMHMF	Community Memorial Hospital of Menomonee Fulls
COP	Certificates of Participation
DA	Dormitory Authority
DRIVERS	Derivative Inverse Tax Exempt Receipts
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.
EDFA	Economic Devel. Finance Authority

F48 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

EF&CD	Environmental Facilities and Community Devel.
EMH	Elmhurst Memorial Hospital
EMHC	Elmhurst Memorial Healthcare
EMHH	Elmhurst Memorial Home Health
F + CH	Froedtert + Community Health
FMLH	Froedtert Memorial Lutheran Hospital
FMOOLHS	Franciscan Missionaries of Our Lady Health System
GO	General Obligation
H&EFA	Health and Educational Facilities Authority
H&EFB	Health and Educational Facilities Board
H&HEFA	Hospitals and Higher Education Facilities Authority
HAPM	Health Alliance Plan of Michigan
HDA	Hospital Devel. Authority
HDC	Housing Devel. Corp.
HE&HF	Higher Educational and Housing Facilities
HE&HFB	Health Educational and Housing Facility Board
HEFA	Higher Education Facilities Authority
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HFDC	Health Facilities Devel. Corp.
HFHS	Henry Ford Health System
HUHS	Hahnemann University Hospital System
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
JHF	Jewish Hospital Foundation
LH	Lowman Home
LS	Lutheran Services
MC	Mccauley Center
MCP	Medical College Of Pennsylvania
MM	Mercy Medical
MetroF	Metro Foundation
MetroH	Metropolitan Hospital
MetroHC	Metropolitan Health Corporation
NH	Northgate Housing
NTH	North Terrace Housing
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
OHP	Oakwood Health Promotions
OHS	Oakwood Healthcare System
OLOLRMC	Our Lady of Lourdes Regional Medical Center
OUH	Oakwood United Hospitals
PHF	Piedmont Healthcare
PHC	Piedmont Hospital Foundation
RCF	Rush-Copley Foundation
RCMC	Rush-Copley Medical Center
RHA	Resource Healthcare of America
RITES	Residual Interest Tax Exempt Security
ROLs	Residual Option Longs
RUMC	Rush University Medical Center
Res Rec	Resource Recovery Facility
SANC	St. Anne’s Nursing Center
SFMC	St. Francis Medical Center
SHCNA	Seton Health Corp. of North Alabama
SHCSA	Seton Health Corp. of South Alabama
SJHCN	St. Joseph Home Care Network
SJHE	St. Joseph Hospital of Eureka
SJHO	St. Joseph Hospital of Orange
SJHS	St. Joseph Health System
SJR	St. Joseph Residence
SJRNC	St. Johns Rehabilitation and Nursing Center
SMHC	St. Marys Healthcare Center
SVH	Saint Vincent’s Hospital
TASC	Tobacco Settlement Asset-Backed Bonds
TYW	The YMCA of Wichita
UDC	Urban Devel. Corp.
VH	Village Housing
VMNRC	Villa Marina Nursing & Rehabilitation Center
VS	Village Shalom
VSCF	Village Shalom Charitable Foundation
WH&MC	Wyandotte Hospital & Medical Center
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.

F49 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Unaudited

January 31, 2010

Assets
Investments, at value (cost $9,916,943,750)—see accompanying statement of investments	$	8,037,913,877
Cash		1,610,458
Receivables and other assets:
Interest		116,395,860
Shares of beneficial interest sold		17,226,017
Investments sold (including $501,875 sold on a when-issued or delayed delivery basis)		7,784,342
Other		6,213,064
Total assets		8,187,143,618
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		1,567,455,000
Payable on borrowings (See Note 6)		115,700,000
Investments purchased (including $76,161,942 purchased on a when-issued or delayed delivery basis)		90,996,674
Shares of beneficial interest redeemed		24,434,392
Dividends		7,148,945
Distribution and service plan fees		786,161
Trustees’ compensation		751,234
Transfer and shareholder servicing agent fees		309,421
Shareholder communications		123,401
Interest expense on borrowings		21,503
Other		1,320,921
Total liabilities		1,809,047,652
Net Assets	$	6,378,095,966
Composition of Net Assets
Paid-in Capital	$	9,810,890,055
Accumulated net investment income		27,947,775
Accumulated net realized loss on investments		(1,581,711,991	)
Net unrealized depreciation on investments		(1,879,029,873	)
Net Assets	$	6,378,095,966

F50 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,491,104,225 and 629,495,247 shares of beneficial interest outstanding)	$	7.13
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	7.49
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $244,196,709 and 34,120,366 shares of beneficial interest outstanding)	$	7.16
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,642,795,032 and 230,786,268 shares of beneficial interest outstanding)	$	7.12

See accompanying Notes to Financial Statements.

