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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-5867

Oppenheimer Multi-State Municipal Trust

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: 7/29/2011

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Hospital/Healthcare	21.0	%
Tobacco-Master Settlement Agreement	14.6
Airlines	8.1
Highways/Commuter Facilities	8.0
Marine/Aviation Facilities	7.2
Sales Tax Revenue	6.0
General Obligation	4.4
Adult Living Facilities	4.1
Higher Education	3.4
Water Utilities	3.4

Portfolio holdings are subject to change. Percentages are as of July 29, 2011, and are based on total assets.

Credit Allocation


Credit Rating Breakdown	NRSRO Only Total

AA		21.1	%
A		24.3
BBB		32.8
BB or lower		11.8
Unrated		10.0
Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of July 29, 2011, and are subject to change. All securities except for those labeled “unrated” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Manager”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality.

For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

11 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 29 2011, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.¹

Management’s Discussion of Fund Performance. Near the midpoint of the 12-month period ended July 29, 2011, changes in market conditions and investor confidence created significant pricing pressure in the municipal bond market, generally leading to declines in bond prices and bond fund net asset values. Despite this market turmoil, the Class A shares of Oppenheimer New Jersey Municipal Fund produced a total return of 2.46% at net asset value for the reporting period (-2.40% with sales charge), with tax-free income providing all of the positive total return.

This development, we believe, points to the power of the Rochester Way, our time-tested approach of focusing on tax-free yield as the key long-term driver of Fund performance. Additionally, the distribution yield of this Fund’s Class A shares was 6.40% at NAV, 234 basis points higher than the average in its peer category. In all, Oppenheimer New Jersey Municipal Fund distributed 61.6 cents per Class A share, including a small amount of taxable income.

The charts on pages 17 to 20 show the Fund’s performance. We encourage investors to remain focused on their long-term financial objectives for high levels of tax-free income and believe that this Fund’s investments offer structural advantages over the long term.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 22.8% of the Fund’s net assets on July 29, 2011. Most of the Fund’s investments in securities issued by Puerto Rico issuers are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education.

Near the end of this reporting period, Puerto Rico issued $305 million in new-money general obligation debt, its first such offering in nearly three years. The bonds, which will mature in 2041, were sold with a yield of 5.95%.

This bond sale, we believe, demonstrates the market’s approval of the fiscal improvements that have been championed by first-term governor Luis Fortuño. In a Municipal Forum speech in New York this reporting period, the governor talked about the progress his team has made in reducing the Commonwealth’s structural deficit, encouraging public-private partnerships, focusing on pension reform and reducing spending.

Also this reporting period, a new president was appointed to lead Puerto Rico’s financing arm, the Government Development Bank (GDB). In an interview with The


1.		July 29, 2011, was the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes to Financial Statements.

12 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Bond Buyer, an independent newspaper that covers the industry, Juan Carlos Batlle said his plan was “to maintain the fiscal discipline that the government has been doing over the past two years.” The Commonwealth, its agencies and the GDB retained their investment-grade ratings from Standard & Poor’s, Fitch Ratings and Moody’s Investors Service this reporting period. Our Puerto Rico holdings contributed favorably to the Fund’s total return this reporting period, and we remain confident in the Commonwealth’s ability to collect taxes and make its bond payments.

As of July 29, 2011, the Fund was invested in the hospital/health care sector, representing 21.0% of the Fund’s total assets. Our holdings in this sector consist of securities across the credit spectrum. The sector remained in the news this reporting period as politicians, lobbyists, activists and others argued about the viability of the Affordable Care Act of 2010; the debates have not changed our perspective that our disciplined, security-specific approach to credit research can uncover many potentially advantageous opportunities for the Fund in this and other sectors. The hospital/health care sector contributed very strongly to the Fund’s total return this reporting period.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers, comprised the Fund’s second largest industry sector as of July 29, 2011, representing 14.6% of the Fund’s total assets.²

Our long-term view of the sector remains bullish, and we will likely continue to hold a greater percentage of tobacco bonds in our portfolios than our peers. As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full. In November 2010, S&P lowered 51 ratings and outlooks in the tobacco sector, and we believe that this development, along with widening credit spreads, were factors in the sector’s underperformance this reporting period. Investors should note that we remain confident that the sector will continue to provide high levels of tax-free income to the long-term benefit of our yield-seeking investors.


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

13 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

The Fund’s airline holdings represented 8.1% of total assets as of July 29, 2011. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance and, as a result, these bonds offer investors valuable collateral. The airline industry, which returned to profitability in 2010, has continued to generate higher levels of monthly passenger revenue this reporting period. Late this reporting period, the Department of Transportation revealed that domestic carriers generated revenues of $3.4 billion in 2010 from baggage fees alone, part of the industry’s ongoing effort to strengthen its financial picture through special add-on fees for ticketed passengers. This sector contributed positively to the Fund’s performance this reporting period.

Oppenheimer New Jersey Municipal Fund remained invested in the Highways and Commuter Facilities sector, which represented 8.0% of the Fund’s total assets but did not contribute favorably to total return this reporting period. The underperformance can be attributed primarily to the downgrades given this reporting period to the State of New Jersey. State appropriations back New Jersey transportation bonds.

Also this reporting period, the Fund remained invested in securities used to finance marine and aviation facilities. Like the Fund’s airline holdings, many of these bonds are high-grade investments that are backed by a security interest in the terminals, maintenance facilities and other on-site projects whose construction they finance. As a result, these bonds offer investors valuable collateral. For example, the Fund is invested in a number of bonds issued by the Port Authority of New York/New Jersey, which we believe represent strong credits that should help the Fund provide attractive tax-free yields to our shareholders. As of July 29, 2011, 7.2% of the Fund’s total assets were invested in this sector, which contributed positively to the Fund’s total return this reporting period.

The Fund’s holdings in municipal bonds issued by utilities represented 6.3% of total assets at the end of this reporting period. It has been our experience that bonds issued by utilities typically have predictable revenue streams to finance their debt service payments, to the benefit of the Fund. This set of holdings as of July 29, 2011, included water utilities with 3.4% of the Fund’s total assets; electric utilities with 1.5% and sewer utilities with 1.4%. Of these three sectors, water and sewer utilities contributed positively to the Fund’s total return for the reporting period but the electric utilities sector was a slight detractor from performance.

Sales tax revenue bonds, representing 6.0% of the Fund’s total assets on July 29, 2011, contributed favorably to the Fund’s total return this reporting period. This sector’s performance was strengthened by increased tax collections in the State of New Jersey.

14 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

General obligation debt, which is backed by the full faith and taxing authority of state and local governments, constituted 4.4% of the Fund’s total assets as of July 29, 2011. While many municipalities faced budget challenges this reporting period, elected officials consistently safeguarded the debt service payments on their general obligation bonds. This sector also contributed positively to the Fund’s total return this reporting period.

The adult living facilities sector, which held 4.1% of the Fund’s total assets as of July 29, 2011, was a favorable contributor to the Fund’s total return this reporting period. These bonds, which finance various projects at senior living centers, tend to outperform in densely populated geographies with strong real estate values.

The Fund continued to favor the higher education sector this reporting period, which constituted 3.4% of total assets as of July 29, 2011. The bonds we hold in this sector have regularly provided high levels of tax-free income and, during the reporting period, they contributed positively to the Fund’s total return.

As of July 29, 2011, the Fund’s investments in the single-family housing sector represented 2.0% of the Fund’s total assets. These securities continued to provide competitive levels of tax-free income and contributed favorably to the Fund’s total return, despite the difficult conditions in the national housing market this reporting period. We continue to believe that long-term investors should ultimately benefit from this Fund’s carefully selected holdings in the housing sectors.

During this reporting period, the Fund remained invested in municipal inverse-floating rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. “Inverse floaters” generally offer higher tax-free yields than fixed-rate bonds of comparable maturity and credit quality, but they also face greater price volatility. During this reporting period, “inverse floaters” provided attractive levels of tax-free income and contributed favorably to the Fund’s total return. This outcome illustrates why we continue to believe that “inverse floaters” belong in our fund portfolios.

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

15 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

measured over a ten-year period. In the case of Class Y shares, performance is measured from inception of the Class on November 29, 2010. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

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

16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Class A Shares

Comparison of Change in Value of $10,000 Hypothetical Investments in:¹

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month end, visit us at oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, and the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 21 for further information.


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class B Shares

Comparison of Change in Value of $10,000 Hypothetical Investments in:¹

18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Class C Shares

Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class Y Shares

Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES

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

This annual report must be preceded or accompanied by the current prospectus of Oppenheimer New Jersey Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at 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 shares uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

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

Class Y shares of the Fund were first publicly offered on 11/29/10. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees and employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

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

21 | 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 (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 29, 2011.

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.

22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	February 1, 2011		July 29, 2011		July 29, 2011

Actual
Class A	$	1,000.00	$	1,104.40	$	5.59
Class B		1,000.00		1,099.70		9.93
Class C		1,000.00		1,100.10		9.57
Class Y		1,000.00		1,106.30		4.71

Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.22		5.36
Class B		1,000.00		1,015.10		9.53
Class C		1,000.00		1,015.45		9.18
Class Y		1,000.00		1,020.06		4.52

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 29, 2011 are as follows:


Class	Expense Ratios

Class A		1.08	%
Class B		1.92
Class C		1.85
Class Y		0.91

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

23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 29, 2011*


Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—115.1%
New Jersey—79.3%
$	335,000	Atlantic County, NJ Utilities Authority Solid Waste¹		7.125	%		03/01/2016	$	334,735
	3,480,000	Bayonne, NJ Parking Authority (City Parking)¹		5.000			06/15/2027		2,993,809
	6,065,000	Bayonne, NJ Redevel. Agency¹		7.625			04/01/2038		6,678,839
	10,000	Bergen County, NJ HDC¹		6.750			10/01/2018		10,026
	75,000	Bergen County, NJ Utilities Authority¹		5.500			12/15/2016		75,270
	35,000	Berkeley, NJ HFC (Bayville Hsg.)¹		5.750			08/01/2014		35,108
	3,000,000	Burlington County, NJ Bridge Commission Economic Devel. (The Evergreens)¹		5.625			01/01/2038		2,534,610
	140,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000			02/15/2035		116,914
	10,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.750			02/15/2034		9,308
	60,000	Casino Reinvestment Devel. Authority of NJ¹		5.250			06/01/2017		63,239
	250,000	Essex County, NJ Improvement Authority (Newark)¹		6.250			11/01/2030		265,015
	20,000	Essex County, NJ Improvement Authority (Sportsplex)¹		5.625			10/01/2023		20,019
	105,000	Essex County, NJ Improvement Authority (Sportsplex)¹		5.625			10/01/2027		105,061
	5,000	Highlands, NJ Board of Education COP¹		6.375			02/15/2017		5,013
	1,500,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.000			06/01/2035		1,506,270
	1,250,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.000			06/01/2038		1,247,163
	2,655,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.500			06/01/2041		2,753,846
	80,000	Hudson County, NJ Improvement Authority (North Hudson Regional Fire & Rescue)¹		5.700			09/01/2023		80,020
	5,000	Jackson, NJ Township Municipal Utilities Authority¹		5.500			12/01/2015		5,015
	95,000	Lodie, NJ Board of Education COP¹		5.700			09/15/2021		95,139
	10,000	Middlesex County, NJ Improvement Authority (Edison Township)		5.650			09/15/2011		10,045
	630,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)¹		5.000			01/01/2015		359,982
	500,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)¹		5.000			01/01/2020		281,080
	2,535,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)¹		5.000			01/01/2032		1,428,143
	1,100,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)¹		5.125			01/01/2037		619,839
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)¹		5.500			09/01/2030		20,004
	35,000	Neptune City, NJ Hsg. Authority¹		6.000			04/01/2019		35,035
	50,000	Newark, NJ Hsg. Authority (Lock Street Urban Renewal Partnership)¹		6.400			01/20/2034		50,052

24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	2,250,000	Newark, NJ Hsg. Authority (South Ward Police Facility)¹		6.750	%		12/01/2038	$	2,550,893
	2,045,000	NJ EDA (American Airlines)		7.100			11/01/2031		1,702,238
	3,060,000	NJ EDA (Applewood Estates)¹		5.000			10/01/2035		2,513,668
	50,000	NJ EDA (Bristol Glen)¹		5.750			07/01/2029		44,111
	860,000	NJ EDA (Cadbury at Cherry Hill)¹		5.500			07/01/2018		789,239
	25,000	NJ EDA (Cadbury at Cherry Hill)¹		5.500			07/01/2028		19,277
	25,000	NJ EDA (Consumers New Jersey Water Company)¹		5.100			09/01/2032		22,659
	2,500,000	NJ EDA (Continental Airlines)¹		6.250			09/15/2019		2,489,550
	2,395,000	NJ EDA (Continental Airlines)¹		6.250			09/15/2029		2,298,362
	3,000,000	NJ EDA (Continental Airlines)¹		6.400			09/15/2023		2,990,970
	11,430,000	NJ EDA (Continental Airlines)¹		7.000			11/15/2030		11,437,533
	9,475,000	NJ EDA (Continental Airlines)¹		9.000			06/01/2033		9,807,478
	3,100,000	NJ EDA (Cranes Mill)¹		5.100			06/01/2027		2,784,823
	175,000	NJ EDA (Dept. of Human Services)¹		6.250			07/01/2024		176,983
	135,000	NJ EDA (Devereux Foundation)¹		5.450			05/01/2027		135,024
	2,999,948	NJ EDA (Empowerment Zone-Cumberland)²		7.750			03/01/2021		1,212,339
	6,000,000	NJ EDA (GMT Realty)¹		6.875			01/01/2037		5,401,800
	18,215,000	NJ EDA (Hamilton Care)¹		6.650			11/01/2037		15,634,117
	10,000	NJ EDA (Hillcrest Health Service)		7.250	³		01/01/2018		7,138
	4,135,000	NJ EDA (Kapkowski Road Landfill)¹		6.500			04/01/2031		4,067,889
	50,000	NJ EDA (Keswick Pines)¹		5.600			01/01/2012		49,935
	60,000	NJ EDA (Keswick Pines)¹		5.700			01/01/2018		56,786
	145,000	NJ EDA (Keswick Pines)¹		5.750			01/01/2024		127,538
	30,000	NJ EDA (Kullman Associates)¹		6.125			06/01/2018		27,775
	110,000	NJ EDA (Kullman Associates)¹		6.750			07/01/2019		103,088
	160,000	NJ EDA (Leisure Park)¹		5.875			12/01/2027		138,387
	50,000	NJ EDA (Liberty State Park)		5.700			03/15/2016		50,193
	810,000	NJ EDA (Lions Gate)¹		5.750			01/01/2025		745,889
	1,345,000	NJ EDA (Lions Gate)¹		5.875			01/01/2037		1,159,256
	30,000	NJ EDA (Manchester Manor)¹		6.700			08/01/2022		30,062
	1,000,000	NJ EDA (Marcus L. Ward Home)¹		5.750			11/01/2024		997,790
	1,200,000	NJ EDA (Marcus L. Ward Home)¹		5.800			11/01/2031		1,173,324
	2,280,000	NJ EDA (Masonic Charity Foundation of New Jersey)¹		5.500			06/01/2031		2,294,455
	1,000,000	NJ EDA (Masonic Charity Foundation of New Jersey)¹		6.000			06/01/2025		1,019,750
	90,000	NJ EDA (Metromall Urban Renewal)¹		6.500			04/01/2031		87,464
	1,535,000	NJ EDA (Middlesex Water Company)¹		5.250			02/01/2029		1,459,110
	770,000	NJ EDA (Middlesex Water Company)¹		5.350			02/01/2038		736,413
	330,000	NJ EDA (Motor Vehicle Surcharges)¹		5.250			07/01/2031		338,283
	2,500,000	NJ EDA (MSU Student Hsg.)¹		5.750			06/01/2031		2,462,000
	5,000	NJ EDA (New Jersey American Water Company)¹		5.250			11/01/2032		5,007

25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	2,800,000	NJ EDA (New Jersey American Water Company)¹		5.250	%		07/01/2038	$	2,660,700
	4,855,000	NJ EDA (New Jersey American Water Company)¹		5.375			05/01/2032		4,855,291
	5,320,000	NJ EDA (New Jersey American Water Company)¹		5.600			11/01/2034		5,415,228
	4,000,000	NJ EDA (New Jersey American Water Company)¹		5.700			10/01/2039		4,052,280
	125,000	NJ EDA (New Jersey Natural Gas Company)¹		5.000			12/01/2038		111,910
	10,000	NJ EDA (New Jersey Transit Corp.)¹		5.750			12/15/2017		10,022
	30,000	NJ EDA (New Jersey Transit Corp.)¹		5.750			12/15/2017		30,067
	400,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2027		376,152
	700,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2037		612,514
	3,995,000	NJ EDA (Nui Corp.)¹		5.250			11/01/2033		3,750,386
	260,000	NJ EDA (Nui Corp.)¹		5.250			11/01/2033		244,080
	5,655,000	NJ EDA (Pingry School)¹		5.000			11/01/2038		4,967,182
	1,010,000	NJ EDA (Reformed Church Ministries to the Aging The Particulare Synod Mid-Atlantics)¹		5.375			12/01/2018		974,044
	7,580,000	NJ EDA (School Facilities Construction)⁴		5.125			03/01/2028		7,733,798
	8,680,000	NJ EDA (School Facilities Construction)⁴		5.125			03/01/2030		8,804,471
	8,750,000	NJ EDA (School Facilities Construction)¹		5.125			03/01/2030		8,875,475
	1,000,000	NJ EDA (School Facilities)¹		5.250			09/01/2026		1,053,470
	50,000	NJ EDA (St. Barnabas Medical Center)		6.750	³		07/01/2018		33,298
	65,000	NJ EDA (St. Barnabas Medical Center)		6.833	³		07/01/2021		35,602
	25,000	NJ EDA (St. Barnabas Medical Center)		7.153	³		07/01/2020		14,676
	1,000,000	NJ EDA (St. Francis Life Care Corp.)¹		5.750			10/01/2023		959,780
	10,000	NJ EDA (The Presbyterian Home at Montgomery)¹		6.250			11/01/2020		9,458
	115,000	NJ EDA (The Presbyterian Home at Montgomery)¹		6.375			11/01/2031		100,612
	20,000	NJ EDA (United Methodist Homes of New Jersey)¹		5.125			07/01/2018		19,107
	45,000	NJ EDA (University of Medicine and Dentistry of New Jersey)¹		6.000			06/01/2021		45,059
	2,500,000	NJ EDA Retirement Community (Seabrook Village)¹		5.250			11/15/2026		2,215,225
	3,500,000	NJ EDA Retirement Community (Seabrook Village)¹		5.250			11/15/2036		2,866,920
	660,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D¹		5.250			07/01/2032		610,289
	16,270,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D¹		6.000			07/01/2025		16,599,793
	5,000	NJ Educational Facilities Authority (Stevens Institute of Technology)¹		5.000			07/01/2018		5,607
	4,055,000	NJ Health Care Facilities Financing Authority (AHS Hospital Corp.)¹		5.500			07/01/2031		4,221,579
	170,000	NJ Health Care Facilities Financing Authority (Atlanticare Regional Medical Center)¹		5.750			07/01/2025		172,084
	1,855,000	NJ Health Care Facilities Financing Authority (Bayonne Hospital)¹		6.250			07/01/2012		1,855,798

26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	17,085,000	NJ Health Care Facilities Financing Authority (Catholic Health East)¹		5.000	%		11/15/2033	$	16,902,532
	50,000	NJ Health Care Facilities Financing Authority (CoMC/KMCC Obligated Group)¹		5.500			07/01/2017		50,080
	35,000	NJ Health Care Facilities Financing Authority (CoMC/KMCC Obligated Group)¹		5.500			07/01/2027		34,998
	7,000,000	NJ Health Care Facilities Financing Authority (Deborah Heart & Lung Center)¹		6.300			07/01/2023		6,253,800
	1,750,000	NJ Health Care Facilities Financing Authority (Hackensack University Medical Center)¹		5.000			01/01/2034		1,635,830
	750,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)¹		5.300			11/01/2026		600,180
	1,000,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)¹		5.375			11/01/2036		729,000
	1,010,000	NJ Health Care Facilities Financing Authority (Holy Name Hospital)¹		5.000			07/01/2036		840,441
	5,485,000	NJ Health Care Facilities Financing Authority (Jersey Shore University Medical Center)¹		6.750			07/01/2019		5,497,177
	1,250,000	NJ Health Care Facilities Financing Authority (KMH-UMC/KSC Obligated Group)¹		5.625			07/01/2031		1,249,963
	75,000	NJ Health Care Facilities Financing Authority (ONP/MHC Obligated Group)¹		5.375			07/01/2024		75,071
	50,000	NJ Health Care Facilities Financing Authority (Palisades Medical Center)¹		5.200			07/01/2019		47,936
	1,388,838	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)²		5.125			07/01/2018		14
	5,589,317	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)²		5.125			07/01/2028		56
	129,334	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)²		6.625			07/01/2036		1
	600,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)¹		7.250			07/01/2014		571,860
	9,830,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)¹		7.250			07/01/2027		7,613,630
	10,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)¹		5.500			07/01/2023		8,837
	70,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)¹		5.500			07/01/2033		53,752
	15,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp.)		6.621	³		07/01/2017		10,624
	37,955,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp./St. Barnabas Medical Center Obligated Group)		6.250	³		07/01/2030		10,887,012

27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	45,000	NJ Health Care Facilities Financing Authority (St. Barnabas)¹		5.000	%		07/01/2024	$	42,697
	17,000,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)¹		6.625			07/01/2038		17,257,380
	25,000	NJ Health Care Facilities Financing Authority (St. Peter’s Hospital)¹		5.000			07/01/2013		25,031
	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		500,520
	7,050,000	NJ Health Care Facilities Financing Authority (St. Peter’s University Hospital/Margaret McLaughlin McCarrick Care Center Obligated Group)¹		6.875			07/01/2030		7,051,058
	2,500,000	NJ Health Care Facilities Financing Authority (St. Peters University Hospital)⁵		6.250			07/01/2035		2,503,500
	35,000	NJ Health Care Facilities Financing Authority (THGS/THGSF Obligated Group)¹		5.100			07/01/2021		31,248
	50,000	NJ Health Care Facilities Financing Authority (THGS/THGSF Obligated Group)¹		5.200			07/01/2031		39,422
	2,000,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital)¹		5.250			07/01/2030		1,835,820
	7,900,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)¹		5.250			07/01/2023		7,837,511
	5,380,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)¹		5.250			07/01/2030		4,904,300
	75,000	NJ Health Care Facilities Financing Authority (Virtua West Jersey Health System/Virtua Health Obligated Group)¹		5.375			07/01/2029		76,341
	30,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		5.250			06/01/2018		30,041
	330,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		6.000			06/01/2015		331,049
	30,000,000	NJ Higher Education Student Assistance Authority (Student Loans)⁴		6.125			06/01/2030		30,959,400
	475,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		6.150			06/01/2019		475,964
	570,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		5.000			11/01/2036		553,869
	140,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		5.150			11/01/2030		139,996
	45,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		5.400			11/01/2017		45,043
	35,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		5.750			11/01/2025		35,030
	10,000,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)⁴		4.550			10/01/2022		10,064,000
	4,890,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)⁴		4.625			10/01/2027		4,756,650
	4,500,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)⁴		5.000			10/01/2037		4,440,195
	3,700,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)⁴		5.375			04/01/2030		3,756,943

28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	1,910,000	NJ Hsg. & Mtg. Finance Agency, Series A¹		4.950	%		11/01/2048	$	1,640,327
	190,000	NJ Hsg. & Mtg. Finance Agency, Series A¹		5.550			05/01/2027		188,016
	100,000	NJ South Jersey Port Corp.¹		5.250			01/01/2030		98,718
	10,000	NJ Sports & Expositions Authority¹		5.250			03/01/2014		10,037
	14,540,000	NJ Tobacco Settlement Financing Corp.¹		4.500			06/01/2023		13,227,038
	48,000,000	NJ Tobacco Settlement Financing Corp.¹		4.625			06/01/2026		38,488,800
	8,035,000	NJ Tobacco Settlement Financing Corp.¹		4.750			06/01/2034		5,543,186
	11,585,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2029		9,155,278
	200,950,000	NJ Tobacco Settlement Financing Corp.		5.812	³		06/01/2041		8,092,257
	5,000,000	NJ Transportation Trust Fund Authority¹		5.500			06/15/2041		5,230,400
	13,450,000	NJ Transportation Trust Fund Authority^1,5		6.000			06/15/2035		14,947,389
	10,000	Passaic Valley, NJ Sewage Commissioners¹		5.500			12/01/2014		10,029
	245,000	Salem County, NJ IPCFA (Atlantic City Electric Company)¹		5.600			11/01/2025		245,164
	60,000	Salem County, NJ IPCFA (Atlantic City Electric Company)¹		5.600			11/01/2025		60,040
	45,000	Salem County, NJ IPCFA (Public Service Electric & Gas)¹		5.200			03/01/2025		45,014
	180,000	Salem County, NJ IPCFA (Public Service Electric & Gas)¹		5.450			02/01/2032		178,792
	1,515,000	Salem County, NJ IPCFA (Public Service Electric & Gas)¹		5.750			04/01/2031		1,523,605
	50,000	Union County, NJ Utilities Authority (County Deficiency)¹		5.000			06/15/2028		50,041
	15,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.000			06/01/2016		15,020
	1,950,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.000			06/01/2023		1,950,078
	185,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.350			06/01/2023		184,993
	235,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.375			06/01/2018		235,261
	405,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.375			06/01/2019		405,393
	120,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)¹		5.375			06/01/2020		120,094

									437,579,924

New York—9.1%
	2,115,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022		2,112,018
	6,440,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		6,292,073
	2,000,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.000			12/01/2036		2,039,320
	12,000,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.000			12/01/2042		12,183,000
	3,000,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.500			12/01/2028		3,156,960
	950,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2011		948,936
	3,605,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		3,350,739
	15,000	Port Authority NY/NJ, 122nd Series¹		5.500			07/15/2014		15,049

29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	9,235,000	Port Authority NY/NJ, 127th Series⁴		5.250	%		12/15/2032	$	9,373,669
	10,500,000	Port Authority NY/NJ, 143rd Series⁴		5.000			10/01/2030		10,654,245

									50,126,009

Pennsylvania—0.3%
	1,530,000	Delaware River Port Authority PA/NJ¹		5.625			01/01/2026		1,531,775

U.S. Possessions—26.4%
	2,645,000	Guam GO¹		5.125			11/15/2027		2,310,222
	400,000	Guam GO¹		6.750			11/15/2029		408,336
	600,000	Guam GO¹		7.000			11/15/2039		620,940
	10,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		10,850
	50,000	Guam Power Authority, Series A¹		5.125			10/01/2029		46,236
	600,000	Guam Power Authority, Series A¹		5.500			10/01/2030		575,268
	335,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2017		307,306
	4,440,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2030		3,406,812
	300,000	Northern Mariana Islands Commonwealth, Series A¹		6.750			10/01/2033		280,008
	1,140,000	Northern Mariana Islands Ports Authority, Series A¹		5.500			03/15/2031		923,548
	2,780,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,953,256
	10,000,000	Puerto Rico Aqueduct & Sewer Authority⁴		5.125			07/01/2047		9,911,900
	2,500,000	Puerto Rico Aqueduct & Sewer Authority¹		6.125			07/01/2024		2,728,575
	5,210,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		4,501,648
	3,000,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		2,581,020
	26,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.031	³		05/15/2055		453,960
	50,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2026		49,894
	950,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032		942,809
	500,000	Puerto Rico Commonwealth GO¹		5.750			07/01/2036		501,095
	5,000,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2029		5,208,900
	1,300,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2037		1,384,227
	6,120,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250			07/01/2038		5,703,228
	36,000,000	Puerto Rico Highway & Transportation Authority, Series N¹		0.695	⁶		07/01/2045		19,346,400
	575,000	Puerto Rico Infrastructure¹		5.000			07/01/2027		564,455
	4,750,000	Puerto Rico Infrastructure¹		5.000			07/01/2037		4,326,253
	6,610,000	Puerto Rico Infrastructure¹		5.000			07/01/2041		5,940,275
	7,000,000	Puerto Rico Infrastructure¹		5.000			07/01/2046		6,211,800
	5,000,000	Puerto Rico Infrastructure		7.000	³		07/01/2032		1,197,750
	2,000,000	Puerto Rico Infrastructure		7.000	³		07/01/2033		440,320
	975,000	Puerto Rico Infrastructure		7.000	³		07/01/2035		180,941
	3,000,000	Puerto Rico Infrastructure		7.050	³		07/01/2042		333,180
	400,000	Puerto Rico Infrastructure (Mepsi Campus)¹		6.500			10/01/2037		367,168
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		777,768

30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	90,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375	%		02/01/2019	$	90,016
	555,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2029		508,724
	1,710,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		1,724,535
	205,000	Puerto Rico ITEMECF (Dr. Pila Hospital)¹		6.250			08/01/2032		205,144
	1,000,000	Puerto Rico ITEMECF (Polytechnic University)¹		5.000			08/01/2032		828,440
	265,000	Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxilio Obligated Group)¹		6.250			07/01/2024		265,400
	17,850,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		15,246,221
	305,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2033		296,857
	1,000,000	Puerto Rico Public Buildings Authority¹		5.625			07/01/2039		999,250
	500,000	Puerto Rico Public Buildings Authority¹		6.750			07/01/2036		542,845
	200,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2025		217,028
	1,530,000	Puerto Rico Public Buildings Authority, Series D¹		5.250			07/01/2036		1,458,442
	11,500,000	Puerto Rico Sales Tax Financing Corp., Series A⁴		5.250			08/01/2057		11,528,750
	3,500,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.500			08/01/2044		3,792,460
	14,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁴		5.750			08/01/2057		14,553,700
	150,000	University of V.I., Series A¹		5.250			12/01/2023		171,066
	710,000	University of V.I., Series A¹		5.375			06/01/2034		812,623
	35,000	V.I. HFA, Series A¹		6.500			03/01/2025		35,012
	5,000,000	V.I. Public Finance Authority (Hovensa Coker)¹		6.500			07/01/2021		4,956,150
	500,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		5.250			10/01/2029		500,320
	1,515,000	V.I. Public Finance Authority, Series A¹		6.375			10/01/2019		1,520,969
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.500	³		05/15/2035		121,968
	2,050,000	V.I. Tobacco Settlement Financing Corp.		6.875	³		05/15/2035		217,198
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.625	³		05/15/2035		261,888

									145,351,354

Total Municipal Bonds and Notes (Cost $688,663,102)									634,589,062


Shares

Common Stocks—0.0%
	2,219,153	Converted Organics, Inc.^7,8(Cost $1,205,000)		138,697

Preferred Stocks—0.1%
	3,795	Converted Organics, Inc., Series A^7,8(Cost $3,795,000)		218,924
Total Investments, at Value (Cost $693,663,102)—115.2%				634,946,683
Liabilities in Excess of Other Assets—(15.2)%				(83,594,108	)


Net Assets—100.0%			$	551,352,575

31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Footnotes to Statement of Investments

*		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

1.		All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 5 of the accompanying Notes.

2.		This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

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

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

5.		When-issued security or delayed delivery to be delivered and settled after July 29, 2011. See Note 1 of the accompanying Notes.

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

7.		Received as a result of a corporate action.

8.		Non-income producing security.

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 29, 2011 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	$	—		$457,607,767	$	71	$	457,607,838
New York		—		30,098,095		—		30,098,095
Pennsylvania		—		1,531,775		—		1,531,775
U.S. Possessions		—		145,351,354		—		145,351,354
Common Stocks		138,697		—		—		138,697
Preferred Stocks		—		—		218,924		218,924

Total Assets	$	138,697		$634,588,991	$	218,995	$	634,946,683

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.

32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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


			Change in
			unrealized
	Value as of		appreciation/			Net purchases		Value as of
	July 30, 2010¹		depreciation			(sales)		July 29, 2011

Assets Table
Investments, at Value:
Municipal Bonds and Notes
New Jersey	$	71	$	—		$	—	$	71
Preferred Stocks		—		(3,576,076	)		3,795,000		218,924

Total Assets	$	71	$	(3,576,076	)	$	3,795,000	$	218,995


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year.

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:


AHS		Adventist Health System

COP		Certificates of Participation

CoMC		Community Medical Center

DRIVERS		Derivative Inverse Tax Exempt Receipts

EDA		Economic Devel. Authority

GO		General Obligation

HDC		Housing Devel. Corp.

HFA		Housing Finance Agency

HFC		Housing Finance Corp.

IPCFA		Industrial Pollution Control Financing Authority

ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities

JFK		John Fitzgerald Kennedy

KMCC		Kensington Manor Care Center

KMH		Kennedy Memorial Hospital

KSC		Kennedy Surgical Center

MHC		Meridian Hospitals Corp.

MSU		Montclair State University

NY/NJ		New York/New Jersey

ONP		Ocean Nursing Pavillion, Inc.

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

UMC		University Medical Center

V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

33 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 29, 2011¹


Assets
Investments, at value (cost $693,663,102)—see accompanying statement of investments	$	634,946,683
Cash		558,010
Receivables and other assets:
Interest		7,042,391
Shares of beneficial interest sold		624,945
Other		131,340

Total assets		643,303,369

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		77,295,000
Payable on borrowings (See Note 5)		7,200,000
Investments purchased (including $5,927,156 purchased on a when-issued or delayed delivery basis)		6,008,311
Shares of beneficial interest redeemed		657,131
Dividends		503,461
Trustees’ compensation		91,155
Distribution and service plan fees		67,325
Shareholder communications		29,991
Transfer and shareholder servicing agent fees		20,134
Interest expense on borrowings		845
Other		77,441

Total liabilities		91,950,794

Net Assets	$	551,352,575


Composition of Net Assets
Paid-in capital	$	710,731,478
Accumulated net investment income		10,303,237
Accumulated net realized loss on investments		(110,965,721	)
Net unrealized depreciation on investments		(58,716,419	)


Net Assets	$	551,352,575

34 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Net Asset Value Per Share

Class A Shares:
Net asset value and redemption price per share (based on net assets of $359,697,077 and 36,891,856 shares of beneficial interest outstanding)	$	9.75
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	10.24

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $23,304,462 and 2,385,969 shares of beneficial interest outstanding)	$	9.77

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $159,119,248 and 16,304,756 shares of beneficial interest outstanding)	$	9.76

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $9,231,788 and 946,346 shares of beneficial interest outstanding)	$	9.76


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

35 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 29, 2011¹


Investment Income
Interest	$	44,134,579
Other income		455

Total investment income		44,135,034

Expenses
Management fees		3,091,635
Distribution and service plan fees:
Class A		555,966
Class B		260,301
Class C		1,501,452
Transfer and shareholder servicing agent fees:
Class A		156,997
Class B		32,417
Class C		87,939
Class Y		174
Shareholder communications:
Class A		32,116
Class B		5,734
Class C		17,436
Class Y		527
Interest expense and fees on short-term floating rate notes issued (See Note 1)		1,080,795
Borrowing fees		570,903
Interest expense on borrowings		22,733
Trustees’ compensation		12,896
Custodian fees and expenses		5,003
Administration service fees		1,500
Other		192,023

Total expenses		7,628,547
Less waivers and reimbursements of expenses		(44,083	)

Net expenses		7,584,464

Net Investment Income		36,550,570

Realized and Unrealized Gain (Loss)
Net realized loss on investments		(62,190,049	)
Net change in unrealized appreciation/depreciation on investments		34,075,111

Net Increase in Net Assets Resulting from Operations	$	8,435,632


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

36 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended			Year Ended
	July 29, 2011¹			July 30, 2010¹
Operations
Net investment income	$	36,550,570		$	39,165,497
Net realized gain (loss)		(62,190,049	)		3,587,997
Net change in unrealized appreciation/depreciation		34,075,111			88,834,892

Net increase in net assets resulting from operations		8,435,632			131,588,386

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(23,959,606	)		(24,201,174	)
Class B		(1,588,169	)		(1,921,738	)
Class C		(9,309,522	)		(9,109,273	)
Class Y		(192,121	)		—

		(35,049,418	)		(35,232,185	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A		(38,131,096	)		(8,506,301	)
Class B		(10,487,694	)		(8,013,153	)
Class C		(16,651,537	)		2,892,209
Class Y		8,735,930			—

		(56,534,397	)		(13,627,245	)

Net Assets
Total increase (decrease)		(83,148,183	)		82,728,956
Beginning of period		634,500,758			551,771,802

End of period (including accumulated net investment income of $10,303,237 and $9,090,167, respectively)	$	551,352,575		$	634,500,758


1.		July 29, 2011 and July 30, 2010 represent the last business day of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

37 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 29, 2011¹


Cash Flows from Operating Activities
Net increase in net assets from operations	$	8,435,632
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(85,667,009	)
Proceeds from disposition of investment securities		147,880,819
Short-term investment securities, net		25,225,528
Premium amortization		723,565
Discount accretion		(6,928,060	)
Net realized loss on investments		62,190,049
Net change in unrealized appreciation/depreciation on investments		(34,075,111	)
Change in assets:
Decrease in interest receivable		1,337,346
Decrease in receivable for securities sold		467,834
Decrease in other assets		33,028
Change in liabilities:
Increase in payable for securities purchased		5,956,976
Decrease in other liabilities		(24,886	)

Net cash provided by operating activities		125,555,711

Cash Flows from Financing Activities
Proceeds from bank borrowings		159,100,000
Payments on bank borrowings		(151,900,000	)
Payments on short-term floating rate notes issued		(47,325,000	)
Proceeds from shares sold		100,049,208
Payments on shares redeemed		(179,003,664	)
Cash distributions paid		(12,126,723	)

Net cash used in financing activities		(131,206,179	)
Net decrease in cash		(5,650,468	)
Cash, beginning balance		6,208,478

Cash, ending balance	$	558,010

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $22,856,253.

Cash paid for interest on bank borrowings—$23,096.

Cash paid for interest on short-term floating rate notes issued—$1,080,795.


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

38 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


	July 29,			July 30,			July 31,			July 31,			July 31,
Class A Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	10.14		$	8.63		$	10.00		$	11.98		$	11.90

Income (loss) from investment operations:
Net investment income²		.64			.64			.61			.57			.52
Net realized and unrealized gain (loss)		(.41	)		1.45			(1.42	)		(2.01	)		.09

Total from investment operations		.23			2.09			(.81	)		(1.44	)		.61

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.62	)		(.58	)		(.56	)		(.54	)		(.53	)


Net asset value, end of period	$	9.75		$	10.14		$	8.63		$	10.00		$	11.98


Total Return, at Net Asset Value³		2.46	%		24.58	%		(7.63	)%		(12.20	)%		5.13	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	359,697		$	415,729		$	361,113		$	467,974		$	591,238

Average net assets (in thousands)	$	377,127		$	409,744		$	352,897		$	526,573		$	486,782

Ratios to average net assets:⁴
Net investment income		6.62	%		6.54	%		7.40	%		5.20	%		4.32	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.77	%		0.75	%		0.76	%		0.73	%		0.72	%
Interest and fees from borrowings		0.10	%		0.25	%		0.91	%		0.11	%		0.10	%
Interest and fees on short-term floating rate notes issued⁵		0.19	%		0.24	%		0.51	%		0.70	%		0.62	%

Total expenses		1.06	%		1.24	%		2.18	%		1.54	%		1.44	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05	%		1.23	%		2.18	%		1.54	%		1.44	%

Portfolio turnover rate		15	%		17	%		14	%		31	%		18	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

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

4.		Annualized for periods less than one full year.

5.		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.

