Oppenheimer Multi-state Municipal Trust N-CSR 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)

Arthur S. Gabinet

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:  7/31/2012

Item 1.  Reports to Stockholders.

July 31, 2012

Oppenheimer New Jersey Municipal Fund Management
Commentary and Annual Report

MANAGEMENT COMMENTARY

An Interview with Your Fund’s Portfolio Managers

ANNUAL REPORT

Listing of Top Holdings

Fund Performance Discussion

Financial Statements

“We hope that the recent strength of the municipal bond market has renewed investors’ confidence in the market’s powerful ability to help investors earn tax-advantaged income.”

Dan Loughran, Senior Vice President, Senior Portfolio Manager and

Team Leader, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Hospital/Healthcare	18.9	%
Tobacco-Master Settlement Agreement	9.0
Sales Tax Revenue	7.5
Education	7.0
General Obligation	6.5
Adult Living Facilities	5.6
Marine Aviation Facilities	5.6
Student Loans	5.1
Highways/Commuter Facilities	5.0
Municipal Leases	4.1
Portfolio holdings are subject to change. Percentages are as of July 31, 2012, and are based on total assets.

Credit Rating Breakdown	NRSRO Only Total
AAA		0.1	%
AA		17.8
A		21.1
BBB		36.0
BB and lower		13.0
Unrated		12.0
Total		100.0	%
The percentages above are based on the market value of the Fund’s securities as of July 31, 2012, 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.

9 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 31, 2012, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.

Management’s Discussion of Fund Performance. In the reporting period ended July 31, 2012, Oppenheimer New Jersey Municipal Fund benefited from a rally in the municipal market and produced an annual total return of 16.21% at net asset value (10.69% with sales charge).

The charts on pages 14 to 17 show the Fund’s performance. We encourage investors to remain focused on their long-term financial objectives and believe that this Fund’s investments offer structural advantages that can help shareholders achieve their investment goals over the long term.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 25.0% of the Fund’s net assets on July 31, 2012. The Fund’s holdings come from many different sectors, including the sales tax revenue sector, as well as general obligation debt. These investments are supported by taxes and other revenues designed to help finance electric utilities, highways and education.

The Fund’s investments in bonds issued in Puerto Rico, including bonds in the sales tax revenue sector (7.5% of the Fund’s total assets as of July 31, 2012), contributed positively to total return this reporting period. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenues. An investment in this sector requires Fund managers to consider the economic conditions that a municipality has experienced and will likely experience, as well as the aggregate face value of the sales tax revenue bonds being issued relative to the municipality’s historic and likely sales tax balances.

During this reporting period, the market continued to react favorably to better fiscal management under the leadership of Gov. Luis Fortuño. This discipline has helped Puerto Rico significantly reduce pressure on its municipal bonds. The administration proposed another deficit budget for the fiscal year that began July 1, 2012, but has lowered the size of the deficit relative to spending considerably in recent years.

Bond sales have remained strong, despite concerns raised over credit quality. In a period of low issuance, the Puerto Rico Aqueduct and Sewer Authority came to market in February 2012 with $1.8 billion in senior-lien revenue bonds, the largest scheduled sale in the long-term market to date for the year. It came to market once again in March 2012, with another significant sale for $2.3 billion in public improvement refunding bonds, an increase from the anticipated $1.5 billion priced ahead of schedule.

10 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

During this reporting period, both S&P and Moody’s revised their outlooks on general obligation debt issued by the Commonwealth. As of July 31, 2012, the S&P rating was BBB and the Moody's rating was Baa1, both with negative outlooks. While the ratings agencies have raised concerns about the fiscal environment’s potential to delay structurally balanced budgets in the near future, our stance remains bullish. The Fund’s Puerto Rico holdings contributed positively to the Fund’s total return this reporting period, and we continue to remain confident in the Commonwealth’s ability to collect taxes and make its bond payments.