F51 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended January 31, 2010

Investment Income
Interest	$	298,118,394
Other income		2,464
Total investment income		298,120,858
Expenses
Management fees		11,237,932
Distribution and service plan fees:
Class A		3,116,452
Class B		1,101,830
Class C		6,989,877
Transfer and shareholder servicing agent fees:
Class A		1,202,668
Class B		187,083
Class C		629,743
Shareholder communications:
Class A		86,020
Class B		12,829
Class C		43,757
Interest expense and fees on short-term floating rate notes issued (See Note 1)		13,534,635
Borrowing fees		12,011,600
Interest expense on borrowings		428,873
Trustees’ compensation		80,215
Custodian fees and expenses		34,288
Other		267,147
Total expenses		50,964,949
Less waivers and reimbursements of expenses		(60,192	)
Net expenses		50,904,757
Net Investment Income		247,216,101
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(69,492,682	)
Net change in unrealized depreciation on investments		1,096,503,166
Net Increase in Net Assets Resulting from Operations	$	1,274,226,585

See accompanying Notes to Financial Statements.

F52 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	January 31, 2010			July 31,
	(Unaudited)			2009
Operations
Net investment income	$	247,216,101		$	461,770,606
Net realized loss		(69,492,682	)		(1,006,649,787	)
Net change in unrealized depreciation		1,096,503,166			(1,152,854,532	)
Net increase (decrease) in net assets resulting from operations		1,274,226,585			(1,697,733,713	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(169,859,276	)		(326,236,980	)
Class B		(8,785,567	)		(20,619,463	)
Class C		(56,527,223	)		(109,271,240	)
		(235,172,066	)		(456,127,683	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		354,290,509			392,780,817
Class B		(12,696,382	)		(31,165,765	)
Class C		121,611,892			149,550,201
		463,206,019			511,165,253
Net Assets
Total increase (decrease)		1,502,260,538			(1,642,696,143	)
Beginning of period		4,875,835,428			6,518,531,571
End of period (including accumulated net investment income of $27,947,775 and $15,903,740, respectively)	$	6,378,095,966		$	4,875,835,428

See accompanying Notes to Financial Statements.

F53 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF CASH FLOWS Unaudited

For the Six Months Ended January 31, 2010
Cash Flows from Operating Activities
Net increase in net assets from operations	$	1,274,226,585
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(1,061,513,230	)
Proceeds from disposition of investment securities		766,834,043
Short-term investment securities, net		124,409,298
Premium amortization		2,206,636
Discount accretion		(43,063,390	)
Net realized loss on investments		69,492,682
Net change in unrealized depreciation on investments		(1,096,503,166	)
Increase in interest receivable		(7,385,098	)
Decrease in receivable for securities sold		1,712,137
Decrease in other assets		6,879,346
Increase in payable for securities purchased		89,221,454
Decrease in other liabilities		(6,202,932	)
Net cash provided by operating activities		120,314,365
Cash Flows from Financing Activities
Proceeds from bank borrowings		872,000,000
Payments on bank borrowings		(1,220,500,000	)
Payments on short-term floating rate notes issued		(19,435,000	)
Proceeds from shares sold		1,136,873,048
Payments on shares redeemed		(795,908,033	)
Cash distributions paid		(93,442,733	)
Net cash used in financing activities		(120,412,718	)
Net decrease in cash		(98,353	)
Cash, beginning balance		1,708,811
Cash, ending balance	$	1,610,458

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $138,546,179.

Cash paid for interest on bank borrowings—$655,024.

Cash paid for interest on short-term floating rate notes issued—$13,534,635.

See accompanying Notes to Financial Statements.