39 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


	July 29,			July 30,			July 31,			July 31,			July 31,
Class B Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	10.15		$	8.65		$	10.02		$	11.99		$	11.91

Income (loss) from investment operations:
Net investment income²		.56			.56			.54			.48			.43
Net realized and unrealized gain (loss)		(.40	)		1.44			(1.43	)		(1.99	)		.08

Total from investment operations		.16			2.00			(.89	)		(1.51	)		.51

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.54	)		(.50	)		(.48	)		(.46	)		(.43	)


Net asset value, end of period	$	9.77		$	10.15		$	8.65		$	10.02		$	11.99


Total Return, at Net Asset Value³		1.71	%		23.39	%		(8.39	)%		(12.81	)%		4.30	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23,305		$	35,276		$	37,076		$	52,981		$	73,579

Average net assets (in thousands)	$	28,889		$	37,923		$	39,035		$	61,772		$	75,560

Ratios to average net assets:⁴
Net investment income		5.78	%		5.71	%		6.56	%		4.39	%		3.55	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.61	%		1.59	%		1.61	%		1.53	%		1.51	%
Interest and fees from borrowings		0.10	%		0.25	%		0.91	%		0.11	%		0.10	%
Interest and fees on short-term floating rate notes issued⁵		0.19	%		0.24	%		0.51	%		0.70	%		0.62	%

Total expenses		1.90	%		2.08	%		3.03	%		2.34	%		2.23	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.89	%		2.07	%		3.03	%		2.34	%		2.23	%

Portfolio turnover rate		15	%		17	%		14	%		31	%		18	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

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

4.		Annualized for periods less than one full year.

5.		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.

40 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


	July 29,			July 30,			July 31,			July 31,			July 31,
Class C Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	10.14		$	8.64		$	10.01		$	11.99		$	11.91

Income (loss) from investment operations:
Net investment income²		.57			.57			.55			.48			.43
Net realized and unrealized gain (loss)		(.41	)		1.43			(1.43	)		(2.00	)		.09

Total from investment operations		.16			2.00			(.88	)		(1.52	)		.52

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.54	)		(.50	)		(.49	)		(.46	)		(.44	)


Net asset value, end of period	$	9.76		$	10.14		$	8.64		$	10.01		$	11.99


Total Return, at Net Asset Value³		1.79	%		23.50	%		(8.35	)%		(12.87	)%		4.33	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	159,119		$	183,496		$	153,583		$	182,780		$	230,415

Average net assets (in thousands)	$	166,762		$	177,507		$	144,708		$	202,047		$	188,557

Ratios to average net assets:⁴
Net investment income		5.85	%		5.77	%		6.63	%		4.43	%		3.55	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.54	%		1.51	%		1.55	%		1.50	%		1.48	%
Interest and fees from borrowings		0.10	%		0.25	%		0.91	%		0.11	%		0.10	%
Interest and fees on short-term floating rate notes issued⁵		0.19	%		0.24	%		0.51	%		0.70	%		0.62	%

Total expenses		1.83	%		2.00	%		2.97	%		2.31	%		2.20	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.82	%		1.99	%		2.97	%		2.31	%		2.20	%

Portfolio turnover rate		15	%		17	%		14	%		31	%		18	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

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

4.		Annualized for periods less than one full year.

5.		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.

41 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


	Period Ended
Class Y	July 29, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	9.86

Income (loss) from investment operations:
Net investment income²		.41
Net realized and unrealized loss		(.10	)

Total from investment operations		.31

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.41	)


Net asset value, end of period	$	9.76


Total Return, at Net Asset Value³		3.48	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,232

Average net assets (in thousands)	$	4,339

Ratios to average net assets:⁴
Net investment income		6.48	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.62	%
Interest and fees from borrowings		0.10	%
Interest and fees on short-term floating rate notes issued⁵		0.19	%

Total expenses		0.91	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.90	%

Portfolio turnover rate		15	%


1.		For the period from November 29, 2010 (inception of offering) to July 29, 2011, which represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

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

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

4.		Annualized for periods less than one full year.

5.		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.

42 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS

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, Class C and Class Y 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”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase. Class Y shares were first publicly offered on November 29, 2010.

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

Annual Periods. Since July 29, 2011 and July 30, 2010 represent the last days during the Fund’s respective 2011 and 2010 fiscal years on which the New York Stock Exchange was open for trading, the Fund’s financial statements have been presented through those dates to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions. For tax purposes, income and expenses are included through July 31, 2011, the last day of the Fund’s fiscal year end.

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,” observable market inputs other than unadjusted quoted prices 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.

43 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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 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.

U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

“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 current price quotation obtained from an independent pricing service or broker-dealer, 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

44 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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. As of July 29, 2011, the Manager determined the fair valuation of certain convertible preferred stock, which does not trade in the market, with internally developed models based on the equity value, the conversion ratio and a discount for illiquidity. Such investments have been classified as Level 3 instruments.

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 delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of July 29, 2011, the Fund had purchased securities issued on a when-issued or delayed delivery basis is as follows:


	When-Issued or Delayed
	Delivery Basis Transactions
Purchased securities		$5,927,156

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 $77,295,000 as of July 29, 2011, which represents 12.02% of the Fund’s total assets.

45 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 29, 2011, municipal bond holdings with a value of $126,537,721 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $77,295,000 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.

46 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

At July 29, 2011, 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
$	1,895,000	NJ EDA ROLs³		15.526	%		3/1/28	$	2,048,798
	2,170,000	NJ EDA ROLs³		15.526			3/1/30		2,294,471
	15,000,000	NJ Higher Education Assistance Authority (Student Loans) ROLs		9.946			6/1/30		15,959,400
	2,445,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		7.098			10/1/27		2,311,650
	1,850,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		8.398			4/1/30		1,906,943
	2,250,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		7.748			10/1/37		2,190,195
	2,500,000	NJ Hsg. & Mtg. Finance Agency ROLs³		15.139			10/1/22		2,564,000
	2,305,000	Port Authority NY/NJ, 238th Series ROLs		16.205			12/15/32		2,443,669
	2,625,000	Port Authority NY/NJ, 3205th Series		14.729			10/1/30		2,779,245
	5,000,000	Puerto Rico Aqueduct & Sewer Authority ROLs		8.008			7/1/47		4,911,900
	5,750,000	Puerto Rico Sales Tax Financing Corp. ROLs³		8.375			8/1/57		5,778,750
	3,500,000	Puerto Rico Sales Tax Financing Corp. ROLs³		15.320			8/1/57		4,053,700

								$	49,242,721


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

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

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

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of July 29, 2011, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $35,945,000.

47 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of July 29, 2011 is as follows:


Cost	$	5,330,101
Market Value	$	1,212,410
Market Value as a % of Net Assets		0.22	%

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.

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

Net Unrealized

Depreciation

Based on Cost of

Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3,4

Tax Purposes

$11,105,489

$—

$103,313,275

$66,368,868

48 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


1.		As of July 29, 2011, the Fund had $41,855,967 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 29, 2011, details of the capital loss carryforwards were as follows:


Expiring
2016	$	1,484,285
2017		18,113,753
2018		22,257,929

Total	$	41,855,967


2.		As of July 29, 2011, the Fund had $61,457,308 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2020.

3.		During the fiscal year ended July 29, 2011, the Fund utilized $254,743 of capital loss carryforward to offset capital gains realized in that fiscal year.

4.		During the fiscal year ended July 30, 2010, the Fund did not utilize any capital loss carryforward.

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

Accordingly, the following amounts have been reclassified for July 31, 2011. Net assets of the Fund were unaffected by the reclassifications.


Reduction	Reduction
to Accumulated	to Accumulated Net
Net Investment	Realized Loss
Income	on Investments
$288,082		$288,082

The tax character of distributions paid during the years ended July 31, 2011 and July 30, 2010 was as follows:


	Year Ended		Year Ended
	July 31, 2011		July 30, 2010
Distributions paid from:
Exempt-interest dividends	$	34,316,961	$	35,211,200
Ordinary income		732,457		20,985

Total	$	35,049,418	$	35,232,185

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 29, 2011 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments,

49 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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	$	779,033,981¹

Gross unrealized appreciation	$	15,065,569
Gross unrealized depreciation		(81,434,437	)

Net unrealized depreciation	$	(66,368,868	)


1.		The Federal tax cost of securities does not include cost of $77,718,430 which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Fund. Although the Act provides a number of benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of a fund’s prior year capital loss carryovers will expire unused. In general, the provisions of the Act will be effective for the Fund’s fiscal year ending 2012. Specific information regarding the impact of the Act on the Fund will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending 2012.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 29, 2011, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	2,481
Payments Made to Retired Trustees		6,086
Accumulated Liability as of July 29, 2011		48,105

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

50 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.

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

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

51 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Shares of Beneficial Interest

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


	Year Ended July 29, 2011¹						Year Ended July 30, 2010
	Shares			Amount			Shares			Amount
Class A
Sold		6,948,031		$	68,195,362			6,922,047		$	68,131,537
Dividends and/or distributions		1,642,315			15,893,783			1,552,858			15,329,932
Redeemed		(12,717,482	)		(122,220,241	)		(9,289,802	)		(91,967,770	)

Net decrease		(4,127,136	)	$	(38,131,096	)		(814,897	)	$	(8,506,301	)


Class B
Sold		219,543		$	2,178,913			314,098		$	3,088,863
Dividends and/or distributions		110,857			1,076,347			123,261			1,217,190
Redeemed		(1,419,495	)		(13,742,954	)		(1,250,986	)		(12,319,206	)

Net decrease		(1,089,095	)	$	(10,487,694	)		(813,627	)	$	(8,013,153	)


Class C
Sold		2,021,109		$	19,862,391			3,046,906		$	30,082,061
Dividends and/or distributions		588,768			5,703,806			555,539			5,488,999
Redeemed		(4,394,075	)		(42,217,734	)		(3,290,194	)		(32,678,851	)

Net increase (decrease)		(1,784,198	)	$	(16,651,537	)		312,251		$	2,892,209


Class Y
Sold		998,966		$	9,236,075			—		$	—
Dividends and/or distributions		19,074			182,317			—			—
Redeemed		(71,694	)		(682,462	)		—			—

Net increase		946,346		$	8,735,930			—		$	—


1.		For the year ended July 29, 2011, for Class A, Class B and Class C shares, and for the period from November 29, 2010 (inception of offering) to July 29, 2011, for Class Y shares.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 29, 2011, were as follows:


	Purchases		Sales
Investment securities	$	85,677,009	$	147,880,819

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

52 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 29, 2011, the Fund paid $284,566 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

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

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.15% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2011 were as follows:


Class B	$	1,847,552
Class C		3,266,558

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

53 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Class A

Class B

Class C

Contingent

Class A

Deferred Sales

Front-End Sales

Charges

Charges Retained

Retained by

Year Ended

by Distributor

Distributor

July 29, 2011

$92,291

$17,994

$70,723

$23,309

Waivers and Reimbursements of Expenses. 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 year ended July 29, 2011, the Manager reimbursed the Fund $44,083 for legal costs and fees.

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.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. 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 also may borrow to meet redemption obligations or for temporary and emergency purposes.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.

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.

54 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.175% as of July 29, 2011). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual 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 year ended July 29, 2011 equal 0.09% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 29, 2011, the Fund had borrowings outstanding at an interest rate of 0.175%. Details of the borrowings for the year ended July 29, 2011 are as follows:


Average Daily Loan Balance	$	8,830,137
Average Daily Interest Rate		0.235	%
Fees Paid	$	473,508
Interest Paid	$	23,096

6. Reverse Repurchase Agreements

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

55 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Reverse Repurchase Agreements Continued

considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended July 29, 2011 are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare the first or fifteenth day of any calendar month as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

The Fund executed no transactions under the Facility during the year ended July 29, 2011.

7. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal and state courts against the Manager, the Distributor and certain Oppenheimer mutual funds — including the Fund — advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal and state securities laws and state common law and allege, among other things, that the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions and that the respective Defendant Fund’s investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the outstanding lawsuits relating to the Fund, nor any other lawsuits outstanding against Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

56 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

In 2009, what are claimed to be derivative lawsuits were filed in New Mexico 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 by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert 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 awards 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 mutual funds invested in any funds or accounts managed by Mr. Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of certain purported class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 8, 2011, the court issued a ruling approving the settlement as fair, reasonable and adequate. The court’s approval of the settlement is subject to potential appeal by claimants. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark I Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

57 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Pending Litigation Continued

the Funds and the present and former Independent 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 Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits 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 mutual funds.

58 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer New Jersey Municipal Fund (one of the portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 29, 2011, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 29, 2011, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer New Jersey Municipal Fund as of July 29, 2011, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
September 20, 2011

59 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2011, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2010. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

None of the dividends paid by the Fund during the fiscal year ended July 29, 2011 are eligible for the corporate dividend-received deduction. 97.91% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

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

60 | 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 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 (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

61 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


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

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 68		Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

David K. Downes, Trustee (since 2007) Age: 71		Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965- 1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

62 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
Matthew P. Fink, Trustee (since 2005) Age: 70		Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Phillip A. Griffiths, Trustee (since 1999) Age: 72		Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences (since 2002); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Mary F. Miller, Trustee (since 2004) Age: 68		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joel W. Motley, Trustee (since 2002) Age: 59		Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Mary Ann Tynan, Trustee (since 2008) Age: 65		Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner,

63 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
Mary Ann Tynan, Continued		Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joseph M. Wikler, Trustee (since 2005) Age: 70		Director of C-TASC (bio-statistics services) (since 2007); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996- 2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Peter I. Wold, Trustee (since 2005) Age: 63		Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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

Daniel G. Loughran, Vice President (since 2005) and Senior Portfolio Manager (since 2001) Age: 47		Senior Vice President of the Manager (since July 2007); Vice President of the Manager (April 2001-June 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 39		Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

64 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 38		Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (2002- 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 35		Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Manager (June 2003-September 2006) and a Credit Analyst of the Manager (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Michael L. Camarella, Vice President (since 2009) and Senior Portfolio Manager (since 2008) Age: 35		Vice President of the Manager (since January 2011); Assistant Vice President of the Manager (July 2009-January 2011). Research Analyst of the Manager (April 2006- December 2007) and a Credit Analyst of the Manager (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard A. Stein, Vice President (since 2007) Age: 53		Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Manager (since May 2011) and a Vice President of the Manager (1997-May 2011); headed Rochester’s Credit Analysis team (since 1993).

William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 52		Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003- March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007- July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 66 portfolios as a Trustee/Director and 96 portfolios as an officer in the OppenheimerFunds complex.

65 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
Arthur S. Gabinet, Secretary (since 2011) Age: 53		Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 96 portfolios in the OppenheimerFunds complex.

Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 38		Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 96 portfolios in the OppenheimerFunds complex.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 60		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 96 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 51		Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of OAC (March 1999-June 2008). An officer of 96 portfolios in the OppenheimerFunds complex.

Robert G. Zack, Vice President (since 2011) Age: 62		Vice President, Secretary and General Counsel of OAC (since November 2001); Executive Vice President (since January 2004) and General Counsel (March 2002 -December 2010) of the Manager; Executive Vice President, General Counsel and Director of OFI Trust Company (since November 2001); General Counsel of the Distributor (December 2001-December 2010); General Counsel of Centennial Asset Management Corporation (December 2001-December 2010); Senior Vice President and General Counsel of HarbourView Asset Management

66 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen
Robert G. Zack, Continued		Corporation (December 2001-December 2010); Assistant Secretary (September 1997-December 2010) and Director (November 2001-December 2010) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (December 2002-December 2010); Director of Oppenheimer Real Asset Management, Inc. (November 2001-December 2010); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (December 2001-December 2010); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. (November 2001-December 2010); Vice President of OppenheimerFunds Legacy Program (June 2003-December 2010); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (November 2001-December 2010). An officer of 96 portfolios in the OppenheimerFunds complex.

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

67 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

OPPENHEIMER NEW JERSEY MUNICIPAL FUND

A Series of Oppenheimer Multi-State Municipal Trust


Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

68 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

PRIVACY POLICY NOTICE

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

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

•		Applications or other forms

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

•		When you enroll in eDocs Direct, our electronic document delivery service

•		Your transactions with us, our affiliates or others

•		A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

•		When you set up challenge questions to reset your password online

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

69 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

PRIVACY POLICY NOTICE

Internet Security and Encryption

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

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

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

•		All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.525.7048.

70 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

PENNSYLVANIA July 31, 2011 Oppenheimer Management Pennsylvania Commentary and Municipal Fund Annual Report M A N A G E M E N T C O M M E N TA R Y An Interview with Your Fund’s Portfolio Managers A N N U A L R E P O RT Listing of Top Holdings Fund Performance Discussion Financial Statements “If you’re looking for guidance about current market conditions and fixed-income strategies, it seems likely that portfolio managers with a long and focused track record in municipal bond investing would have sharper insights than any new media personality.” Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester 1234

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Hospital/Healthcare	18.9	%
Tobacco-Master Settlement Agreement	15.9
Higher Education	10.1
General Obligation	5.1
Highways/Commuter Facilities	4.8
Adult Living Facilities	4.2
Housing-Student	3.7
Single Family Housing	3.6
Tax Increment Financing (TIF)	3.4
Marine/Aviation Facilities	3.3

Portfolio holdings are subject to change. Percentages are as of July 29, 2011, and are based on total assets.

Credit Allocation


Credit Rating Breakdown	NRSRO Only Total

AAA		0.3	%
AA		28.0
A		9.4
BBB		36.0
BB or lower		8.6
Unrated		17.7

Total		100.0	%

11 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Management’s Discussion of Fund Performance. Near the midpoint of the 12-month period ended July 29, 2011, changes in market conditions and investor confidence created significant pricing pressure in the municipal bond market, generally leading to declines in bond prices and bond fund net asset values. Despite this market turmoil, the Class A shares of Oppenheimer Pennsylvania Municipal Fund produced a total return of 2.98% at net asset value for the reporting period (–1.92% with sales charge), with tax-free income providing all of the positive total return.

This development, we believe, points to the power of the Rochester Way, our time-tested approach of focusing on tax-free yield as the key long-term driver of Fund performance. Additionally, the distribution yield of this Fund’s Class A shares was 6.35% at NAV, 239 basis points higher than the average in its peer category. In all, Oppenheimer Pennsylvania Municipal Fund distributed 66.4 cents per Class A share, including a small amount of taxable income.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 23.4% of the Fund’s net assets on July 29, 2011. Most of the Fund’s investments in securities issued by Puerto Rico issuers are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education.


1.		July 29, 2011, was the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes to Financial Statements.

12 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Also this reporting period, a new president was appointed to lead Puerto Rico’s financing arm, the Government Development Bank (GDB). In an interview with The Bond Buyer, an independent newspaper that covers the industry, Juan Carlos Batlle said his plan was “to maintain the fiscal discipline that the government has been doing over the past two years.” The Commonwealth, its agencies and the GDB retained their investment-grade ratings from Standard & Poor’s, Fitch Ratings and Moody’s Investors Service this reporting period. Although our Puerto Rico holdings were slight underperformers this reporting period, we remain confident in the Commonwealth’s ability to collect taxes and make its bond payments.

As of July 29, 2011, the Fund was invested in the hospital/health care sector, representing 18.9% of the Fund’s total assets. Our holdings in this sector consist of securities across the credit spectrum. The sector remained in the news this reporting period as politicians, lobbyists, activists and others argued about the viability of the Affordable Care Act of 2010; the debates have not changed our perspective that our disciplined, security-specific approach to credit research can uncover many potentially advantageous opportunities for the Fund in this and other sectors. The hospital/health care sector also contributed positively to the Fund’s total return this reporting period.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (MSA), the national litigation settlement with U.S. tobacco manufacturers, comprised the Fund’s second largest industry sector as of July 29, 2011, representing 15.9% of the Fund’s total assets.²

We like that “tobacco bonds” qualify for tax exemption and benefit the issuing states and territories, and we believe they are fundamentally sound credits. Our long-term view of the sector remains bullish, and we will likely continue to hold a greater percentage of tobacco bonds in our portfolios than our peers. As in all prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full. The tobacco sector contributed positively to


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

13 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

the Fund’s total return this reporting period, and we are confident that this sector will continue to provide high levels of tax-free income to the long-term benefit of our yield-seeking investors.

The Fund continued to favor the higher education sector this reporting period, which constituted 10.1% of total assets as of July 29, 2011. The bonds we hold in this sector have regularly provided high levels of tax-free income and, during the reporting period, they contributed positively to the Fund’s total return.

The Fund’s holdings in municipal bonds issued by utilities represented 6.5% of total assets at the end of this reporting period. It has been our experience that bonds issued by utilities have predictable revenue streams to finance their debt service payments, to the benefit of the Fund. This set of holdings as of July 29, 2011, included water utilities with 2.4% of the Fund’s total assets; electric utilities with 2.3%, and sewer utilities with 1.8%. All three of these sectors contributed favorably to the Fund’s total return this reporting period.

General obligation debt, which is backed by the full faith and taxing authority of state and local governments, constituted 5.1% of the Fund’s total assets as of July 29, 2011. While many municipalities faced budget challenges this reporting period, elected officials consistently safeguarded the debt service payments on their general obligation bonds. This sector also contributed positively to the Fund’s total return this reporting period.

Oppenheimer Pennsylvania Municipal Fund remained invested in the Highways and Commuter Facilities sector, which represented 4.8% of the Fund’s total assets and contributed favorably to total return this reporting period. We like that this sector typically performs well regardless of economic conditions and can outperform when budget-minded travelers opt for road trips as less expensive alternatives to air travel.

The adult living facilities sector, with 4.2% of the Fund’s total assets as of July 29, 2011, was a slight underperformer this reporting period. We believe the tepid growth of the national economy was a factor in the generally declining prices of these bonds, which finance various projects at senior living centers across the country.

The Student Housing sector, representing 3.7% of the Fund’s total assets at the end of this reporting period, however contributed favorably to the Fund’s total return. We like that the nation’s colleges and universities have a reliable student population, giving this sector a clear sense of its revenue stream.

As of July 29, 2011, the Fund’s investments in the single-family housing sector represented 3.6% of the Fund’s total assets. These securities continued to provide attractive levels of tax-free income and contributed favorably to the Fund’s total return, despite the difficult

14 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

conditions in the national housing market this reporting period. We continue to believe that long-term investors should ultimately benefit from this Fund’s carefully selected holdings in the housing sectors.

Tax increment financing (TIF) bonds constituted 3.4% of the Fund’s total assets on July 29, 2011, and contributed positively to the Fund’s total return. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax collections increase, as they have in many states this reporting period, the credit quality of these types of securities generally improves and this can help enhance performance.

Holdings in the Energy Equipment and Services sector totaled 2.4% of the Fund’s total assets at the end of this reporting period. The sector failed to contribute favorably to performance this reporting period primarily because Bional, a company that has a productive ethanol plant, has not received payment on a sizable contract from a third party that now believes it can purchase ethanol at a lower-than-contracted price. Lacking payment from this third party, Bional has not been able to make payments on the bonds this Fund holds. As of July 29, 2011, the Fund was actively pursuing legal remedies to this situation.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each Class of shares of the Fund held until July 29, 2011. In the case of Class A, Class B and Class C shares, performance is measured over a ten-year period. In the case of Class Y shares, performance is measured from inception of the Class on November 29, 2010. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent

15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Class A Shares

Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class B Shares

Comparison of Change in Value of $10,000 Hypothetical Investments in:¹

18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Class C Shares

Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class Y Shares

Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES

This annual report must be preceded or accompanied by the current prospectus of Oppenheimer Pennsylvania Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at 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 shares uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

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

21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 29, 2011.

22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	February 1, 2011		July 29, 2011		July 29, 2011

Actual
Class A	$	1,000.00	$	1,087.90	$	5.39
Class B		1,000.00		1,082.50		9.64
Class C		1,000.00		1,084.00		9.34
Class Y		1,000.00		1,087.70		4.72

Hypothetical
(5% return before expenses)

Class A		1,000.00		1,019.37		5.21
Class B		1,000.00		1,015.30		9.33
Class C		1,000.00		1,015.60		9.03
Class Y		1,000.00		1,020.01		4.57


Class	Expense Ratios

Class A		1.05	%
Class B		1.88
Class C		1.82
Class Y		0.92

23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 29, 2011*

				��
Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—118.2%
Pennsylvania—91.1%
$	10,000	Allegheny County, PA COP¹		5.000	%		12/01/2028	$	9,806
	24,750,000	Allegheny County, PA GO¹		0.732	²		11/01/2026		20,215,800
	130,000	Allegheny County, PA HDA (Catholic Health East)¹		5.375			11/15/2022		132,009
	75,000	Allegheny County, PA HDA (Catholic Health East)¹		5.500			11/15/2032		75,383
	80,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)¹		5.125			05/01/2025		74,378
	25,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)¹		5.125			05/01/2029		22,277
	3,150,000	Allegheny County, PA HDA (Ohio Valley General Hospital)¹		5.125			04/01/2035		2,511,275
	18,154	Allegheny County, PA HDA (The Covenant at South Hills)³		7.700			02/01/2008		—
	18,154	Allegheny County, PA HDA (The Covenant at South Hills)³		7.800			02/01/2009		—
	1,114,675	Allegheny County, PA HDA (The Covenant at South Hills)³		8.625			02/01/2021		11
	221,483	Allegheny County, PA HDA (The Covenant at South Hills)³		8.750			02/01/2031		2
	21,095,000	Allegheny County, PA HDA (UPMC Health System)¹		1.002	²		02/01/2037		16,459,585
	35,000	Allegheny County, PA HDA (UPMC Health System)¹		5.375			08/15/2029		36,047
	1,310,000	Allegheny County, PA HEBA (Carlow University)¹		6.000			11/01/2021		1,339,252
	1,125,000	Allegheny County, PA HEBA (Carlow University)¹		6.750			11/01/2031		1,156,264
	50,000	Allegheny County, PA HEBA (Chatham College)¹		5.250			11/15/2019		50,027
	8,000,000	Allegheny County, PA HEBA (Chatham College)¹		5.750			11/15/2035		7,937,120
	810,000	Allegheny County, PA HEBA (Chatham College)¹		5.850			03/01/2022		812,786
	1,000,000	Allegheny County, PA HEBA (Chatham College)¹		5.950			03/01/2032		1,001,540
	1,250,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.500			10/15/2030		1,251,675
	2,700,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.750			10/15/2040		2,575,098
	2,500,000	Allegheny County, PA HEBA (Robert Morris University)¹		5.900			10/15/2028		2,521,625
	15,000	Allegheny County, PA HEBA (Robert Morris University)¹		6.000			05/01/2028		15,317
	2,000,000	Allegheny County, PA HEBA (Robert Morris University)¹		6.000			10/15/2038		1,981,240
	3,245,000	Allegheny County, PA HEBA (Waynesburg College)¹		4.800			05/01/2036		2,705,778
	10,000	Allegheny County, PA IDA (ARC Allegheny Foundation)¹		5.000			12/01/2028		6,829
	1,200,000	Allegheny County, PA IDA (Propel Charter School-East)¹		6.375			08/15/2035		1,139,292
	1,000,000	Allegheny County, PA IDA (Propel Charter School-Montour)¹		6.750			08/15/2035		902,150
	1,000,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.000			09/01/2021		961,630
	1,225,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.100			09/01/2026		1,109,703
	1,325,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)¹		5.125			09/01/2031		1,144,813
	1,510,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)¹		5.100			07/01/2014		1,552,144
	23,750,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)¹		5.600			07/01/2023		22,143,313

24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	280,000	Allegheny County, PA Redevel. Authority (Robinson Mall)¹		6.875	%		11/01/2017	$	280,319
	75,000	Allegheny County, PA Redevel. Authority (Robinson Mall)¹		7.000			11/01/2017		75,094
	1,730,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)¹		5.950			01/20/2043		1,727,526
	1,340,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)¹		6.100			01/20/2043		1,352,315
	1,730,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)¹		6.160			01/20/2043		1,752,732
	5,000	Beaver County, PA Hospital Authority (Valley Health System)¹		5.000			05/15/2028		5,001
	13,000,000	Berks County, PA Municipal Authority (Reading Hospital & Medical Center)⁴		5.500			11/01/2031		13,649,350
	1,750,000	Bethlehem, PA GO¹		6.500			12/01/2032		1,904,333
	40,000	Blair County, PA IDA (The Village at Penn State Retirement Community)³		6.400			01/01/2012		23,980
	4,140,000	Blair County, PA IDA (The Village at Penn State Retirement Community)³		6.900			01/01/2022		2,481,889
	7,135,000	Blair County, PA IDA (The Village at Penn State Retirement Community)³		7.000			01/01/2034		4,277,361
	50,000	Blair County, PA IDA (The Village at Penn State Retirement Community)³		10.000			01/01/2012		2,655
	1,180,000	Bonneauville Borough, PA Municipal Authority¹		5.250			06/01/2037		1,114,640
	2,000,000	Bonneauville Borough, PA Municipal Authority¹		5.300			06/01/2043		1,866,300
	1,000,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)¹		6.200			05/01/2019		961,260
	10,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)¹		6.300			05/01/2029		8,694
	1,000,000	Bucks County, PA IDA (Lutheran Community Telford Center)¹		5.750			01/01/2027		854,170
	80,000	Bucks County, PA IDA (USX Corp.)¹		5.600			03/01/2033		79,078
	2,000,000	Butler County, PA Hospital Authority (Butler Health System)¹		7.250			07/01/2039		2,174,060
	480,000	Butler County, PA IDA (Greenview Gardens Apartments)¹		6.000			07/01/2023		472,757
	880,000	Butler County, PA IDA (Greenview Gardens Apartments)¹		6.250			07/01/2033		825,194
	100,000	Cambridge, PA Area Joint Authority¹		5.250			12/01/2021		100,070
	2,865,000	Cambridge, PA Area Joint Authority¹		6.000			12/01/2037		2,960,319
	30,000	Carbondale, PA Hsg. Corp.¹		8.125			05/01/2019		30,044
	1,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)¹		6.250			11/15/2041		1,033,630
	3,995,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)¹		6.250			11/15/2044		4,114,650
	2,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)¹		7.000			11/15/2046		2,162,560
	10,000	Chester County, PA H&EFA (Chester County Hospital)		5.875			07/01/2016		10,039
	2,330,000	Chester County, PA H&EFA (Chester County Hospital)¹		6.750			07/01/2021		2,330,862
	8,750,000	Chester County, PA H&EFA (Chester County Hospital)¹		6.750			07/01/2031		8,367,188
	245,000	Chester County, PA H&EFA (Devereaux Foundation)¹		5.500			05/01/2027		245,669

25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	23,915,000	Chester County, PA IDA (Aqua Pennsylvania)⁴		5.000	%		02/01/2041	$	23,953,783
	1,100,000	Chester County, PA IDA (Collegium Charter School)¹		5.000			04/15/2022		959,332
	7,595,000	Chester County, PA IDA (Collegium Charter School)¹		5.500			04/15/2031		6,231,773
	3,450,000	Cumberland County, PA Municipal Authority (Asbury Atlantic)¹		6.000			01/01/2040		3,073,019
	1,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)¹		5.000			01/01/2027		924,900
	1,000,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)¹		5.000			12/01/2020		1,016,490
	950,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)¹		5.000			12/01/2021		960,754
	6,605,000	Delaware County, PA Authority (Cabrini College)¹		5.500			07/01/2024		6,617,814
	60,000	Delaware County, PA Authority (CCMC)¹		5.300			12/01/2027		54,497
	2,500,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)¹		5.000			12/15/2026		2,223,375
	15,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)¹		5.375			12/01/2018		15,005
	25,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)¹		6.250			12/15/2022		26,064
	25,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)¹		6.250			12/15/2031		26,064
	5,900,000	Delaware County, PA Authority (CKHS/CCMC/DCMH Obligated Group)¹		5.000			12/15/2031		4,972,343
	120,000	Delaware County, PA Authority (MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group)¹		5.375			11/15/2023		130,651
	1,160,000	Delaware County, PA Authority (Neumann College)¹		6.000			10/01/2025		1,203,628
	280,000	Delaware County, PA Authority (Neumann College)¹		6.000			10/01/2030		285,026
	1,000,000	Delaware County, PA Authority (Neumann College)¹		6.125			10/01/2034		1,014,070
	3,000,000	Delaware County, PA Authority (Neumann College)¹		6.250			10/01/2038		3,112,830
	1,250,000	Delaware County, PA Authority (Neumann University)¹		5.000			10/01/2025		1,241,138
	1,250,000	Delaware County, PA Authority (Neumann University)¹		5.250			10/01/2031		1,224,025
	18,705,000	Delaware County, PA IDA (Aqua Pennsylvania)⁴		5.000			11/01/2038		18,689,650
	4,410,000	Delaware County, PA IDA (Naamans Creek)¹		7.000			12/01/2036		4,025,933
	45,000	Delaware County, PA IDA (Philadelphia Suburban Water Company)¹		5.350			10/01/2031		45,222
	50,000	Delaware River Port Authority PA/NJ¹		5.000			01/01/2026		50,000
	145,000	Delaware River Port Authority PA/NJ¹		5.625			01/01/2013		145,593
	2,605,000	Delaware River Port Authority PA/NJ¹		5.625			01/01/2026		2,608,022
	25,000	Derry Township, PA Municipal Authority¹		5.100			12/01/2020		25,038
	4,000,000	Erie County, PA Hospital Authority (St. Vincent’s Health)¹		7.000			07/01/2027		4,033,640
	140,000	Erie County, PA IDA (International Paper Company)¹		5.000			11/01/2018		141,119

26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	1,000,000	Erie, PA Higher Education Building Authority (Gannon University)¹		5.375	%		05/01/2030	$	1,000,260
	2,565,000	Erie, PA Higher Education Building Authority (Gannon University)¹		5.500			05/01/2040		2,535,528
	3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)¹		5.500			03/15/2038		2,910,090
	1,680,000	Erie-Western PA Port Authority¹		5.125			06/15/2016		1,845,463
	5,180,000	Fayette County, PA Redevel. Authority (Fayette Crossing)¹		7.000			09/01/2019		5,246,408
	80,000	Harrisburg, PA GO		9.415	⁵		03/15/2012		75,422
	165,000	Harrisburg, PA GO		9.510	⁵		09/15/2012		148,426
	100,000	Harrisburg, PA GO		9.600	⁵		09/15/2011		98,944
	45,000	Harrisburg, PA GO		9.600	⁵		03/15/2012		42,197
	175,000	Harrisburg, PA GO		9.600	⁵		03/15/2013		150,204
	125,000	Harrisburg, PA GO		9.600	⁵		09/15/2013		102,370
	10,000	Harrisburg, PA GO		9.600	⁵		09/15/2015		6,788
	40,000	Harrisburg, PA GO		9.600	⁵		03/15/2016		25,793
	210,000	Harrisburg, PA GO		9.601	⁵		03/15/2015		149,396
	50,000	Harrisburg, PA GO		9.614	⁵		09/15/2016		30,748
	25,000	Harrisburg, PA GO		9.624	⁵		03/15/2014		19,535
	70,000	Harrisburg, PA GO		9.727	⁵		09/15/2015		47,515
	150,000	Harrisburg, PA GO		10.084	⁵		03/15/2015		106,712
	115,000	Harrisburg, PA GO		10.366	⁵		03/15/2013		98,706
	50,000	Harrisburg, PA GO		11.012	⁵		09/15/2013		40,948
	6,925,000	Horsham, PA Industrial and Commercial Devel. Authority (Pennsylvania LTC)¹		6.000			12/01/2037		5,439,795
	140,000	Indiana County, PA IDA Pollution Control (PSEG Power LLC)¹		5.850			06/01/2027		140,567
	25,000	Lancaster County, PA Hospital Authority (Landis Homes Retirement Community)¹		5.700			09/01/2018		23,088
	20,000	Lancaster County, PA Hospital Authority (Landis Homes Retirement Community)¹		5.750			09/01/2023		17,113
	25,000	Lancaster County, PA Hospital Authority (St. Anne’s Home for the Aged)¹		6.500			04/01/2015		25,004
	5,000	Latrobe, PA IDA (St. Vincent College)¹		5.375			05/01/2013		5,194
	10,000	Latrobe, PA IDA (St. Vincent College)¹		5.375			05/01/2018		10,014
	35,000	Latrobe, PA IDA (St. Vincent College)¹		5.700			05/01/2031		35,124
	13,470,000	Lawrence County, PA IDA (Shenango Presbyterian Center)¹		5.625			11/15/2037		10,441,540
	1,020,000	Lehigh County, PA GPA (Bible Fellowship Church Home)¹		6.000			12/15/2023		931,637
	1,060,000	Lehigh County, PA GPA (Bible Fellowship Church Home)¹		7.625			11/01/2021		1,078,826
	750,000	Lehigh County, PA GPA (Bible Fellowship Church Home)¹		7.750			11/01/2033		755,693
	410,000	Lehigh County, PA GPA (Desales University)¹		5.125			12/15/2023		404,621
	865,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		5.800			11/01/2012		760,162