As of July 31, 2012, the Fund was invested in the hospital/healthcare sector, representing 18.9% of the Fund’s total assets and comprising the Fund’s largest industry sector. Our holdings in this sector consist of securities across the credit spectrum. The sector remained in the news this reporting period as many politicians, lobbyists, activists and others continued to argue about the constitutionality of the Affordable Care Act of 2010. On June 28, 2012, the Supreme Court upheld the “individual mandate,” which was considered the most controversial element of the Act. Immediately after the court’s ruling, some politicians suggested that Congress would revisit and perhaps seek to override the legislation. However, none of these developments has 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 strongly to the Fund’s total return this reporting period.

The Fund continued to be invested this reporting period in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for 9.0% of the Fund’s total assets and contributed positively to Fund performance.⁵

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. Our long-term view of the sector remains bullish and, given attractive valuations, we will likely continue to hold a greater percentage of tobacco bonds in our portfolios than our peers. 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.

5. 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.

11 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

The Fund continued to favor the education sector this reporting period, which constituted 7.0% of total assets as of July 31, 2012. The bonds we hold in this sector have regularly provided high levels of tax-free income and during this reporting period, they contributed positively to the Fund’s total return.

General obligation debt backed by the full faith and taxing authority of the state and local governments represented 6.5% of the Fund’s total assets as of July 31, 2012. New Jersey officials consistently safeguarded the debt service payments on their general obligation bonds this reporting period, while working to resolve their ongoing budget challenges.

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 face greater price volatility, too. In periods of low short-term interest rates, inverse floaters generally offer very attractive levels of tax-free income. These securities contributed positively to the Fund’s total return this reporting period.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2012. 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.

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

12 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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.

13 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class A Shares

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

Average Annual Total Returns of Class A Shares With Sales Charge of the Fund at 7/31/12

1-Year  10.69%       5-Year   2.76%      10-Year  5.01%

14 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Class B Shares

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

Average Annual Total Returns of Class B Shares With Sales Charge of the Fund at 7/31/12

1-Year  10.20%       5-Year  2.60%      10-Year  5.04%

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 oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 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 18 for further information.

15 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class C Shares

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

Average Annual Total Returns of Class C Shares With Sales Charge of the Fund at 7/31/12

1-Year  14.32%       5-Year  2.97%      10-Year  4.73%

16 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Class Y Shares

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

Average Annual Total Returns of Class Y Shares of the Fund at 7/31/12

1-Year  16.34%      Since Inception (11/29/10)  11.73%

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 oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 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 18 for further information.

17 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 summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

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.

18 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 31, 2012.

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.

19 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND EXPENSES

Actual	Beginning Account Value February 1, 2012		Ending Account Value July 31, 2012		Expenses Paid During 6 Months Ended July 31, 2012
Class A	$	1,000.00	$	1,064.90	$	4.68
Class B		1,000.00		1,060.50		8.85
Class C		1,000.00		1,060.80		8.59
Class Y		1,000.00		1,065.50		4.01
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.34		4.58
Class B		1,000.00		1,016.31		8.66
Class C		1,000.00		1,016.56		8.41
Class Y		1,000.00		1,020.98		3.93

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 31, 2012 are as follows:

Class	Expense Ratios
Class A		0.91	%
Class B		1.72
Class C		1.67
Class Y		0.78

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.