F54 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class A	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	5.90		$	8.89		$	12.43		$	12.47		$	12.69		$	11.13
Income (loss) from investment operations:
Net investment income1		.29			.62			.70			.67			.69			.78
Net realized and unrealized gain (loss)		1.22			(2.98	)		(3.57	)		(.03	)		(.24	)		1.59
Total from investment operations		1.51			(2.36	)		(2.87	)		.64			.45			2.37
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.28	)		(.63	)		(.67	)		(.68	)		(.67	)		(.81	)
Net asset value, end of period	$	7.13		$	5.90		$	8.89		$	12.43		$	12.47		$	12.69
Total Return, at Net Asset Value2		25.74	%		(26.44	)%		(23.62	)%		5.16	%		3.79	%		21.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,491,104		$	3,408,946		$	4,503,510		$	5,886,284		$	3,439,135		$	2,309,856
Average net assets (in thousands)	$	4,198,382		$	3,338,722		$	4,903,394		$	4,813,462		$	2,721,861		$	1,366,113
Ratios to average net assets:3
Net investment income		8.43	%		9.89	%		6.70	%		5.23	%		5.60	%		6.46	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.01	%		1.63	%		0.79	%		0.63	%		0.67	%		0.69	%
Interest and fees on short-term floating rate notes issued4		0.45	%		1.34	%		1.25	%		0.84	%		0.81	%		0.39	%
Total expenses		1.46	%		2.97	%		2.04	%		1.47	%		1.48	%		1.08	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.46	%		2.97	%		2.04	%		1.47	%		1.48	%		1.08	%
Portfolio turnover rate		11	%		20	%		37	%		6	%		24	%		6	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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 accompanying Notes to Financial Statements.

F55 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class B	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	5.92		$	8.91		$	12.46		$	12.50		$	12.72		$	11.15
Income (loss) from investment operations:
Net investment income1		.26			.57			.62			.57			.60			.70
Net realized and unrealized gain (loss)		1.23			(2.99	)		(3.58	)		(.02	)		(.24	)		1.59
Total from investment operations		1.49			(2.42	)		(2.96	)		.55			.36			2.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.25	)		(.57	)		(.59	)		(.59	)		(.58	)		(.72	)
Net asset value, end of period	$	7.16		$	5.92		$	8.91		$	12.46		$	12.50		$	12.72
Total Return, at Net Asset Value2		25.30	%		(27.02	)%		(24.27	)%		4.34	%		2.97	%		21.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	244,197		$	212,745		$	356,192		$	586,763		$	558,386		$	528,192
Average net assets (in thousands)	$	243,027		$	232,793		$	458,627		$	587,412		$	533,869		$	410,031
Ratios to average net assets:3
Net investment income		7.61	%		8.99	%		5.86	%		4.49	%		4.84	%		5.80	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.87	%		2.47	%		1.60	%		1.41	%		1.46	%		1.48	%
Interest and fees on short-term floating rate notes issued4		0.45	%		1.34	%		1.25	%		0.84	%		0.81	%		0.39	%
Total expenses		2.32	%		3.81	%		2.85	%		2.25	%		2.27	%		1.87	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.32	%		3.81	%		2.85	%		2.25	%		2.27	%		1.87	%
Portfolio turnover rate		11	%		20	%		37	%		6	%		24	%		6	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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 accompanying Notes to Financial Statements.

F56 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

	Six Months
	Ended
	January 31, 2010												Year Ended July 31,
Class C	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	5.89		$	8.87		$	12.41		$	12.45		$	12.67		$	11.11
Income (loss) from investment operations:
Net investment income1		.26			.57			.62			.57			.60			.68
Net realized and unrealized gain (loss)		1.22			(2.97	)		(3.57	)		(.02	)		(.24	)		1.60
Total from investment operations		1.48			(2.40	)		(2.95	)		.55			.36			2.28
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.25	)		(.58	)		(.59	)		(.59	)		(.58	)		(.72	)
Net asset value, end of period	$	7.12		$	5.89		$	8.87		$	12.41		$	12.45		$	12.67
Total Return, at Net Asset Value2		25.31	%		(26.98	)%		(24.26	)%		4.38	%		3.01	%		21.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,642,795		$	1,254,144		$	1,658,830		$	2,125,327		$	1,299,995		$	868,108
Average net assets (in thousands)	$	1,543,276		$	1,215,913		$	1,800,637		$	1,756,797		$	1,050,344		$	488,562
Ratios to average net assets:3
Net investment income		7.66	%		9.09	%		5.93	%		4.47	%		4.83	%		5.68	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.78	%		2.41	%		1.56	%		1.39	%		1.44	%		1.46	%
Interest and fees on short-term floating rate notes issued4		0.45	%		1.34	%		1.25	%		0.84	%		0.81	%		0.39	%
Total expenses		2.23	%		3.75	%		2.81	%		2.23	%		2.25	%		1.85	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.23	%		3.75	%		2.81	%		2.23	%		2.25	%		1.85	%
Portfolio turnover rate		11	%		20	%		37	%		6	%		24	%		6	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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 accompanying Notes to Financial Statements.