27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	2,000,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000	%		11/01/2018	$	1,328,540
	8,190,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		5,440,371
	3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		2,201,148
	1,100,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		672,573
	2,700,000	Lehigh Northampton, PA Airport Authority¹		6.000			05/15/2030		2,699,757
	10,000	Luzerne County, PA Flood Protection Authority¹		5.000			01/15/2023		10,004
	5,000,000	Luzerne County, PA IDA¹		7.750			12/15/2027		4,914,450
	22,500,000	Luzerne County, PA IDA (Pennsylvania-American Water)⁴		5.100			09/01/2034		21,888,900
	10,000	Luzerne County, PA IDA (Pennsylvania-American Water)¹		5.100			09/01/2034		9,728
	2,730,000	McKean County, PA Hospital Authority (Bradford Hospital)¹		5.000			10/01/2020		2,114,358
	2,900,000	McKean County, PA Hospital Authority (Bradford Hospital)¹		5.250			10/01/2030		1,851,273
	10,000	Mifflin County, PA GO¹		5.625			09/01/2028		10,028
	11,060,000	Mifflin County, PA Hospital Authority (Lewiston Hospital/Lewiston Healthcare Foundation Obligated Group)¹		5.125			07/01/2030		10,113,706
	595,000	Millcreek, PA Richland Joint Authority¹		5.250			08/01/2022		602,943
	855,000	Millcreek, PA Richland Joint Authority¹		5.375			08/01/2027		844,612
	1,000,000	Millcreek, PA Richland Joint Authority¹		5.500			08/01/2037		949,690
	2,445,000	Millcreek, PA Richland Joint Authority¹		5.500			08/01/2037		2,321,992
	160,000	Monroe County, PA Hospital Authority (Pocono Medical Center)¹		5.625			01/01/2032		160,246
	10,000	Montgomery County, PA HEHA (Abington Memorial Hospital)¹		5.000			06/01/2028		9,999
	20,000	Montgomery County, PA HEHA (Abington Memorial Hospital)¹		5.125			06/01/2027		20,052
	20,000	Montgomery County, PA HEHA (Abington Memorial Hospital)¹		5.125			06/01/2032		19,885
	140,000	Montgomery County, PA HEHA (Holy Redeemer Health System)¹		5.250			10/01/2023		135,526
	50,000	Montgomery County, PA HEHA (Holy Redeemer Health System)¹		5.250			10/01/2027		45,521
	80,000	Montgomery County, PA HEHA (Holy Redeemer Physician & Ambulatory Services)¹		5.250			10/01/2023		77,443
	21,000,000	Montgomery County, PA IDA⁴		5.375			08/01/2038		21,626,850
	1,500,000	Montgomery County, PA IDA¹		5.375			08/01/2038		1,544,775
	880,000	Montgomery County, PA IDA (ACTS Retirement Life Community)¹		5.250			11/15/2028		833,950
	270,000	Montgomery County, PA IDA (Pennsylvania-American Water Company)¹		5.050			06/01/2029		263,623
	3,840,000	Montgomery County, PA IDA (Wordsworth Academy)¹		8.000			09/01/2024		3,840,192
	1,000,000	Mount Lebanon, PA Hospital Authority (St. Claire Memorial Hospital)¹		5.625			07/01/2032		1,002,390

28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	2,085,000	New Wilmington, PA Municipal Authority (Westminster College)¹		5.000	%		05/01/2027	$	1,988,569
	20,000	Northampton County, PA IDA (Moravian Hall Square)¹		5.550			07/01/2014		20,046
	40,000	Northampton County, PA IDA (Moravian Hall Square)¹		5.700			07/01/2020		40,023
	830,000	Northumberland County, PA IDA (Aqua Pennsylvania)¹		5.050			10/01/2039		806,254
	1,205,000	Northumberland County, PA IDA (NHS Youth Services)¹		5.500			02/15/2033		692,405
	1,700,000	Northumberland County, PA IDA (NHS Youth Services)¹		7.500			02/15/2029		1,305,872
	3,605,000	Northumberland County, PA IDA (NHS Youth Services)¹		7.750			02/15/2029		2,841,245
	16,000,000	PA Commonwealth Financing Authority⁴		5.000			06/01/2032		16,453,760
	1,550,000	PA Commonwealth Financing Authority¹		5.000			06/01/2032		1,593,958
	11,400,000	PA EDFA (30th Street Garage)¹		5.875			06/01/2033		11,412,198
	10,000,000	PA EDFA (Albert Einstein Healthcare)¹		6.250			10/15/2023		10,409,500
	50,000	PA EDFA (Amtrak)		6.000			11/01/2011		50,475
	250,000	PA EDFA (Amtrak)¹		6.125			11/01/2021		252,685
	5,005,000	PA EDFA (Amtrak)¹		6.250			11/01/2031		5,030,776
	12,475,000	PA EDFA (Amtrak)¹		6.375			11/01/2041		12,524,900
	39,737,908	PA EDFA (Bionol Clearfield)³		8.500			07/15/2015		26,086,347
	885,000	PA EDFA (DGABC/DGABF/DGABEI Obligated Group)¹		5.625			12/01/2015		886,628
	690,000	PA EDFA (Fayette Thermal)¹		5.250			12/01/2016		608,463
	35,000	PA EDFA (Fayette Thermal)¹		5.500			12/01/2021		26,416
	14,700,000	PA EDFA (National Gypsum Company)¹		6.125			11/01/2027		12,191,886
	5,000,000	PA EDFA (National Gypsum Company)¹		6.250			11/01/2027		4,203,100
	1,800,000	PA EDFA (Northampton Generating)		6.500			01/01/2013		1,234,152
	21,800,000	PA EDFA (Northampton Generating)		6.600			01/01/2019		12,248,548
	500,000	PA EDFA (Northampton Generating)³		6.875			01/01/2011		121,300
	12,000,000	PA EDFA (Northampton Generating)³		6.950			01/01/2021		3,042,600
	45,000	PA EDFA (Northwestern Human Services)¹		5.125			06/01/2018		41,459
	3,000,000	PA EDFA (Northwestern Human Services)¹		5.250			06/01/2028		2,344,560
	3,000,000	PA EDFA (Philadelphia Biosolids Facility)¹		6.250			01/01/2032		3,115,080
	3,000,000	PA EDFA (US Airways Group)		8.000			05/01/2029		3,097,590
	50,000	PA EDFA (York Water Company)¹		6.000			11/01/2038		50,382
	30,000,000	PA Geisinger Authority Health System, Series A⁴		5.250			06/01/2039		30,733,500
	755,000	PA HEFA (Allegheny Delaware Valley Obligated Group)¹		5.700			11/15/2011		754,283
	3,185,000	PA HEFA (Allegheny Delaware Valley Obligated Group)¹		5.875			11/15/2021		2,966,796
	1,025,000	PA HEFA (Assoc. of Independent Colleges & Universities)¹		5.125			05/01/2032		960,220
	100,000	PA HEFA (California University of Pennsylvania Student Assoc.)¹		5.000			07/01/2028		80,596
	250,000	PA HEFA (California University of Pennsylvania Student Assoc.)¹		6.750			09/01/2020		254,368

29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	115,000	PA HEFA (California University of Pennsylvania Student Assoc.)¹		6.750	%		09/01/2032	$	116,014
	55,000	PA HEFA (California University of Pennsylvania Student Assoc.)¹		6.800			09/01/2025		55,659
	1,475,000	PA HEFA (College of Science & Agriculture)¹		5.350			04/15/2028		1,352,708
	1,460,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.650			04/15/2025		1,415,193
	815,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.750			04/15/2029		779,189
	220,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.750			04/15/2034		204,712
	3,210,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.800			04/15/2030		3,068,632
	3,385,000	PA HEFA (Delaware Valley College of Science & Agriculture)¹		5.800			04/15/2033		3,185,860
	6,285,000	PA HEFA (Edinboro University Foundation)¹		5.750			07/01/2028		6,305,992
	3,000,000	PA HEFA (Edinboro University Foundation)¹		5.800			07/01/2030		2,986,200
	9,000,000	PA HEFA (Edinboro University Foundation)¹		5.875			07/01/2038		8,814,870
	8,225,000	PA HEFA (Edinboro University Foundation)¹		6.000			07/01/2042		8,133,291
	3,500,000	PA HEFA (Edinboro University Foundation)¹		6.000			07/01/2043		3,455,690
	4,000,000	PA HEFA (Elizabethtown College)¹		5.000			12/15/2027		3,942,640
	130,000	PA HEFA (Frontier II)¹		5.125			04/01/2033		110,972
	2,000,000	PA HEFA (La Salle University)¹		5.000			05/01/2037		1,809,460
	50,000	PA HEFA (La Salle University)¹		5.500			05/01/2034		50,045
	1,490,000	PA HEFA (Marywood University)¹		5.125			06/01/2029		1,417,944
	70,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.875			11/15/2016		68,394
	30,085,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.875			11/15/2016		29,394,833
	9,740,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.875			11/15/2021		9,072,713
	250,000	PA HEFA (Philadelphia University)¹		5.000			06/01/2035		222,550
	3,000,000	PA HEFA (Philadelphia University)¹		5.125			06/01/2025		2,945,880
	2,000,000	PA HEFA (Philadelphia University)¹		5.250			06/01/2032		1,886,240
	2,005,000	PA HEFA (Philadelphia University)¹		5.500			06/01/2020		2,072,689
	3,000,000	PA HEFA (Shippensburg University)¹		6.000			10/01/2031		3,047,640
	7,000,000	PA HEFA (Shippensburg University)¹		6.250			10/01/2043		7,115,080
	105,000	PA HEFA (St. Francis University)¹		5.750			11/01/2023		105,143
	3,925,000	PA HEFA (St. Francis University)¹		6.250			11/01/2018		4,030,583
	3,000,000	PA HEFA (State System Higher Education)¹		5.000			06/15/2030		3,208,560
	4,615,000	PA HEFA (University of Pennsylvania Health System)¹		5.750			08/15/2041		4,844,689
	60,000	PA HEFA (University of the Arts)¹		5.500			03/15/2020		59,509
	2,000,000	PA HEFA (University of the Arts)¹		5.625			03/15/2025		1,874,100
	1,520,000	PA HEFA (University of the Arts)¹		5.750			03/15/2030		1,374,962
	100,000	PA HEFA (UPMC Health System)¹		5.000			08/01/2029		100,028
	650,000	PA HEFA (Widener University)¹		5.000			07/15/2026		657,196
	100,000	PA HEFA (Widener University)¹		5.250			07/15/2024		101,597
	70,000	PA HEFA (Widener University)¹		5.400			07/15/2036		70,114

30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	33,325,000	PA HFA (Single Family Mtg.), Series 100A⁴		5.350	%		10/01/2033	$	33,698,995
	10,985,000	PA HFA (Single Family Mtg.), Series 73A⁴		5.350			10/01/2022		10,999,067
	10,030,000	PA HFA (Single Family Mtg.), Series 74B⁴		5.150			10/01/2022		10,072,427
	17,305,000	PA HFA (Single Family Mtg.), Series 96A⁴		4.700			10/01/2037		16,194,320
	9,000,000	PA HFA (Single Family Mtg.), Series 99A⁴		5.250			10/01/2032		9,043,718
	8,590,000	PA HFA (Single Family Mtg.), Series 99A⁴		5.300			10/01/2037		9,039,855
	1,265,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2020		1,257,929
	1,400,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2023		1,342,026
	2,245,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2025		2,049,910
	3,265,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2026		2,943,332
	900,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2027		804,429
	2,510,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2028		2,214,397
	1,470,000	PA Southcentral General Authority (Hanover Hospital)¹		5.000			12/01/2030		1,283,192
	24,615,000	PA Southcentral General Authority (Wellspan Health Obligated Group)⁴		6.000			06/01/2029		26,763,587
	40,000	PA St. Mary Hospital Authority (Franciscan Health)¹		7.000			06/15/2015		40,123
	5,000	PA State Public School Building Authority (Chester Upland School District)¹		5.150			11/15/2026		5,072
	4,000,000	PA Turnpike Commission¹		0.000	⁶		12/01/2034		3,160,000
	15,775,000	PA Turnpike Commission¹		0.000	⁶		12/01/2034		12,111,572
	10,000,000	PA Turnpike Commission¹		0.000	⁶		12/01/2038		7,114,800
	18,000,000	PA Turnpike Commission (Motor License)⁴		5.000			12/01/2040		18,260,460
	300,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)¹		6.250			01/01/2032		300,210
	1,835,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)¹		6.500			01/01/2041		1,856,763
	15,000	Philadelphia, PA Airport, Series B¹		5.250			06/15/2031		14,935
	5,000,000	Philadelphia, PA Airport, Series D¹		5.250			06/15/2028		5,026,100
	5,000	Philadelphia, PA Authority for Industrial Devel.¹		5.250			10/01/2030		5,094
	6,180,000	Philadelphia, PA Authority for Industrial Devel. (Aero Philadelphia)¹		5.500			01/01/2024		4,674,367
	3,870,000	Philadelphia, PA Authority for Industrial Devel. (Air Cargo)¹		7.500			01/01/2025		3,706,028
	1,150,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)¹		5.500			11/15/2018		695,739
	786,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)¹		5.600			11/15/2028		330,112
	450,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)¹		6.750			04/01/2023		455,175
	2,600,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)¹		6.875			04/01/2034		2,604,394
	2,505,000	Philadelphia, PA Authority for Industrial Devel. (First Mtg.-CPAP)¹		6.125			04/01/2019		1,884,687

31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	1,000,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)¹		5.750	%		11/15/2030	$	902,850
	500,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)¹		6.375			11/15/2040		466,810
	2,040,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)¹		5.375			06/15/2030		1,963,806
	4,000,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)¹		5.625			06/15/2042		3,674,760
	10,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)¹		5.125			07/01/2020		10,090
	130,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)¹		5.125			07/01/2028		130,026
	115,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)¹		5.250			07/01/2028		115,071
	5,000,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport), Series A¹		5.400			07/01/2022		5,040,250
	1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)¹		6.250			05/01/2033		1,520,608
	1,120,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)¹		5.000			01/01/2015		1,028,877
	1,580,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)¹		5.125			01/01/2021		1,238,878
	2,105,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Arbor House)¹		6.100			07/01/2033		2,019,053
	780,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (GIH/PPAM)¹		5.125			07/01/2016		793,876
	1,860,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Miriam and Robert M. Rieder House)¹		6.100			07/01/2033		1,784,056
	3,000,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)¹		5.625			07/01/2035		2,595,630
	1,745,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Robert Saligman House)¹		6.100			07/01/2033		1,673,752
	25,000	Philadelphia, PA Gas Works		5.000			07/01/2014		25,068
	15,000	Philadelphia, PA Gas Works¹		5.000			07/01/2026		15,006
	10,000	Philadelphia, PA Gas Works		5.500			07/01/2014		10,031
	4,000,000	Philadelphia, PA GO¹		6.000			08/01/2036		4,199,920
	6,260,000	Philadelphia, PA GO¹		6.500			08/01/2041		6,865,217
	1,210,000	Philadelphia, PA H&HEFA (Centralized Comprehensive Human Services)¹		7.250			01/01/2021		1,154,461
	17,420,000	Philadelphia, PA H&HEFA (Temple University Hospital)¹		5.500			07/01/2026		16,211,052
	1,000,000	Philadelphia, PA Municipal Authority¹		6.500			04/01/2034		1,056,690
	5,000	Philadelphia, PA New Public Housing Authority¹		5.000			04/01/2012		5,144
	20,000	Philadelphia, PA Parking Authority, Series A¹		5.250			02/15/2029		20,008

32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value		��

Pennsylvania Continued
$	5,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A¹		5.500	%		07/01/2035	$	3,974
	1,000,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A¹		5.625			07/01/2023		905,760
	1,500,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A¹		5.625			07/01/2028		1,289,250
	150,000	Philadelphia, PA Redevel. Authority (Multifamily Hsg.)¹		5.450			02/01/2023		153,740
	2,580,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)¹		6.000			10/01/2023		2,612,147
	4,100,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)¹		6.250			10/01/2032		4,125,953
	2,940,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)¹		6.130			01/20/2043		2,982,571
	20,000	Pittsburgh, PA Urban Redevel. Authority, Series A¹		5.200			10/01/2020		20,014
	30,000	Pittsburgh, PA Urban Redevel. Authority, Series A¹		5.250			10/01/2029		30,004
	775,000	Pittsburgh, PA Urban Redevel. Authority, Series A¹		6.250			10/01/2028		782,572
	40,000	Pittsburgh, PA Urban Redevel. Authority, Series B¹		5.350			10/01/2022		40,051
	60,000	Pittsburgh, PA Urban Redevel. Authority, Series C¹		5.600			04/01/2020		60,058
	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		35,040
	750,000	Pittsburgh, PA Urban Redevel. Authority, Series C¹		5.950			10/01/2029		750,450
	30,000	Potter County, PA Hospital Authority (Charles Cole Memorial Hospital)¹		5.250			08/01/2028		23,658
	120,000	Potter County, PA Hospital Authority (Charles Cole Memorial Hospital)¹		6.050			08/01/2024		113,497
	1,000,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)¹		5.500			07/01/2018		946,500
	390,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)¹		5.500			07/01/2018		369,135
	4,170,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)¹		5.625			07/01/2024		3,678,232
	235,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)¹		5.625			07/01/2024		208,201
	10,000,000	Reading, PA GO¹		5.625			11/15/2020		10,090,500
	900,000	Reading, PA Hsg. Auth (Goggle Works Apts.)¹		5.625			06/01/2042		917,271
	2,895,000	Reading, PA Hsg. Auth (Goggle Works Apts.)¹		5.875			06/01/2052		2,942,565
	30,000	Sayre, PA Health Care Facilities Authority (Guthrie Healthcare System)¹		5.750			12/01/2021		30,476
	10,000	Schuylkill County, PA IDA (DOCNHS/BSVHS/WMHS Obligated Group)¹		5.000			11/01/2028		10,004
	6,500,000	Scranton, PA Parking Authority¹		5.250			06/01/2039		5,721,235
	1,000,000	Scranton, PA Sewer Authority¹		5.500			12/01/2035		1,007,370
	5,000	Sharon, PA Regional Health System Authority (SRPS/SRHS Obligated Group)¹		5.000			12/01/2028		4,638

33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Pennsylvania Continued
$	100,000	Somerset County, PA Hospital Authority (Somerset Community Hospital)¹		5.450	%		03/01/2032	$	102,916
	2,000,000	South Fork, PA Municipal Authority (Conemaugh Health System)¹		5.500			07/01/2029		1,977,460
	245,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)¹		5.000			07/01/2028		229,048
	5,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)¹		5.375			07/01/2022		5,002
	355,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)¹		5.250			07/01/2026		344,623
	15,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)¹		5.375			07/01/2016		15,037
	150,000	Susquehanna, PA Area Regional Airport Authority¹		5.000			01/01/2028		129,899
	45,000	Susquehanna, PA Area Regional Airport Authority¹		5.000			01/01/2033		38,762
	140,000	Susquehanna, PA Area Regional Airport Authority¹		5.375			01/01/2018		128,696
	4,300,000	Susquehanna, PA Area Regional Airport Authority¹		6.500			01/01/2038		4,174,182
	900,000	Susquehanna, PA Area Regional Airport Authority (Aero Harrisburg)¹		5.500			01/01/2024		694,368
	5,000	Union County, PA Hospital Authority (United Methodist Continuing Care Services)¹		6.250			04/01/2012		4,996
	75,000	Washington County, PA Hospital Authority (Washington Hospital)¹		5.125			07/01/2028		70,703
	7,800,000	Washington County, PA Redevel. Authority (Victory Centre)¹		5.450			07/01/2035		6,761,508
	550,000	Washington, PA Township Municipal Authority¹		5.875			12/15/2023		530,706
	2,475,000	Washington, PA Township Municipal Authority¹		6.000			12/15/2033		2,355,062
	1,085,000	Westmoreland County, PA IDA (Redstone Retirement Community)¹		5.875			01/01/2032		937,017
	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)¹		5.000			03/01/2027		4,821,400
	10,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)¹		5.000			03/01/2037		9,013,300
	10,000	York County, PA IDA (PSEG Power)¹		5.500			09/01/2020		10,173

									967,050,112
U.S. Possessions—27.1%
	30,000	Guam GO		5.375			11/15/2013		30,022
	750,000	Guam GO¹		6.750			11/15/2029		765,630
	4,000,000	Guam GO¹		7.000			11/15/2039		4,139,600
	700,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		759,507
	1,300,000	Guam Power Authority, Series A¹		5.500			10/01/2030		1,246,414
	1,100,000	Guam Power Authority, Series A¹		5.500			10/01/2040		1,030,304
	3,915,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)¹		5.250			06/01/2032		3,674,188
	1,500,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)¹		5.625			06/01/2047		1,280,085

34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	38,902,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		7.250	⁵%		06/01/2057	$	798,658
	860,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2017		788,904
	1,000,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			10/01/2022		831,360
	500,000	Northern Mariana Islands Commonwealth, Series A¹		6.750			10/01/2033		466,680
	2,485,000	Northern Mariana Islands Ports Authority, Series A¹		5.500			03/15/2031		2,013,173
	1,640,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,152,280
	1,205,000	Northern Mariana Islands Ports Authority, Series A¹		6.600			03/15/2028		1,082,765
	4,500,000	Puerto Rico Aqueduct & Sewer Authority¹		6.125			07/01/2024		4,911,435
	69,645,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		60,176,066
	66,835,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		57,500,824
	384,250,000	Puerto Rico Children’s Trust Fund (TASC)		6.417	⁵		05/15/2050		13,859,898
	136,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.325	⁵		05/15/2055		2,374,560
	1,817,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	⁵		05/15/2057		26,364,670
	3,000,000	Puerto Rico Commonwealth GO¹		5.750			07/01/2041		2,987,100
	1,435,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2024		1,482,412
	1,510,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2025		1,543,386
	5,540,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2027		5,598,724
	1,760,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2030		1,771,141
	3,505,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2031		3,517,232
	500,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		490,675
	25,000	Puerto Rico Highway & Transportation Authority, Series A¹		5.000			07/01/2038		22,447
	325,000	Puerto Rico Highway & Transportation Authority, Series H¹		5.000			07/01/2028		321,695
	700,000	Puerto Rico Highway & Transportation Authority, Series N¹		5.250			07/01/2039		650,685
	1,400,000	Puerto Rico Infrastructure (Mepsi Campus)¹		6.500			10/01/2037		1,285,088
	1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		1,045,388
	215,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2019		215,039
	500,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2029		458,310
	650,000	Puerto Rico ITEMECF (IEP/HESL/HECR Obligated Group)¹		5.750			06/01/2019		504,088
	19,535,000	Puerto Rico Port Authority (American Airlines), Series A		6.250			06/01/2026		16,194,320
	1,170,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		999,332
	1,500,000	Puerto Rico Public Buildings Authority¹		6.500			07/01/2030		1,624,215
	1,000,000	Puerto Rico Public Buildings Authority¹		6.750			07/01/2036		1,085,690
	1,015,000	Puerto Rico Public Buildings Authority, Series D¹		5.250			07/01/2036		967,528
	2,000,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.500			08/01/2044		2,167,120
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		7.280	⁵		08/01/2034		6,616,200
	22,130,000	Puerto Rico Sales Tax Financing Corp., Series C⁴		5.750			08/01/2057		23,005,637
	5,500,000	Puerto Rico Sales Tax Financing Corp., Series C¹		6.000			08/01/2039		5,788,970
	18,015,000	Puerto Rico Sales Tax Financing Corp., Series C		6.380	⁵		08/01/2038		2,991,571
	25,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)¹		5.000			10/01/2031		24,046

35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	8,500,000	V.I. Public Finance Authority (Hovensa Refinery)¹		4.700	%		07/01/2022	$	7,155,980
	1,500,000	V.I. Public Finance Authority (Hovensa Refinery)¹		5.875			07/01/2022		1,405,680
	5,000,000	V.I. Public Finance Authority (Hovensa Refinery)¹		6.125			07/01/2022		4,781,350
	17,450,000	V.I. Tobacco Settlement Financing Corp.		6.250	⁵		05/15/2035		2,167,814
	2,195,000	V.I. Tobacco Settlement Financing Corp.		6.500	⁵		05/15/2035		243,382
	4,150,000	V.I. Tobacco Settlement Financing Corp.		6.875	⁵		05/15/2035		439,693
	7,000,000	V.I. Tobacco Settlement Financing Corp.		7.625	⁵		05/15/2035		591,360
	30,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2021		28,676
	2,235,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2031		1,926,816
	435,000	V.I. Water & Power Authority, Series A1		5.000			07/01/2031		410,862

									287,756,675
Total Investments, at Value (Cost $1,363,957,478)—118.2%									1,254,806,787
Liabilities in Excess of Other Assets—(18.2)%									(192,895,775	)

Net Assets—100.0%								$	1,061,911,012

Footnotes to Statement of Investments


*		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

1.		All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 5 of the accompanying Notes.

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

3.		This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

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

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

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

Valuation Inputs

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

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

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

36 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 29, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	—	$	967,050,099	$	13	$	967,050,112
U.S. Possessions		—		287,756,675		—		287,756,675

Total Assets	$	—	$	1,254,806,774	$	13	$	1,254,806,787

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


ACTS		Adult Communities Total Services
ARC		Assoc. of Retarded Citizens
AUS		Allegheny United Hospital
BSVHS		Baptist/St. Vincent’s Health System
CCMC		Crozer-Chester Medical Center
CKHS		Crozer-Keystone Health System
COP		Certificates of Participation
CPAP		Crime Prevention Assoc. of Philadelphia
DCMH		Delaware County Memorial Hospital
DGABC		Dr. Gertrude A Barber Center
DGABEI		Dr. Gertrude A Barber Educational Institute
DGABF		Dr. Gertrude A Barber Foundation
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
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
PA/NJ		Pennsylvania/New Jersey
PPAM		Philadelphia Presbytery Apartments of Morrisville
PSEG		Public Service Enterprise Group
RITES		Residual Interest Tax Exempt Security
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

See accompanying Notes to Financial Statements.

37 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 29, 2011¹


Assets
Investments, at value (cost $1,363,957,478)—see accompanying statement of investments	$	1,254,806,787
Cash		702,033
Receivables and other assets:
Interest		14,180,160
Shares of beneficial interest sold		514,412
Investments sold		5,000
Other		351,058

Total assets		1,270,559,450

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		194,525,000
Payable on borrowings (See Note 5)		11,300,000
Shares of beneficial interest redeemed		1,810,507
Dividends		580,839
Trustees’ compensation		160,150
Distribution and service plan fees		102,494
Shareholder communications		42,593
Transfer and shareholder servicing agent fees		40,330
Interest expense on borrowings		2,061
Other		84,464

Total liabilities		208,648,438

Net Assets	$	1,061,911,012


Composition of Net Assets
Paid-in capital	$	1,267,036,440
Accumulated net investment income		16,054,984
Accumulated net realized loss on investments		(112,029,721	)
Net unrealized depreciation on investments		(109,150,691	)

Net Assets	$	1,061,911,012

38 | 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 $723,618,025 and 68,269,248 shares of beneficial interest outstanding)	$	10.60
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	11.13
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $48,569,334 and 4,584,455 shares of beneficial interest outstanding)	$	10.59
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $277,553,011 and 26,233,896 shares of beneficial interest outstanding)	$	10.58
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $12,170,642 and 1,147,953 shares of beneficial interest outstanding)	$	10.60


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

39 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 29, 2011¹


Investment Income
Interest	$	83,423,183
Other income		677

Total investment income		83,423,860

Expenses
Management fees		5,227,253
Distribution and service plan fees:
Class A		1,134,622
Class B		512,910
Class C		2,576,137
Transfer and shareholder servicing agent fees:
Class A		337,602
Class B		67,777
Class C		167,142
Class Y		1,136
Shareholder communications:
Class A		54,300
Class B		9,554
Class C		25,273
Class Y		595
Interest expense and fees on short-term floating rate notes issued (See Note 1)		2,250,364
Borrowing fees		1,362,165
Interest expense on borrowings		74,793
Trustees’ compensation		24,017
Custodian fees and expenses		13,157
Administration service fees		1,500
Other		262,624

Total expenses		14,102,921
Less waivers and reimbursements of expenses		(44,083	)

Net expenses		14,058,838

Net Investment Income		69,365,022

Realized and Unrealized Loss
Net realized loss on investments		(10,970,822	)
Net change in unrealized appreciation/depreciation on investments		(35,014,387	)

Net Increase in Net Assets Resulting from Operations	$	23,379,813


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

40 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended			Year Ended
	July 29, 2011¹			July 30, 2010¹

Operations
Net investment income	$	69,365,022		$	73,533,030
Net realized gain (loss)		(10,970,822	)		27,126,424
Net change in unrealized appreciation/depreciation		(35,014,387	)		146,266,046

Net increase in net assets resulting from operations		23,379,813			246,925,500

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(47,455,240	)		(47,756,629	)
Class B		(3,095,134	)		(3,808,882	)
Class C		(15,802,302	)		(15,429,009	)
Class Y		(206,300	)		—

		(66,558,976	)		(66,994,520	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(64,095,088	)		19,457,913
Class B		(17,678,508	)		(13,020,113	)
Class C		(18,734,008	)		19,242,232
Class Y		11,706,343			—

		(88,801,261	)		25,680,032

Net Assets
Total increase (decrease)		(131,980,424	)		205,611,012
Beginning of period		1,193,891,436			988,280,424

End of period (including accumulated net investment income of $16,054,984 and $13,264,549, respectively)	$	1,061,911,012		$	1,193,891,436


1.		July 29, 2011 and July 30, 2010 represents the last business days of the Fund’s respective 2011 and 2010 fiscal years.

See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

41 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 29, 2011¹


Cash Flows from Operating Activities
Net increase in net assets from operations	$	23,379,813
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(195,934,442	)
Proceeds from disposition of investment securities		315,259,234
Short-term investment securities, net		13,418,924
Premium amortization		1,105,060
Discount accretion		(12,423,851	)
Net realized loss on investments		10,970,822
Net change in unrealized appreciation/depreciation on investments		35,014,387
Change in assets:
Decrease in receivable for securities sold		4,441,527
Decrease in interest receivable		1,934,988
Increase in other assets		(137,253	)
Change in liabilities:
Decrease in other liabilities		(105,913	)
Decrease in payable for securities purchased		(7,687,578	)

Net cash provided by operating activities		189,235,718

Cash Flows from Financing Activities
Proceeds from bank borrowings		293,800,000
Payments on bank borrowings		(312,800,000	)
Payments on short-term floating rate notes issued		(14,527,000	)
Proceeds from shares sold		151,830,505
Payments on shares redeemed		(284,773,365	)
Cash distributions paid		(22,690,118	)

Net cash used in financing activities		(189,159,978	)
Net increase in cash		75,740
Cash, beginning balance		626,293

Cash, ending balance	$	702,033

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $44,112,902.

Cash paid for interest on bank borrowings—$85,461.

Cash paid for interest on short-term floating rate notes issued—$2,250,364.


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

42 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


	July 29,			July 30,			July 31,			July 31,			July 31,
Class A Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	10.96		$	9.28		$	11.12		$	12.77		$	12.75

Income (loss) from investment operations:
Net investment income²		.69			.71			.69			.64			.59
Net realized and unrealized gain (loss)		(.39	)		1.62			(1.90	)		(1.69	)		.02

Total from investment operations		.30			2.33			(1.21	)		(1.05	)		.61

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.66	)		(.65	)		(.63	)		(.60	)		(.59	)

Net asset value, end of period	$	10.60		$	10.96		$	9.28		$	11.12		$	12.77


Total Return, at Net Asset Value³		2.98	%		25.50	%		(10.41	)%		(8.42	)%		4.81	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	723,618		$	817,706		$	675,031		$	816,645		$	868,070

Average net assets (in thousands)	$	760,121		$	778,632		$	640,109		$	847,089		$	747,558

Ratios to average net assets:⁴
Net investment income		6.50	%		6.71	%		7.53	%		5.33	%		4.57	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.70	%		0.69	%		0.73	%		0.67	%		0.67	%
Interest and fees from borrowings		0.13	%		0.27	%		0.87	%		0.14	%		0.07	%
Interest and fees on short-term floating rate notes issued⁵		0.20	%		0.22	%		0.49	%		0.60	%		0.61	%

Total expenses		1.03	%		1.18	%		2.09	%		1.41	%		1.35	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.03	%		1.17	%		2.09	%		1.41	%		1.35	%

Portfolio turnover rate		16	%		17	%		30	%		51	%		4	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

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

4.		Annualized for periods less than one full year.

5.		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.

43 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


	July 29,			July 30,			July 31,			July 31,			July 31,
Class B Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	10.95		$	9.28		$	11.12		$	12.76		$	12.75

Income (loss) from investment operations:
Net investment income²		.60			.62			.60			.54			.49
Net realized and unrealized gain (loss)		(.38	)		1.61			(1.89	)		(1.68	)		.01

Total from investment operations		.22			2.23			(1.29	)		(1.14	)		.50

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.58	)		(.56	)		(.55	)		(.50	)		(.49	)

Net asset value, end of period	$	10.59		$	10.95		$	9.28		$	11.12		$	12.76


Total Return, at Net Asset Value³		2.13	%		24.36	%		(11.16	)%		(9.07	)%		3.93	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	48,569		$	68,602		$	69,650		$	119,418		$	179,266

Average net assets (in thousands)	$	57,201		$	71,759		$	78,974		$	148,180		$	193,167

Ratios to average net assets:⁴
Net investment income		5.67	%		5.87	%		6.66	%		4.51	%		3.81	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.53	%		1.53	%		1.53	%		1.46	%		1.45	%
Interest and fees from borrowings		0.13	%		0.27	%		0.87	%		0.14	%		0.07	%
Interest and fees on short-term floating rate notes issued⁵		0.20	%		0.22	%		0.49	%		0.60	%		0.61	%

Total expenses		1.86	%		2.02	%		2.89	%		2.20	%		2.13	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.86	%		2.01	%		2.89	%		2.20	%		2.13	%

Portfolio turnover rate		16	%		17	%		30	%		51	%		4	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

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

4.		Annualized for periods less than one full year.

5.		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.

44 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


	July 29,			July 30,			July 31,			July 31,			July 31,
Class C Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	10.94		$	9.27		$	11.11		$	12.75		$	12.73

Income (loss) from investment operations:
Net investment income²		.61			.63			.61			.55			.49
Net realized and unrealized gain (loss)		(.39	)		1.61			(1.89	)		(1.68	)		.02

Total from investment operations		.22			2.24			(1.28	)		(1.13	)		.51

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.58	)		(.57	)		(.56	)		(.51	)		(.49	)

Net asset value, end of period	$	10.58		$	10.94		$	9.27		$	11.11		$	12.75


Total Return, at Net Asset Value³		2.20	%		24.47	%		(11.11	)%		(9.05	)%		4.02	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	277,553		$	307,583		$	243,599		$	291,693		$	322,869

Average net assets (in thousands)	$	287,679		$	287,513		$	227,214		$	309,446		$	274,274

Ratios to average net assets:⁴
Net investment income		5.74	%		5.93	%		6.74	%		4.56	%		3.80	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.46	%		1.45	%		1.50	%		1.44	%		1.43	%
Interest and fees from borrowings		0.13	%		0.27	%		0.87	%		0.14	%		0.07	%
Interest and fees on short-term floating rate notes issued⁵		0.20	%		0.22	%		0.49	%		0.60	%		0.61	%

Total expenses		1.79	%		1.94	%		2.86	%		2.18	%		2.11	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.79	%		1.93	%		2.86	%		2.18	%		2.11	%

Portfolio turnover rate		16	%		17	%		30	%		51	%		4	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

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

4.		Annualized for periods less than one full year.

5.		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.

45 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


	Period Ended
Class Y	July 29, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	10.68

Income (loss) from investment operations:
Net investment income²		.44
Net realized and unrealized loss		(.07	)

Total from investment operations		.37

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.45	)

Net asset value, end of period	$	10.60


Total Return, at Net Asset Value³		3.73	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,171

Average net assets (in thousands)	$	4,849

Ratios to average net assets:⁴
Net investment income		6.23	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.57	%
Interest and fees from borrowings		0.13	%
Interest and fees on short-term floating rate notes issued⁵		0.20	%

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

Portfolio turnover rate		16	%


1.		For the period from November 29, 2010 (inception of offering) to July 29, 2011, which represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

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

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

4.		Annualized for periods less than one full year.

5.		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.

46 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

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

47 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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.

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.

48 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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.

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 $194,525,000 as of July 29, 2011, which represents 15.31% of the Fund’s total assets.

Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 29, 2011, municipal bond holdings with a value of $304,073,859 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $194,525,000 in short-term floating rate notes issued and outstanding at that date.

49 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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 July 29, 2011, 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		17.009	%		11/1/31	$	3,899,350
	7,980,000	Chester County, PA IDA (Water Facilities Authority)³		9.447			2/1/41		8,018,783
	6,240,000	Delaware County, PA IDA ROLs³		11.078			11/1/38		6,224,650
	7,500,000	Luzerne County, PA IDA (Water Facility) ROLs³		11.726			9/1/34		6,888,900
	7,000,000	Montgomery County, PA IDA RITES		12.751			8/1/38		7,626,850
	7,680,000	PA Austin Trust Various States Inverse Certificates		8.474			10/1/33		7,838,054
	8,000,000	PA Commonwealth Financing Authority DRIVERS		7.867			6/1/32		8,453,760
	7,500,000	PA Geisinger Authority Health System DRIVERS		15.822			6/1/39		8,233,500
	5,495,000	PA HFA (Single Family Mtg.) DRIVERS		8.351			10/1/22		5,509,067
	5,015,000	PA HFA (Single Family Mtg.) DRIVERS		8.008			10/1/22		5,057,427
	4,320,000	PA HFA (Single Family Mtg.) ROLs³		8.704			10/1/32		4,363,718
	5,020,000	PA HFA (Single Family Mtg.) ROLs³		14.986			10/1/33		5,205,941
	3,005,000	PA HFA (Single Family Mtg.) ROLs³		11.899			10/1/37		2,989,855
	6,400,000	PA HFA (Single Family Mtg.) ROLs³		10.712			10/1/37		5,264,320
	6,155,000	PA Southcentral General Authority (Hanover Hospital) ROLs		18.084			6/1/29		8,303,587
	9,000,000	PA Turnpike Commission ROLs³		8.031			12/1/40		9,260,460
	5,535,000	Puerto Rico Sales Tax Financing Corp. ROLs³		15.313			8/1/57		6,410,637

								$	109,548,859


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

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

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

50 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of July 29, 2011, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $103,625,000.


Cost	$	64,192,858
Market Value	$	36,036,145
Market Value as a % of Net Assets		3.39	%

51 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Net Unrealized

Depreciation Based on

Cost of Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal

Income

Gain

Carryforward^1,2,3,4

Income Tax Purposes

$17,866,119

—

105,589,485

115,590,930


1.		As of July 29, 2011, the Fund had $93,092,881 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 29, 2011, details of the capital loss carryforwards were as follows:


Expiring

2016	$	1,143,881
2017		48,870,545
2018		43,078,455

Total	$	93,092,881


2.		As of July 29, 2011, the Fund had $12,496,604 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2020.

3.		During the fiscal year ended July 29, 2011, the Fund utilized $3,762,438 of capital loss carryforward to offset capital gains realized in that fiscal year.

4.		During the fiscal year ended July 30, 2010, the Fund did not utilize any capital loss carryforward.

Accordingly, the following amounts have been reclassified for July 31, 2011. Net assets of the Fund were unaffected by the reclassifications.


	Reduction		Increase to
	to Accumulated Net		Accumulated Net
Increase to	Investment		Realized Loss
Paid-in Capital	Income		on Investments

$387,302	$	15,611	$	371,691

The tax character of distributions paid during the years ended July 31, 2011 and July 30, 2010 was as follows:


	Year Ended		Year Ended
	July 31, 2011		July 30, 2010

Distributions paid from:
Exempt-interest dividends	$	65,756,338	$	66,573,723
Ordinary income		1,189,940		420,797

Total	$	66,946,278	$	66,994,520

52 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Federal tax cost of securities	$	1,565,948,370	¹

Gross unrealized appreciation	$	33,219,156
Gross unrealized depreciation		(148,810,086	)

Net unrealized depreciation	$	(115,590,930	)


1.		The Federal tax cost of securities does not include cost of $195,550,653, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.