20 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS    July 31, 2012

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—106.7%
	New Jersey—78.8%
	$         10,000	Atlantic City, NJ Municipal Utilities Authority1		4.625	%		05/01/2017	$	10,050
	305,000	Atlantic County, NJ Utilities Authority Solid Waste1		7.125			03/01/2016		305,918
	3,335,000	Bayonne, NJ Parking Authority (City Parking)		5.000			06/15/2027		3,247,790
	6,065,000	Bayonne, NJ Redevel. Agency1		7.625			04/01/2038		7,111,334
	10,000	Bergen County, NJ HDC		6.750			10/01/2018		10,035
	50,000	Berkeley, NJ HFC (Bayville Hsg.)		5.750			08/01/2014		50,183
	140,000	Camden County, NJ Improvement Authority (Cooper Health System)1		5.000			02/15/2035		143,567
	190,000	Camden County, NJ Improvement Authority (Cooper Health System)1		5.750			02/15/2034		194,110
	60,000	Casino Reinvestment Devel. Authority of NJ1		5.250			06/01/2017		64,861
	10,000	Delaware River Port Authority PA/NJ1		5.000			01/01/2019		10,020
	60,000	Delaware River Port Authority PA/NJ1		5.000			01/01/2026		60,070
	40,000	Delaware River Port Authority PA/NJ1		5.200			01/01/2027		40,077
	1,530,000	Delaware River Port Authority PA/NJ1		5.625			01/01/2026		1,533,534
	25,000	Delaware River Port Authority PA/NJ1		5.700			01/01/2023		25,068
	2,050,000	Delaware River Port Authority PA/NJ1		5.700			01/01/2022		2,055,494
	250,000	Essex County, NJ Improvement Authority (Newark)1		6.250			11/01/2030		291,183
	20,000	Essex County, NJ Improvement Authority (Sportsplex)		5.625			10/01/2023		20,045
	105,000	Essex County, NJ Improvement Authority (Sportsplex)		5.625			10/01/2027		105,206
	5,000	Highlands, NJ Board of Education COP		6.375			02/15/2017		5,015
	1,000,000	Hudson County, NJ Improvement Authority1		6.000			01/01/2040		1,196,290
	1,500,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)1		5.000			06/01/2035		1,686,000
	1,250,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)1		5.000			06/01/2038		1,397,900
	2,655,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)1		5.500			06/01/2041		3,078,313
	300,000	Irvington Township, NJ GO1		5.000			07/15/2033		302,652
	5,000	Jackson, NJ Township Municipal Utilities Authority		5.500			12/01/2015		5,018
	95,000	Lodie, NJ Board of Education COP1		5.700			09/15/2021		95,224
	100,000	Middlesex County, NJ COP1		5.000			02/15/2019		100,309
	70,000	Middlesex County, NJ COP1		5.000			08/01/2031		70,047
	485,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)1		5.000			01/01/2015		322,976
	500,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)1		5.000			01/01/2020		317,950