F57 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited

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 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 significant 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 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 it is 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

F58 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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.

     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 of the Fund 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

F59 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund 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 January 31, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery
	Basis Transactions
Purchased securities	$	76,161,942
Sold securities		501,875

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 $1,567,455,000 as of January 31, 2010, which represents 19.15% 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

F60 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 January 31, 2010, municipal bond holdings with a value of $2,420,901,676 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $1,567,455,000 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.

At January 31, 2010, 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
$	3,895,000	AL HFA (Single Family Mtg.) ROLs3		15.075	%		10/1/32	$	3,907,230
	6,381,000	Aurora, IL Single Family Mtg. ROLs3		15.297			12/1/39		8,028,447
	7,785,000	Aurora, IL Single Family Mtg. ROLs3		19.548			12/1/45		9,846,079
	57,275,000	AZ Health Facilities Authority ROLs3		0.987			1/1/37		32,452,588
	17,620,000	AZ Health Facilities Authority ROLs3		1.012			1/1/37		9,983,668
	53,605,000	AZ Health Facilities Authority ROLs3		1.012			1/1/37		30,373,129
	4,125,000	Broward County, FL Water and Sewer ROLs3		15.840			10/1/34		4,681,050
	3,715,000	CA Dept. of Veterans Affairs Home Purchase ROLs3		15.691			12/1/28		3,721,390
	139,520,000	CA Golden State Tobacco Securitization Corp. ROLs3		6.383			6/1/47		85,443,443
	3,855,000	CA Health Facilities Financing Authority ROLs3		17.548			7/1/39		4,375,425
	2,615,000	Cerritos, CA Community College District DRIVERS		15.416			8/1/33		2,874,617

F61 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	4,710,000	Chelan County, WA Public Utility District No. 1 ROLs3		10.328	%		1/1/36	$	4,732,608
	13,125,000	CO Health Facilities Authority (Catholic Health Initiatives) DRIVERS		7.734			7/1/39		13,320,300
	11,985,000	Dallas, TX Area Rapid Transit ROLs3		14.956			12/1/48		13,409,657
	2,500,000	Dallas-Fort Worth, TX International Airport ROLs3		14.941			11/1/35		2,175,950
	8,250,000	Desert, CA Community College District3		14.941			8/1/37		8,475,720
	7,025,000	Detroit, MI Sewer Disposal System ROLs3		0.843			7/1/32		(1,703,563	)
	2,595,000	District of Columbia HFA RITES		14.306			6/1/38		2,490,162
	4,675,000	Douglas County, NE Hospital Authority ROLs3		18.745			11/1/48		5,740,059
	1,895,000	FL HFC ROLs3		15.406			7/1/38		1,967,162
	14,530,000	Fulton County, GA Devel. Authority (PHC/Piedmont Hospital/PHF Obligated Group) DRIVERS		7.734			6/15/29		15,073,131
	6,865,000	Fulton County, GA Devel. Authority (PHC/Piedmont Hospital/PHF Obligated Group) DRIVERS		8.166			6/15/37		7,128,891
	6,670,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.439			4/1/44		7,234,415
	5,790,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.123			4/1/44		6,122,578
	3,670,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.110			4/1/44		3,880,805
	3,335,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.115			4/1/44		3,526,562
	6,250,000	IL Finance Authority (CDHS/CDHA Obligated Group) DRIVERS		8.599			11/1/39		6,707,438
	2,500,000	IL Finance Authority (CDHS/CDHA Obligated Group) DRIVERS		8.383			11/1/39		2,635,225
	8,000,000	IN Finance Authority (Trinity Health Credit Group) DRIVERS		11.796			12/1/38		8,554,000
	5,650,000	King County, WA Sewer ROLs3		17.574			1/1/43		7,553,485
	3,500,000	KY EDFA (Baptist Healthcare System) ROLs3		16.245			8/15/24		4,597,600
	4,330,000	Long Beach, CA Harbor DRIVERS		11.467			5/15/27		4,419,848