Projected Benefit Obligations Increased	$	4,599
Payments Made to Retired Trustees		10,269
Accumulated Liability as of July 29, 2011		81,579

53 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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

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

54 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

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


	Year Ended July 29, 2011¹						Year Ended July 30, 2010
	Shares			Amount			Shares			Amount

Class A
Sold		8,958,293		$	95,825,137			11,150,914		$	117,689,193
Dividends and/or distributions reinvested		2,964,502			31,336,558			2,856,341			30,266,878
Redeemed		(18,273,952	)		(191,256,783	)		(12,105,105	)		(128,498,158	)

Net increase (decrease)		(6,351,157	)	$	(64,095,088	)		1,902,150		$	19,457,913


Class B
Sold		560,179		$	5,960,996			830,590		$	8,753,494
Dividends and/or distributions reinvested		202,689			2,144,251			233,859			2,473,302
Redeemed		(2,441,536	)		(25,783,755	)		(2,307,731	)		(24,246,909	)

Net decrease		(1,678,668	)	$	(17,678,508	)		(1,243,282	)	$	(13,020,113	)


Class C
Sold		3,427,599		$	36,701,253			4,750,674		$	50,128,077
Dividends and/or distributions reinvested		988,382			10,432,273			936,087			9,905,572
Redeemed		(6,299,300	)		(65,867,534	)		(3,854,969	)		(40,791,417	)

Net increase (decrease)		(1,883,319	)	$	(18,734,008	)		1,831,792		$	19,242,232


Class Y
Sold		1,202,585		$	12,263,088			—		$	—
Dividends and/or distributions reinvested		19,116			199,820			—			—
Redeemed		(73,748	)		(756,565	)		—			—

Net increase		1,147,953		$	11,706,343			—		$	—


1.		For the year ended July 29, 2011, for Class A, B, and C shares, and for the period from November 29, 2010 (inception of offering) to July 29, 2011 for Class Y shares.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 29, 2011, were as follows:


	Purchases		Sales

Investment securities	$	195,934,442	$	315,259,234

55 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

56 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Class C shares daily net assets. The Distributor also receives a service fee of 0.15% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2011 were as follows:


Class B	$	3,092,582
Class C		5,036,774

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

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

July 29, 2011

235,540

12,623

124,483

27,207

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.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Borrowings

57 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

5. Borrowings Continued

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.175% as of July 29, 2011). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual 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 year ended July 29, 2011 equal 0.12% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 29, 2011, the Fund had borrowings outstanding at an interest rate of 0.175%. Details of the borrowings for the year ended July 29, 2011 are as follows:


Average Daily Loan Balance	$	26,738,904
Average Daily Interest Rate		0.269	%
Fees Paid	$	1,345,605
Interest Paid	$	85,461

58 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

6. Reverse Repurchase Agreements

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended July 29, 2011 are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.

The Fund executed no transactions under the Facility during the year ended July 29, 2011.

59 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal and state courts against the Manager, the Distributor and certain Oppenheimer mutual funds — including the Fund —advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal and state securities laws and state common law and allege, among other things, that the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions and that the respective Defendant Fund’s investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the outstanding lawsuits relating to the Fund, nor any other lawsuits outstanding against Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

60 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

The Manager believes the lawsuits described above are without legal merit and, with the exception of actions it has agreed to settle, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent 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 Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits 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 mutual funds.

61 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Pennsylvania Municipal Fund (one of the portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 29, 2011, and the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 29, 2011, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Pennsylvania Municipal Fund as of July 29, 2011, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
September 20, 2011

62 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

None of the dividends paid by the Fund during the fiscal year ended July 29, 2011 are eligible for the corporate dividend-received deduction. 98.22% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

63 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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

Householding—Delivery of Shareholder Documents

64 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 68		Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999- September 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

David K. Downes, Trustee (since 2007) Age: 71		Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985- 1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

65 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICER S Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Matthew P. Fink, Trustee (since 2005) Age: 70		Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Phillip A. Griffiths, Trustee (since 1999) Age: 72		Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences (since 2002); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Mary F. Miller, Trustee (since 2004) Age: 68		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joel W. Motley, Trustee (since 2002) Age: 59		Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998- December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

66 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Mary Ann Tynan, Trustee (since 2008) Age: 65		Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976- 2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joseph M. Wikler, Trustee (since 2005) Age: 70		Director of C-TASC (bio-statistics services) (since 2007); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996-2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Peter I. Wold, Trustee (since 2005) Age: 63		Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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

Daniel G. Loughran, Vice President (since 2005) and Senior Portfolio Manager (since 2001) Age: 47		Senior Vice President of the Manager (since July 2007); Vice President of the Manager (April 2001-June 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

67 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 39		Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 38		Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (2002- 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 35		Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006-June 2009). Research Analyst of the Manager (June 2003-September 2006) and a Credit Analyst of the Manager (July 2001- May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Michael L. Camarella, Vice President (since 2009) and Senior Portfolio Manager (since 2011) Age: 35		Vice President of the Manager (since January 2011); Assistant Vice President of the Manager (July 2009-January 2011). Research Analyst of the Manager (April 2006-December 2007) and a Credit Analyst of the Manager (June 2003- March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard A. Stein, Vice President (since 2007) Age: 53		Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Manager (since May 2011) and a Vice President of the Manager (1997-May 2011); headed Rochester’s Credit Analysis team (since 1993).

William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 52		Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006- February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003- March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and

68 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

William F. Glavin, Jr., Continued Arthur S. Gabinet, Secretary (since 2011) Age: 53		Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 66 portfolios as a Trustee/Director and 96 portfolios as an officer in the OppenheimerFunds complex. Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 96 portfolios in the OppenheimerFunds complex.

Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 38		Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 96 portfolios in the OppenheimerFunds complex.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 60		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 96 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 51		Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of OAC (March 1999-June 2008). An officer of 96 portfolios in the OppenheimerFunds complex.

Robert G. Zack, Vice President (since 2011) Age: 62		Vice President, Secretary and General Counsel of OAC (since November 2001); Executive Vice President (since January 2004) and General Counsel (March 2002- December 2010) of the Manager; Executive Vice President, General Counsel and Director of OFI Trust Company (since November 2001); General Counsel of the Distributor (December 2001-December 2010); General Counsel of Centennial Asset Management Corporation (December 2001-December 2010); Senior Vice President and General Counsel of HarbourView Asset Management

69 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Robert G. Zack Continued		Corporation (December 2001-December 2010); Assistant Secretary (September 1997- December 2010) and Director (November 2001-December 2010) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (December 2002- December 2010); Director of Oppenheimer Real Asset Management, Inc. (November 2001-December 2010); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (December 2001-December 2010); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. (November 2001-December 2010); Vice President of OppenheimerFunds Legacy Program (June 2003-December 2010); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (November 2001-December 2010). An officer of 96 portfolios in the OppenheimerFunds complex.

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

70 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

A Series of Oppenheimer Multi-State Municipal Trust


Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

71 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

PRIVACY POLICY NOTICE

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

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

•		Applications or other forms

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

•		When you enroll in eDocs Direct, our electronic document delivery service

•		Your transactions with us, our affiliates or others

•		A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

•		When you set up challenge questions to reset your password online

Protection of Information

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

Disclosure of Information

Right of Refusal

72 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Internet Security and Encryption

•		All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

How You Can Help

Who We Are

73 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Tobacco-Master Settlement Agreement	17.5	%
Airlines	14.6
Special Assessment	12.5
Hospital/Healthcare	7.4
Tax Increment Financing (TIF)	5.5
General Obligation	3.8
Multifamily Housing	3.3
Adult Living Facilities	3.0
Highways/Commuter Facilities	3.0
Gas Utilities	2.8

Portfolio holdings are subject to change. Percentages are as of July 29, 2011, and are based on total assets.


Credit Allocation
Credit Rating Breakdown	NRSRO Only Total

AAA		7.4	%
AA		25.7
A		5.0
BBB		13.2
BB or lower		15.5
Unrated		33.2

Total		100.0	%

12 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

Management’s Discussion of Fund Performance. Near the midpoint of the 12-month period ended July 29, 2011, changes in market conditions and investor confidence created significant pricing pressure in the municipal bond market, generally leading to declines in bond prices and bond fund net asset values. Despite this market turmoil, the Class A shares of Oppenheimer Rochester National Municipals produced a total return of 4.65% at net asset value for the reporting period (—0.32% with sales charge), with tax-free income providing all of the positive total return.

This development, we believe, points to the power of the Rochester Way, our time-tested approach of focusing on tax-free yield as the key long-term driver of Fund performance. Additionally, the distribution yield of this Fund’s Class A shares was 8.00% at NAV, 274 basis points higher than the average in its peer category. In all, Oppenheimer Rochester National Municipals distributed 55.2 cents per Class A share, including a small amount of taxable income.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (MSA), the national litigation settlement with U.S. tobacco manufacturers, comprised the Fund’s largest industry sector as of July 29, 2011, representing 17.5% of the Fund’s total assets.²


1.		July 29, 2011, was the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes to Financial Statements.

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

13 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

positively to the Fund’s total return this reporting period, and we are confident that this sector will continue to provide high levels of tax-free income to the long-term benefit of our yield-seeking investors.

The Fund’s airline holdings represented 14.6% of total assets as of July 29, 2011. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance and, as a result, these bonds offer investors valuable collateral. The airline industry, which returned to profitability in 2010, has continued to generate higher levels of monthly passenger revenue this reporting period. In June 2011, the Department of Transportation revealed that domestic carriers generated revenues of $3.4 billion in 2010 from baggage fees alone, part of the industry’s ongoing effort to strengthen its financial picture through special add-on fees for ticketed passengers. This sector contributed positively to the Fund’s performance this reporting period.

Oppenheimer Rochester National Municipals remained invested in land development (or “dirt”) bonds, which are Special Assessment and Special Tax bonds that help finance the infrastructure needs of new real estate development. At the end of this reporting period, the Special Assessment and Special Tax sectors represented 12.5% and 2.1% of the Fund’s total assets, respectively.

In our opinion, bonds in these sectors overall have several appealing characteristics: the debt service payments securing these bonds are on parity with real estate taxes and senior to mortgage payments, and assessments or taxes must be paid by whoever owns the land when the tax bill comes due. However, the Fund saw an increase in the number of Special Assessment and Special Tax bonds that missed or were likely to miss a scheduled payment of interest or principal this reporting period. This increase was primarily driven by difficulties in the Florida real estate development market. We will continue to hold carefully researched dirt bonds in our portfolios, as improvements in the housing market and the general economy could strengthen the credit profiles of these sectors going forward. The Special Assessment and Special Tax sectors were both positive contributors to the Fund’s total return this reporting period, in part based on price appreciation of some of the bonds that finance projects in Florida.

As of July 29, 2011, the Fund was invested in the hospital/health care sector, representing 7.4% of the Fund’s total assets. Our holdings in this sector consist of securities across the credit spectrum. The sector remained in the news this reporting period as politicians, lobbyists, activists and others argued about the viability of the Affordable Care Act of 2010; the debates have not changed our perspective that our disciplined,

14 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

security-specific approach to credit research can uncover many potentially advantageous opportunities for the Fund in this and other sectors. The hospital/health care sector also contributed positively to the Fund’s total return this reporting period.

The Fund’s holdings in municipal bonds issued by utilities represented 6.0% of total assets at the end of this reporting period. It has been our experience that bonds issued by utilities typically have predictable revenue streams to finance their debt service payments, to the benefit of the Fund. This set of holdings as of July 29, 2011, included gas utilities with 2.8% of the Fund’s total assets; electric utilities with 1.8%; water utilities with 0.9%, and sewer utilities with 0.5%. Of these four sectors, gas and sewer utilities contributed favorably to the Fund’s total return this reporting period.

Tax increment financing (TIF) bonds constituted 5.5% of the Fund’s total assets on July 29, 2011, and contributed positively to the Fund’s total return. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax collections increase, as they have in many states this reporting period, the credit quality of these types of securities generally improves and this can help enhance performance.

General obligation debt, which is backed by the full faith and taxing authority of state and local governments, constituted 3.8% of the Fund’s total assets as of July 29, 2011. While many municipalities faced budget challenges this reporting period, elected officials consistently safeguarded the debt service payments on their general obligation bonds. This sector also contributed positively to the Fund’s total return this reporting period.

As of July 29, 2011, the Fund’s investments in the multifamily housing sector represented 3.3% of the Fund’s total assets. These securities continued to provide attractive levels of tax-free income and contributed favorably to the Fund’s total return, despite the difficult conditions in the national housing market this reporting period. We continue to believe that long-term investors should ultimately benefit from this Fund’s carefully selected holdings in the housing sectors.

The adult living facilities sector, with 3.0% of the Fund’s total assets as of July 29, 2011, did not contribute positively to the Fund’s total return this reporting period. We believe the tepid growth of the national economy was a factor in the generally declining prices of these bonds, which finance various projects at senior living centers across the country.

15 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

tax-free income and contributed favorably to the Fund’s total return. This outcome illustrates why we continue to believe that “inverse floaters” belong in our fund portfolios.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 29, 2011. In the case of Class A, Class B and Class C shares, performance is measured over a ten-year period. In the case of Class Y shares, performance is measured from inception of the Class on November 29, 2010. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹

18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 29, 2011, the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through July 31, 2011.

20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES

This annual report must be preceded or accompanied by the current prospectus of the Oppenheimer Rochester National Municipals. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at 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. The average annual total returns are shown net of the applicable 4.75% maximum initial sales charge.

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

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

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

21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 29, 2011.

22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	February 1, 2011		July 29, 2011		July 29, 2011

Actual
Class A	$	1,000.00	$	1,126.60	$	5.59
Class B		1,000.00		1,121.50		9.98
Class C		1,000.00		1,120.90		9.61
Class Y		1,000.00		1,127.70		4.71

Hypothetical
(5% return before expenses)
\| \| \| Class A 1,000.00 1,019.27 5.31
Class A		1,000.00		1,019.27		5.31
Class B		1,000.00		1,015.15		9.48
Class C		1,000.00		1,015.50		9.13
Class Y		1,000.00		1,020.11		4.47


Class	Expense Ratios

Class A		1.07%
Class B		1.91
Class C		1.84
Class Y		0.90

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

23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS July 29, 2011*


Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—122.2%
Alabama—0.3%
$	15,000	AL HFA (South Bay Apartments)¹		5.950	%		02/01/2033	$	15,182
	8,650,000	AL Space Science Exhibit Finance Authority¹		6.000			10/01/2025		7,098,104
	1,810,000	Andalusia-Opp, AL Airport Authority¹		5.000			08/01/2026		1,558,482
	2,200,000	Rainbow City, AL Special Health Care Facilities Financing Authority (Regency Pointe)²		8.250			01/01/2031		1,461,438
	10,000	Selma, AL Industrial Devel. Board (International Paper Company)¹		6.000			05/01/2025		10,106
	7,220,000	Tuscaloosa, AL Educational Building Authority (Stillman College)¹		5.000			06/01/2026		5,636,004

									15,779,316

Alaska—0.3%
	2,250,000	AK Industrial Devel. & Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)²		6.150			08/01/2031		634,883
	40,000	AK Industrial Devel. & Export Authority (Snettisham)¹		6.000			01/01/2014		40,109
	1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)		5.875			12/01/2027		1,071,659
	500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)		6.000			12/01/2036		324,745
	5,000,000	AK Northern Tobacco Securitization Corp. (TASC)¹		5.000			06/01/2032		3,629,800
	31,850,000	AK Northern Tobacco Securitization Corp. (TASC)		6.125	³		06/01/2046		851,669
	20,860,000	AK Northern Tobacco Securitization Corp. (TASC)		6.375	³		06/01/2046		541,526
	10,000,000	Koyukuk, AK (Tanana Chiefs Conference Health Care Facility)¹		7.750			10/01/2041		9,742,800

									16,837,191

Arizona—2.3%
	10,000,000	AZ State Board of Regents¹		5.000			06/01/2039		10,243,600
	2,900,000	Buckeye, AZ Watson Road Community Facilities District¹		5.750			07/01/2022		2,555,480
	4,700,000	Buckeye, AZ Watson Road Community Facilities District¹		6.000			07/01/2030		3,834,119
	8,483,832	East San Luis, AZ Community Facilities District Special Assessment (Area One)¹		6.375			01/01/2028		6,967,432
	4,349,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)⁴		8.500			01/01/2028		3,595,405
	305,000	Estrella Mountain Ranch, AZ Community Facilities District¹		5.450			07/15/2021		291,888
	810,000	Estrella Mountain Ranch, AZ Community Facilities District¹		5.625			07/15/2025		747,671
	900,000	Estrella Mountain Ranch, AZ Community Facilities District¹		5.800			07/15/2030		810,162

24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Arizona Continued
$	1,015,000	Estrella Mountain Ranch, AZ Community Facilities District¹		5.900	%		07/15/2022	$	991,005
	335,000	Estrella Mountain Ranch, AZ Community Facilities District¹		6.125			07/15/2027		319,429
	500,000	Estrella Mountain Ranch, AZ Community Facilities District¹		6.200			07/15/2032		464,100
	1,086,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)¹		6.000			07/01/2017		1,086,467
	1,255,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)¹		6.375			07/01/2022		1,204,938
	3,111,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)¹		6.750			07/01/2032		2,928,664
	500,000	Gladden Farms, AZ Community Facilities District¹		5.500			07/15/2031		453,320
	1,000,000	Goodyear, AZ IDA Water & Sewer (Litchfield Park Service Company)¹		6.750			10/01/2031		930,530
	3,500,000	Maricopa County, AZ IDA (Christian Care Apartments)¹		6.500			01/01/2036		3,461,780
	1,885,000	Maricopa County, AZ IDA (Immanuel Campus Care)¹		8.500			04/20/2041		1,643,871
	335,000	Maricopa County, AZ IDA (Sun King Apartments)¹		6.750			11/01/2018		299,339
	2,345,000	Maricopa County, AZ IDA (Sun King Apartments)¹		6.750			05/01/2031		1,733,025
	3,640,000	Maricopa County, AZ IDA (Sun King Apartments)		9.500			11/01/2031		2,812,082
	449,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien¹		5.250			07/01/2024		372,805
	368,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien¹		5.250			07/01/2024		305,550
	901,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien¹		5.300			07/01/2030		691,770
	1,125,000	Palm Valley, AZ Community Facility District No. 3¹		5.300			07/15/2031		881,539
	420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)¹		5.300			07/15/2025		354,698
	350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)¹		5.350			07/15/2031		276,066
	3,275,000	Phoenix, AZ IDA (America West Airlines)		6.250			06/01/2019		2,896,705
	7,500,000	Phoenix, AZ IDA (America West Airlines)		6.300			04/01/2023		6,401,175
	1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)¹		6.250			07/01/2036		1,291,752
	1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)¹		5.875			11/01/2037		1,290,219
	1,700,000	Pima County, AZ IDA (Christian Senior Living)¹		5.050			01/01/2037		1,500,692
	400,000	Pima County, AZ IDA (Desert Technology Schools)²		6.375			02/01/2014		79,940
	1,000,000	Pima County, AZ IDA (Desert Technology Schools)²		7.000			02/01/2024		199,850
	1,250,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)¹		6.250			06/01/2026		1,105,263
	3,700,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)¹		6.375			06/01/2036		3,101,710

25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Arizona Continued
$	12,400,000	Pima County, AZ IDA (Metro Police Facility)⁵		5.375	%		07/01/2039	$	12,647,752
	1,500,000	Pima County, AZ IDA (P.L.C. Charter Schools)		6.750			04/01/2036		1,299,960
	250,000	Pima County, AZ IDA (Paradise Education Center)¹		5.875			06/01/2022		232,803
	550,000	Pima County, AZ IDA (Paradise Education Center)¹		6.000			06/01/2036		466,835
	1,600,000	Pima County, AZ IDA (Sonoran Science Academy)¹		5.670			12/01/2027		1,316,208
	1,960,000	Pima County, AZ IDA (Sonoran Science Academy)¹		5.750			12/01/2037		1,506,201
	3,005,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)¹		5.450			12/01/2017		2,841,408
	2,215,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)¹		5.600			12/01/2022		1,973,211
	11,100,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)¹		5.750			12/01/2032		9,332,103
	9,000,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)¹		6.550			12/01/2037		8,060,490
	1,320,000	Pinal County, AZ IDA (San Manuel Facility)¹		6.250			06/01/2026		1,180,780
	1,292,000	Prescott Valley, AZ Southside Community Facilities District No. 1¹		7.250			07/01/2032		914,258
	1,500,000	Quail Creek, AZ Community Facilities District¹		5.550			07/15/2030		1,214,280
	15,000,000	Salt River, AZ Agricultural Improvement & Power District¹		5.000			01/01/2035		15,312,300
	265,000	Show Low Bluff, AZ Community Facilities District¹		5.600			07/01/2031		201,283
	200,000	Show Low Bluff, AZ Community Facilities District Special Assessment¹		5.200			07/01/2017		189,330
	605,000	Tucson, AZ IDA (Joint Single Family Mtg.)¹		5.000			01/01/2039		605,399
	4,000,000	Verrado, AZ Community Facilities District No. 1¹		5.350			07/15/2031		3,155,040

									130,573,682

Arkansas—0.1%
	7,495,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)		6.250			02/01/2038		5,461,756

California—18.8%
	2,500,000	Adelanto, CA Public Utility Authority¹		6.750			07/01/2039		2,578,575
	750,000	Alhambra, CA (Atherton Baptist Homes)¹		7.625			01/01/2040		775,155
	395,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)¹		6.000			09/01/2028		382,281
	1,130,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)¹		6.000			09/01/2030		1,075,737
	4,190,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)¹		6.250			09/01/2040		3,939,480
	11,720,000	Bay Area CA Toll Authority (San Francisco Bay Area)⁵		5.500			04/01/2043		11,999,303
	100,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)¹		5.750			05/01/2034		84,071

26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

California Continued
$	240,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)¹		6.200	%		05/01/2031	$	218,393
	5,500,000	Brea, CA Community Facilities District (Brea Plaza Area)¹		7.375			09/01/2039		5,521,010
	25,000	Buena Park, CA Special Tax (Park Mall)¹		6.125			09/01/2033		22,048
	127,310,000	CA County Tobacco Securitization Agency		6.489	³		06/01/2046		4,166,856
	107,400,000	CA County Tobacco Securitization Agency		6.619	³		06/01/2050		2,018,046
	33,920,000	CA County Tobacco Securitization Agency		6.650	³		06/01/2046		959,597
	215,100,000	CA County Tobacco Securitization Agency		7.000	³		06/01/2055		2,422,026
	117,250,000	CA County Tobacco Securitization Agency		7.129	³		06/01/2055		1,198,295
	246,760,000	CA County Tobacco Securitization Agency		7.477	³		06/01/2055		1,485,495
	10,970,000	CA County Tobacco Securitization Agency		8.150	³		06/01/2033		1,023,830
	102,000,000	CA County Tobacco Securitization Agency		8.550	³		06/01/2055		614,040
	255,000	CA County Tobacco Securitization Agency (TASC)¹		5.250			06/01/2045		167,043
	19,000,000	CA County Tobacco Securitization Agency (TASC)¹		5.250			06/01/2046		11,607,100
	2,125,000	CA County Tobacco Securitization Agency (TASC)¹		5.500			06/01/2033		1,810,925
	14,800,000	CA County Tobacco Securitization Agency (TASC)¹		5.600			06/01/2036		11,105,476
	36,000,000	CA County Tobacco Securitization Agency (TASC)¹		5.650			06/01/2041		26,094,240
	56,530,000	CA County Tobacco Securitization Agency (TASC)¹		5.700			06/01/2046		40,531,445
	2,610,000	CA County Tobacco Securitization Agency (TASC)¹		5.875			06/01/2035		2,071,844
	7,285,000	CA County Tobacco Securitization Agency (TASC)¹		5.875			06/01/2043		5,616,007
	2,930,000	CA County Tobacco Securitization Agency (TASC)¹		6.000			06/01/2042		2,306,174
	5,000,000	CA County Tobacco Securitization Agency (TASC)¹		6.125			06/01/2038		4,077,650
	57,000,000	CA County Tobacco Securitization Agency (TASC)		6.400	³		06/01/2046		2,884,770
	525,920,000	CA County Tobacco Securitization Agency (TASC)		6.664	³		06/01/2050		16,839,958
	9,475,000	CA Dept. of Veterans Affairs Home Purchase¹		4.900			12/01/2022		9,624,705
	14,855,000	CA Dept. of Veterans Affairs Home Purchase⁵		5.200			12/01/2028		14,914,700
	10,900,000	CA Educational Facilities Authority (University of Southern California)¹		5.000			10/01/2039		11,220,133
	9,125,000	CA Enterprise Devel. Authority (Sunpower Corp.)¹		8.500			04/01/2031		9,402,400
	13,190,000	CA GO⁵		5.050			12/01/2036		12,157,848
	19,000,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.000			06/01/2033		13,677,910
	9,815,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.125			06/01/2047		6,614,230
	133,715,000	CA Golden State Tobacco Securitization Corp. (TASC)⁵		5.750			06/01/2047		100,067,705
	75,000,000	CA Golden State Tobacco Securitization Corp. (TASC)¹		5.750			06/01/2047		56,127,750
	340,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.000	³		06/01/2047		2,441,200
	16,000,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)¹⁵		5.750			07/01/2039		16,232,800
	15,420,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)⁵		5.750			07/01/2039		15,644,361

27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	11,095,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center Obligated Group)⁵		5.000	%		11/15/2042	$	10,332,541
	24,000,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center)⁵		5.250			11/15/2046		23,060,640
	7,050,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center)¹		5.250			11/15/2046		6,774,063
	1,735,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)¹		6.250			07/15/2050		1,676,114
	10,000,000	CA Infrastructure and Economic Devel. (Sanford Consortium)⁵		5.000			05/15/2040		10,130,700
	8,600,000	CA M-S-R Energy Authority		7.000			11/01/2034		9,919,584
	2,000,000	CA Municipal Finance Authority (Caritas Acquisitions/Caritas Corp. Obligated Group)¹		6.400			08/15/2045		1,914,200
	750,000	CA Municipal Finance Authority (Harbor Regional Center)¹		8.500			11/01/2039		823,448
	6,970,000	CA Public Works¹		5.750			03/01/2030		7,152,335
	1,000,000	CA Public Works¹		6.000			03/01/2035		1,034,150
	2,100,000	CA Public Works		6.375			11/01/2034		2,233,287
	3,960,000	CA Public Works		6.625			11/01/2034		4,294,343
	160,600,000	CA Silicon Valley Tobacco Securitization Authority		8.147	³		06/01/2056		823,878
	15,000,000	CA Silicon Valley Tobacco Securitization Authority		8.150	³		06/01/2041		779,550
	82,250,000	CA Silicon Valley Tobacco Securitization Authority		8.435	³		06/01/2056		235,235
	1,000,000	CA Statewide CDA (Aspire Public Schools)¹		6.000			07/01/2040		951,330
	4,500,000	CA Statewide CDA (Daughters of Charity)¹		5.250			07/01/2030		3,792,960
	10,000	CA Statewide CDA (Escrow Term)¹		6.750			09/01/2037		9,890
	14,400,000	CA Statewide CDA (Fairfield Apartments)²		7.250			01/01/2035		5,738,688
	7,500,000	CA Statewide CDA (Lodi Memorial Hospital)		5.000			12/01/2027		7,408,800
	2,141,800	CA Statewide CDA (Microgy Holdings)²		9.000			12/01/2038		119,512
	1,500,000	CA Statewide CDA (Notre Dame de Namur University)¹		6.625			10/01/2033		1,369,815
	5,000,000	CA Statewide CDA (Sutter Health Obligated Group)⁵		5.500			08/15/2034		5,012,400
	6,000,000	CA Statewide CDA (Sutter Health Obligated Group)⁵		5.625			08/15/2042		6,013,380
	4,875,000	CA Statewide CDA (Sutter Health/California Pacific Medical Center Obligated Group)¹		5.250			11/15/2048		4,744,789
	200,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)¹		5.600			09/01/2020		190,252
	555,300,000	CA Statewide Financing Authority Tobacco Settlement		7.001	³		06/01/2055		5,275,350
	260,000,000	CA Statewide Financing Authority Tobacco Settlement		7.876	³		06/01/2055		1,809,600
	4,500,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000			05/01/2037		3,609,810

28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,405,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000	%		05/01/2043	$	1,103,740
	100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)¹		6.000			05/01/2043		78,558
	55,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)¹		6.700			09/01/2020		40,630
	2,500,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)¹		7.250			08/01/2033		2,566,100
	10,465,000	Cerritos, CA Community College District⁵		5.250			08/01/2033		10,933,817
	165,000	Chino, CA Community Facilities District Special Tax¹		5.000			09/01/2026		133,612
	990,000	Chino, CA Community Facilities District Special Tax No. 2005-1¹		5.000			09/01/2023		778,754
	1,500,000	Chino, CA Community Facilities District Special Tax No. 2005-1¹		5.000			09/01/2036		958,755
	350,000	Chino, CA Community Facilities District Special Tax No. 2009-19-1¹		6.250			09/01/2027		349,622
	275,000	Chino, CA Community Facilities District Special Tax No. 2009-19-1¹		6.375			09/01/2028		276,202
	1,300,000	Chino, CA Community Facilities District Special Tax No. 2009-19-1¹		6.750			09/01/2040		1,306,903
	1,440,000	Coyote Canyon, CA Public Facilities Community Facilities District No. 2004-1¹		6.625			09/01/2039		1,451,074
	33,000,000	Desert, CA Community College District⁵		5.000			08/01/2037		33,144,210
	25,000	Eastern CA Municipal Water District Community Facilities Special Tax¹		6.300			09/01/2022		25,008
	840,000	Elsinore Valley, CA Municipal Water District Community Facilities District No. 2004-1¹		6.625			09/01/2040		849,089
	10,000,000	Foothill, CA De Anza Community College District¹		5.000			08/01/2040		10,265,400
	100,000	Fort Bragg, CA Redevel. Agency Tax Allocation¹		5.300			05/01/2024		101,037
	15,000,000	Grossmont, CA Union High School District⁵		5.500			08/01/2045		15,804,300
	200,000	Imperial, CA Redevel. Agency Tax Allocation (Imperial Redevel.)¹		5.000			12/01/2036		147,758
	80,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		6.750	³		06/01/2047		1,717,600
	432,795,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.626	³		06/01/2057		3,181,043
	1,000,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		8.001	³		06/01/2057		7,350,000
	1,490,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 4¹		5.700			09/01/2034		1,359,312
	400,000	Jurupa, CA Public Financing Authority¹		6.000			09/01/2028		393,684
	350,000	Jurupa, CA Public Financing Authority¹		6.000			09/01/2029		343,172

29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	310,000	Jurupa, CA Public Financing Authority¹		6.000	%		09/01/2030	$	302,083
	350,000	Jurupa, CA Public Financing Authority¹		6.000			09/01/2031		338,489
	500,000	Jurupa, CA Public Financing Authority¹		6.000			09/01/2032		479,780
	1,000,000	Lake Elsinore, CA Unified School District Community Facilities District No. 04-3¹		5.250			09/01/2029		674,020
	1,350,000	Lathrop, CA Special Tax Community Facilities District No. 03-2¹		7.000			09/01/2033		1,320,233
	8,755,000	Los Angeles County, CA Unified School District⁵		5.000			01/01/2034		8,837,344
	1,625,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)¹		5.750			09/01/2040		1,516,596
	31,940,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)⁵		5.375			05/15/2030		32,944,832
	5,000,000	Los Angeles, CA Dept. of Water & Power⁵		5.000			07/01/2034		5,119,650
	90,000	Los Angeles, CA Multifamily Hsg. (Arminta North & South)		7.700			06/20/2028		89,996
	5,200,000	Los Angeles, CA Regional Airports Improvement Corp. (Air Canada)		8.750			10/01/2014		5,193,240
	10,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)¹		7.000			12/01/2012		10,042
	5,350,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)¹		7.125			12/01/2024		5,419,550
	17,810,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)¹		7.500			12/01/2024		18,035,475
	74,145,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)¹		7.500			12/01/2024		75,083,676
	12,295,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)¹		9.250			08/01/2024		12,312,090
	26,875,000	Los Angeles, CA Unified School District⁵		5.000			07/01/2030		27,299,032
	30,000,000	Los Angeles, CA Unified School District⁵		5.000			07/01/2032		30,606,900
	11,000,000	Los Angeles, CA Unified School District⁵		5.000			07/01/2032		11,222,530
	7,330,000	Los Angeles, CA Unified School District⁵		5.000			01/01/2034		7,398,996
	10,550,000	Los Angeles, CA Unified School District⁵		5.000			01/01/2034		10,649,264
	1,250,000	Modesto, CA Special Tax Community Facilities District No. 4¹		5.150			09/01/2036		982,025
	1,470,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax¹		5.000			09/01/2037		1,183,673
	11,535,000	Newport Beach, CA (Presbyterian Hoag Memorial Hospital)⁵		5.000			12/01/2024		11,858,235
	115,975,000	Northern CA Tobacco Securitization Authority (TASC)		6.375	³		06/01/2045		3,036,226
	2,825,000	Novato, CA Redevel. Agency (Hamilton Field Redevel.)¹		6.750			09/01/2040		2,912,264
	5,925,000	Palm Desert, CA Improvement Bond Act 1915¹		5.100			09/02/2037		4,078,296
	15,435,000	Peralta, CA Community College District⁵		5.000			08/01/2035		15,465,340

30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

California Continued
$	1,000,000	Perris, CA Community Facilities District Special Tax¹		5.300	%		09/01/2035	$	861,810
	10,000	Perris, CA Public Financing Authority, Series A¹		6.125			09/01/2034		9,776
	20,000	Rancho Santa Fe, CA Community Services District Special Tax¹		6.700			09/01/2030		20,001
	1,750,000	Riverside County, CA Redevel. Agency¹		7.125			10/01/2042		1,840,230
	4,700,000	Riverside, CA (Recovery Zone Facility) COP¹		5.500			03/01/2040		4,526,241
	400,000	Riverside, CA Special Tax Community Facilities District No. 92-1, Series A¹		5.300			09/01/2034		336,040
	1,345,000	Riverside, CA Unified School District Special Tax Community Facilities District No. 15¹		5.600			09/01/2034		1,246,223
	1,750,000	Sacramento County, CA COP¹		5.750			02/01/2030		1,806,368
	325,000	San Bernardino, CA Special Tax Community Facilities District No. 2006-1 (Lytle Creek)¹		5.625			09/01/2034		302,387
	825,000	San Bernardino, CA Special Tax Community Facilities District No. 2006-1 (Lytle Creek)¹		5.750			09/01/2040		759,644
	2,200,000	San Diego County, CA COP		5.700			02/01/2028		1,700,688
	16,260,000	San Francisco, CA Bay Area Toll Authority⁵		5.125			04/01/2047		16,647,497
	750,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)¹		6.750			08/01/2041		778,695
	1,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)¹		7.000			08/01/2041		1,037,190
	6,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)¹		5.750			06/01/2026		6,069,120
	48,440,000	Southern CA Tobacco Securitization Authority¹		5.125			06/01/2046		33,103,896
	195,570,000	Southern CA Tobacco Securitization Authority		6.383	³		06/01/2046		4,830,579
	41,325,000	Southern CA Tobacco Securitization Authority		6.400	³		06/01/2046		971,551
	143,080,000	Southern CA Tobacco Securitization Authority		7.100	³		06/01/2046		3,097,682
	5,125,000	Southern CA Tobacco Securitization Authority (TASC)¹		5.000			06/01/2037		3,689,129
	1,335,000	Susanville, CA Public Financing Authority (Utility Enterprises)¹		5.875			06/01/2035		1,279,611
	1,850,000	Susanville, CA Public Financing Authority (Utility Enterprises)¹		6.000			06/01/2045		1,772,522
	5,425,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)¹		5.450			09/01/2026		3,297,586
	11,000,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)¹		5.500			09/01/2036		6,235,680
	4,665,000	Tustin, CA Community Facilities District Special Tax (Legacy/Columbus)¹		6.000			09/01/2036		4,483,718
	200,000	Upland, CA Community Facilities District (San Antonio)¹		6.100			09/01/2034		176,824
	3,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)¹		7.500			09/01/2042		3,689,525
	60,000	West Patterson, CA Financing Authority Special Tax¹		6.700			09/01/2032		55,186

31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

California Continued
$	35,000	West Patterson, CA Financing Authority Special Tax Community Facilities District No. 2001-1-A¹		6.500	%		09/01/2026	$	32,918
	7,000,000	West Sacramento, CA Special Tax Community Facilities District No. 27¹		7.000			09/01/2040		6,548,430
	4,755,000	Western Placer, CA Unified School District¹		5.750			08/01/2049		4,784,053
	15,000,000	Westminster, CA Redevel. Agency Tax Allocation⁵		5.750			11/01/2045		15,809,100
	7,500,000	Westminster, CA Redevel. Agency Tax Allocation⁵		6.250			11/01/2039		8,353,425
	75,000	Woodland, CA Special Tax Community Facilities District No. 1¹		6.000			09/01/2028		66,970

									1,090,202,808

Colorado—5.2%
	1,750,000	Arkansas River, CO Power Authority¹		6.125			10/01/2040		1,770,003
	1,000,000	CO Andonea Metropolitan District No. 2¹		6.125			12/01/2025		843,860
	2,380,000	CO Andonea Metropolitan District No. 3¹		6.250			12/01/2035		1,815,036
	5,000,000	CO Arista Metropolitan District¹		6.750			12/01/2035		3,669,900
	14,000,000	CO Arista Metropolitan District¹		9.250			12/01/2037		12,918,220
	3,000,000	CO Beacon Point Metropolitan District¹		6.125			12/01/2025		2,826,480
	3,500,000	CO Beacon Point Metropolitan District¹		6.250			12/01/2035		3,179,750
	500,000	CO Castle Oaks Metropolitan District¹		6.125			12/01/2035		385,315
	5,590,000	CO Central Marksheffel Metropolitan District¹		7.250			12/01/2029		5,514,591
	1,000,000	CO Confluence Metropolitan District¹		5.400			12/01/2027		764,500
	1,000,000	CO Copperleaf Metropolitan District No. 2¹		5.850			12/01/2026		758,920
	1,850,000	CO Copperleaf Metropolitan District No. 2¹		5.950			12/01/2036		1,277,869
	1,025,000	CO Country Club Highlands Metropolitan District¹		7.250			12/01/2037		838,512
	1,699,000	CO Crystal Crossing Metropolitan District¹		6.000			12/01/2036		1,181,926
	1,235,000	CO Educational and Cultural Facilities Authority (Carbon Valley Academy Charter School)¹		5.625			12/01/2036		970,426
	1,311,000	CO Elbert and Highway 86 Metropolitan District¹		5.750			12/01/2036		950,777
	4,900,000	CO Elbert and Highway 86 Metropolitan District		7.500			12/01/2032		3,469,445
	2,418,000	CO Elkhorn Ranch Metropolitan District		6.375			12/01/2035		1,925,937
	695,000	CO Fallbrook Metropolitan District¹		5.625			12/01/2026		548,981
	1,800,000	CO Fossil Ridge Metropolitan District No. 1¹		7.250			12/01/2040		1,750,806
	1,225,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)¹		5.300			07/01/2037		954,520
	2,960,000	CO Heritage Todd Creek Metropolitan District¹		5.500			12/01/2037		2,038,463
	5,245,000	CO High Plains Metropolitan District¹		6.125			12/01/2025		4,347,895
	10,875,000	CO High Plains Metropolitan District¹		6.250			12/01/2035		8,293,493
	495,000	CO Horse Creek Metropolitan District¹		5.750			12/01/2036		355,400
	55,000	CO Hsg. & Finance Authority¹		6.400			11/01/2024		55,142
	215,000	CO Hsg. & Finance Authority¹		8.400			10/01/2021		223,821