21 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	New Jersey Continued
	$     2,535,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)1		5.000	%		01/01/2032	$	1,629,473
	1,100,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)1		5.125			01/01/2037		707,476
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)1		5.500			09/01/2030		20,030
	150,000	Middlesex County, NJ Pollution Control Authority (Amerada Hess Corp.)1		5.750			09/15/2032		150,413
	40,000	Neptune City, NJ Hsg. Authority1		6.000			04/01/2019		40,082
	445,000	New Brunswick, NJ Parking Authority1		5.000			09/01/2027		520,877
	605,000	New Brunswick, NJ Parking Authority1		5.000			09/01/2029		702,453
	300,000	New Brunswick, NJ Parking Authority1		5.000			09/01/2031		344,685
	50,000	Newark, NJ Hsg. Authority (Lock Street Urban Renewal Partnership)1		6.400			01/20/2034		50,100
	2,875,000	Newark, NJ Hsg. Authority (South Ward Police Facility)1		6.750			12/01/2038		3,631,700
	2,095,000	NJ EDA1		5.000			06/15/2028		2,312,042
	750,000	NJ EDA1		5.000			06/15/2029		823,800
	2,045,000	NJ EDA (American Airlines)2		7.100			11/01/2031		953,461
	50,000	NJ EDA (Bristol Glen)1		5.750			07/01/2029		50,021
	755,000	NJ EDA (Cadbury at Cherry Hill)		5.500			07/01/2018		755,015
	25,000	NJ EDA (Cadbury at Cherry Hill)		5.500			07/01/2028		23,173
	300,000	NJ EDA (Chilton Memorial Hospital)1		5.500			07/01/2029		321,978
	25,000	NJ EDA (Consumers New Jersey Water Company)		5.100			09/01/2032		25,146
	2,500,000	NJ EDA (Continental Airlines)1		6.250			09/15/2019		2,510,075
	3,000,000	NJ EDA (Continental Airlines)1		6.400			09/15/2023		3,012,420
	11,430,000	NJ EDA (Continental Airlines)1		7.000			11/15/2030		11,473,777
	3,100,000	NJ EDA (Cranes Mill)1		5.100			06/01/2027		3,148,360
	175,000	NJ EDA (Dept. of Human Services)1		6.250			07/01/2024		175,441
	135,000	NJ EDA (Devereux Foundation)1		5.450			05/01/2027		135,186
	1,525,000	NJ EDA (Drew University)1		5.250			07/01/2021		1,832,638
	2,339,945	NJ EDA (Empowerment Zone-Cumberland)2		7.750			03/01/2021		23,376
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		2,194,160
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		2,194,160
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)3		8.000			05/01/2044		2,194,160
	6,000,000	NJ EDA (GMT Realty)		6.875			01/01/2037		6,092,220
	17,975,000	NJ EDA (Hamilton Care)		6.650			11/01/2037		18,592,981
	3,050,000	NJ EDA (Harrogate)1		5.875			12/01/2026		3,051,617
	10,000	NJ EDA (Hillcrest Health Service)		7.250	4		01/01/2018		7,908
	4,135,000	NJ EDA (Kapkowski Road Landfill)1		6.500			04/01/2031		4,895,633

22 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	New Jersey Continued
	$    2,060,000	NJ EDA (Keswick Pines)		5.700	%		01/01/2018	$	2,060,906
	6,655,000	NJ EDA (Keswick Pines)		5.750			01/01/2024		6,654,800
	30,000	NJ EDA (Kullman Associates)5		6.125			06/01/2018		22,883
	110,000	NJ EDA (Kullman Associates)5		6.750			07/01/2019		83,884
	160,000	NJ EDA (Leisure Park)		5.875			12/01/2027		160,024
	90,000	NJ EDA (Liberty State Park Lease Rental)		5.750			03/15/2022		90,334
	50,000	NJ EDA (Liberty State Park)		5.700			03/15/2016		50,204
	810,000	NJ EDA (Lions Gate)		5.750			01/01/2025		820,595
	1,345,000	NJ EDA (Lions Gate)		5.875			01/01/2037		1,351,819
	30,000	NJ EDA (Manchester Manor)1		6.700			08/01/2022		30,092
	1,000,000	NJ EDA (Marcus L. Ward Home)1		5.750			11/01/2024		1,030,530
	1,200,000	NJ EDA (Marcus L. Ward Home)1		5.800			11/01/2031		1,232,136
	2,550,000	NJ EDA (Masonic Charity Foundation of New Jersey)1		5.500			06/01/2031		2,579,325
	1,000,000	NJ EDA (Masonic Charity Foundation of New Jersey)1		6.000			06/01/2025		1,011,880
	90,000	NJ EDA (Metromall Urban Renewal)1		6.500			04/01/2031		90,100
	55,000	NJ EDA (Middlesex Water Company)1		5.200			10/01/2022		55,104
	1,535,000	NJ EDA (Middlesex Water Company)1		5.250			02/01/2029		1,536,013
	4,400,000	NJ EDA (Motor Vehicle Surcharges)1		5.000			07/01/2029		4,688,992
	330,000	NJ EDA (Motor Vehicle Surcharges)1		5.250			07/01/2031		353,420
	3,925,000	NJ EDA (Motor Vehicle Surcharges)1		5.250			07/01/2033		4,203,557
	2,500,000	NJ EDA (MSU Student Hsg.)1		5.750			06/01/2031		2,798,700
	5,000	NJ EDA (New Jersey American Water Company)1		5.250			11/01/2032		5,072
	5,320,000	NJ EDA (New Jersey American Water Company)1		5.600			11/01/2034		6,066,502
	4,350,000	NJ EDA (New Jersey American Water Company)1		5.700			10/01/2039		4,874,741
	125,000	NJ EDA (New Jersey Natural Gas Company)1		5.000			12/01/2038		126,528
	30,000	NJ EDA (New Jersey Transit Corp.)1		5.750			12/15/2017		30,088
	145,000	NJ EDA (New Jersey Transit Corp.)1		5.750			12/15/2017		145,425
	400,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2027		419,904
	1,400,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2037		1,448,342
	3,995,000	NJ EDA (Nui Corp.)1		5.250			11/01/2033		3,998,236
	280,000	NJ EDA (Nui Corp.)1		5.250			11/01/2033		280,227
	650,000	NJ EDA (Paterson Charter School Science & Technology)1		6.000			07/01/2032		685,737
	1,900,000	NJ EDA (Paterson Charter School Science & Technology)1		6.100			07/01/2044		1,992,055
	5,520,000	NJ EDA (Pingry School)		5.000			11/01/2038		5,524,250
	905,000	NJ EDA (Reformed Church Ministries to the Aging The Particulare Synod Mid-Atlantics)1		5.375			12/01/2018		905,353