F62 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	7,985,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		15.618	%		5/15/30	$	8,398,144
	1,250,000	Los Angeles, CA Dept. of Water & Power DRIVERS		14.541			7/1/34		1,393,000
	1,250,000	Los Angeles, CA Dept. of Water & Power DRIVERS		14.541			7/1/39		1,363,600
	4,065,000	Los Angeles, CA Harbor Dept. DRIVERS		15.425			8/1/39		4,530,686
	2,750,000	Los Angeles, CA Unified School District ROLs3		14.431			7/1/32		2,844,600
	1,835,000	Los Angeles, CA Unified School District ROLs3		14.982			1/1/34		1,843,294
	2,640,000	Los Angeles, CA Unified School District ROLs3		14.987			1/1/34		2,651,933
	2,190,000	Los Angeles, CA Unified School District ROLs3		14.873			1/1/34		2,199,899
	7,500,000	Los Angeles, CA Unified School District ROLs3		14.941			7/1/32		7,758,000
	7,605,000	MA Educational Financing Authority ROLs3		15.458			1/1/30		8,146,020
	2,125,000	MA H&EFA ROLs3		7.870			7/1/34		2,162,995
	11,550,000	MA H&EFA ROLs3		7.870			7/1/39		11,721,864
	3,940,000	MA HFA ROLs3		10.500			6/1/49		3,410,031
	3,125,000	MA HFA ROLs3		10.734			12/1/49		3,093,063
	13,020,000	MA HFA ROLs3		14.721			7/1/25		13,266,859
	4,035,000	Metropolitan Washington D.C. Airport Authority, Series B DRIVERS		10.842			10/1/34		3,832,201
	7,330,000	Metropolitan Washington, D.C. Airport Authority ROLs3		14.849			10/1/32		6,937,112
	5,000,000	Miami-Dade County, FL Aviation ROLs3		11.346			10/1/40		3,956,650
	2,500,000	Miami-Dade County, FL School Board ROLs3		15.810			2/1/27		3,050,300
	2,500,000	Miami-Dade County, FL School Board ROLs3		14.941			2/1/27		2,866,900
	12,500,000	Miami-Dade County, FL School Board ROLs3		16.245			2/1/34		14,619,500
	3,000,000	Montgomery County, OH (Catholic Health Initiatives) DRIVERS		14.559			5/1/39		3,043,200
	1,945,000	Montgomery County, OH Sewer (Catholic Health Initiatives)		14.559			5/1/39		1,973,008

F63 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

		��
Principal				Coupon			Maturity
Amount			Inverse Floater1	Rate2			Date		Value
$	2,885,000		Newport Beach, CA GO ROLs3		14.995	%		12/1/24	$	3,147,824
	60,560,000		NJ Tobacco Settlement Financing Corp. ROLs3		5.179			6/1/29		39,714,642
	7,190,000		NM Hospital Equipment ROLs3		11.403			8/1/39		7,148,154
	9,500,000		North Central Texas HFDC (Children’s Medical Center) DRIVERS		17.156			8/15/39		11,084,980
	5,000,000		NYC Municipal Water Finance Authority DRIVERS		14.559			6/15/36		5,459,000
	5,000,000		NYC Municipal Water Finance Authority DRIVERS		14.559			6/15/39		5,679,900
	3,020,000		NYS DA (State Personal Income Tax Authority) DRIVERS		14.553			3/15/35		3,315,477
	2,500,000		NYS DA ROLs3		14.971			3/15/38		2,832,550
	5,000,000		NYS UDC (State Personal Income Tax Authority) DRIVERS		14.559			3/15/37		5,566,200
	3,335,000		Orange County, FL Health Facilities Authority (The Nemours Foundation) DRIVERS		11.141			1/1/39		3,348,907
	4,625,000		Orlando, FL Utilities Commission ROLs3		15.810			10/1/39		5,699,943
	3,750,000		Orlando, FL Utilities Commission ROLs3		14.941			10/1/33		4,341,900
	2,875,000		PA Geisinger Authority Health System, Series A DRIVERS		15.425			6/1/39		3,216,493
	3,100,000		Pima County, AZ IDA ROLs3		16.424			7/1/39		3,250,288
	11,070,000		Port of Seattle, WA Special Facilities ROLs3		12.467			10/1/32		10,673,694
	3,670,000		Puerto Rico Sales Tax Financing Corp. DRIVERS		11.786			8/1/57		3,516,851
	4,250,000		Puerto Rico Sales Tax Financing Corp. ROLs3		15.020			8/1/57		5,177,775
	3,210,000		RI Hsg. & Mtg. Finance Corp. ROLs3		15.793			10/1/47		2,791,544
	2,500,000		Richmond, VA Public Utility ROLs3		14.941			1/15/40		2,936,450
	1,392,000		Sabine Neches, TX HFC (Single Family Mtg.) ROLs		13.531			12/1/39		1,410,291
	3,750,000		San Diego, CA Public Facilities Financing Authority DRIVERS		15.858			8/1/34		4,460,475
	5,425,000		San Francisco, CA Bay Area Toll Authority ROLs3		11.722			4/1/47		5,657,136
	7,370,000		San Francisco, CA Bay Area Toll Authority ROLs3		11.406			4/1/31		7,874,992