32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Colorado Continued
$	5,000	CO Hsg. & Finance Authority (Single Family)¹		6.800	%		04/01/2030	$	5,131
	500,000	CO Huntington Trails Metropolitan District¹		6.250			12/01/2036		471,525
	1,700,000	CO Huntington Trails Metropolitan District¹		8.250			12/01/2037		1,537,463
	2,500,000	CO International Center Metropolitan District No. 3¹		6.500			12/01/2035		1,869,150
	1,128,000	CO Liberty Ranch Metropolitan District		6.250			12/01/2036		857,032
	1,875,000	CO Madre Metropolitan District No. 2¹		5.500			12/01/2036		1,140,881
	2,800,000	CO Mountain Shadows Metropolitan District¹		5.625			12/01/2037		1,998,640
	1,680,000	CO Multifamily Hsg. Revenue Bond Pass-Through Certificates (MS Loveland/American International Obligated Group)¹		6.000	⁶		11/01/2033		1,609,591
	3,000,000	CO Murphy Creek Metropolitan District No. 3²		6.000			12/01/2026		1,489,740
	10,060,000	CO Murphy Creek Metropolitan District No. 3		6.125			12/01/2035		4,942,981
	2,275,000	CO Neu Towne Metropolitan District²		7.250			12/01/2034		683,183
	1,290,000	CO North Range Metropolitan District No. 2¹		5.500			12/15/2018		1,232,672
	1,000,000	CO North Range Metropolitan District No. 2¹		5.500			12/15/2037		825,690
	4,500,000	CO Northwest Metropolitan District No. 3¹		6.125			12/01/2025		3,979,530
	7,855,000	CO Northwest Metropolitan District No. 3¹		6.250			12/01/2035		6,609,983
	12,585,000	CO Park Valley Water and Sanitation Metropolitan District		6.000	³		12/15/2017		4,817,664
	1,590,000	CO Potomac Farms Metropolitan District¹		7.250			12/01/2037		1,177,904
	320,000	CO Potomac Farms Metropolitan District¹		7.625			12/01/2023		303,155
	810,000	CO Prairie Center Metropolitan District No. 3¹		5.250			12/15/2021		714,785
	1,250,000	CO Prairie Center Metropolitan District No. 3¹		5.400			12/15/2031		987,800
	985,000	CO Prairie Center Metropolitan District No. 3¹		5.400			12/15/2031		778,386
	2,275,000	CO Regency Metropolitan District¹		5.750			12/01/2036		1,657,315
	16,250,000	CO Regional Transportation District (Denver Transportation Partners)¹		6.000			01/15/2034		16,508,213
	19,465,000	CO Regional Transportation District (Denver Transportation Partners)¹		6.000			01/15/2041		19,652,253
	3,500,000	CO Regional Transportation District COP (Denver Transportation Partners)¹		5.375			06/01/2031		3,649,730
	1,750,000	CO Serenity Ridge Metropolitan District No. 2		7.500			12/01/2034		840,525
	1,320,000	CO Silver Peaks Metropolitan District¹		5.750			12/01/2036		935,220
	5,175,000	CO Sorrell Ranch Metropolitan District¹		5.750			12/01/2036		4,499,818
	1,720,000	CO Sorrell Ranch Metropolitan District⁴		5.940			12/15/2036		1,518,450
	1,330,000	CO Stoneridge Metropolitan District¹		5.625			12/01/2036		951,482
	8,000,000	CO Talon Pointe Metropolitan District		8.000			12/01/2039		7,499,760
	655,000	CO Todd Creek Farms Metropolitan District No. 1²		6.125			12/01/2019		326,380
	695,000	CO Traditions Metropolitan District No. 2¹		5.750			12/01/2036		575,481
	4,390,000	CO Traditions Metropolitan District No. 2 CAB¹		0.000	⁷		12/15/2037		3,436,316
	3,780,000	CO Waterview I Metropolitan District		8.000			12/15/2032		3,483,497

33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Colorado Continued
$	500,000	CO Wheatlands Metropolitan District¹		6.000	%		12/01/2025	$	416,645
	2,500,000	CO Wheatlands Metropolitan District¹		6.125			12/01/2035		1,905,625
	4,000,000	CO Wheatlands Metropolitan District No. 2¹		8.250			12/15/2035		3,764,800
	3,875,000	CO Woodmen Heights Metropolitan District No. 1		6.750			12/01/2020		1,990,316
	21,195,000	CO Woodmen Heights Metropolitan District No. 1		7.000			12/01/2030		10,505,090
	500,000	CO Wyndham Hill Metropolitan District¹		6.250			12/01/2025		417,850
	892,000	CO Wyndham Hill Metropolitan District¹		6.375			12/01/2035		691,559
	18,510,000	Colorado Springs, CO Urban Renewal (University Village Colorado)¹		7.000			12/01/2029		16,355,251
	70,375,000	Denver, CO City & County Airport Special Facilities (United Air Lines)¹		5.250			10/01/2032		60,653,398
	35,200,000	Denver, CO City & County Airport Special Facilities (United Air Lines)¹		5.750			10/01/2032		32,353,376
	950,000	Denver, CO International Business Center Metropolitan District No. 1¹		5.000			12/01/2030		883,120
	1,700,000	Denver, CO International Business Center Metropolitan District No. 1¹		5.375			12/01/2035		1,589,483
	675,000	Eagle County, CO Airport Terminal Corp.¹		5.250			05/01/2020		659,678
	750,000	Tabernash Meadows, CO Water & Sanitation District¹		7.125			12/01/2034		748,800

									300,132,305

Connecticut—0.1%
	145,000	CT Devel. Authority (Bridgeport Hydraulic Company)¹		6.150			04/01/2035		145,006
	125,000	CT Devel. Authority (Bridgeport Hydraulic Company)¹		6.150			04/01/2035		125,005
	25,000	CT H&EFA (Bridgeport Hospital/Bridgeport Hospital Foundation Obligated Group)¹		6.500			07/01/2012		25,100
	20,000	CT H&EFA (St. Mary’s Hospital Corp.)¹		5.500			07/01/2012		19,774
	470,000	Georgetown, CT Special Taxing District²		5.125			10/01/2036		231,489
	3,750,000	Mashantucket, CT Western Pequot Tribe, Series B²		5.500			09/01/2036		1,431,713
	1,750,000	Mashantucket, CT Western Pequot Tribe, Series B²		5.750			09/01/2027		666,558
	6,000,000	Mashantucket, CT Western Pequot Tribe, Series B^2,8		6.500			09/01/2031		2,290,080
	1,610,000	West Haven, CT Hsg. Authority (Meadow Landing Apartments)¹		6.000			01/01/2028		1,560,911

									6,495,636

Delaware—0.1%
	1,400,000	Bridgeville, DE Special Obligation (Heritage Shores)¹		5.450			07/01/2035		965,048
	50,000	DE Hsg. Authority (Single Family Mtg.)¹		6.000			07/01/2032		50,034
	6,939,000	Millsboro, DE Special Obligation (Plantation Lakes)¹		5.450			07/01/2036		4,914,200

									5,929,282

34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

District of Columbia—3.5%
$	10,000,000	District of Columbia (Howard University)¹		6.250	%		10/01/2032	$	10,407,400
	25,610,000	District of Columbia (Howard University)¹		6.500			10/01/2041		26,685,364
	5,000,000	District of Columbia (National Public Radio)⁵		5.000			04/01/2035		5,008,350
	28,525,000	District of Columbia (National Public Radio)⁵		5.000			04/01/2043		28,143,269
	3,200,000	District of Columbia Center for Strategic & International Studies¹		6.375			03/01/2031		3,213,184
	2,000,000	District of Columbia Center for Strategic & International Studies¹		6.625			03/01/2041		2,011,820
	60,000	District of Columbia HFA (Benning Road Apartments)¹		6.300			01/01/2012		59,674
	95,000	District of Columbia Tobacco Settlement Financing Corp.¹		6.250			05/15/2024		95,135
	32,680,000	District of Columbia Tobacco Settlement Financing Corp.¹		6.750			05/15/2040		31,946,007
	1,375,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.897	³		06/15/2055		14,059,450
	1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		7.250	³		06/15/2055		7,311,150
	1,100,000	District of Columbia University (Gallaudet University)¹		5.500			04/01/2034		1,116,808
	29,315,000	Metropolitan Washington D.C. Airport Authority⁵		5.000			10/01/2032		29,385,661
	16,615,000	Metropolitan Washington D.C. Airport Authority (Dulles Toll Road)		1.060	³		10/01/2041		12,647,172
	31,990,000	Metropolitan Washington D.C. Airport Authority (Dulles Toll Road-Metrorail)¹		0.000	⁷		10/01/2044		19,456,638
	12,100,000	Metropolitan Washington D.C. Airport Authority, Series B⁵		5.000			10/01/2034		12,041,533

									203,588,615

Florida—15.6%
	1,040,000	Aberdeen, FL Community Devel. District²		5.250			11/01/2015		541,840
	300,000	Aberdeen, FL Community Devel. District²		5.500			11/01/2011		156,300
	22,500,000	Aberdeen, FL Community Devel. District⁴		5.500			05/01/2036		11,146,050
	8,000,000	Alachua County, FL Industrial Devel. Revenue (North Florida Retirement Village)¹		5.875			11/15/2042		6,103,920
	5,350,000	Amelia Concourse, FL Community Devel. District²		5.750			05/01/2038		2,047,927
	200,000	Arborwood, FL Community Devel. District (Centex Homes)¹		5.250			05/01/2016		183,976
	13,820,000	Arlington Ridge, FL Community Devel. District		5.500			05/01/2036		5,467,192
	2,200,000	Avelar Creek, FL Community Devel. District¹		5.375			05/01/2036		1,671,120
	1,045,000	Avignon Villages, FL Community Devel. District²		5.300			05/01/2014		260,728
	755,000	Avignon Villages, FL Community Devel. District²		5.400			05/01/2037		188,373
	2,545,000	Bainebridge, FL Community Devel. District⁴		5.500			05/01/2038		1,516,820
	14,970,000	Baker, FL Correctional Devel. Corp. (Detention Center)		7.500			02/01/2030		12,193,514

35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity			Value

Florida Continued
$	2,195,000	Bay Laurel Center, FL Community Devel. District Special Assessment¹		5.450	%		05/01/2037		$	1,749,656
	225,000	Bayshore, FL Hsg. Corp.²		8.000			12/01/2016			65,896
	4,320,000	Baywinds, FL Community Devel. District¹		4.900			05/01/2012			3,557,218
	10,230,000	Baywinds, FL Community Devel. District¹		5.250			05/01/2037			5,172,390
	10,640,000	Bella Verde, FL Golf Community Devel. District²		7.250			12/18/2008			2,979,200
	10,000,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment¹		7.375			05/01/2034			8,572,300
	9,625,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment¹		7.500			05/01/2034			8,367,879
	3,840,000	Boynton Village, FL Community Devel. District Special Assessment¹		6.000			05/01/2038			2,701,094
	75,000	Broward County, FL Educational Facilities Authority (Pompano Oaks Apartments)¹		6.000			12/01/2027			75,059
	25,000	Broward County, FL HFA (Cross Keys Apartments)¹		5.750			10/01/2028			24,023
	12,475,000	Broward County, FL HFA (Pembroke Village Apartments)¹		7.000			06/01/2046			9,922,116
	360,000	Broward County, FL HFA (Single Family)¹		5.000			10/01/2039	��		360,925
	15,000	Broward County, FL HFA (Stirling Apartments)¹		5.600			10/01/2018			15,005
	125,000	Broward County, FL HFA (Stirling Apartments)¹		5.750			04/01/2038			121,829
	5,845,000	Buckeye Park, FL Community Devel. District²		7.875			05/01/2038			2,585,302
	770,000	Cascades, FL Groveland Community Devel. District¹		5.300			05/01/2036			525,756
	25,500,000	CFM, FL Community Devel. District, Series A²		6.250			05/01/2035			10,759,725
	2,500,000	Chapel Creek, FL Community Devel. District Special Assessment²		5.200			05/01/2011			823,750
	3,665,000	Chapel Creek, FL Community Devel. District Special Assessment²		5.250			05/01/2015			1,207,618
	12,480,000	Chapel Creek, FL Community Devel. District Special Assessment²		5.500			05/01/2038			4,112,160
	4,100,000	City Center, FL Community Devel. District²		6.000			05/01/2038			1,765,337
	7,430,000	City Center, FL Community Devel. District²		6.125			05/01/2036			3,200,175
	26,530,000	Clearwater Cay, FL Community Devel. District²		5.500			05/01/2037			10,097,318
	55,000	Collier County, FL IDA (Allete)¹		6.500			10/01/2025			54,995
	16,095,000	Concord Stations, FL Community Devel. District¹		5.300			05/01/2035			9,007,889
	3,775,000	Connerton West, FL Community Devel. District²		5.125			05/01/2016			1,513,775
	4,310,000	Connerton West, FL Community Devel. District²		5.400			05/01/2038			1,728,310
	4,905,000	Copperstone, FL Community Devel. District¹		5.200			05/01/2038			3,467,884
	3,230,000	Creekside, FL Community Devel. District²		5.200			05/01/2038			1,355,308
	2,625,000	Crosscreek, FL Community Devel. District²		5.500			05/01/2017			984,638
	1,255,000	Crosscreek, FL Community Devel. District²		5.600			05/01/2039			470,751
	9,200,000	Cypress Creek of Hillsborough County, FL Community Devel. District¹		5.350			05/01/2037			4,431,916

36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	45,000	Dade County, FL HFA (Golden Lakes Apartments)¹		6.050	%		11/01/2039	$	41,520
	30,000	Dade County, FL HFA (Green Vista Apartments)¹		6.125			07/01/2029		30,014
	90,000	Dade County, FL HFA (Siesta Pointe Apartments)¹		5.650			09/01/2017		90,122
	1,520,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)¹		8.000			06/01/2022		1,451,630
	115,000	Dade County, FL Res Rec¹		5.500			10/01/2013		115,384
	7,745,000	Deer Run, FL Community Devel. District Special Assessment²		7.625			05/01/2039		6,085,247
	2,595,000	Durbin Crossing, FL Community Devel. District Special Assessment		5.250			11/01/2015		1,970,098
	3,310,000	East Homestead, FL Community Devel. District¹		5.375			05/01/2036		2,411,798
	2,185,000	East Park, FL Community Devel. District Special Assessment²		7.500			05/01/2039		1,738,495
	1,055,000	Easton Park, FL Community Devel. District¹		5.200			05/01/2037		791,429
	30,615,000	Fiddler’s Creek, FL Community Devel. District No. 2²		6.000			05/01/2038		11,033,646
	26,100,000	FL Capital Trust Agency (AHF Florida LLC)		8.125			10/01/2038		1,256,193
	3,085,000	FL Capital Trust Agency (American Opportunity)²		5.750			06/01/2023		771,435
	2,000,000	FL Capital Trust Agency (American Opportunity)²		5.875			06/01/2038		500,120
	940,000	FL Capital Trust Agency (American Opportunity)²		7.250			06/01/2038		94,056
	685,000	FL Capital Trust Agency (American Opportunity)²		8.250			06/01/2038		34,291
	7,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)²		7.000			07/15/2032		2,811,690
	13,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)²		8.260			07/15/2038		5,216,380
	1,750,000	FL Capital Trust Agency (Miami Community Charter School)¹		7.000			10/15/2040		1,591,275
	2,355,000	FL Gateway Services Community Devel. District (Sun City Center)¹		6.500			05/01/2033		2,182,119
	1,620,000	FL Gateway Services District (Water & Sewer)¹		6.000			10/01/2019		1,608,498
	30,000	FL HFA (Hsg. Partners of Panama City)¹		5.700			05/01/2037		26,742
	100,000	FL HFA (Mar Lago Village Apartments)¹		5.900			12/01/2027		97,738
	115,000	FL HFA (Reserve at Kanapaha)¹		5.700			07/01/2037		102,485
	20,000	FL HFA (Spinnaker Cove Apartments)¹		6.500			07/01/2036		19,780
	1,345,000	FL HFA (St. Cloud Village Associates)		8.000			02/15/2030		1,087,715
	95,000	FL HFA (Stoddert Arms Apartments)¹		6.250			09/01/2026		94,993
	35,000	FL HFA (Willow Lake Apartments)¹		5.250			01/01/2021		33,739
	75,000	FL HFA (Willow Lake Apartments)¹		5.350			07/01/2027		67,759
	100,000	FL HFC (Ashton Point Apartments)¹		5.750			07/01/2036		100,037
	75,000	FL HFC (Brittany of Rosemont)¹		6.250			07/01/2035		72,120
	20,000	FL HFC (East Lake Apartments)¹		5.050			10/01/2026		18,356
	45,000	FL HFC (Grande Pointe Apartments)¹		6.000			07/01/2038		45,023
	145,000	FL HFC (Logan Heights Apartments)¹		6.000			10/01/2039		136,381
	25,000	FL HFC (Mystic Pointe II)¹		6.100			12/01/2035		25,028

37 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	25,000	FL HFC (Raceway Pointe Apartments)¹		5.950	%		09/01/2032	$	24,999
	10,000	FL HFC (River Trace Senior Apartments)¹		5.800			01/01/2041		10,003
	10,000	FL HFC (Sanctuary Winterlakes)¹		5.850			09/01/2026		10,007
	170,000	FL HFC (Spring Harbor Apartments)¹		5.900			08/01/2039		160,679
	10,000	FL HFC (Sundance Pointe Associates)¹		5.850			02/01/2037		10,004
	10,000	FL HFC (Villas De Mallorca)¹		5.750			07/01/2027		10,087
	4,935,000	FL HFC (Westchase Apartments)		6.610			07/01/2038		3,459,484
	8,330,000	FL Island at Doral III Community Devel. District Special Assessment¹		5.900			05/01/2035		7,569,721
	3,400,000	FL Lake Ashton II Community Devel. District		5.375			05/01/2036		2,429,028
	1,555,000	FL New Port Tampa Bay Community Devel. District²		5.300			11/01/2012		312,711
	24,390,000	FL New Port Tampa Bay Community Devel. District²		5.875			05/01/2038		4,904,829
	1,500,000	FL Parker Road Community Devel. District		5.350			05/01/2015		855,600
	1,440,000	FL Parker Road Community Devel. District		5.600			05/01/2038		839,462
	1,490,000	Flora Ridge, FL Educational Facilities Benefit District¹		5.300			05/01/2037		1,133,443
	4,918,132	Forest Creek, FL Community Devel. District⁴		5.450			05/01/2036		3,081,505
	1,510,000	Forest Creek, FL Community Devel. District¹		5.450			05/01/2036		1,299,446
	90,000	Forest Creek, FL Community Devel. District⁴		7.000			11/01/2013		87,258
	8,265,000	Glades, FL Correctional Devel. Corp. (Glades County Detention)¹		7.375			03/01/2030		7,648,762
	12,200,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District²		5.500			05/01/2038		5,254,540
	2,805,000	Greyhawk Landing, FL Community Devel. District Special Assessment¹		7.000			05/01/2033		2,786,010
	5,670,000	Hammocks, FL Community Devel. District Special Assessment¹		5.500			05/01/2037		4,432,126
	3,400,000	Harrison Ranch, FL Community Devel. District¹		5.300			05/01/2038		2,753,660
	10,980,000	Heritage Bay, FL Community Devel. District¹		5.500			05/01/2036		9,043,128
	17,360,000	Heritage Harbour North, FL Community Devel. District¹		6.375			05/01/2038		14,361,581
	1,910,000	Heritage Plantation, FL Community Devel. District²		5.100			11/01/2013		764,573
	3,480,000	Heritage Plantation, FL Community Devel. District⁴		5.400			05/01/2037		1,393,044
	930,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A²		5.500			05/01/2036		360,998
	13,500,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)⁵		5.125			11/15/2032		13,523,625
	10,000,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)⁵		5.250			11/15/2036		10,017,500
	11,765,000	Highlands, FL Community Devel. District²		5.550			05/01/2036		6,066,622
	18,700,000	Hillsborough County, FL IDA (H. Lee Moffitt Cancer Center)		5.000			07/01/2031		17,532,933
	2,000,000	Hillsborough County, FL IDA (National Gypsum Company)¹		7.125			04/01/2030		1,827,720

38 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	8,150,000	Hillsborough County, FL IDA (Senior Care Group)¹		6.700	%		07/01/2021	$	8,094,743
	6,035,000	Hillsborough County, FL IDA (Senior Care Group)¹		6.750			07/01/2029		5,619,189
	10,930,000	Indigo, FL Community Devel. District		5.750			05/01/2036		5,973,026
	2,800,000	Keys Cove, FL Community Devel. District		5.500			05/01/2036		2,297,624
	1,115,000	Keys Cove, FL Community Devel. District¹		5.875			05/01/2035		1,051,657
	905,000	Lake Frances, FL Community Devel. District Special Assessment²		5.300			05/01/2037		514,040
	17,000,000	Lakeland, FL Energy System⁵		5.250			10/01/2036		17,516,970
	2,000,000	Lakeside Landings, FL Devel. District²		5.250			05/01/2013		820,200
	750,000	Lakeside Landings, FL Devel. District²		5.500			05/01/2038		307,575
	8,940,000	Lakewood Ranch, FL Stewardship District¹		5.500			05/01/2036		6,155,101
	17,525,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)¹		5.400			05/01/2037		12,023,727
	40,475	Largo, FL Sun Coast Health System (Sun Coast Hospital)²		6.200			03/01/2013		—
	5,000	Lee County, FL IDA (Cypress Cove Healthpark)¹		6.250			10/01/2017		4,395
	1,100,000	Legends Bay, FL Community Devel. District		5.500			05/01/2014		873,576
	4,155,000	Legends Bay, FL Community Devel. District		5.875			05/01/2038		2,807,700
	100,000	Leon County, FL Educational Facilities Authority (Southgate Residence Hall)¹		6.750			09/01/2028		80,839
	1,315,000	Liberty County, FL Revenue (Twin Oaks)¹		8.250			07/01/2028		1,311,068
	1,355,000	Madison County, FL Mtg. (Twin Oaks)¹		6.000			07/01/2025		1,248,836
	5,000,000	Magnolia Creek, FL Community Devel. District²		5.600			05/01/2014		2,252,500
	5,360,000	Magnolia Creek, FL Community Devel. District²		5.900			05/01/2039		2,414,680
	2,805,000	Magnolia West, FL Community Devel. District Special Assessment		5.350			05/01/2037		1,544,153
	2,900,000	Main Street, FL Community Devel. District¹		6.800			05/01/2038		2,455,488
	14,915,000	Martin County, FL IDA (Indiantown Cogeneration)¹		7.875			12/15/2025		14,977,643
	1,235,000	Martin County, FL IDA (Indiantown Cogeneration)¹		8.050			12/15/2025		1,240,187
	15,000,000	Miami-Dade County, FL Aviation (Miami International Airport)⁵		5.000			10/01/2040		14,028,750
	2,700,000	Miami-Dade County, FL Aviation (Miami International Airport)¹		5.375			10/01/2035		2,715,309
	16,975,000	Miami-Dade County, FL Building Better Communities¹		5.000			07/01/2041		17,046,804
	10,000,000	Miami-Dade County, FL School Board COP⁵		5.000			02/01/2027		10,389,700
	10,000,000	Miami-Dade County, FL School Board COP⁵		5.250			02/01/2027		10,548,100
	50,000,000	Miami-Dade County, FL School Board COP⁵		5.375			02/01/2034		51,429,000
	18,500,000	Miromar Lakes, FL Community Devel. District¹		6.875			05/01/2035		14,895,645
	9,350,000	Miromar Lakes, FL Community Devel. District¹		7.375			05/01/2032		8,191,535
	13,250,000	Montecito, FL Community Devel. District²		5.100			05/01/2013		5,508,025
	5,525,000	Montecito, FL Community Devel. District		5.500			05/01/2037		2,296,743

39 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	650,000	Moody River, FL Estates Community Devel. District¹		5.350	%		05/01/2036	$	392,015
	16,000,000	Myrtle Creek, FL Improvement District Special Assessment¹		5.200			05/01/2037		12,002,720
	10,960,000	Nassau County, FL (Nassau Care Centers)¹		6.900			01/01/2038		9,415,078
	5,305,000	Naturewalk, FL Community Devel. District⁴		5.300			05/01/2016		2,656,214
	6,320,000	Naturewalk, FL Community Devel. District⁴		5.500			05/01/2038		3,164,424
	13,750,000	North Springs, FL Improvement District (Parkland Golf-Country Club)¹		5.450			05/01/2026		11,660,825
	3,855,000	Oak Creek, FL Community Devel. District Special Assessment¹		5.800			05/01/2035		3,093,098
	2,750,000	Oakmont Grove, FL Community Devel. District Special Assessment²		5.250			05/01/2012		961,400
	4,595,000	Oakmont Grove, FL Community Devel. District Special Assessment²		5.400			05/01/2038		1,606,412
	3,020,000	Old Palm, FL Community Devel. District (Palm Beach Gardens)¹		5.375			05/01/2014		2,941,118
	1,535,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)¹		8.875			07/01/2021		1,559,192
	3,200,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)¹		9.000			07/01/2031		3,260,736
	750,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)¹		5.500			07/01/2032		625,898
	100,000	Orange County, FL HFA (Loma Vista)¹		5.450			09/01/2024		90,751
	3,000,000	Orange County, FL HFA (Loma Vista)¹		5.500			03/01/2032		2,524,350
	5,000	Orange County, FL HFA (Park Avenue Villas)¹		5.250			09/01/2031		5,000
	3,750,000	Palm Bay, FL Educational Facilities (Patriot Charter School)²		7.000			07/01/2036		1,125,038
	13,000,000	Palm Beach County, FL Health Facilities Authority (Bethesda Healthcare System)¹		5.250			07/01/2040		13,004,030
	55,000	Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.)¹		6.100			08/01/2029		55,045
	13,575,000	Palm Coast Park, FL Community Devel. District Special Assessment¹		5.700			05/01/2037		8,142,557
	2,700,000	Palm Glades, FL Community Devel. District¹		5.300			05/01/2036		2,038,095
	6,435,000	Palm Glades, FL Community Devel. District Special Assessment¹		7.125			05/01/2039		5,212,865
	1,850,000	Palm River, FL Community Devel. District²		5.150			05/01/2013		736,115
	1,565,000	Palm River, FL Community Devel. District²		5.375			05/01/2036		622,714
	1,535,000	Panther Trails, FL Community Devel. District¹		5.600			05/01/2036		1,369,358
	1,500,000	Parkway Center, FL Community Devel. District, Series A¹		6.300			05/01/2034		1,163,745
	6,260,000	Pine Ridge Plantation, FL Community Devel. District²		5.400			05/01/2037		3,995,257

40 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	4,620,000	Pinellas County, FL Health Facility Authority (St. Mark Village)¹		5.650	%		05/01/2037	$	3,802,399
	35,000	Pinellas County, FL HFA (Single Family Hsg.)¹		5.200			03/01/2037		33,519
	1,805,000	Poinciana West, FL Community Devel. District Special Assessment¹		6.000			05/01/2037		1,526,705
	1,600,000	Port St. Lucie, FL Special Assessment (Peacock & Lowry)¹		5.350			07/01/2027		1,318,144
	10,400,000	Portico, FL Community Devel. District¹		5.450			05/01/2037		4,878,744
	3,005,000	Portofino Cove, FL Community Devel. District Special Assessment²		5.500			05/01/2038		1,189,980
	5,905,000	Portofino Isles, FL Community Devel. District (Portofino Court)²		5.600			05/01/2036		1,743,747
	1,000,000	Portofino Landings, FL Community Devel. District Special Assessment²		5.200			05/01/2017		396,000
	1,955,000	Portofino Landings, FL Community Devel. District Special Assessment²		5.400			05/01/2038		774,180
	2,470,000	Portofino Vista, FL Community Devel. District²		5.000			05/01/2013		978,120
	2,935,000	Quarry, FL Community Devel. District¹		5.500			05/01/2036		2,300,248
	465,000	Renaissance Commons, FL Community Devel. District, Series A¹		5.600			05/01/2036		371,879
	6,505,000	Renaissance, FL Community Devel. District¹		7.000			05/01/2033		6,171,033
	7,200,000	Reunion East, FL Community Devel. District⁴		5.800			05/01/2036		3,531,384
	10,000,000	Reunion East, FL Community Devel. District, Series A		7.375			05/01/2033		6,961,600
	27,835,000	Reunion West, FL Community Devel. District⁴		6.250			05/01/2036		14,433,839
	6,415,000	Ridgewood Trails, FL Community Devel. District⁴		5.650			05/01/2038		3,273,703
	9,195,000	River Bend, FL Community Devel. District²		5.450			05/01/2035		3,880,014
	5,795,000	River Bend, FL Community Devel. District²		7.125			11/01/2015		2,492,430
	7,890,000	River Glen, FL Community Devel. District Special Assessment²		5.450			05/01/2038		3,090,355
	3,495,000	Riverwood Estates, FL Community Devel. District Special Assessment²		5.350			05/01/2037		603,936
	2,935,000	Rolling Hills, FL Community Devel. District		5.125			11/01/2013		1,546,187
	8,615,000	Rolling Hills, FL Community Devel. District		5.450			05/01/2037		4,311,808
	200,000	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		89,916
	2,000,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)¹		6.500			07/01/2040		1,878,880
	27,450,000	Sarasota, FL National Community Devel. District Special Assessment²		5.300			05/01/2039		8,171,865
	4,410,000	Seminole County, FL IDA (Progressive Health)¹		7.500			03/01/2035		3,898,749
	6,850,000	Shingle Creek, FL Community Devel. District²		6.100			05/01/2025		2,689,310
	25,060,000	Shingle Creek, FL Community Devel. District²		6.125			05/01/2037		9,838,556
	775,000	Six Mile Creek, FL Community Devel. District		5.500	⁹		05/01/2017		251,875

41 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	8,625,000	Six Mile Creek, FL Community Devel. District		5.875	%⁹		05/01/2038	$	2,803,125
	6,900,000	South Bay, FL Community Devel. District²		5.125			11/01/2009		2,209,380
	14,510,000	South Bay, FL Community Devel. District²		5.375			05/01/2013		3,158,827
	16,775,000	South Bay, FL Community Devel. District²		5.950			05/01/2036		5,371,355
	11,000,000	South Fork East, FL Community Devel. District¹		5.350			05/01/2036		8,177,950
	3,615,000	South Fork East, FL Community Devel. District²		6.500			05/01/2038		1,518,662
	2,585,000	South Fork East, FL Community Devel. District		7.000			11/01/2015		1,983,548
	3,900,000	St. John’s Forest, FL Community Devel. District, Series A¹		6.125			05/01/2034		3,295,968
	3,100,000	St. Johns County, FL IDA (Glenmoor Health Care)¹		5.375			01/01/2040		2,342,019
	3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)¹		5.875			08/01/2040		3,421,390
	3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)¹		6.000			08/01/2045		3,459,925
	1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)¹		5.250			10/01/2041		715,150
	4,610,000	Stoneybrook, FL South Community Devel. District⁴		5.800			05/01/2039		1,987,371
	2,500,000	Summerville, FL Community Devel. District⁴		5.500			05/01/2036		1,129,725
	5,800,000	Sweetwater Creek, FL Community Devel. District		5.500	⁹		05/01/2038		2,611,740
	1,000,000	Tavares, FL First Mtg. (Osprey Lodge Lakeview)¹		8.375			07/01/2036		991,110
	1,360,000	Tavares, FL First Mtg. (Osprey Lodge Lakeview)¹		8.750			07/01/2046		1,359,837
	16,765,000	Tern Bay, FL Community Devel. District²		5.000			05/01/2015		4,151,014
	19,075,000	Tern Bay, FL Community Devel. District²		5.375			05/01/2037		4,722,970
	33,640,000	Tolomato, FL Community Devel. District Special Assessment		6.650			05/01/2040		20,540,920
	2,790,000	Town Center, FL at Palm Coast Community Devel. District¹		6.000			05/01/2036		1,878,395
	4,950,000	Treeline, FL Preservation Community Devel. District⁴		6.800			05/01/2039		2,348,676
	715,000	Turnbull Creek, FL Community Devel. District Special Assessment¹		5.250			05/01/2037		454,304
	1,345,000	Two Creeks, FL Community Devel. District¹		5.250			05/01/2037		863,194
	10,235,000	Verandah East, FL Community Devel. District¹		5.400			05/01/2037		5,769,777
	7,555,000	Verano Center, FL Community Devel. District¹		5.375			05/01/2037		4,163,183
	2,500,000	Villa Portofino East, FL Community Devel. District¹		5.200			05/01/2037		1,870,850
	1,265,000	Villa Vizcaya, FL Community Devel. District Special Assessment²		5.550			05/01/2039		637,661
	1,955,000	Villages of Westport, FL Community Devel. District		5.400			05/01/2020		1,332,489
	8,340,000	Villages of Westport, FL Community Devel. District		5.700			05/01/2035		4,748,462
	2,690,000	Villagewalk of Bonita Springs, FL Community Devel. District¹		5.150			05/01/2038		1,698,654
	4,395,000	Waterford Estates, FL Community Devel. District Special Assessment²		5.125			05/01/2013		1,308,831

42 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Florida Continued
$	3,350,000	Waterford Estates, FL Community Devel. District Special Assessment²		5.500	%		05/01/2037	$	997,630
	3,735,000	Watergrass, FL Community Devel. District Special Assessment¹		5.125			11/01/2014		2,441,831
	2,270,000	Watergrass, FL Community Devel. District Special Assessment¹		5.375			05/01/2039		1,130,801
	3,190,000	Waterlefe, FL Community Devel. District Golf Course²		8.125			10/01/2025		63,800
	6,425,000	Waters Edge, FL Community Devel. District²		5.350			05/01/2039		2,830,855
	3,025,000	Waters Edge, FL Community Devel. District²		5.400			05/01/2039		1,332,815
	14,800,000	Waterstone, FL Community Devel. District²		5.500			05/01/2018		5,924,440
	2,300,000	West Villages, FL Improvement District		5.350			05/01/2015		1,775,094
	15,005,000	West Villages, FL Improvement District²		5.500			05/01/2037		6,698,232
	20,600,000	West Villages, FL Improvement District		5.500			05/01/2038		9,615,462
	18,550,000	West Villages, FL Improvement District		5.800			05/01/2036		9,389,083
	14,925,000	Westridge, FL Community Devel. District²		5.800			05/01/2037		5,672,993
	11,210,000	Westside, FL Community Devel. District⁴		5.650			05/01/2037		4,616,278
	17,340,000	Westside, FL Community Devel. District⁴		7.200			05/01/2038		7,153,964
	2,030,000	World Commerce, FL Community Devel. District Special Assessment²		5.500			05/01/2038		712,875
	1,000,000	World Commerce, FL Community Devel. District Special Assessment²		6.500			05/01/2036		350,000
	7,420,000	Wyld Palms, FL Community Devel. District²		5.400			05/01/2015		2,296,490
	4,340,000	Wyld Palms, FL Community Devel. District²		5.500			05/01/2038		1,343,230
	3,830,000	Zephyr Ridge, FL Community Devel. District²		5.250			05/01/2013		1,522,808
	2,665,000	Zephyr Ridge, FL Community Devel. District²		5.625			05/01/2037		1,059,604

									899,415,811

Georgia—1.7%
	60,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)¹		6.200			03/01/2027		60,052
	25,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)¹		6.200			03/01/2029		25,019
	35,000	Americus-Sumter County, GA Hospital Authority (South Georgia Methodist Home for the Aging)¹		6.250			05/15/2016		34,157
	2,575,000	Atlanta, GA Devel. Authority Student Hsg. (Clark Atlanta University)		6.250			07/01/2014		1,931,405
	3,000,000	Atlanta, GA Devel. Authority Student Hsg. (Clark Atlanta University)		6.250			07/01/2036		1,650,030
	4,500,000	Atlanta, GA Tax Allocation (Beltline)¹		7.500			01/01/2031		4,659,705
	775,000	Atlanta, GA Tax Allocation (Beltline)¹		7.500			01/01/2031		795,724
	140,000	Atlanta, GA Urban Residential Finance Authority (Spring Branch Apartments)²		4.250			04/01/2026		42,203

43 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Georgia Continued
$	240,000	Charlton County, GA Solid Waste Management Authority (Chesser Island Road Landfill)¹		7.375	%		04/01/2018	$	239,726
	25,000	Cherokee County, GA Hospital Authority (RT Jones Memorial Hospital)¹		7.300			12/01/2013		26,861
	50,000	Crisp County, GA Devel. Authority (International Paper Company)¹		6.200			02/01/2020		50,533
	455,000	East Point, GA (Camp Creek), Series B¹		8.000			02/01/2026		458,335
	31,945,000	Fulton County, GA Devel. Authority (Piedmont Healthcare)⁵		5.000			06/15/2029		32,442,056
	13,730,000	Fulton County, GA Devel. Authority (Piedmont Healthcare/Piedmont Hospital/Piedmont Hospital Foundation Obligated Group)⁵		5.250			06/15/2037		13,817,186
	6,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)¹		5.000			07/01/2027		4,456,140
	1,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)¹		5.125			07/01/2042		657,530
	2,770,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)¹		5.000			07/01/2029		1,997,170
	10,000,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)¹		5.125			03/15/2031		10,380,000
	24,150,000	Irwin County, GA COP		8.000			08/01/2037		18,634,865
	2,000,000	Marietta, GA Devel. Authority (University Facilities)¹		7.000			06/15/2039		1,933,320
	430,000	Savannah, GA EDA (Skidway Health & Living Services)¹		6.850			01/01/2019		433,380
	1,055,000	Savannah, GA EDA (Skidway Health & Living Services)¹		7.400			01/01/2024		1,054,061
	2,985,000	Savannah, GA EDA (Skidway Health & Living Services)¹		7.400			01/01/2034		2,917,778