23 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	New Jersey Continued
	$    5,000,000	NJ EDA (School Facilities Construction)1		5.125	%		03/01/2028	$	5,407,850
	17,430,000	NJ EDA (School Facilities Construction)1		5.125			03/01/2030		18,737,424
	2,500,000	NJ EDA (School Facilities Construction)1		5.250			09/01/2023		3,029,800
	8,000,000	NJ EDA (School Facilities Construction)1		5.750			09/01/2023		9,981,680
	1,000,000	NJ EDA (School Facilities)1		5.250			09/01/2026		1,182,830
	4,000,000	NJ EDA (Seeing Eye)1		5.000			06/01/2032		4,619,600
	50,000	NJ EDA (St. Barnabas Medical Center)		6.750	4		07/01/2018		41,027
	65,000	NJ EDA (St. Barnabas Medical Center)		6.833	4		07/01/2021		45,145
	25,000	NJ EDA (St. Barnabas Medical Center)		7.153	4		07/01/2020		18,371
	10,000	NJ EDA (The Presbyterian Home at Montgomery)		6.250			11/01/2020		10,014
	115,000	NJ EDA (The Presbyterian Home at Montgomery)		6.375			11/01/2031		114,976
	20,000	NJ EDA (United Methodist Homes of New Jersey)1		5.125			07/01/2018		20,014
	50,000	NJ EDA (United Water New Jersey)1		5.500			07/01/2039		53,143
	480,000	NJ EDA (University of Medicine and Dentistry of New Jersey)1		5.500			12/01/2023		485,093
	615,000	NJ EDA (University of Medicine and Dentistry of New Jersey)1		5.500			12/01/2027		622,786
	20,000	NJ EDA (University of Medicine and Dentistry of New Jersey)		5.750			06/01/2016		20,059
	45,000	NJ EDA (University of Medicine and Dentistry of New Jersey)1		6.000			06/01/2021		45,103
	2,500,000	NJ EDA Retirement Community (Seabrook Village)		5.250			11/15/2026		2,564,375
	3,500,000	NJ EDA Retirement Community (Seabrook Village)		5.250			11/15/2036		3,533,810
	660,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D1		5.250			07/01/2032		664,726
	16,410,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D1		6.000			07/01/2025		16,740,497
	1,735,000	NJ Educational Facilities Authority (Georgian Court University)1		5.000			07/01/2033		1,837,486
	300,000	NJ Educational Facilities Authority (Georgian Court University)1		5.250			07/01/2027		323,445
	40,000	NJ Educational Facilities Authority (Kean University)1		5.000			07/01/2018		40,109
	30,000	NJ Educational Facilities Authority (Kean University)1		5.000			07/01/2021		30,056
	1,000,000	NJ Educational Facilities Authority (Princeton Theological Seminary)1		5.000			07/01/2026		1,043,510
	855,000	NJ Educational Facilities Authority (Ramapo College)1		5.000			07/01/2037		965,090
	500,000	NJ Educational Facilities Authority (Rider University)1		5.000			07/01/2037		542,835
	5,000	NJ Educational Facilities Authority (Stevens Institute of Technology)1		5.000			07/01/2018		5,612
	4,055,000	NJ Health Care Facilities Financing Authority (AHS Hospital Corp.)1		5.500			07/01/2031		4,751,081