F64 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	1,700,000	San Jacinto, TX Community College District ROLs3		14.491	%		2/15/33	$	1,871,836
	2,500,000	San Jacinto, TX Community College District ROLs3		14.925			2/15/38		2,768,300
	3,000,000	Southern CA Metropolitan Water District DRIVERS		14.559			7/1/35		3,414,300
	3,500,000	Tampa Bay, FL Regional Water Supply Authority DRIVERS		14.559			10/1/34		3,906,000
	3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs3		17.098			11/15/24		4,857,090
	8,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs3		18.836			11/15/29		11,795,790
	375,000	Tes Properties, WA DRIVERS		16.290			12/1/29		468,270
	3,000,000	Tes Properties, WA DRIVERS		16.723			12/1/38		3,390,600
	150,595,000	TX Municipal Gas Acquisition & Supply Corp. ROLs3		12.138			12/15/26		183,033,163
	4,355,000	WA Health Care Facilities Authority (Peacehealth) DRIVERS		14.551			11/1/28		4,677,096
	5,000,000	WA Health Care Facilities Authority (Seattle Children’s Hospital/Seattle Children’s Healthcare System Obligated Group)		12.770			10/1/38		5,536,350
	4,875,000	WA Health Care Facilities Authority ROLs3		14.971			11/1/18		6,257,843
	5,670,000	Wayne County, MI Airport Authority ROLs3		11.339			12/1/29		5,047,377
	3,645,000	Wayne County, MI Airport Authority ROLs3		11.341			12/1/29		3,244,743
	8,335,000	Wayne County, MI Airport Authority ROLs3		11.344			12/1/29		7,419,734
	3,335,000	Wayne County, MI Airport Authority ROLs3		11.340			12/1/34		2,962,714
	1,875,000	Westminster, CA Redevel. Agency Tax Allocation ROLs3		19.286			11/1/39		2,817,600
	3,750,000	Westminster, CA Redevel. Agency Tax Allocation ROLs3		17.548			11/1/45		4,706,700
	4,335,000	WI H&EFA (CMHMF/F&CH/FMLH Obligated Group) DRIVERS		11.142			4/1/34		4,084,134
	4,040,000	WI Hsg. & EDA DRIVERS		7.826			9/1/24		4,089,612
								$	853,446,676

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on pages F48 and F49 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.

F65 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 January 31, 2010, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $1,190,936,438.

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 January 31, 2010 is as follows:

Cost	$	758,690,183
Market Value	$	279,184,237
Market Value as a % of Net Assets		4.38	%

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 January 31, 2010, securities with an aggregate market value of $36,239,501, representing 0.57% of the Fund’s net assets, were subject to these forbearance agreements. Interest and principal payments of $2,151,250 and $735,000, respectively, 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.

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.

F66 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

During the fiscal year ended July 31, 2009, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of July 31, 2009, the Fund had available for federal income tax purposes post-October losses of $829,697,958 and unused capital loss carryforwards as follows:

Expiring
2014	$	187,364
2016		81,480,187
2017		566,789,505
Total	$	648,457,056

As of January 31, 2010, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $1,547,647,696 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended January 31, 2010, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

     Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains 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.