									98,697,236

Hawaii—0.1%
	1,750,000	HI Dept. of Budget & Finance Special Purpose (15 Craigside)		9.000			11/15/2044		1,931,195
	400,000	HI Dept. of Transportation (Continental Airlines)¹		5.625			11/15/2027		356,796
	6,450,000	HI Dept. of Transportation (Continental Airlines)¹		7.000			06/01/2020		6,449,613

									8,737,604

Idaho—0.0%
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)¹		5.350			01/01/2025		5,047
	20,000	ID Hsg. Agency (Single Family Mtg.)¹		6.200			07/01/2025		20,189
	2,000,000	Nampa, ID Local Improvement District No. 148¹		6.625			09/01/2030		2,005,660

									2,030,896

Illinois—7.2%
	1,400,000	Annawan, IL Tax Increment (Patriot Renewable Fuels)¹		5.625			01/01/2018		1,170,148
	4,100,000	Bolingbrook, IL Will and Du Page Counties Wastewater Facilities (Crossroads Treatment)¹		6.600			01/01/2035		3,234,490

44 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Illinois Continued
$	30,685,000	Caseyville, IL Tax (Forest Lakes)		7.000	%		12/30/2022	$	18,621,806
	32,500,000	Chicago, IL GO⁵		5.250			01/01/2033		33,020,650
	65,000	Chicago, IL Midway Airport, Series B¹		5.625			01/01/2029		65,014
	35,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)¹		6.125			02/20/2042		35,337
	16,845,000	Chicago, IL O’Hare International Airport (Delta Airlines)¹		6.450			05/01/2018		16,842,810
	10,032,000	Cortland, IL Special Tax (Sheaffer System)		5.500			03/01/2017		6,464,520
	915,000	Country Club Hills, IL GO¹		5.000			12/01/2026		803,123
	965,000	Country Club Hills, IL GO¹		5.000			12/01/2027		835,401
	1,010,000	Country Club Hills, IL GO¹		5.000			12/01/2028		864,974
	1,060,000	Country Club Hills, IL GO¹		5.000			12/01/2029		898,021
	1,120,000	Country Club Hills, IL GO¹		5.000			12/01/2030		938,627
	1,175,000	Country Club Hills, IL GO¹		5.000			12/01/2031		976,413
	2,425,000	Country Club Hills, IL GO¹		5.000			12/01/2032		1,993,568
	1,500,000	Deerfield, IL Educational Facilities (Chicagoland Jewish High School)²		6.000			05/01/2041		785,775
	1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)¹		5.625			03/01/2036		778,830
	3,750,000	Gilberts, IL Special Service Area No. 19 Special Tax (Conservancy)²		5.375			03/01/2016		1,690,875
	1,375,000	Godfrey, IL (United Methodist Village)¹		5.875			11/15/2029		775,693
	6,165,000	Harvey, IL GO		5.500			12/01/2027		5,099,935
	2,500,000	Harvey, IL GO		5.625			12/01/2032		2,024,975
	16,046	IL Devel. Finance Authority (Community Rehabilitation Providers)¹		8.250			08/01/2012		12,577
	285,000	IL Devel. Finance Authority Solid Waste (WSREC)¹		8.250			04/01/2023		286,049
	11,300,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)¹		6.500			12/01/2037		9,577,993
	41,175,000	IL Finance Authority (Advocate Health Care)⁵		5.375			04/01/2044		41,519,122
	11,000,000	IL Finance Authority (Advocate Health Care)⁵		5.375			04/01/2044		11,091,934
	685,000	IL Finance Authority (Advocate Health Care)¹		5.375			04/01/2044		690,727
	20,000,000	IL Finance Authority (Advocate Health Care)⁵		5.500			04/01/2044		20,323,362
	3,195,000	IL Finance Authority (Bethel Terrace Apartments)¹		5.375			09/01/2035		2,678,784
	145,000	IL Finance Authority (Bridgeway/Bridgeway Foundation/Occupation Devel. Center Obligated Group)¹		4.625			07/01/2027		97,600
	5,000,000	IL Finance Authority (Central Dupage Health System/Central Dupage Hospital Assoc.)⁵		5.375			11/01/2039		5,044,350
	12,500,000	IL Finance Authority (Central Dupage Health)⁵		5.500			11/01/2039		12,714,500
	3,750,000	IL Finance Authority (DeKalb Supportive Living)¹		6.100			12/01/2041		2,987,213
	2,250,000	IL Finance Authority (Franciscan Communities)¹		5.500			05/15/2027		1,879,268

45 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Illinois Continued
$	2,750,000	IL Finance Authority (Franciscan Communities)¹		5.500	%		05/15/2037	$	2,098,223
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)¹		5.375			02/15/2025		1,751,840
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)¹		5.625			02/15/2037		1,597,080
	30,000,000	IL Finance Authority (Illinois River Energy)¹		8.500			07/01/2019		18,132,000
	850,000	IL Finance Authority (Luther Oaks)¹		6.000			08/15/2026		721,174
	1,500,000	IL Finance Authority (Luther Oaks)¹		6.000			08/15/2039		1,163,760
	3,265,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)¹		5.000			08/15/2024		2,614,024
	3,640,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)¹		5.125			08/15/2028		2,769,749
	2,108,612	IL Finance Authority (Monarch Landing)^4,10		7.000			12/01/2027		21
	10,332,198	IL Finance Authority (Monarch Landing)^4,10		7.000			12/01/2037		103
	25,303,342	IL Finance Authority (Monarch Landing)^4,10		7.000			12/01/2042		253
	1,250,000	IL Finance Authority (Montgomery Place)¹		5.500			05/15/2026		1,106,138
	2,050,000	IL Finance Authority (Montgomery Place)¹		5.750			05/15/2038		1,705,231
	6,350,000	IL Finance Authority (OSF Healthcare System)		5.750			11/15/2033		6,395,974
	21,000,000	IL Finance Authority (Provena Health)¹		7.750			08/15/2034		23,162,160
	1,090,000	IL Finance Authority (RUMC/RCMC/CMH/RCF/TYW Obligated Group)		7.250			11/01/2030		1,222,097
	2,000,000	IL Finance Authority (Sedgebrook)^4,10		6.000			11/15/2027		20
	9,000,000	IL Finance Authority (Sedgebrook)^4,10		6.000			11/15/2037		90
	8,500,000	IL Finance Authority (Sedgebrook)^4,10		6.000			11/15/2042		85
	1,500,000	IL Finance Authority (The New Admiral at the Lake)¹		8.000			05/15/2040		1,474,875
	5,775,000	IL Finance Authority (The New Admiral at the Lake)¹		8.000			05/15/2046		5,674,169
	8,700,000	IL Health Facilities Authority²		6.900			11/15/2033		3,043,173
	5,780,000	IL Health Facilities Authority (Sherman Health System)¹		5.250			08/01/2022		5,739,482
	40,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)⁵		5.500			06/15/2050		40,066,800
	7,140,000	Lake County, IL Special Service Area No. 82		7.125			03/01/2037		3,481,464
	500,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)¹		5.500			01/01/2036		346,025
	13,635,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)¹		7.125			01/01/2036		9,263,755
	2,950,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)²		5.750			03/01/2022		1,182,655
	4,000,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)²		6.125			03/01/2040		1,603,600
	1,778,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)²		5.750			03/01/2022		712,800
	255,000	Peoria, IL Hsg. (Peoria Oak Woods Apartments)¹		7.750			10/15/2033		246,203

46 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Illinois Continued
$	3,500,000	Plano, IL Special Service Area No. 51		6.000	%		03/01/2036	$	2,897,335
	4,745,000	Quad Cities, IL Regional EDA (Heritage Woods Moline)¹		6.000			12/01/2041		3,725,347
	6,050,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)		6.375			08/01/2040		3,806,297
	162	Robbins, IL Res Rec (Robbins Res Rec Partners)¹		7.250			10/15/2024		146
	2,500,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)¹		6.625			06/01/2037		2,334,350
	1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)¹		5.850			12/01/2036		984,840
	15,870,000	Southwestern IL Devel. Authority (Local Government Programming)¹		7.000			10/01/2022		15,309,313
	6,485,000	Southwestern IL Devel. Authority (Village of Sauget)¹		5.625			11/01/2026		4,926,201
	15,230,000	Southwestern IL Devel. Authority Solid Waste Disposal (Center Ethanol Company)¹		8.250			12/01/2019		11,448,239
	5,000,000	University of Illinois (Auxiliary System Facilities)¹		5.000			04/01/2030		5,000,300
	8,315,000	Upper, IL River Valley Devel. Authority (Living Springs McHenry)¹		6.100			12/01/2041		6,623,646
	3,025,000	Vernon Hills, IL Tax Increment (Town Center)¹		6.250			12/30/2026		2,627,878
	3,140,000	Volo Village, IL Special Service Area (Lancaster Falls)¹		5.750			03/01/2036		2,491,684
	5,500,000	Volo Village, IL Special Service Area (Remington Pointe)¹		6.450			03/01/2034		4,800,345
	5,080,000	Yorkville, IL United City Special Services Area Special Tax (Bristol Bay)¹		5.875			03/01/2036		4,451,096

									415,526,504

Indiana—1.7%
	975,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)¹		8.000			12/01/2045		989,411
	1,160,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)¹		9.000			12/01/2045		1,102,325
	18,265,000	Bluffton, IN Solid Waste Disposal Facility (Bluffton Subordinate Industrial Bio-Energy)¹		7.500			09/01/2019		12,067,868
	4,300,000	Carmel, IN Redevel. District COP¹		6.500			07/15/2035		4,119,013
	14,700,000	Carmel, IN Redevel. District COP¹		7.750			01/15/2030		15,906,870
	11,830,000	Carmel, IN Redevel. District COP¹		8.000			01/15/2035		12,794,263
	1,475,000	East Chicago, IN Solid Waste Disposal (USG Corp.)¹		5.500			09/01/2028		1,201,889
	5,805,000	East Chicago, IN Solid Waste Disposal (USG Corp.)¹		6.375			08/01/2029		5,202,325
	25,000	Fort Wayne, IN Pollution Control (General Motors Corp.)²		6.200			10/15/2025		625
	600,000	Hammond, IN Local Public Improvement District¹		6.500			08/15/2030		610,824
	1,000,000	Hammond, IN Local Public Improvement District¹		6.750			08/15/2035		1,016,520

47 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Indiana Continued
$	5,000	IN Bond Bank (Southwestern Bartholomew Water Corp.)¹		6.625	%		06/01/2012	$	5,012
	925,000	IN Finance Authority Educational Facilities (Irvington Community)¹		9.000			07/01/2039		1,065,110
	3,485,000	IN Health & Educational Facilities Financing Authority (AH/SVH Obligated Group)¹		5.000			11/15/2036		3,500,822
	1,835,000	IN Health Facility Financing Authority (Methodist Hospitals)¹		5.500			09/15/2031		1,573,549
	550,000	Indianapolis, IN Pollution Control (General Motors Corp.)²		5.625			04/01/2011		13,750
	75,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)¹		5.600			04/01/2029		72,785
	215,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)¹		5.625			12/01/2027		209,494
	30,000	North Manchester, IN (Estelle Peabody Memorial Home)²		6.500			07/01/2015		10,467
	17,505,000	North Manchester, IN (Estelle Peabody Memorial Home)²		7.250			07/01/2033		6,107,319
	60,000	Petersburg, IN Pollution Control (Indianapolis Power & Light Company)¹		6.375			11/01/2029		60,865
	6,820,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)¹		6.500			07/01/2022		6,293,155
	230,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)¹		5.550			05/15/2019		223,010
	5,675,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)¹		6.250			01/01/2024		4,970,449
	22,940,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		9.250			07/01/2020		17,351,128
	4,500,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		14.000			07/01/2020		3,499,110

									99,967,958

Iowa—2.2%
	500,000	Cedar Rapids, IA (Cottage Grove Place)		5.875			07/01/2028		331,760
	1,960,000	Cedar Rapids, IA (Cottage Grove Place)		6.000			07/01/2014		1,792,930
	5,475,000	Dickinson County, IA Hsg. (Spirit Lake)¹		5.875			12/01/2036		4,427,195
	350,000	IA Finance Authority (Amity Fellowserve)¹		5.900			10/01/2016		331,895
	790,000	IA Finance Authority (Amity Fellowserve)¹		6.000			10/01/2028		638,083
	940,000	IA Finance Authority (Amity Fellowserve)¹		6.375			10/01/2026		823,290
	2,190,000	IA Finance Authority (Amity Fellowserve)¹		6.500			10/01/2036		1,882,152
	1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)		5.900			12/01/2028		753,408
	1,000,000	IA Finance Authority Senior Hsg. (Bethany Manor)¹		5.550			11/01/2041		837,040

48 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Iowa Continued
$	1,240,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)¹		5.375	%		06/01/2025	$	902,199
	36,910,000	IA Tobacco Settlement Authority¹		5.375			06/01/2038		28,069,317
	45,000,000	IA Tobacco Settlement Authority¹		5.500			06/01/2042		33,764,850
	360,990,000	IA Tobacco Settlement Authority		7.1253			06/01/2046		6,963,497
	60,000,000	IA Tobacco Settlement Authority (TASC)¹		5.625			06/01/2046		44,930,400

									126,448,016

Kansas—0.1%
	20,000	Goddard, KS Industrial Revenue (IFR Systems)¹		6.250			05/01/2012		20,080
	55,000	KS Devel. Finance Authority (VS/VSCF/JGCCF Obligated Group)¹		5.500			11/15/2015		53,061
	1,235,000	Lenexa, KS Multifamily Hsg. (Meadows Apartments)¹		7.950			10/15/2035		1,088,097
	4,500,000	Olathe, KS Tax Increment (Gateway)		5.000			03/01/2026		2,183,805
	2,500,000	Olathe, KS Transportation Devel. District (Gateway)		5.000			12/01/2028		1,152,550
	2,475,000	Wyandotte County/Kansas City, KS Unified Government Industrial Devel. (Crestwood Apartments)²		6.950			06/01/2037		187,308

									4,684,901

Kentucky—0.4%					��
	15,000	Elizabethtown, KY Industrial Building (Elizabethtown Medical Rehabilitation)¹		10.250			12/01/2016		15,070
	28,805,000	Kenton County, KY Airport (Delta Airlines)²		8.000			12/01/2015		288
	31,750,000	Kenton County, KY Airport (Delta Airlines)²		8.000			12/01/2015		318
	27,170,000	Kenton County, KY Airport (Delta Airlines)²		8.000			12/01/2015		272
	45,560,000	Kenton County, KY Airport (Delta Airlines)²		8.000			12/01/2015		456
	150,000	Kenton County, KY Airport (Delta Airlines)²		8.000			12/01/2015		2
	2,385,000	Kuttawa, KY (1st Mtg.-GF/Kentucky)¹		6.750			03/01/2029		2,168,227
	14,000,000	KY EDFA (Baptist Healthcare System)⁵		5.375			08/15/2024		14,949,900
	1,250,000	KY EDFA (Masonic Home Independent Living II)¹¹		7.250			05/15/2041		1,242,250
	1,000,000	KY EDFA (Masonic Home Independent Living II)¹¹		7.375			05/15/2046		1,003,290
	1,775,000	Louisville & Jefferson County, KY Metropolitan Government Health Facilities (JHF/SMHC Obligated Group)¹		6.125			02/01/2037		1,785,845

									21,165,918

Louisiana—1.5%
	175,000	Caddo Parish, LA Industrial Devel. Board (Pennzoil Products Company)¹		5.600			12/01/2028		175,042
	20,000	De Soto Parish, LA Environmental Improvement (International Paper Company)¹		5.600			11/01/2022		20,001
	1,200,000	Juban Park, LA Community Devel. District Special Assessment²		5.150			10/01/2014		601,560

49 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Louisiana Continued
$	3,600,000	LA CDA (Eunice Student Hsg. Foundation)		7.375	%		09/01/2033	$	2,986,272
	11,415,000	LA HFA (La Chateau)¹		7.250			09/01/2039		11,866,121
	940,000	LA Local Government EF&CD Authority (Cypress Apartments)¹		8.000			04/20/2028		808,137
	430,000	LA Local Government EF&CD Authority (Sharlo Apartments)¹		8.000			06/20/2028		362,309
	5,350,000	LA Public Facilities Authority (Progressive Healthcare)¹		6.375			10/01/2028		4,210,076
	65,090,000	LA Tobacco Settlement Financing Corp. (TASC)¹		5.875			05/15/2039		64,686,442
	7,400,000	Lakeshore Villages, LA Master Community Devel. District⁴		5.250			07/01/2017		3,703,700
	60,000	New Orleans, LA Sewage Service¹		5.400			06/01/2017		60,127

									89,479,787

Maine—0.3%
	2,000,000	ME H&HEFA (Maine General Medical Center)¹¹		6.750			07/01/2041		1,999,860
	15,000	North Berwick, ME (Hussey Seating Company)¹		7.000			12/01/2013		15,027
	4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)¹		6.625			07/01/2020		4,611,120
	12,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)¹		6.875			10/01/2026		11,132,818

									17,758,825

Maryland—0.3%
	6,807,000	Brunswick, MD Special Obligation (Brunswick Crossing)¹		5.500			07/01/2036		5,145,479
	5,135,000	MD EDC Student Hsg. (Bowie State University)¹		6.000			06/01/2023		4,928,778
	400,000	MD EDC Student Hsg. (University of Maryland)¹		5.625			10/01/2023		295,568
	8,500,000	MD EDC Student Hsg. (University of Maryland)¹		5.750			10/01/2033		5,606,005
	600,000	MD H&HEFA (King Farm Presbyterian Community)¹		5.300			01/01/2037		433,500
	925,000	MD H&HEFA (Washington Christian Academy)²		5.500			07/01/2038		369,639
	2,250,000	Salisbury, MD Special Obligation (Villages at Aydelotte Farm)		5.250			01/01/2037		1,362,758

									18,141,727

Massachusetts—2.3%
	1,750,000	MA Devel. Finance Agency (Boston Architectural College)¹		5.000			01/01/2027		1,375,535
	1,500,000	MA Devel. Finance Agency (Boston Architectural College)¹		5.000			01/01/2037		1,071,585
	800,000	MA Devel. Finance Agency (Eastern Nazarene College)¹		5.625			04/01/2019		788,440
	2,630,000	MA Devel. Finance Agency (Eastern Nazarene College)¹		5.625			04/01/2029		2,324,526
	6,905,000	MA Devel. Finance Agency (Lasell College)¹		6.000			07/01/2041		6,782,229
	8,050,000	MA Devel. Finance Agency (Linden Ponds)		5.750			11/15/2042		4,296,205

50 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Massachusetts Continued
$	65,000	MA Devel. Finance Agency (May Institute)¹		5.750	%		09/01/2029	$	55,763
	250,000	MA Devel. Finance Agency (Regis College)¹		5.250			10/01/2018		236,670
	1,000,000	MA Devel. Finance Agency (VOA Concord)¹		5.200			11/01/2041		685,150
	20,335,000	MA Educational Financing Authority, Series H⁵		6.350			01/01/2030		21,847,422
	45,000	MA H&EFA (Holyoke Hospital)¹		6.500			07/01/2015		42,474
	1,350,000	MA H&EFA (North Adams Regional Hospital)²		6.625			07/01/2018		603,977
	6,300,000	MA H&EFA (Tufts Medical Center)¹		5.000			05/15/2022		6,543,117
	50,080,000	MA HFA, Series A⁵		5.250			07/01/2025		50,250,432
	10,500,000	MA HFA, Series A⁵		5.300			06/01/2049		9,595,415
	17,790,000	MA HFA, Series C⁵		5.350			12/01/2042		17,392,038
	8,330,000	MA HFA, Series C⁵		5.400			12/01/2049		7,854,656
	50,000	MA Port Authority (Delta Air Lines)		5.000			01/01/2027		37,055

									131,782,689

Michigan—3.5%
	10,100,000	Detroit, MI City School District⁵		6.000			05/01/2029		10,673,882
	100,000	Detroit, MI GO¹		5.000			04/01/2014		95,519
	5,850,000	Detroit, MI GO¹		5.000			04/01/2021		4,828,883
	225,000	Detroit, MI GO¹		5.250			04/01/2014		216,268
	2,600,000	Detroit, MI GO¹		5.250			04/01/2016		2,389,946
	350,000	Detroit, MI GO¹		5.250			04/01/2017		315,312
	1,000,000	Detroit, MI GO¹		5.250			04/01/2020		854,310
	2,000,000	Detroit, MI GO¹		5.250			04/01/2020		1,708,620
	2,210,000	Detroit, MI GO¹		5.250			04/01/2021		1,862,566
	100,000	Detroit, MI GO¹		5.250			04/01/2023		81,210
	40,000	Detroit, MI GO¹		5.375			04/01/2015		40,034
	3,140,000	Detroit, MI Local Devel. Finance Authority¹		6.700			05/01/2021		2,283,942
	1,970,000	Detroit, MI Local Devel. Finance Authority¹		6.850			05/01/2021		1,252,388
	505,000	Detroit, MI Local Devel. Finance Authority (Chrysler Corp.)¹		5.375			05/01/2018		367,761
	34,975,000	Detroit, MI Sewer Disposal System⁵		0.7656			07/01/2032		24,082,412
	5,825,000	Detroit, MI Sewer Disposal System¹		0.7656			07/01/2032		4,011,386
	735,000	East Lansing, MI Economic Corp. (Burcham Hills)¹		5.250			07/01/2037		553,198
	500,000	Kalamazoo, MI EDC (Heritage Community)¹		5.500			05/15/2036		385,790
	5,000,000	Lansing, MI Board of Water & Light Utility System¹		5.000			07/01/2037		5,072,100
	445,000	Macomb, MI Public Academy¹		6.750			05/01/2037		396,286
	1,400,000	MI Finance Authority (Old Redford Public School Academy)¹		5.900			12/01/2030		1,303,764
	1,400,000	MI Finance Authority (Old Redford Public School Academy)¹		6.500			12/01/2040		1,343,328

51 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Michigan Continued
$	13,320,000	MI Hospital Finance Authority (McLaren Health Care Corp.)⁵		5.000	%		08/01/2035	$	12,921,466
	2,900,000	MI Hospital Finance Authority (Oakwood Obligated Group)		5.000			07/15/2037		2,612,088
	900,000	MI Public Educational Facilities Authority (American Montessori)¹		6.500			12/01/2037		784,224
	1,400,000	MI Public Educational Facilities Authority (Old Redford Academy)¹		6.000			12/01/2035		1,267,490
	1,428,750	MI Strategic Fund Limited Obligation (Wolverine Human Services)¹		7.875			08/31/2028		1,285,661
	4,000,000	MI Strategic Fund Solid Waste (Genesee Power Station)¹		7.500			01/01/2021		3,745,760
	428,990,000	MI Tobacco Settlement Finance Authority		7.2863			06/01/2052		5,847,134
	3,048,780,000	MI Tobacco Settlement Finance Authority		8.8773			06/01/2058		18,841,460
	1,625,000	Pontiac, MI City School District¹		4.500			05/01/2020		1,506,749
	15,000,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)¹		5.000			12/01/2034		13,325,700
	52,930,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)⁵		5.000			12/01/2029		52,331,666
	10,000,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)⁵		5.000			12/01/2034		9,710,856
	14,310,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)¹		6.000			12/01/2029		12,542,286

									200,841,445

Minnesota—0.9%
	863,298	Burnsville, MN Commercial Devel. (Holiday Inn)²		5.900			04/01/2008		31,942
	3,000,000	Columbia Heights, MN Multifamily & Health Care Facilities (Crest View Corp.)¹		5.700			07/01/2042		2,256,300
	1,750,000	Cottage Grove, MN Senior Hsg.¹		6.000			12/01/2046		1,600,113
	1,000,000	Eveleth, MN Multifamily (Manor House Woodland)¹		5.500			10/01/2025		820,330
	2,000,000	Eveleth, MN Multifamily (Manor House Woodland)¹		5.700			10/01/2036		1,505,960
	2,160,000	Green Isle, MN Senior Hsg. (Kingsway Ministries)		5.500			05/01/2042		1,734,437
	525,000	International Falls, MN Pollution Control (Boise Cascade Corp.)¹		5.500			04/01/2023		454,151
	6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)¹		6.850			12/01/2029		5,766,761
	1,750,000	Lake Crystal, MN Hsg. (Ecumen-Second Century)¹		6.250			09/01/2040		1,742,895
	14,680,000	Lamberton, MN Solid Waste (Highwater Ethanol)¹		8.500			12/01/2022		10,799,342
	9,545,000	Mankato, MN Industrial Devel. (Environ Biocomposites Holdings)²		7.250			12/01/2025		1,956,725
	47,015,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission (Northwest Airlines)²		7.000			04/01/2025		470

52 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Minnesota Continued
$	16,400,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission (Northwest Airlines)²		7.375	%		04/01/2025	$	164
	730,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)¹		5.400			04/01/2028		606,017
	5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)¹		5.500			04/01/2042		4,089,959
	500,000	Minneapolis, MN Tax Increment (Ivy Tower)¹		5.500			02/01/2022		375,690
	1,000,000	Minneapolis, MN Tax Increment (Ivy Tower)¹		5.700			02/01/2029		663,700
	900,000	New Hope, MN Hsg. & Health Care Facilities (Minnesota Masonic Home North Ridge)¹		5.900			03/01/2019		856,926
	2,100,000	Northwest MN Multi-County Hsg. and Redevel. Authority¹		5.450			07/01/2041		1,685,418
	6,380,260	Otter Tail County, MN GO²		7.500			11/01/2019		667,056
	500,000	Pine City, MN Health Care & Hsg. (North Branch)¹		6.125			10/20/2047		481,330
	3,700,000	Richfield, MN Senior Hsg. (Richfield Senior Hsg.)¹		6.625			12/01/2039		3,658,967
	20,000	Rochester, MN Multifamily Hsg. (Eastridge Estates)¹		7.750			12/15/2034		18,753
	830,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)¹		5.375			08/01/2021		774,813
	790,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)¹		5.625			02/01/2031		672,393
	1,260,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)¹		7.000			09/15/2037		1,073,129
	1,883,680	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)¹		5.630			10/01/2033		1,710,852
	3,000,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)¹		6.250			03/01/2029		2,858,520
	400,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)¹		5.750			09/01/2026		358,640
	650,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)¹		6.000			09/01/2036		561,327
	1,700,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)¹		6.800			03/01/2029		1,642,472
	1,200,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)¹		7.000			03/01/2029		1,183,212
	705,000	St. Paul, MN Port Authority (Great Northern)¹		6.000			03/01/2030		643,172
	538,384	St. Paul, MN Port Authority Parking Revenue (4th Parking Ramp)²		8.000			12/01/2027		107,391
	1,300,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)¹		6.000			02/01/2019		1,115,231

									54,474,558

53 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Mississippi—0.3%
$	175,000	Jackson, MS Hsg. Authority (Elton Park Apartments)¹		5.400	%		04/01/2039	$	170,594
	2,900,000	Meridian, MS Tax Increment (Meridian Crossroads)¹		8.750			12/01/2024		2,937,729
	4,255,000	MS Business Finance Corp. (Intrinergy Wiggins)¹		8.000			01/01/2023		3,683,681
	1,395,000	Ridgeland, MS Tax Increment (Colony Park)¹		5.250			10/01/2027		1,408,741
	1,755,000	Ridgeland, MS Tax Increment (Colony Park)¹		5.375			10/01/2028		1,772,778
	16,410,000	Stonebridge, MS Public Improvement District Special Assessment²		7.500			10/01/2042		4,757,259
	175,000	Warren County, MS Environmental Improvement (International Paper Company)¹		6.250			09/01/2023		175,112

									14,905,894

Missouri—1.6%
	250,000	Belton, MO Tax Increment (Belton Town Center)¹		5.500			03/01/2020		231,553
	400,000	Belton, MO Tax Increment (Belton Town Center)¹		5.625			03/01/2025		345,312
	580,000	Branson Hills, MO Infrastructure Facilities¹		5.000			04/01/2012		574,797
	500,000	Branson Hills, MO Infrastructure Facilities¹		5.000			04/01/2016		447,440
	500,000	Branson Hills, MO Infrastructure Facilities¹		5.000			04/01/2017		430,555
	730,000	Branson Hills, MO Infrastructure Facilities¹		5.500			04/01/2022		546,697
	750,000	Branson Hills, MO Infrastructure Facilities¹		5.500			04/01/2027		500,993
	4,900,000	Branson, MO Commerce Park Community Improvement District¹		5.750			06/01/2026		3,988,208
	2,485,000	Branson, MO IDA (Branson Hills Redevel.)¹		5.750			05/01/2026		2,100,496
	13,000,000	Branson, MO IDA (Branson Hills Redevel.)¹		7.050			05/01/2027		11,632,660
	1,570,000	Branson, MO IDA (Branson Landing)¹		5.250			06/01/2021		1,415,072
	2,470,000	Branson, MO IDA (Branson Landing)¹		5.500			06/01/2029		2,032,316
	24,220,000	Branson, MO IDA (Branson Shoppe Redevel.)¹		5.950			11/01/2029		20,431,750
	570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)¹		6.125			12/01/2036		410,446
	1,215,000	Chillicothe, MO Tax Increment (South U.S. 65)¹		5.500			04/01/2021		1,117,994
	1,100,000	Chillicothe, MO Tax Increment (South U.S. 65)¹		5.625			04/01/2027		938,663
	1,250,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)¹		5.000			11/01/2023		1,119,450
	500,000	Kansas City, MO IDA (Plaza Library)¹		5.900			03/01/2024		495,595
	1,313,000	Kansas City, MO IDA (West Paseo)¹		6.750			07/01/2036		1,112,649
	310,000	Kansas City, MO IDA (Woodbridge Apartments)		6.700			08/01/2015		305,635
	3,750,000	Kansas City, MO Tax Increment (Briarcliff West)¹		5.400			06/01/2024		3,246,825
	1,400,000	Kansas City, MO Tax Increment (Shoal Creek Parkway)¹		6.500			06/01/2025		1,400,994
	1,510,000	Lees Summit, MO IDA (Kensington Farms)¹		5.500			03/01/2021		1,365,357
	750,000	Lees Summit, MO IDA (Kensington Farms)¹		5.750			03/01/2029		620,325
	2,365,000	Liberty, MO Tax Increment (Liberty Triangle)¹		5.875			10/01/2029		2,073,703
	3,180,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2026		1,971,536

54 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Missouri Continued
$	3,825,000	MO Dardenne Town Square Transportation Devel. District		5.000	%		05/01/2036	$	1,964,214
	2,515,000	MO Enright Arlington Community Improvement District¹		5.400			03/01/2026		2,171,325
	1,810,000	MO Good Shepard Nursing Home District¹		5.900			08/15/2023		1,628,729
	230,000	MO Grindstone Plaza Transportation Devel. District¹		5.250			10/01/2021		182,006
	400,000	MO Grindstone Plaza Transportation Devel. District¹		5.400			10/01/2026		290,976
	115,000	MO Grindstone Plaza Transportation Devel. District¹		5.550			10/01/2036		74,337
	3,915,000	MO HDC (Mansion Apartments Phase II)¹		6.170			04/01/2032		3,240,250
	5,000	MO HDC (Single Family Mtg.)¹		5.500			09/01/2033		5,095
	766,000	Northwoods, MO Transportation Devel. District¹		5.850			02/01/2031		605,975
	2,000,000	St. Joseph, MO IDA (Shoppes at North Village)¹		5.500			11/01/2027		1,791,620
	4,580,000	St. Louis, MO IDA (Railway Exchange Building Redevel.)¹		8.000			04/01/2033		4,579,084
	2,442,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)¹		6.000			08/21/2026		2,002,049
	2,034,000	St. Louis, MO Tax Increment (Pet Building Redevel.)¹		5.500			05/29/2028		1,558,003
	1,660,000	St. Louis, MO Tax Increment (Printers Lofts)		6.000			08/21/2026		1,318,156
	3,043,000	St. Louis, MO Tax Increment (Security Building Redevel.)¹		6.300			04/01/2027		2,599,544
	2,426,000	St. Louis, MO Tax Increment (Washington East Condominiums)¹		5.500			01/20/2028		1,905,817
	1,600,000	St. Louis, MO Tax Increment (Washington East Condominiums)¹		5.500			01/20/2028		1,226,400
	1,108,000	St. Louis, MO Tax Increment Financing, Series A		5.500			09/02/2028		840,451
	1,865,000	Stone Canyon, MO Improvement District (Infrastructure)¹		5.700			04/01/2022		1,508,729
	975,000	Stone Canyon, MO Improvement District
		(Infrastructure)¹		5.750			04/01/2027		721,237
	845,000	Suemandy, MO Mid-Rivers Community Improvement District¹		7.000			10/01/2019		859,585
	2,225,000	Suemandy, MO Mid-Rivers Community Improvement District¹		7.500			10/01/2029		2,235,413

									94,166,016

Montana—0.1%
	5,935,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)¹		0.000	⁷		09/01/2031		3,840,123
	1,125,000	MT Facilities Finance Authority (St. John’s Lutheran)¹		6.000			05/15/2025		1,033,808
	1,650,000	MT Facilities Finance Authority (St. John’s Lutheran)¹		6.125			05/15/2036		1,434,494

									6,308,425

55 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Multi States—0.1%
$	8,000,000	Munimae TE Bond Subsidiary¹		5.900	%		11/29/2049	$	4,560,560

Nebraska—0.7%
	1,195,000	Beatrice, NE Community Redevel. Authority (Beatrice Biodiesel)		6.625			12/01/2021		662,173
	20,000,000	Douglas County, NE Hospital Authority (Methodist Health System)⁵		5.750			11/01/2048		20,998,814
	1,250,000	Mead Village, NE Tax Increment (Biofuels-Mead)¹		5.750			01/01/2022		528,025
	2,400,000	NE Educational Facilities Authority (Midland Lutheran College)¹		5.600			09/15/2029		1,794,144
	5,560,000	Santee Sioux Nation, NE Tribal Health Care (Indian Health Service)¹		8.750			10/01/2020		5,602,423
	45,745,000	Saunders County, NE Individual Devel. (Mead Biofuels)²		7.000			12/01/2026		8,901,977

									38,487,556

Nevada—0.1%
	1,000,000	Clark County, NV Improvement District¹		5.000			02/01/2026		799,340
	770,000	Clark County, NV Improvement District¹		5.050			02/01/2031		577,777
	10,000,000	Director of the State of NV Dept. of Business & Industry (Las Ventanas Retirement)²		7.000			11/15/2034		5,397,900
	100,000	Las Vegas, NV Paiute Tribe, Series A¹		6.625			11/01/2017		79,494
	125,000	Mesquite, NV Special Improvement District (Canyon Creek)¹		5.400			08/01/2020		95,763
	490,000	Mesquite, NV Special Improvement District (Canyon Creek)¹		5.500			08/01/2025		324,615
	1,830,000	Mesquite, NV Special Improvement District No. 07-01 (Anthem at Mesquite)¹		6.150			08/01/2037		1,422,679

									8,697,568

New Hampshire—0.1%
	1,865,000	NH Business Finance Authority (Air Cargo at Pease)		6.750			04/01/2024		1,458,822
	70,000	NH Business Finance Authority (Connecticut Light & Power)¹		5.850			12/01/2022		70,778
	1,500,000	NH Business Finance Authority (Huggins Hospital)¹		6.875			10/01/2039		1,528,395
	4,000,000	NH H&EFA (Franklin Pierce College)¹		6.050			10/01/2034		3,332,320
	515,000	NH HE&HFA (Franklin Pierce College)¹		5.300			10/01/2028		414,606

									6,804,921

New Jersey—8.3%
	32,910,000	NJ EDA (Continental Airlines)¹		6.250			09/15/2019		32,772,436
	26,685,000	NJ EDA (Continental Airlines)¹		6.250			09/15/2029		25,608,260
	11,385,000	NJ EDA (Continental Airlines)¹		6.400			09/15/2023		11,350,731
	25,935,000	NJ EDA (Continental Airlines)¹		7.000			11/15/2030		25,952,117

56 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New Jersey Continued
$	16,920,000	NJ EDA (Continental Airlines)¹		7.200	%		11/15/2030	$	16,940,812
	16,500,000	NJ EDA (Continental Airlines)¹		9.000			06/01/2033		17,078,985
	1,109,191	NJ EDA (Empowerment Zone-Cumberland)²		7.750			03/01/2021		448,246
	11,000,000	NJ EDA (GMT Realty)¹		6.875			01/01/2037		9,903,300
	10,360,000	NJ EDA (School Facilities)⁵		5.000			09/01/2024		10,903,780
	10,000	NJ EDA (The Presbyterian Home at Montgomery)¹		6.375			11/01/2031		8,749
	2,110,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)¹		7.250			07/01/2014		2,011,041
	6,630,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)¹		7.250			07/01/2027		5,135,134
	154,940,000	NJ Tobacco Settlement Financing Corp.¹		4.750			06/01/2034		106,890,007
	96,125,000	NJ Tobacco Settlement Financing Corp.⁵		5.000			06/01/2029		75,929,451
	184,270,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2041		127,054,165
	10,000,000	NJ Transportation Trust Fund Authority⁵		5.000			12/15/2023		10,824,868
	2,000,000	NJ Transportation Trust Fund Authority¹		6.000			06/15/2035		2,222,660
	210,000	Weehawken Township, NJ GO¹		6.000			08/01/2021		213,946
	210,000	Weehawken Township, NJ GO¹		6.000			08/01/2022		211,888
	260,000	Weehawken Township, NJ GO¹		6.000			08/01/2023		260,177
	260,000	Weehawken Township, NJ GO¹		6.000			08/01/2024		257,457
	235,000	Weehawken Township, NJ GO¹		6.000			08/01/2025		231,073

									482,209,283

New Mexico—0.3%
	406,000	Dona Ana County, NM Multifamily (Montana Meadows Apartments)¹		8.500			12/01/2015		410,186
	4,910,000	Eldorado, NM Area Water and Sanitation District¹		6.000			02/01/2025		4,321,586
	3,500,000	Farmington, NM Pollution Control (Public Service Company of New Mexico)¹		6.250			06/01/2040		3,520,160
	775,000	Mariposa East, NM Public Improvement District¹		5.500			09/01/2016		735,080
	500,000	Mariposa East, NM Public Improvement District¹		5.750			09/01/2021		420,615
	500,000	Mariposa East, NM Public Improvement District¹		6.000			09/01/2032		374,390
	875,000	Montecito Estates, NM Public Improvement District¹		7.000			10/01/2037		762,440
	187,000	NM Regional Hsg. Authority (Wildewood Apartments)¹		8.750			12/01/2020		189,160
	1,925,000	NM Trails Public Improvement District¹		7.750			10/01/2038		1,736,138
	4,750,000	Saltillo, NM Improvement District¹		7.625			10/01/2037		4,237,380
	1,000,000	Ventana West, NM Public Improvement District Special Levy¹		6.875			08/01/2033		944,420

									17,651,555

57 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New York—5.8%
$	3,000,000	Albany, NY IDA (New Covenant Charter School)²		7.000	%		05/01/2035	$	750,330
	17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		6.656	³		06/01/2055		150,273
	1,000,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		6.000			06/01/2030		1,031,380
	412,100,000	NY Counties Tobacco Trust V		7.151	³		06/01/2060		2,031,653
	500,000,000	NY Counties Tobacco Trust V		7.836	³		06/01/2060		2,465,000
	37,380,000	NY Liberty Devel. Corp. (Bank of America Tower)^5,10		5.125			01/15/2044		36,929,451
	8,765,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.867	¹²		04/01/2036		8,839,853
	2,815,000	NYC IDA (American Airlines)		5.400			07/01/2020		2,296,533
	11,055,000	NYC IDA (American Airlines)		6.900			08/01/2024		9,572,635
	5,500,000	NYC IDA (American Airlines)¹		7.500			08/01/2016		5,636,510
	38,500,000	NYC IDA (American Airlines)¹		7.625			08/01/2025		39,711,595
	37,000,000	NYC IDA (American Airlines)¹		7.750			08/01/2031		38,251,340
	5,200,000	NYC IDA (American Airlines)¹		8.000			08/01/2028		5,429,840
	35,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.650			10/01/2028		27,776
	3,020,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.750			10/01/2036		2,296,046
	6,605,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		6.200			10/01/2022		6,132,214
	12,955,000	NYC Municipal Water Finance Authority⁵		5.750			06/15/2040		14,260,850
	14,575,000	NYC Transitional Finance Authority⁵		5.000			02/01/2031		15,616,814
	18,130,000	NYC Transitional Finance Authority⁵		5.000			02/01/2035		18,888,922
	15,500,000	NYC Transitional Finance Authority¹		5.000			11/01/2039		16,074,430
	31,295,000	NYS DA (Personal Income Tax)¹		5.000			03/15/2036		32,010,091
	22,200,000	NYS DA (St. Mary’s Hospital for Children)¹		7.875			11/15/2041		21,365,946
	75,000	NYS DA (State Personal Income Tax Authority)¹		5.000			03/15/2035		76,502
	4,200,000	NYS DA (State University of New York)¹		5.000			07/01/2040		4,289,292
	11,555,000	NYS GO¹		5.000			02/15/2036		12,150,198
	250,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		244,258
	4,000,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		3,717,880
	25,000,000	Port Authority NY/NJ, 166th Series⁵		5.250			07/15/2036		26,560,000
	6,600,000	Syracuse, NY IDA (Carousel Center)¹		5.000			01/01/2036		5,477,208
	2,600,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-C¹		6.200			03/01/2020		2,445,612

									334,730,432

North Carolina—1.2%
	48,200,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)¹		5.600			07/01/2027		42,538,910
	12,005,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)¹		7.750			02/01/2028		12,002,959
	4,380,000	Gaston, NC IFPCFA (National Gypsum)¹		5.750			08/01/2035		3,358,234

58 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

North Carolina Continued
$	1,650,000	NC Medical Care Commission (Whitestone)¹		7.750	%		03/01/2031	$	1,692,405
	4,725,000	NC Medical Care Commission (Whitestone)¹		7.750			03/01/2041		4,783,354
	5,275,000	NC Medical Care Commission Retirement Facilities (Village at Brookwood)¹		5.250			01/01/2032		4,055,315

									68,431,177

North Dakota—0.1%
	1,000,000	Cando, ND Nursing Facility (Towner County Medical Center)¹		7.125			08/01/2022		958,120
	100,000	Cass County, ND Industrial Devel. Revenue (Fraser Ltd.)¹		7.000			11/01/2015		94,640
	5,000	ND HFA (Home Mtg.)¹		5.400			01/01/2034		5,163
	5,000	ND HFA (Home Mtg.)¹		5.550			07/01/2022		5,202
	2,740,000	Richland County, ND Hsg. (Birchwood Properties)¹		6.750			05/01/2029		2,208,276

									3,271,401

Ohio—3.3%
	10,000,000	Allen County, OH Hospital Facilities (Catholic Healthcare)		5.000			06/01/2038		9,768,200
	20,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹		5.750			06/01/2034		15,124,600
	3,960,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)¹		5.875			06/01/2030		3,115,451
	2,345,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.501	³		06/01/2052		37,895,200
	1,350,000	Butler County, OH Hsg. (Anthony Wayne Apartments)¹		6.500			09/01/2030		993,222
	4,495,000	Centerville, OH Health Care (Bethany Lutheran Village)¹		6.000			11/01/2038		3,802,680
	21,630,000	Cleveland, OH Airport (Continental Airlines)¹		5.700			12/01/2019		20,361,617
	1,500,000	Cleveland-Cuyahoga County, OH Port Authority (St. Clarence)¹		6.250			05/01/2038		1,188,630
	500,000	Columbus-Franklin County, OH Finance Authority, Series A¹		6.000			05/15/2035		467,015
	3,700,000	Cuyahoga County, OH Hospital Facilities (CSAHS-UHHS-Cuyahoga/Canton Obligated Group)¹		7.500			01/01/2030		3,719,684
	7,500,000	Grove City, OH Tax Increment Financing¹		5.375			12/01/2031		6,035,550
	1,450,000	Hancock County, OH Hospital (BVRHC/BVHF Obligated Group)¹		6.250			12/01/2034		1,514,844
	4,500,000	Hickory Chase, OH Community Authority Infrastructure Improvement¹		7.000			12/01/2038		2,927,880
	125,000	Lake County, OH Hospital Facilities (Lake Hospital System)¹		5.750			08/15/2038		116,275
	730,000	Lorain County, OH Port Authority (Alumalloy LLC)¹		6.000			11/15/2025		530,484
	10,000,000	Montgomery County, OH (Miami Valley Hospital)⁵		5.750			11/15/2023		11,363,300

59 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Ohio Continued
$	12,355,000	OH Air Quality Devel. Authority (Fostoria Ethanol)¹		8.500	%		02/01/2020	$	8,660,114
	12,630,000	OH Air Quality Devel. Authority (Marion Ethanol)¹		8.500			02/01/2020		8,852,872
	50,000	OH Environmental Facilities (Ford Motor Company)¹		5.750			04/01/2035		46,986
	2,250,000	OH Higher Education Facility Commission (Ashland University)¹		6.250			09/01/2024		2,268,450
	2,050,000	OH Port Authority of Columbiana Solid Waste (A&L Salvage)²		14.500			07/01/2028		—
	16,320,000	OH Port Authority of Columbiana Solid Waste (Apex Environmental)¹		7.250			08/01/2034		13,239,763
	14,000,000	OH Solid Waste Disposal (General Motors Corp.)²		6.300			12/01/2032		350,000
	19,515,000	OH Solid Waste Disposal (USG Corp.)¹		5.600			08/01/2032		15,746,654
	13,910,000	OH Solid Waste Disposal (USG Corp.)¹		5.650			03/01/2033		11,265,153
	6,640,000	OH Solid Waste Disposal (USG Corp.)¹		6.050			08/01/2034		5,636,895
	45,000	Pike County, OH Hospital Facilities (Pike Health Services)		7.000			07/01/2022		41,728
	1,955,000	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)¹		5.400			11/01/2036		1,535,672
	3,415,000	Warren County, OH Port Authority (Corridor 75 Park)¹		7.500			12/01/2034		3,137,873

									189,706,792

Oklahoma—0.9%
	1,700,000	Ardmore, OK Devel. Authority (Airpark Increment District)¹		5.750			11/01/2022		1,560,957
	1,500,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)¹		6.625			10/01/2037		1,251,000
	880,000	Cleveland County, OK IDA (Vaughn Foods)		7.750			12/01/2012		842,952
	2,365,000	Cleveland County, OK IDA (Vaughn Foods)		8.100			12/01/2024		1,909,548
	115,000	Grady County, OK Industrial Authority (Correctional Facilities)		7.000			11/01/2011		112,179
	50,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)¹		6.500			09/01/2026		50,060
	1,500,000	Oklahoma City, OK Industrial & Cultural Facilities (Aero Obligated Group)¹		6.750			01/01/2023		1,368,270
	2,950,000	Oklahoma County, OK Finance Authority (Var-Sail Assoc.)¹		5.250			12/01/2041		2,964,485
	38,980,000	Tulsa, OK Municipal Airport Trust (American Airlines)		7.750			06/01/2035		40,340,792

									50,400,243

Oregon—0.0%
	20,000	Lane County, OR Hsg. Authority & Community Services (Firewood)¹		6.600			11/01/2015		20,041
	795,000	OR Facilities Authority (Concordia University)¹		6.125			09/01/2030		807,394

60 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Oregon Continued
$	50,000	Port Astoria, OR Pollution Control (James River)¹		6.550	%		02/01/2015	$	50,060
	700,000	Western Generation, OR Agency Cogeneration (Wauna Cogeneration)¹		5.000			01/01/2021		624,113

									1,501,608

Pennsylvania—1.0%
	907,716	Allegheny County, PA HDA (The Covenant at South Hills)²		8.750			02/01/2031		9
	1,500,000	Chester County, PA H&EFA (Chester County Hospital)¹		6.750			07/01/2031		1,434,375
	1,300,000	Luzerne County, PA IDA¹		7.500			12/15/2019		1,272,271
	500,000	Luzerne County, PA IDA¹		7.750			12/15/2027		491,445
	24,937,498	PA EDFA (Bionol Clearfield)²		8.500			07/15/2015		16,370,470
	5,000,000	PA EDFA (National Gypsum Company)¹		6.250			11/01/2027		4,203,100
	2,100,000	PA EDFA (Northampton Generating)		6.500			01/01/2013		1,439,844
	7,450,000	PA EDFA (Northampton Generating)		6.600			01/01/2019		4,185,857
	11,500,000	PA Geisinger Authority Health System, Series A⁵		5.250			06/01/2039		11,781,175
	2,700,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.875			11/15/2016		2,638,062
	3,500,000	PA HEFA (MCP/HUHS/AUS Obligated Group)¹		5.875			11/15/2021		3,260,215
	4,000,000	PA HEFA (Shippensburg University)¹		6.250			10/01/2043		4,065,760
	2,000,000	Philadelphia, PA GO¹		6.000			08/01/2036		2,099,960
	2,000,000	Philadelphia, PA GO¹		6.500			08/01/2041		2,193,360
	100,000	Philadelphia, PA H&HEFA (Temple University Hospital)¹		6.625			11/15/2023		99,779

									55,535,682

Rhode Island—1.8%
	45,000,000	Central Falls, RI Detention Facility¹		7.250			07/15/2035		36,841,050
	45,000	RI Health & Educational Building Corp. (Roger Williams General Hospital)¹		5.500			07/01/2018		41,646
	20,000	RI Health & Educational Building Corp. (Roger Williams Medical Center)¹		5.500			07/01/2028		15,972
	12,075,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)⁵		5.200			10/01/2047		11,668,132
	52,090,000	RI Tobacco Settlement Financing Corp. (TASC)		6.125	³		06/01/2052		594,347
	27,675,000	RI Tobacco Settlement Financing Corp. (TASC)¹		6.250			06/01/2042		26,125,200
	42,825,000	RI Tobacco Settlement Financing Corp. (TASC)		7.868	³		06/01/2052		402,555
	25,605,000	RI Tobacco Settlement Financing Corp. (TASC), Series A¹		6.125			06/01/2032		25,641,615

									101,330,517

South Carolina—0.5%
	1,375,000	Allendale County, SC School District Energy Savings Special Obligation¹		8.500			12/01/2018		1,440,244

61 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity			Value

South Carolina Continued
$	15,000	Georgetown County, SC Environmental Improvement (International Paper Company)¹		6.250	%		09/01/2023		$	15,010
	7,163,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)¹		7.750			11/01/2039			5,925,807
	900,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)¹		5.250			11/01/2026			711,351
	2,000,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)¹		5.300			11/01/2035			1,457,880
	16,467,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)¹		6.200			11/01/2036			13,092,418
	200,000	SC Connector 2000 Assoc. Toll Road, Series B		6.300	³		01/01/2026			20,500
	7,620,000	SC Connector 2000 Assoc. Toll Road, Series B		6.453	³		01/01/2020			1,108,710
	8,500,000	SC Connector 2000 Assoc. Toll Road, Series B		6.621	³		01/01/2024			981,750
	50,000	SC Jobs-EDA (JDAM/LH/Franke Home/LS Obligated Group)¹		5.650			05/01/2018			48,003
	3,650,000	SC Jobs-EDA (Palmetto Health)¹		5.750			08/01/2036			3,583,534
	1,400,000	SC Jobs-EDA (Palmetto Health)¹		5.750			08/01/2039			1,367,632

										29,752,839

South Dakota—0.6%
	1,000,000	Lower Brule, SD Sioux Tribe, Series B¹		5.500			05/01/2019			817,240
	33,765,000	SD Educational Enhancement Funding Corp. Tobacco Settlement¹		6.500			06/01/2032	��		34,205,971
	1,425,000	Turner County, SD Tax Increment¹		5.000			12/15/2026			1,135,070

										36,158,281

Tennessee—0.3%
	35,000	Blount County, TN H&EFB (Asbury)¹		4.750			04/01/2012			34,997
	8,890,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)		5.750			04/01/2042			6,371,374
	215,000	Memphis-Shelby County, TN Airport Authority (Express Airlines)¹		6.125			12/01/2016			198,694
	7,870,000	Metropolitan Knoxville, TN Airport Authority (Northwest Airlines)¹		8.000			04/01/2032			7,870,472
	495,000	Shelby County, TN HE&HF (Lapaloma Apartments)¹		7.750			12/01/2029			407,464

										14,883,001

Texas—18.7%
	44,625,000	Alliance Airport Authority, TX (American Airlines)		5.250			12/01/2029			29,949,623
	13,500,000	Alliance Airport Authority, TX (American Airlines)		5.750			12/01/2029			9,663,975
	230,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)¹		7.750			12/01/2028			181,449
	160,000	Bexar County, TX HFC (American Opportunity Hsg.)¹		7.500			01/01/2013			152,947

62 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Texas Continued
$	980,000	Bexar County, TX HFC (American Opportunity Hsg.)¹		8.000	%		01/01/2031	$	690,410
	1,130,000	Bexar County, TX HFC (American Opportunity Hsg.-Nob Hill Apartments)²		8.500			06/01/2031		339,011
	980,000	Bexar County, TX HFC (Doral Club)¹		8.750			10/01/2036		678,817
	200,000	Bexar County, TX HFC (Honey Creek LLC)²		8.000			04/01/2030		87,994
	100,000	Bexar County, TX HFC (Honey Creek LLC)²		9.000			04/01/2030		19,750
	1,460,000	Bexar County, TX HFC (Perrin Square)²		9.750			11/20/2031		581,547
	41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.000			03/01/2041		11,032,758
	13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.400			05/01/2029		4,540,320
	2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.300			07/01/2032		859,020
	14,080,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			04/01/2038		12,532,608
	11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			10/01/2038		4,067,347
	10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			03/01/2032		3,660,900
	28,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			04/01/2033		10,294,451
	16,720,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)¹		7.000			11/01/2039		16,082,299
	190,000	Cass County, TX IDC (International Paper Company)¹		6.600			03/15/2024		191,349
	8,000,000	Central Texas Regional Mobility Authority¹		6.250			01/01/2046		8,013,600
	10,000,000	Dallas-Fort Worth, TX International Airport⁵		5.000			11/01/2035		9,403,900
	20,000	Dallas-Fort Worth, TX International Airport¹		5.750			11/01/2030		20,021
	63,880,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)		6.375			05/01/2035		47,960,465
	305,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)		8.250			11/01/2036		282,549
	22,100,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.		9.000			05/01/2029		22,728,303
	45,945,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.		9.125			05/01/2029		45,531,495
	2,115,000	Danbury, TX Higher Education Finance Corp. (Island Foundation)¹		6.250			02/15/2036		1,816,066
	350,000	Decatur, TX Hospital Authority (Wise Regional Health System)¹		5.625			09/01/2013		352,258
	22,950,000	Donna, TX GO¹		6.250			02/15/2037		17,101,422
	48	El Paso, TX HFC (Single Family)¹		6.180			04/01/2033		50
	50,000	Gainesville, TX Hsg. Authority¹		6.800			12/01/2020		47,757
	940,000	Grapevine, TX IDC (Air Cargo)¹		6.500			01/01/2024		901,056

63 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Texas Continued
$	25,000	Gulf Coast, TX IDA (Citgo Petroleum Corp.)¹		7.500	%		05/01/2025	$	25,213
	11,930,493	Gulf Coast, TX IDA (Microgy Holdings)²		7.000			12/01/2036		665,721
	150,000	Gulf Coast, TX Waste Disposal Authority (Valero Energy Corp.)¹		5.700			04/01/2032		140,732
	3,225,000	Harris County, TX Cultural Education Facilities Finance Corp. (Space Center Houston)¹		7.000			08/15/2028		3,258,347
	1,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)¹		5.625			11/01/2026		1,519,280
	2,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)¹		5.750			11/01/2036		2,236,988
	2,000,000	HFDC of Central TX (Lutheran Social Services of the South)¹		6.875			02/15/2032		1,864,420
	7,940,000	Houston, TX Airport Special Facilities (Continental Airlines)¹		5.700			07/15/2029		7,113,684
	7,290,000	Houston, TX Airport Special Facilities (Continental Airlines)¹		5.700			07/15/2029		6,531,330
	14,940,000	Houston, TX Airport Special Facilities (Continental Airlines)¹		6.125			07/15/2017		14,510,176
	20,245,000	Houston, TX Airport Special Facilities (Continental Airlines)¹		6.125			07/15/2027		19,161,083
	18,755,000	Houston, TX Airport Special Facilities (Continental Airlines)¹		6.125			07/15/2027		17,750,857
	100,000	Houston, TX Airport Special Facilities (Continental Airlines)		7.000			07/01/2029		100,217
	3,520,000	Houston, TX Airport Special Facilities (Continental Airlines)		7.375			07/01/2022		3,539,853
	2,000,000	Houston, TX Airport System¹		5.000			07/01/2024		2,028,840
	1,210,000	Houston, TX Airport System¹		5.000			07/01/2025		1,213,243
	555,000	Houston, TX Airport System¹		5.000			07/01/2026		551,803
	815,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)¹		6.500			05/15/2031		854,601
	3,000,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)¹		6.875			05/15/2041		3,160,140
	470,000	Houston, TX IDC (Air Cargo)¹		6.375			01/01/2023		442,905
	11,400,000	Houston, TX Utility System¹		5.000			11/15/2033		11,876,748
	10,000,000	La Vernia, TX Higher Education Finance Corp.¹		7.125			02/15/2038		10,456,600
	1,945,000	Lubbock, TX HFC (Las Colinas Quail Creek Apartments)¹		6.000			07/01/2032		1,504,185
	1,800,000	Maverick County, TX GO COP¹		8.750			03/01/2034		1,791,864
	6,110,000	Maverick County, TX GO COP¹		8.750			03/01/2034		5,952,912
	635,000	Midlothian, TX Devel. Authority Tax Increment¹		5.125			11/15/2026		550,278
	750,000	Newark, TX Cultural Education Facilities Finance Corp.¹		7.250			08/15/2021		774,908

64 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Texas Continued
$	3,855,000	Newark, TX Cultural Education Facilities Finance Corp.¹		8.250	%		08/15/2031	$	3,978,938
	8,605,000	Newark, TX Cultural Education Facilities Finance Corp.¹		8.500			08/15/2041		8,883,974
	38,000,000	North Central TX HFDC (Children’s Medical Center)⁵		5.750			08/15/2039		39,637,800
	55,610,000	North TX Tollway Authority⁵		5.500			09/01/2041		59,126,220
	25,000,000	North TX Tollway Authority¹		5.750			01/01/2048		25,997,250
	5,920,000	North TX Tollway Authority¹		5.750			01/01/2048		6,156,149
	100,000	Northwest Harris County, TX Municipal Utility District (Waterworks & Sewer)¹		6.100			04/01/2012		100,214
	4,690,171	Sabine Neches, TX HFC (Single Family Mtg.)⁵		5.4306			12/01/2039		5,035,359
	4,100,000	Sabine, TX River Authority Pollution Control (TXU Electric Company)		6.150			08/01/2022		1,460,338
	1,800,000	Sabine, TX River Authority Pollution Control (TXU Electric Company)		6.450			06/01/2021		614,664
	20,000	San Antonio, TX HFC (La Risa Apartments)²		8.250			01/01/2026		7,421
	10,000,000	San Jacinto, TX Community College District⁵		5.125			02/15/2038		10,315,200
	5,695,000	Springhill, TX Courtland Heights Public Facility Corp.		5.850			12/01/2028		3,411,305
	14,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)⁵		5.750			11/15/2024		15,443,960
	34,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)⁵		6.250			11/15/2029		37,506,760
	3,750,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)¹		5.750			11/15/2037		3,332,925
	13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)⁵		5.000			12/01/2033		13,572,225
	1,600,000	Travis County, TX HFDC (Querencia Barton Creek)¹		5.650			11/15/2035		1,337,232
	2,495,000	Trinity, TX River Authority (TXU Energy Company)		6.250			05/01/2028		851,219
	20,500,000	Trophy Club, TX Public Improvement (Highlands Trophy Club)¹		7.750			10/01/2037		18,802,395
	2,320,000	TX Affordable Hsg. Corp. (American Hsg. Foundation)²		8.000			03/01/2032		112,265
	6,170,000	TX Affordable Hsg. Corp. (South Texas Affordable Properties Corp.)²		8.000			03/01/2032		1,828,048
	35,600,000	TX Angelina & Neches River Authority (Aspen Power)¹		6.5009			11/01/2029		22,010,056
	250,000	TX Angelina & Neches River Authority Waste Disposal (Temple-Inland)¹		6.950			05/01/2023		251,678
	11,000,000	TX GO (College Student Loan)¹		5.000			08/01/2036		11,203,830
	38,380,000	TX Multifamily Housing Options (Affordable Hsg.)¹		0.1606			01/01/2039		36,844,800
	1,420,000	TX Multifamily Hsg. Revenue Bond Pass-Through Certificates (Skyway Villas)¹		5.950			11/01/2034		1,421,832
	331,755,000	TX Municipal Gas Acquisition & Supply Corp.⁵		6.250			12/15/2026		355,896,694
	1,000,000	TX Municipal Gas Acquisition & Supply Corp.¹		6.250			12/15/2026		1,072,770
	2,325,000	TX Public Finance Authority Charter School Finance Corp. (Cosmos Foundation)¹		5.375			02/15/2037		2,097,057

65 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Texas Continued
$	1,600,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)¹		6.250	%		09/01/2036	$	1,429,632
	635,000	TX Student Hsg. Corp. (University of North Texas)¹		6.750			07/01/2021		478,193
	200,000	TX Student Hsg. Corp. (University of North Texas)¹		6.850			07/01/2031		140,766
	2,115,000	Vintage Township, TX Public Facilities Corp.¹		7.375			10/01/2038		1,921,160
	838,000	Vintage Township, TX Public Facilities Corp.¹		7.375			10/01/2038		761,197
	2,920,000	Wise County, TX (Parket County Junior College District)¹		7.500			08/15/2025		3,021,791
	4,615,000	Wise County, TX (Parket County Junior College District)¹		7.750			08/15/2028		4,775,694

									1,080,181,456

U.S. Possessions—3.0%
	1,500,000	Guam Government Department of Education COP (John F. Kennedy High School)¹		6.625			12/01/2030		1,500,540
	2,200,000	Guam Government Department of Education COP (John F. Kennedy High School)¹		6.875			12/01/2040		2,213,552
	600,000	Northern Mariana Islands Commonwealth, Series A¹		6.750			10/01/2033		560,016
	4,650,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2037		4,951,274
	3,000,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2040		3,231,660
	10,000,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2040		10,772,200
	4,430,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2026		4,499,197
	3,700,000	Puerto Rico Highway & Transportation Authority¹		5.250			07/01/2035		3,530,281
	6,415,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		6,295,365
	2,110,000	Puerto Rico Highway & Transportation Authority, Series H¹		5.450			07/01/2035		2,068,454
	9,560,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.250			08/01/2027		10,024,425
	37,610,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.250			08/01/2057		37,703,994
	3,075,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.375			08/01/2039		3,080,197
	20,980,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.500			08/01/2042		21,149,938
	12,005,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.750			08/01/2037		12,330,095
	20,940,000	Puerto Rico Sales Tax Financing Corp., Series C¹		5.250			08/01/2041		20,598,050
	17,000,000	Puerto Rico Sales Tax Financing Corp., Series C⁵		5.750			08/01/2057		17,672,350
	10,175,000	Puerto Rico Sales Tax Financing Corp., Series C¹		6.000			08/01/2039		10,709,595

									172,891,183

Utah—0.2%
	85,000	Emery County, UT Pollution Control (Pacificorp)¹		5.625			11/01/2023		85,134
	6,350,000	UT Charter School Finance Authority (Hawthorn Academy)¹		8.250			07/15/2046		6,515,037
	1,655,000	UT HFA (RHA Community Service of Utah)¹		6.875			07/01/2027		1,551,645
	1,315,000	Utah County, UT Charter School (Lincoln Academy)¹		5.875			06/15/2037		1,073,619

66 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Utah Continued
$	825,000	Utah County, UT Charter School (Renaissance Academy)¹		5.625	%		07/15/2037	$	649,993
	4,425,000	West Valley City, UT Sewer (East Hollywood High School)¹		5.625			06/15/2037		3,364,947

									13,240,375

Vermont—0.0%
	10,000	VT EDA (Wake Robin Corp.)¹		6.000			03/01/2022		9,636
	100,000	VT EDA (Wake Robin Corp.)¹		6.300			03/01/2033		92,465
	2,154,289	VT Educational & Health Buildings Financing Agency (Marlboro College)¹		2.779			04/01/2019		1,761,088

									1,863,189

Virginia—0.9%
	570,000	Bedford County, VA IDA (Georgia-Pacific Corp.)¹		5.600			12/01/2025		546,641
	1,875,000	Celebrate, VA North Community Devel. Authority Special Assessment¹		6.750			03/01/2034		1,315,781
	14,700,000	Farms New Kent, VA Community Devel. Authority Special Assessment		5.125			03/01/2036		9,191,469
	9,200,000	Farms New Kent, VA Community Devel. Authority Special Assessment		5.450			03/01/2036		6,052,036
	3,206,000	Farms New Kent, VA Community Devel. Authority Special Assessment		5.800			03/01/2036		2,220,251
	4,000,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2027		2,005,200
	3,000,000	New Port, VA CDA¹		5.600			09/01/2036		1,625,730
	2,050,000	Norfolk, VA EDA, Series A¹		6.000			11/01/2036		1,431,146
	410,000	Norfolk, VA Redevel. & Hsg. Authority (First Mtg.-Retirement Community)¹		6.125			01/01/2035		356,368
	10,425,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation¹		6.450			09/01/2037		10,218,064
	5,200,000	VA Celebrate South CDA Special Assessment		6.250			03/01/2037		3,236,272
	3,400,000	VA H2O Community Devel. Authority		5.200			09/01/2037		1,802,340
	9,770,000	VA Small Business Financing Authority (Hampton Roads Proton)¹		9.000			07/01/2039		10,278,529
	228,700,000	VA Tobacco Settlement Authority		7.0753			06/01/2047		3,757,541
	2,500,000	West Point, VA IDA Solid Waste (Chesapeake Corp.)²		6.375			03/01/2019		50,000

									54,087,368

Washington—2.6%
	25,000	King County, WA Hsg. Authority (Cascadian Apartments)¹		6.800			07/01/2019		25,194
	15,000	King County, WA Hsg. Authority (Kona Village)¹		6.700			01/01/2020		15,000

67 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

Washington Continued
$	125,000	King County, WA Hsg. Authority (Southwood Square Apartments)¹		6.100	%		10/01/2021	$	119,801
	725,000	King County, WA Hsg. Authority (Southwood Square Apartments)¹		6.200			10/01/2031		646,976
	25,000	King County, WA Hsg. Authority (Woodridge Park)¹		6.250			05/01/2015		25,159
	50,000	King County, WA Hsg. Authority (Woodridge Park)¹		6.350			05/01/2025		50,167
	1,750,000	Kitsap County, WA Consolidated Hsg. Authority¹		5.500			06/01/2027		1,438,378
	2,350,000	Kitsap County, WA Consolidated Hsg. Authority¹		5.600			06/01/2037		1,791,311
	50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)¹		6.100			10/01/2031		42,913
	36,900,000	Port of Seattle, WA⁵		5.000			10/01/2032		36,988,781
	5,000,000	Port of Seattle, WA Special Facility (Northwest Airlines)¹		7.125			04/01/2020		5,005,750
	8,200,000	Port of Seattle, WA Special Facility (Northwest Airlines)¹		7.250			04/01/2030		8,216,072
	2,350,000	Snohomish County, WA Hsg. Authority (Westwood Crossing Apartments)¹		5.250			05/01/2037		1,731,574
	100,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)¹		5.100			09/01/2015		101,978
	1,675,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)¹		5.600			09/01/2025		1,475,156
	1,250,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)¹		5.750			09/01/2030		1,068,025
	1,500,000	Tes Properties, WA⁵		5.500			12/01/2029		1,607,790
	12,000,000	Tes Properties, WA⁵		5.625			12/01/2038		12,468,720
	19,500,000	WA Health Care Facilities Authority (Peacehealth)⁵		5.000			11/01/2018		21,615,750
	17,410,000	WA Health Care Facilities Authority (Peacehealth)⁵		5.000			11/01/2028		17,703,353
	15,000,000	WA Health Care Facilities Authority (Seattle Childrens Hospital)⁵		5.625			10/01/2038		15,631,650
	10,860,000	WA Kalispel Tribe Indians Priority District¹		6.750			01/01/2038		8,964,387
	14,285,000	WA Tobacco Settlement Authority (TASC)¹		6.625			06/01/2032		14,439,278

									151,173,163

West Virginia—0.6%
	3,000,000	Brooke County, WV (Bethany College)¹		6.500			10/01/2031		3,051,300
	4,500,000	Brooke County, WV (Bethany College)¹		6.750			10/01/2037		4,571,235
	13,435,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000			06/01/2028		11,454,219
	1,840,000	Harrison County, WV Tax Increment (Charles Pointe)¹		7.000			06/01/2035		1,611,822
	13,710,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000			06/01/2035		11,045,873
	3,045,000	WV Hospital Finance Authority (UTD Health System)¹		5.500			06/01/2039		3,077,582

									34,812,031

68 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

Wisconsin—0.6%
$	565,000	Milwaukee, WI (Aero Milwaukee)¹		6.500	%		01/01/2025	$	536,162
	1,195,000	Milwaukee, WI (Air Cargo)¹		7.500			01/01/2025		1,147,391
	3,970,000	Necedah, WI Community Devel. Authority Exempt Facility (Castle Rock Renewable Fuels)¹		7.500			03/01/2018		1,451,591
	165,000	New Berlin, WI Hsg. Authority (Pinewood Creek)¹		6.800			11/01/2012		165,422
	160,000	New Berlin, WI Hsg. Authority (Pinewood Creek)¹		6.850			05/01/2013		160,413
	1,625,000	New Berlin, WI Hsg. Authority (Pinewood Creek)¹		7.125			05/01/2024		1,629,371
	200,000	Reedsburg, WI Industrial Devel. Revenue (Seats, Inc.)¹		6.250			05/01/2019		180,672
	1,750,000	Sokaogon, WI Chippewa Community (Gaming)²		7.000			01/01/2026		1,019,323
	1,800,000	Sokaogon, WI Chippewa Community (Gaming)²		8.250			01/01/2017		1,142,352
	3,000,000	WI H&EFA (AE Nursing Centers)¹		7.250			06/01/2038		2,937,150
	10,000,000	WI H&EFA (AHCG/SVH/SVE Obligated Group)⁵		5.000			11/15/2033		10,121,200
	55,000	WI H&EFA (Aurora Health Care)¹		5.625			02/15/2029		55,015
	750,000	WI H&EFA (Beloit College)¹		6.125			06/01/2035		737,468
	900,000	WI H&EFA (Beloit College)¹		6.125			06/01/2039		878,895
	1,000,000	WI H&EFA (Eastcastle Place)¹		6.125			12/01/2034		688,080
	70,000	WI H&EFA (Marshfield Clinic)¹		6.250			02/15/2029		70,019
	7,335,000	WI H&EFA (Wellington Homes)¹		6.750			09/01/2037		6,455,313
	2,385,000	WI H&EFA (Wisconsin Illinois Senior Hsg.)¹		5.800			08/01/2029		2,115,280
	660,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)¹		7.000			07/01/2031		675,220

									32,166,337

Total Municipal Bonds and Notes (Cost $8,457,619,222)									7,064,063,319

Corporate Bonds and Notes—0.2%
	12,734,958	Delta Air Lines, Inc., Sr. Unsec. Nts.^1,13(Cost $12,607,610)		8.000			12/01/2015		12,262,236

Shares

Common Stocks—0.0%
	5,550,645	Converted Organics, Inc.^13,14							346,915
	58,671	General Motors Co.^13,14							1,624,013


Total Common Stocks (Cost $8,697,905)									1,970,928

Preferred Stocks—0.0%
	9,486	Converted Organics, Inc., Series A^13,14(Cost $9,486,000)							547,224

69 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Units			Strike Price		Expiration		Value

Rights, Warrants, and Certificates—0.0%
	53,338	General Motors Co. Wts.^13,14	$	10.000		07/10/2016	$	1,004,355
	53,338	General Motors Co. Wts.^13,14		18.330		07/10/2019		724,863


Total Rights, Warrants, and Certificates (Cost $6,613,369)								1,729,218

Total Investments, at Value (Cost $8,495,024,106)—122.4%								7,080,572,925
Liabilities in Excess of Other Assets—(22.4)								(1,297,174,959)


Net Assets—100.0%							$	5,783,397,966


Footnotes to Statement of Investments

*		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

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

2.		This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

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

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

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

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

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

8.		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 $2,290,080 or 0.04% of the Fund’s net assets as of July 29, 2011.

9.		Subject to a forbearance agreement. Rate shown is current rate. See Note 1 of the accompanying Notes.

10.		Restricted security. The aggregate value of restricted securities as of July 29, 2011 was $36,930,023, which represents 0.64% of the Fund’s net assets. See Note 5 of the accompanying Notes. Information concerning restricted securities is as follows:


						Unrealized
	Acquisition					Appreciation
Security	Dates	Cost		Value		(Depreciation)

IL Finance Authority (Monarch Landing)	6/16/09	$	—	$	21	$	21
IL Finance Authority (Monarch Landing)	6/15/09-6/16/09		—		103		103
IL Finance Authority (Monarch Landing)	1/2/08		16,908		253		(16,655)
IL Finance Authority (Sedgebrook)	5/20/09		—		20		20
IL Finance Authority (Sedgebrook)	6/9/09		—		90		90
IL Finance Authority (Sedgebrook)	8/17/07-5/19/09		—		85		85
NY Liberty Devel. Corp. (Bank of America Tower)	7/23/10-3/4/11		37,406,216		36,929,451		(476,765)

		$	37,423,124	$	36,930,023	$	(493,101)


11.		When-issued security or delayed delivery to be delivered and settled after July 29, 2011. See Note 1 of the accompanying Notes.

12.		Represents the current interest rate for a variable rate bond known as an “inverse floater.” See Note 1 of the accompanying Notes.

13.		Received as a result of a corporate action.

14.		Non-income producing security.

15.		All or a portion of the security position is subject to a reverse repurchase agreement. See Note 7 of the accompanying Notes.

70 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Valuation Inputs

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 29, 2011 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	$	—	$	15,779,316	$	—	$	15,779,316
Alaska		—		16,837,191		—		16,837,191
Arizona		—		130,573,682		—		130,573,682
Arkansas		—		5,461,756		—		5,461,756
California		—		1,090,202,808		—		1,090,202,808
Colorado		—		300,132,305		—		300,132,305
Connecticut		—		6,495,636		—		6,495,636
Delaware		—		5,929,282		—		5,929,282
District of Columbia		—		203,588,615		—		203,588,615
Florida		—		899,415,811		—		899,415,811
Georgia		—		98,697,236		—		98,697,236
Hawaii		—		8,737,604		—		8,737,604
Idaho		—		2,030,896		—		2,030,896
Illinois		—		415,525,932		572		415,526,504
Indiana		—		87,900,090		12,067,868		99,967,958
Iowa		—		126,448,016		—		126,448,016
Kansas		—		4,684,901		—		4,684,901
Kentucky		—		21,164,582		1,336		21,165,918
Louisiana		—		89,479,787		—		89,479,787
Maine		—		17,758,825		—		17,758,825
Maryland		—		18,141,727		—		18,141,727
Massachusetts		—		131,782,689		—		131,782,689
Michigan		—		200,841,445		—		200,841,445
Minnesota		—		54,473,924		634		54,474,558
Mississippi		—		14,905,894		—		14,905,894
Missouri		—		94,166,016		—		94,166,016
Montana		—		6,308,425		—		6,308,425
Multi States		—		4,560,560		—		4,560,560
Nebraska		—		38,487,556		—		38,487,556
Nevada		—		8,697,568		—		8,697,568

71 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued


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

Assets Table
Investments, at Value: continued
New Hampshire	$	—	$	6,804,921	$	—	$	6,804,921
New Jersey		—		482,209,283		—		482,209,283
New Mexico		—		17,651,555		—		17,651,555
New York		—		334,730,432		—		334,730,432
North Carolina		—		68,431,177		—		68,431,177
North Dakota		—		3,271,401		—		3,271,401
Ohio		—		189,706,792		—		189,706,792
Oklahoma		—		50,400,243		—		50,400,243
Oregon		—		1,501,608		—		1,501,608
Pennsylvania		—		55,535,673		9		55,535,682
Rhode Island		—		101,330,517		—		101,330,517
South Carolina		—		29,752,839		—		29,752,839
South Dakota		—		36,158,281		—		36,158,281
Tennessee		—		14,883,001		—		14,883,001
Texas		—		1,043,336,656		36,844,800		1,080,181,456
U.S. Possessions		—		172,891,183		—		172,891,183
Utah		—		13,240,375		—		13,240,375
Vermont		—		1,863,189		—		1,863,189
Virginia		—		54,087,368		—		54,087,368
Washington		—		151,173,163		—		151,173,163
West Virginia		—		34,812,031		—		34,812,031
Wisconsin		—		32,166,337		—		32,166,337
Corporate Bonds and Notes		—		12,262,236		—		12,262,236
Common Stocks		1,970,928		—		—		1,970,928
Preferred Stocks		—		—		547,224		547,224
Rights, Warrants, and Certificates		1,729,218		—		—		1,729,218

Total Assets	$	3,700,146	$	7,027,410,336	$	49,462,443	$	7,080,572,925

The table below shows the significant transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.