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 January 31, 2010 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	$	10,014,168,986
Gross unrealized appreciation	$	385,383,222
Gross unrealized depreciation		(2,361,638,331	)
Net unrealized depreciation	$	(1,976,255,109	)

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 six months

F67 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

ended January 31, 2010, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	20,508
Payments Made to Retired Trustees		53,147
Accumulated Liability as of January 31, 2010		433,177

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

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts 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.

F68 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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:

	Six Months Ended January 31, 2010						Year Ended July 31, 2009
	Shares			Amount			Shares			Amount
Class A
Sold		124,508,399		$	859,249,481			276,370,390		$	1,681,940,175
Dividends and/or distributions reinvested		14,790,870			102,182,380			32,720,913			198,677,274
Redeemed		(87,295,484	)		(607,141,352	)		(238,364,361	)		(1,487,836,632	)
Net increase		52,003,785		$	354,290,509			70,726,942		$	392,780,817
Class B
Sold		3,296,748		$	22,665,819			8,133,260		$	50,040,887
Dividends and/or distributions reinvested		668,090			4,621,587			1,784,195			10,905,137
Redeemed		(5,775,978	)		(39,983,788	)		(13,955,886	)		(92,111,789	)
Net decrease		(1,811,140	)	$	(12,696,382	)		(4,038,431	)	$	(31,165,765	)
Class C
Sold		36,787,852		$	252,875,919			77,123,003		$	473,777,038
Dividends and/or distributions reinvested		4,606,139			31,742,212			9,966,026			60,236,039
Redeemed		(23,528,637	)		(163,006,239	)		(61,182,005	)		(384,462,876	)
Net increase		17,865,354		$	121,611,892			25,907,024		$	149,550,201

F69 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / 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 six months ended January 31, 2010, were as follows:

	Purchases		Sales
Investment securities	$	1,061,513,230	$	766,834,043

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
Next $10 billion	0.35
Over $11 billion	0.34

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 six months ended January 31, 2010, the Fund paid $2,034,710 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

F70 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 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 uncompen-sated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at December 31, 2009 were as follows:

Class B	$	14,366,275
Class C		33,866,275

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
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor
January 31, 2010	$	1,303,830	$	124,058	$	318,599	$	197,694

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.

     The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the “Pending Litigation” note which appears later in this report. During the six months ended January 31, 2010, the Manager reimbursed the Fund $60,192 for legal costs and fees. This undertaking may be amended or withdrawn at any time.

5. Illiquid Securities

As of January 31, 2010, 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.

F71 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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 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 conduit lenders 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 $2.25 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 (0.2315% as of January 31, 2010). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended January 31, 2010 equal 0.41% 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 January 31, 2010, the Fund had borrowings outstanding at an interest rate of 0.2315%. Details of the borrowings for the six months ended January 31, 2010 are as follows:

Average Daily Loan Balance	$	266,402,174
Average Daily Interest Rate		0.301	%
Fees Paid	$	10,005,904
Interest Paid	$	655,024

7. Subsequent Events Evaluation

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

F72 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

8. Pending Litigation

Since 2009, a number of lawsuits 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 lawsuits naming the Fund as a defendant also name as defendants certain officers, trustees and former trustees of the Fund. The plaintiffs seek class action status on behalf of purchasers of shares of the Fund during a particular time period. The lawsuits 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. Litigation involving certain other Oppenheimer funds is similar in nature.

     In 2009, lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits 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 lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those suits 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 as defendants. 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 is defending against them vigorously. The Fund’s Board of Trustees has also engaged counsel to defend against the suits brought against the Fund and the Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Fund may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not have any material effect on the operations of the Fund, 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, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer funds.

F73 | 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.

     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.

19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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

     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, Troy Willis, Mark DeMitry, Marcus Franz and Michael Camarella, 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 before the June 2009 Board meeting) 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

20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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, 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.

     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 and September 2009, the Board, including a majority of the independent Trustees, decided to continue the Agreement for the period through September 30, 2010. 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.

21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 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.

22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

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 01/31/2010, 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) Not applicable to semiannual reports.
	(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/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	03/08/2010

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/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	03/08/2010
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	03/08/2010