	Transfers out of			Transfers into
	Level 2*			Level 3*

Assets Table
Investments, at Value:
Municipal Bonds and Notes
Illinois	$	(10,429,138	)	$	10,429,138
Indiania		(13,237,893	)		13,237,893

Total Assets	$	(23,667,031	)	$	23,667,031


*		Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

72 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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


	Value					Change in			Accretion/						Transfers in		Value
	as of		Realized			Unrealized			(Amortization)			Net			and/or		as of
	July 30,		Gain			Appreciation/			of Premium/			Purchase			out of		July 29,
	20101		(Loss)			Depreciation			Discount²			(Sales)			Level 3		2011

Assets Table
Investments, at Value:
Municipal Bonds
Florida	$	1	$	—		$	(1	)	$	—		$	—		$	—	$	—
Georgia		5		4,502			10,049			—			(14,556	)		—		—
Illinois		—		(44,278,430	)		40,371,606			79,941			(6,601,683	)		10,429,138		572
Indiana		—		(13,659	)		163,807			(173	)		(1,320,000	)		13,237,893		12,067,868
Kentucky		1,336		787,184			1,710,030			—			(2,497,214	)		—		1,336
Minnesota		634		—			—			—			—			—		634
Pennsylvania		9		—			—			—			—			—		9
Texas		12,446,634		—			24,398,166			—			—			—		36,844,800
Preferred Stocks		—		—			(8,938,776	)		—			9,486,000			—		547,224

Total Assets	$	12,448,619	$	(43,500,403	)	$	57,714,881		$	79,768		$	(947,453	)	$	23,667,031	$	49,462,443


1.		July 30, 2010 represent the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

2.		Included in net investment income.

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


ABH	Adventist Bolingbrook Hospital	DRIVERs	Derivative Inverse Tax Exempt Receipts
ACMC	Advocate Condell Medical Center	EDA	Economic Devel. Authority
AE	American Eagle	EDC	Economic Devel. Corp.
AGH	Adventist Glenoaks Hospital	EDFA	Economic Devel. Finance Authority
AH	Ascension Health	EF&CD	Environmental Facilities and Community
AHCG	Ascension Health Credit Group		Devel.
AHCN	Advocate Health Care Network	GO	General Obligation
AHF	American Housing Foundation	H&EFA	Health and Educational Facilities
AH&HC	Advocate Health & Hospitals Corp.		Authority
AHSGA	Adventist Health System-Georgia	H&EFB	Health and Educational Facilities Board
ANSHN	Advocate North Side Health Network	H&HEFA	Hospitals and Higher Education Facilities
AUS	Allegheny United Hospital		Authority
BVHF	Blanchard Valley Health Foundation	HDA	Hospital Devel. Authority
BVRHC	Blanchard Valley Regional Health Center	HDC	Housing Devel. Corp.
CAB	Capital Appreciation Bond	HE&HF	Higher Educational and Housing
CDA	Communities Devel. Authority		Facilities
CDHA	Central Dupage Hospital Association	HE&HFA	Higher Education and Health Facilities
CDHS	Central Dupage Health System		Authority
CFGH	Central Florida Group Homes	HE&HFB	Health Educational and Housing Facility
CMH	Copley Memorial Hospital		Board
COP	Certificates of Participation	HEFA	Higher Education Facilities Authority
CSAHS	The Sisters of Charity of St. Augustine	HFA	Housing Finance Agency
	Health System	HFC	Housing Finance Corp.
DA	Dormitory Authority	HFDC	Health Facilities Devel. Corp.

73 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued


HUHS	Hahnemann University Hospital System	RCF	Rush-Copley Foundation
IDA	Industrial Devel. Agency	RCMC	Rush-Copley Medical Center
IDC	Industrial Devel. Corp.	RHA	Resource Healthcare of America
IFPCFA	Industrial Facilities and Pollution Control	RITES	Residual Interest Tax Exempt Securities
	Financing Authority	RUMC	Rush University Medical Center
JDAM	Julia Dyckman Andrus Memorial	Res Rec	Resource Recovery Facility
JFK	John Fitzgerald Kennedy	ROLs	Residual Option Longs
JGCCF	Jewish Geriatric & Convalescent Center	SJHCN	St. Joseph Home Care Network
	Foundation	SJHE	St. Joseph Hospital of Eureka
JHF	Jewish Hospital Foundation	SJHO	St. Joseph Hospital of Orange
LH	Lowman Home	SJHS	St. Joseph Health System
LS	Lutheran Services	SMHC	St. Mary’s Healthcare Center
M-S-R	Modesto Irrigation District of the City	SVE	St. Vincent’s East
	of Santa Clara and the City of Redding	SVH	St. Vincent’s Hospital
MCP	Medical College Of Pennsylvania	TASC	Tobacco Settlement Asset-Backed Bonds
NH	Northgate Housing	TYW	The YMCA of Wichita
NTH	North Terrace Housing	UHHS	University Hospitals Health System
NY/NJ	New York/New Jersey	VH	Village Housing
NYC	New York City	VS	Village Shalom
NYS	New York State	VSCF	Village Shalom Charitable Foundation
PHC	Piedmont Healthcare	WSREC	West Suburban Recycling and Energy Corp.
PHF	Piedmont Hospital Foundation

See accompanying Notes to Financial Statements.

74 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES July 29, 2011¹


Assets
Investments, at value (cost $8,495,024,106)—see accompanying statement of investments	$	7,080,572,925
Cash		724,453
Receivables and other assets:
Interest		102,491,354
Shares of beneficial interest sold		11,264,248
Investments sold		3,214,031
Other		1,507,316

Total assets		7,199,774,327

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		1,329,125,000
Payable on borrowings (See Note 6)		43,500,000
Shares of beneficial interest redeemed		20,431,944
Payable on reverse repurchase agreements (See Note 7)		10,000,000
Dividends		6,715,070
Investments purchased on a when-issued or delayed delivery basis		4,168,983
Trustees’ compensation		776,176
Distribution and service plan fees		686,095
Transfer and shareholder servicing agent fees		253,290
Shareholder communications		205,946
Interest expense on borrowings and reverse repurchase agreements		9,149
Other		504,708

Total liabilities		1,416,376,361

Net Assets	$	5,783,397,966


Composition of Net Assets
Paid-in capital	$	9,448,054,090
Accumulated net investment income		28,299,739
Accumulated net realized loss on investments		(2,278,504,682	)
Net unrealized depreciation on investments		(1,414,451,181	)

Net Assets	$	5,783,397,966


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

75 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $3,969,090,231 and 573,968,752 shares of beneficial interest outstanding)	$	6.92
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	7.27

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $162,308,980 and 23,388,791 shares of beneficial interest outstanding)	$	6.94

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,479,322,942 and 214,487,195 shares of beneficial interest outstanding)	$	6.90

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $172,675,813 and 24,985,293 shares of beneficial interest outstanding)	$	6.91

See accompanying Notes to Financial Statements.

76 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF OPERATIONS For the Year Ended July 29, 2011¹


Investment Income
Interest	$	542,755,283
Other income		2,696

Total investment income		542,757,979

Expenses
Management fees		22,114,947
Distribution and service plan fees:
Class A		6,211,099
Class B		1,681,311
Class C		13,915,684
Transfer and shareholder servicing agent fees:
Class A		2,176,358
Class B		271,750
Class C		1,114,538
Class Y		3,415
Shareholder communications:
Class A		181,502
Class B		22,849
Class C		94,796
Class Y		4,905
Interest expense and fees on short-term floating rate notes issued (See Note 1)		20,677,593
Borrowing fees and reverse repurchase agreement fees		6,509,609
Interest expense on borrowings and reverse repurchase agreements		217,089
Trustees’ compensation		132,082
Custodian fees and expenses		65,657
Administration service fees		1,500
Other		3,098,900

Total expenses		78,495,584
Less waivers and reimbursements of expenses		(44,087	)

Net expenses		78,451,497

Net Investment Income		464,306,482

Realized and Unrealized Gain (Loss)
Net realized loss on investments		(713,965,519	)
Net change in unrealized appreciation/depreciation on investments		452,559,457

Net Increase in Net Assets Resulting from Operations	$	202,900,420


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Fnancial Statements.

77 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended			Year Ended
	July 29, 2011¹			July 30, 2010¹

Operations
Net investment income	$	464,306,482		$	488,034,271
Net realized loss		(713,965,519	)		(51,886,611	)
Net change in unrealized appreciation/depreciation		452,559,457			1,108,522,401


Net increase in net assets resulting from operations		202,900,420			1,544,670,061

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(335,370,538	)		(345,391,332	)
Class B		(13,440,285	)		(16,688,358	)
Class C		(113,380,710	)		(114,899,819	)
Class Y		(3,413,910	)		—

		(465,605,443	)		(476,979,509	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(493,023,518	)		494,627,194
Class B		(55,101,037	)		(31,551,393	)
Class C		(173,696,335	)		197,002,803
Class Y		164,319,295			—

		(557,501,595	)		660,078,604

Net Assets
Total increase (decrease)		(820,206,618	)		1,727,769,156
Beginning of period		6,603,604,584			4,875,835,428


End of period (including accumulated net investment income of $28,299,739 and $26,934,142, respectively)	$	5,783,397,966		$	6,603,604,584


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

78 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF CASH FLOWS For the Year Ended July 29, 2011¹


Cash Flows from Operating Activities
Net increase in net assets from operations	$	202,900,420
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(1,235,096,203	)
Proceeds from disposition of investment securities		1,868,937,255
Short-term investment securities, net		206,953,010
Premium amortization		3,922,510
Discount accretion		(77,790,072	)
Net realized loss on investments		713,965,519
Net change in unrealized appreciation/depreciation on investments		(452,559,457	)
Change in assets:
Decrease in interest receivable		15,950,578
Decrease in receivable for securities sold		6,514,801
Decrease in other assets		124,718
Change in liabilities:
Decrease in other liabilities		(15,632	)
Decrease in payable for securities purchased		(66,933,562	)

Net cash provided by operating activities		1,186,873,885

Cash Flows from Financing Activities
Proceeds from bank borrowings		1,499,300,000
Payments on bank borrowings		(1,503,700,000	)
Payments on short-term floating rate notes issued		(185,430,000	)
Proceeds from reverse repurchase agreements		50,000,000
Payments on reverse repurchase agreements		(40,000,000	)
Proceeds from shares sold		1,671,783,651
Payments on shares redeemed		(2,496,744,086	)
Cash distributions paid		(181,849,765	)

Net cash used in financing activities		(1,186,640,200	)
Net increase in cash		233,685
Cash, beginning balance		490,768

Cash, ending balance	$	724,453

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $282,924,164.

Cash paid for interest on bank borrowings and reverse repurchase agreements—$218,602.

Cash paid for interest on short-term floating rate notes issued—$20,677,593.


1.		July 29, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

79 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS


	July 29,			July 30,			July 31,			July 31,			July 31,
Class A Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	7.17		$	5.90		$	8.89		$	12.43		$	12.47

Income (loss) from investment operations:
Net investment income²		.55			.57			.62			.70			.67
Net realized and unrealized gain (loss)		(.25	)		1.25			(2.98	)		(3.57	)		(.03	)

Total from investment operations		.30			1.82			(2.36	)		(2.87	)		.64

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.55	)		(.55	)		(.63	)		(.67	)		(.68	)

Net asset value, end of period	$	6.92		$	7.17		$	5.90		$	8.89		$	12.43


Total Return, at Net Asset Value³		4.65	%		31.39	%		(26.44	)%		(23.62	)%		5.16	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,969,090		$	4,651,798		$	3,408,946		$	4,503,510		$	5,886,284

Average net assets (in thousands)	$	4,149,509		$	4,393,199		$	3,338,722		$	4,903,394		$	4,813,462

Ratios to average net assets:⁴
Net investment income		8.07	%		8.04	%		9.89	%		6.70	%		5.23	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings and reverse repurchase agreements		0.64	%		0.59	%		0.62	%		0.57	%		0.57	%
Interest and fees from borrowings and reverse repurchase agreements		0.11	%		0.27	%		1.01	%		0.22	%		0.06	%
Interest and fees on short-term floating rate notes issued⁵		0.35	%		0.39	%		1.34	%		1.25	%		0.84	%

Total expenses		1.10	%		1.25	%		2.97	%		2.04	%		1.47	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.10	%		1.25	%		2.97	%		2.04	%		1.47	%

Portfolio turnover rate		18	%		16	%		20	%		37	%		6	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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.

4.		Annualized for periods less than one full year.

5.		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.

80 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


	July 29,			July 30,			July 31,			July 31,			July 31,
Class B Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	7.19		$	5.92		$	8.91		$	12.46		$	12.50

Income (loss) from investment operations:
Net investment income²		.50			.51			.57			.62			.57
Net realized and unrealized gain (loss)		(.26	)		1.25			(2.99	)		(3.58	)		(.02	)

Total from investment operations		.24			1.76			(2.42	)		(2.96	)		.55

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.49	)		(.49	)		(.57	)		(.59	)		(.59	)

Net asset value, end of period	$	6.94		$	7.19		$	5.92		$	8.91		$	12.46


Total Return, at Net Asset Value³		3.75	%		30.18	%		(27.02	)%		(24.27	)%		4.34	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	162,309		$	226,466		$	212,745		$	356,192		$	586,763

Average net assets (in thousands)	$	186,637		$	237,875		$	232,793		$	458,627		$	587,412

Ratios to average net assets:⁴
Net investment income		7.21	%		7.23	%		8.99	%		5.86	%		4.49	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings and reverse repurchase agreements		1.49	%		1.46	%		1.46	%		1.38	%		1.35	%
Interest and fees from borrowings and reverse repurchase agreements		0.11	%		0.27	%		1.01	%		0.22	%		0.06	%
Interest and fees on short-term floating rate notes issued⁵		0.35	%		0.39	%		1.34	%		1.25	%		0.84	%

Total expenses		1.95	%		2.12	%		3.81	%		2.85	%		2.25	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.95	%		2.12	%		3.81	%		2.85	%		2.25	%

Portfolio turnover rate		18	%		16	%		20	%		37	%		6	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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.

4.		Annualized for periods less than one full year.

5.		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.

81 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS Continued


	July 29,			July 30,			July 31,			July 31,			July 31,
Class C Year Ended	2011¹			2010¹			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	7.15		$	5.89		$	8.87		$	12.41		$	12.45

Income (loss) from investment operations:
Net investment income²		.50			.51			.57			.62			.57
Net realized and unrealized gain (loss)		(.25	)		1.25			(2.97	)		(3.57	)		(.02	)

Total from investment operations		.25			1.76			(2.40	)		(2.95	)		.55

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.50	)		(.50	)		(.58	)		(.59	)		(.59	)

Net asset value, end of period	$	6.90		$	7.15		$	5.89		$	8.87		$	12.41


Total Return, at Net Asset Value³		3.86	%		30.27	%		(26.98	)%		(24.26	)%		4.38	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,479,323		$	1,725,341		$	1,254,144		$	1,658,830		$	2,125,327

Average net assets (in thousands)	$	1,545,519		$	1,617,761		$	1,215,913		$	1,800,637		$	1,756,797

Ratios to average net assets:⁴
Net investment income		7.30	%		7.26	%		9.09	%		5.93	%		4.47	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings and reverse repurchase agreements		1.41	%		1.37	%		1.40	%		1.34	%		1.33	%
Interest and fees from borrowings and reverse repurchase agreements		0.11	%		0.27	%		1.01	%		0.22	%		0.06	%
Interest and fees on short-term floating rate notes issued⁵		0.35	%		0.39	%		1.34	%		1.25	%		0.84	%

Total expenses		1.87	%		2.03	%		3.75	%		2.81	%		2.23	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.87	%		2.03	%		3.75	%		2.81	%		2.23	%

Portfolio turnover rate		18	%		16	%		20	%		37	%		6	%


1.		July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective 2011 and 2010 fiscal years. See Note 1 of the accompanying Notes.

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

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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.

4.		Annualized for periods less than one full year.

5.		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.

82 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


	Period Ended
Class Y	July 29, 2011¹

Per Share Operating Data
Net asset value, beginning of period	$	6.90

Income (loss) from investment operations:
Net investment income²		.36
Net realized and unrealized gain		.02

Total from investment operations		.38

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.37	)

Net asset value, end of period	$	6.91


Total Return, at Net Asset Value³		6.00	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	172,676

Average net assets (in thousands)	$	62,327

Ratios to average net assets:⁴
Net investment income		8.02	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings and reverse repurchase agreements		0.48	%
Interest and fees from borrowings and reverse repurchase agreements		0.12	%
Interest and fees on short-term floating rate notes issued⁵		0.35	%

Total expenses		0.95	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95	%

Portfolio turnover rate		18	%


1.		For the period from November 29, 2010 (inception of offering) to July 29, 2011, which represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.

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

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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.

4.		Annualized for periods less than one full year.

5.		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.

83 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

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

84 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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.

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.

85 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

As of July 29, 2011, the Manager determined the fair valuation of certain municipal bonds, which do not trade in the market, based on internally developed cash flow models and information about the anticipated sale of the underlying properties. The Manager determined the fair valuation of certain convertible preferred stock, which does not trade in the market, with internally developed models based on the equity value, the conversion ratio and a discount for illiquidity. The Manager determined the fair valuation of certain municipal bonds based on the residual value of final future payments, interest coverage tests and, or, debt coverage tests received from an independent pricing service. Such investments have been classified as Level 3 instruments.

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

As of July 29, 2011, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:


		When-Issued or Delayed Delivery
		Basis Transactions

Purchased securities		$4,168,983

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

86 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $1,329,125,000 as of July 29, 2011, which represents 18.46% of the Fund’s total assets.

Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 29, 2011, municipal bond holdings with a value of $2,110,935,628 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $1,329,125,000 in short-term floating rate notes issued and outstanding at that date.

87 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

At July 29, 2011, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	3,715,000	CA Dept. of Veterans Affairs Home Purchase ROLs³		15.901	%		12/1/28	$	3,774,700
	4,400,000	CA GO ROLs³		11.808			12/1/36		3,367,848
	66,860,000	CA Golden State Tobacco Securitization Corp. ROLs³		7.683			6/1/47		33,212,705
	3,855,000	CA Health Facilities Financing Authority ROLs³		17.908			7/1/39		4,079,361
	5,550,000	CA Health Facilities Financing Authority ROLs³		8.037			11/15/42		4,787,541
	12,000,000	CA Health Facilities Financing Authority ROLs³		8.475			11/15/46		11,060,640
	2,500,000	CA Statewide CDA ROLs³		8.899			8/15/34		2,512,400
	3,000,000	CA Statewide CDA ROLs³		9.117			8/15/42		3,013,380
	5,000,000	CA Infrastructure and Economic Devel. (Sanford Consortium) RITES		7.982			5/15/40		5,130,700
	2,615,000	Cerritos, CA Community College District DRIVERS		15.829			8/1/33		3,083,817
	16,250,000	Chicago, IL GO ROLs³		9.806			1/1/33		16,770,650
	2,500,000	Dallas-Fort Worth, TX International Airport ROLs³		15.151			11/1/35		1,903,900
	8,250,000	Desert, CA Community College District³		15.301			8/1/37		8,394,210
	2,525,000	Detroit, MI City School District ROLs³		18.537			5/1/29		3,098,882
	13,995,000	Detroit, MI Sewer Disposal System ROLs³		0.633			7/1/32		3,102,412
	5,000,000	District of Columbia GO ROLs³		7.961			4/1/43		4,866,200
	2,500,000	District of Columbia GO ROLs³		7.961			4/1/35		2,508,350
	9,265,000	District of Columbia GO ROLs³		7.959			4/1/43		9,017,069
	4,675,000	Douglas County, NE Hospital Authority ROLs³		18.975			11/1/48		5,673,814
	14,530,000	Fulton County, GA Devel. Authority (PHC/Piedmont Hospital/PHF Obligated Group) DRIVERS		7.867			6/15/29		14,982,174
	6,865,000	Fulton County, GA Devel. Authority (PHC/Piedmont Hospital/PHF Obligated Group) DRIVERS		8.300			6/15/37		6,952,185
	1,445,000	Fulton County, GA Devel. Authority (PHC/Piedmont Hospital/PHF Obligated Group) DRIVERS		7.855			6/15/29		1,489,882
	5,000,000	Grossmont, CA Union High School District ROLs³		11.297			8/1/45		5,804,300
	11,750,000	Highlands County, FL Health Facilities Authority ROLs³		8.316			11/15/36		11,791,125
	6,670,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.705			4/1/44		6,993,362
	5,790,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.389			4/1/44		5,935,213
	3,670,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.375			4/1/44		3,761,934

88 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	3,335,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.380	%		4/1/44	$	3,418,575
	2,935,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.379			4/1/44		3,008,551
	1,670,000	IL Finance Authority (AH&HC/ANSHN/ACMC/AHCN Obligated Group)		12.363			4/1/44		1,711,783
	6,250,000	IL Finance Authority (CDHS/CDHA Obligated Group) DRIVERS		8.733			11/1/39		6,464,500
	2,500,000	IL Finance Authority (CDHS/CDHA Obligated Group) DRIVERS		8.516			11/1/39		2,544,350
	20,000,000	IL Metropolitan Pier & Exposition Authority ROLs³		8.910			6/15/50		20,066,800
	3,500,000	KY EDFA (Baptist Healthcare System) ROLs³		16.604			8/15/24		4,449,900
	8,500,000	Lakeland, FL Energy System DRIVERS		8.250			10/1/36		9,016,970
	7,985,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		16.075			5/15/30		8,989,832
	1,250,000	Los Angeles, CA Dept. of Water & Power DRIVERS		14.939			7/1/34		1,369,650
	13,440,000	Los Angeles, CA Unified School District DRIVERS		7.865			7/1/30		13,864,032
	2,750,000	Los Angeles, CA Unified School District ROLs³		14.821			7/1/32		2,972,530
	1,835,000	Los Angeles, CA Unified School District ROLs³		15.191			1/1/34		1,903,996
	2,640,000	Los Angeles, CA Unified School District ROLs³		15.197			1/1/34		2,739,264
	2,190,000	Los Angeles, CA Unified School District ROLs³		15.263			1/1/34		2,272,344
	7,500,000	Los Angeles, CA Unified School District ROLs³		15.211			7/1/32		8,106,900
	6,565,000	MA Educational Financing Authority ROLs³		15.211			1/1/30		7,747,422
	3,940,000	MA HFA ROLs³		10.633			6/1/49		3,035,415
	3,125,000	MA HFA ROLs³		10.867			12/1/49		2,649,656
	8,895,000	MA HFA ROLs³		8.609			12/1/42		8,497,038
	13,020,000	MA HFA ROLs³		15.063			7/1/25		13,190,432
	7,330,000	Metropolitan Washington D.C. Airport Authority ROLs³		15.208			10/1/32		7,400,661
	4,035,000	Metropolitan Washington D.C. Airport Authority, Series B DRIVERS		11.207			10/1/34		3,976,533
	6,660,000	MI Hospital Finance Authority (McLaren Health Care Corp.) DRIVERS		7.787			8/1/35		6,261,466
	5,000,000	Miami-Dade County, FL Aviation ROLs³		11.586			10/1/40		4,028,750
	2,500,000	Miami-Dade County, FL School Board ROLs³		15.930			2/1/27		3,048,100
	2,500,000	Miami-Dade County, FL School Board ROLs³		15.061			2/1/27		2,889,700
	12,500,000	Miami-Dade County, FL School Board ROLs³		16.365			2/1/34		13,929,000
	2,500,000	Montgomery County, OH (Miami Valley Hospital) DRIVERS		17.545			11/15/23		3,863,300
	2,885,000	Newport Beach, CA GO ROLs³		15.205			12/1/24		3,208,235
	3,420,000	NJ EDA ROLs³		13.662			9/1/24		3,963,780
	60,560,000	NJ Tobacco Settlement Financing Corp. ROLs³		5.261			6/1/29		40,364,450
	3,300,000	NJ Transportation Trust Fund Authority ROLs³		13.667			12/15/23		4,124,868

89 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	9,500,000	North Central Texas HFDC (Children’s Medical Center) DRIVERS		17.555	%		8/15/39	$	11,137,800
	27,805,000	North TX Tollway Authority ROLs³		8.910			9/1/41		31,321,220
	18,695,000	NY Liberty Devel. Corp. ROLs³		8.276			1/15/44		18,244,451
	3,240,000	NYC Municipal Water Finance Authority ROLs³		18.141			6/15/40		4,545,850
	7,290,000	NYC Transitional Finance Authority ROLs³		6.972			2/1/30		8,331,814
	9,065,000	NYC Transitional Finance Authority ROLs³		6.974			2/1/35		9,823,922
	2,875,000	PA Geisinger Authority Health System, Series A DRIVERS		15.822			6/1/39		3,156,175
	7,720,000	Peralta, CA Community College District DRIVERS		7.865			8/1/35		7,750,340
	3,100,000	Pima County, AZ IDA ROLS³		16.604			7/1/39		3,347,752
	12,500,000	Port Authority NY/NJ, 166th Series DRIVERS		8.300			7/15/36		14,060,000
	11,070,000	Port of Seattle, WA Special Facilities ROLs³		12.654			10/1/32		11,158,781
	3,670,000	Puerto Rico Sales Tax Financing Corp. DRIVERS		12.051			8/1/57		3,697,525
	4,250,000	Puerto Rico Sales Tax Financing Corp. ROLs³		15.320			8/1/57		4,922,350
	8,875,000	Puerto Rico Sales Tax Financing Corp. ROLs³		10.721			8/1/57		8,941,474
	3,030,000	RI Hsg. & Mtg. Finance Corp. ROLs³		15.969			10/1/47		2,623,132
	1,262,000	Sabine Neches, TX HFC (Single Family Mtg.) ROLs		13.440			12/1/39		1,515,359
	9,335,000	San Francisco, CA Bay Area Toll Authority ROLs³		12.371			4/1/47		10,001,799
	2,500,000	San Jacinto, TX Community College District ROLs³		15.285			2/15/38		2,815,200
	3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs³		17.458			11/15/24		4,943,960
	8,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs³		19.196			11/15/29		12,006,760
	6,750,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center) DRIVERS		7.867			12/1/33		6,822,225
	375,000	Tes Properties, WA DRIVERS		16.688			12/1/29		482,790
	3,000,000	Tes Properties, WA DRIVERS		17.121			12/1/38		3,468,720
	110,625,000	TX Municipal Gas Acquisition & Supply Corp. ROLs³		12.415			12/15/26		134,766,694
	4,355,000	WA Health Care Facilities Authority (Peacehealth) DRIVERS		14.498			11/1/28		4,648,353
	5,000,000	WA Health Care Facilities Authority (Seattle Childrens Hospital/Seattle Children’s Healthcare System Obligated Group)		13.035			10/1/38		5,631,650
	4,875,000	WA Health Care Facilities Authority ROLs³		14.851			11/1/18		6,990,750
	5,670,000	Wayne County, MI Airport Authority ROLs³		11.579			12/1/29		5,477,787
	3,645,000	Wayne County, MI Airport Authority ROLs³		11.581			12/1/29		3,521,434
	8,335,000	Wayne County, MI Airport Authority ROLs³		11.584			12/1/29		8,052,444
	3,335,000	Wayne County, MI Airport Authority ROLs³		11.580			12/1/34		3,045,855

90 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	1,875,000	Westminster, CA Redevel. Agency Tax Allocation ROLs³		19.646	%		11/1/39	$	2,728,425
	3,750,000	Westminster, CA Redevel. Agency Tax Allocation ROLs³		17.908			11/1/45		4,559,100
	5,000,000	WI H&EFA ROLs³		8.031			11/15/33		5,121,200

								$	781,810,628


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

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

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


Cost	$	749,505,801
Market Value	$	284,776,336
Market Value as a % of Net Assets		4.92	%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. As of July 29, 2011, securities with an aggregate market value of $27,676,796, representing 0.48% of the Fund’s net assets, were subject to these forbearance agreements. Principal payments of $675,000 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

91 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Net Unrealized

Depreciation

Based on Cost

of Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3,4

Tax Purposes

$128,612,724

—

2,247,592,217

1,445,127,648


1.		As of July 29, 2011, the Fund had $1,599,865,264 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 29, 2011, details of the capital loss carryforwards were as follows:


Expiring

2014	$	187,364
2016		81,480,187
2017		566,789,505
2018		915,944,693
2019		35,463,515

Total	$	1,599,865,264


2.		As of July 29, 2011, the Fund had $647,726,953 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2020.

3.		During the fiscal year ended July 29, 2011, the Fund did not utilize any capital loss carryforward.

4.		During the fiscal year ended July 30, 2010, the Fund did not utilize any capital loss carryforward.

92 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Accordingly, the following amounts have been reclassified for July 31, 2011. Net assets of the Fund were unaffected by the reclassifications.


	Increase	Increase
	to Accumulated	to Accumulated Net
Reduction to	Net Investment	Realized Loss
Paid-in Capital	Income	on Investments

$2,206,955	$2,664,558	$457,603

The tax character of distributions paid during the years ended July 31, 2011 and July 30, 2010 was as follows:


	Year Ended		Year Ended
	July 31, 2011		July 30, 2010

Distributions paid from:
Exempt-interest dividends	$	461,604,460	$	471,377,567
Ordinary income		4,000,983		5,601,942

Total	$	465,605,443	$	476,979,509


Federal tax cost of securities	$	9,947,262,719	¹

Gross unrealized appreciation	$	422,685,735
Gross unrealized depreciation		(1,867,813,383	)

Net unrealized depreciation	$	(1,445,127,648	)


1.		The Federal tax cost of securities does not include cost of $1,421,562,146 which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.

93 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 29, 2011, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	24,906
Payments Made to Retired Trustees		51,181
Accumulated Liability as of July 29, 2011		408,574

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

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

94 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

2. Shares of Beneficial Interest

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


	Year Ended July 29, 2011¹						Year Ended July 30, 2010
	Shares			Amount			Shares			Amount

Class A
Sold		174,837,734		$	1,189,348,314			209,042,076		$	1,465,949,717
Dividends and/or
distributions reinvested		29,980,327			204,080,360			29,246,361			205,900,651
Redeemed		(279,864,047	)		(1,886,452,192	)		(166,765,161	)		(1,177,223,174	)

Net increase (decrease)		(75,045,986	)	$	(493,023,518	)		71,523,276		$	494,627,194


Class B
Sold		3,931,229		$	27,120,677			5,485,401		$	38,430,223
Dividends and/or
distributions reinvested		1,173,415			8,012,346			1,263,984			8,912,474
Redeemed		(13,208,670	)		(90,234,060	)		(11,188,074	)		(78,894,090	)

Net decrease		(8,104,026	)	$	(55,101,037	)		(4,438,689	)	$	(31,551,393	)


Class C
Sold		40,166,268		$	275,191,255			62,594,267		$	437,703,229
Dividends and/or
distributions reinvested		9,982,619			67,768,179			9,267,697			65,121,755
Redeemed		(76,950,092	)		(516,655,769	)		(43,494,478	)		(305,822,181	)

Net increase (decrease)		(26,801,205	)	$	(173,696,335	)		28,367,486		$	197,002,803


Class Y
Sold		26,073,100		$	171,623,150			—		$	—
Dividends and/or
distributions reinvested		453,856			3,063,279			—			—
Redeemed		(1,541,663	)		(10,367,134	)		—			—

Net increase		24,985,293		$	164,319,295			—		$	—


1.		For the year ended July 29, 2011, for Class A, Class B and Class C shares, and for the period from November 29, 2010 (inception of offering) to July 29, 2011, for Class Y shares.

95 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 29, 2011, were as follows:


	Purchases		Sales

Investment securities	$	1,235,096,203	$	1,868,937,255

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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

96 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.


Class B	$	13,724,529
Class C		36,160,109

Class A

Class B

Class C

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

July 29, 2011

1,452,365

149,302

507,879

238,778

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.

During the year ended July 29, 2011, OFS waived transfer and shareholder servicing agent fees as follows:


Class Y			$4

97 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Restricted Securities

As of July 29, 2011, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

6. Borrowings

98 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual 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 year ended July 29, 2011 equal 0.10% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 29, 2011, the Fund had borrowings outstanding at an interest rate of 0.175%. Details of the borrowings for the year ended July 29, 2011 are as follows:


Average Daily Loan Balance	$	56,061,918
Average Daily Interest Rate		0.275	%
Fees Paid	$	5,371,778
Interest Paid	$	162,327

7. Reverse Repurchase Agreements

99 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

7. Reverse Repurchase Agreements Continued

Securities subject to reverse repurchase agreements are separately noted in the Statement of Investments.

As of July 29, 2011, the Fund had $10,000,000 of total outstanding reverse repurchase agreements with the counterparty at an interest rate of 1.688% and a January 9, 2012 final repurchase date. Details of reverse repurchase agreement transactions for the year ended July 29, 2011 are as follows:


Average outstanding daily balance	$	33,414,634
Average daily interest rate		1.687	%
Fees Paid	$	833,595
Interest Paid	$	56,275

8. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal and state courts against the Manager, the Distributor and certain Oppenheimer mutual funds—including the Fund—advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal and state securities laws and state common law and allege, among other things, that the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions and that the respective Defendant Fund’s investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the outstanding lawsuits relating to the Fund, nor any other lawsuits outstanding against Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

In 2009, what are claimed to be derivative lawsuits were filed in New Mexico state court against the Manager and a subsidiary (but not against the Fund) on behalf of the

100 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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.

101 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS (one of the portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 29, 2011, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester National Municipals as of July 29, 2011, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
September 20, 2011

102 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FEDERAL INCOME TAX INFORMATION Unaudited

None of the dividends paid by the Fund during the fiscal year ended July 29, 2011 are eligible for the corporate dividend-received deduction. 99.14% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

103 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called house holding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

104 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 68		Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004);Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

David K. Downes, Trustee (since 2007) Age: 71		Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

105 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

Matthew P. Fink, Trustee (since 2005) Age: 70		Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Phillip A. Griffiths, Trustee (since 1999) Age: 72		Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences (since 2002); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Mary F. Miller, Trustee (since 2004) Age: 68		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joel W. Motley, Trustee (since 2002) Age: 59		Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Mary Ann Tynan, Trustee (since 2008) Age: 65		Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington

106 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

Mary Ann Tynan, Continued		Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joseph M. Wikler, Trustee (since 2005) Age: 70		Director of C-TASC (bio-statistics services) (since 2007); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996- 2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 59 portfolios in the Oppenheimer Funds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Peter I. Wold, Trustee (since 2005) Age: 63		Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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

Daniel G. Loughran, Vice President (since 2005) and Senior Portfolio Manager (since 2001) Age: 47		Senior Vice President of the Manager (since July 2007); Vice President of the Manager (April 2001-June 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 39		Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 38		Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (2002- 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

107 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

Mark R. DeMitry, Vice President and Senior Portfolio Manager (since 2009) Age: 35		Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Manager (June 2003-September 2006) and a Credit Analyst of the Manager (July 2001- May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Michael L. Camarella, Vice President (since 2009) and Senior Portfolio Manager (since 2011) Age: 35		Vice President of the Manager (since January 2011); Assistant Vice President of the Manager (July 2009-January 2011). Research Analyst of the Manager (April 2006-December 2007) and a Credit Analyst of the Manager (June 2003- March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard A. Stein, Vice President (since 2007) Age: 53		Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Manager (since May 2011) and a Vice President of the Manager (1997-May 2011); headed Rochester’s Credit Analysis team (since 1993).

William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 52		Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006- February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004- March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005- June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 66 portfolios as a Trustee/Director and 96 portfolios as an officer in the OppenheimerFunds complex.

Arthur S. Gabinet, Secretary (since 2011) Age: 53		Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General

108 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS


Name, Position(s) Held with the Fund, Length of Service, Age		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

Arthur S. Gabinet, Continued		Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 96 portfolios in the OppenheimerFunds complex.

Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 38		Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 96 portfolios in the OppenheimerFunds complex.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 60		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 96 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 51		Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999- June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of OAC (March 1999- June 2008). An officer of 96 portfolios in the OppenheimerFunds complex.

Robert G. Zack, Vice President (since 2011) Age: 62		Vice President, Secretary and General Counsel of OAC (since November 2001); Executive Vice President (since January 2004) and General Counsel (March 2002- December 2010) of the Manager; Executive Vice President, General Counsel and Director of OFI Trust Company (since November 2001); General Counsel of the Distributor (December 2001-December 2010); General Counsel of Centennial Asset Management Corporation (December 2001-December 2010); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (December 2001-December 2010); Assistant Secretary (September 1997-December 2010) and Director (November 2001-December 2010) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (December 2002-December 2010); Director of Oppenheimer Real Asset Management, Inc. (November 2001-December 2010); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (December 2001-December 2010); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. (November 2001-December 2010); Vice President of OppenheimerFunds Legacy Program (June 2003-December 2010); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (November 2001-December 2010). An officer of 96 portfolios in the OppenheimerFunds complex.

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

109 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

A Series of Oppenheimer Multi-State Municipal Trust


Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

110 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

PRIVACY POLICY NOTICE

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

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

•		Applications or other forms

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

•		When you enroll in eDocs Direct, our electronic document delivery service

•		Your transactions with us, our affiliates or others

•		A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

•		When you set up challenge questions to reset your password online

Protection of Information

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

Disclosure of Information

Right of Refusal

111 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

PRIVACY POLICY NOTICE

Internet Security and Encryption

•		All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

How You Can Help

Who We Are

112 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $133,600 in fiscal 2011 and 2010.

(b)

Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $7,857 in fiscal 2011 and $8,685 in fiscal 2010.

The principal accountant for the audit of the registrant’s annual financial statements billed $168,500 in fiscal 2011 and $285,900 in fiscal 2010 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: internal control reviews, custody examination and professional services for capital accumulation plan and FIN 45.

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $2,850 in fiscal 2011 and $25,578 in fiscal 2010.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d)

All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(e)		(1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

		The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

		Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

		(2) 100%

(f)		Not applicable as less than 50%.

(g)		The principal accountant for the audit of the registrant’s annual financial statements billed $179,207 in fiscal 2011 and $320,163 in fiscal 2010 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)

The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

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 7/29/2011, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)		(1) Exhibit attached hereto. (2) Exhibits attached hereto. (3) Not applicable.


(b)		Exhibit attached hereto.

SIGNATURES

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


Oppenheimer Multi-State Municipal Trust

By:		/s/ William F. Glavin, Jr. William F. Glavin, Jr.
		Principal Executive Officer

Date: 9/13/2011

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: 9/13/2011

By:		/s/ Brian W. Wixted

		Brian W. Wixted
		Principal Financial Officer

Date: 9/13/2011

Oppenheimer Multi-state Municipal Trust Inactive N-CSRCertified annual shareholder report (management investment company)