24 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	New Jersey Continued
	$    2,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)1		5.625	%		07/01/2032	$	2,201,480
	17,085,000	NJ Health Care Facilities Financing Authority (Catholic Health East)1		5.000			11/15/2033		18,625,213
	25,000	NJ Health Care Facilities Financing Authority (CMMC/CMHS Obligated Group)1		5.000			07/01/2025		25,057
	7,000,000	NJ Health Care Facilities Financing Authority (Deborah Heart & Lung Center)1		6.300			07/01/2023		6,999,370
	50,000	NJ Health Care Facilities Financing Authority (Englewood Hospital & Medical Center)1		5.000			02/01/2021		50,122
	1,750,000	NJ Health Care Facilities Financing Authority (Hackensack University Medical Center)1		5.000			01/01/2034		1,853,810
	750,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)		5.300			11/01/2026		731,348
	1,000,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)		5.375			11/01/2036		925,610
	1,010,000	NJ Health Care Facilities Financing Authority (Holy Name Hospital)1		5.000			07/01/2036		1,027,726
	295,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)1		5.250			10/01/2038		321,774
	15,000	NJ Health Care Facilities Financing Authority (Jersey City Medical Center)		5.000			08/01/2031		15,015
	1,500,000	NJ Health Care Facilities Financing Authority (Kennedy Health System)1		5.000			07/01/2031		1,646,865
	70,000	NJ Health Care Facilities Financing Authority (KMH-UMC/KSC Obligated Group)		5.250			07/01/2015		70,167
	1,250,000	NJ Health Care Facilities Financing Authority (KMH-UMC/KSC Obligated Group)1		5.625			07/01/2031		1,255,650
	50,000	NJ Health Care Facilities Financing Authority (Palisades Medical Center)1		5.200			07/01/2019		50,033
	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
	400,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2014		400,204
	9,830,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2027		9,097,075
	2,030,000	NJ Health Care Facilities Financing Authority (RWJ University Hospital)		5.000			07/01/2035		2,044,961
	10,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)1		5.500			07/01/2023		10,096

25 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	New Jersey Continued
	$         70,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)1		5.500	%		07/01/2033	$	70,388
	15,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp.)		6.621	4		07/01/2017		12,832
	37,955,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp./St. Barnabas Medical Center Obligated Group)		6.250	4		07/01/2030		15,584,703
	20,000	NJ Health Care Facilities Financing Authority (St. Barnabas)1		5.000			07/01/2024		20,017
	17,000,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)1		6.625			07/01/2038		20,070,030
	2,500,000	NJ Health Care Facilities Financing Authority (St. Peter’s University Hospital)1		6.250			07/01/2035		2,884,825
	35,000	NJ Health Care Facilities Financing Authority (THGS/THGSF Obligated Group)		5.100			07/01/2021		35,000
	50,000	NJ Health Care Facilities Financing Authority (THGS/THGSF Obligated Group)		5.200			07/01/2031		47,470
	2,170,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital)1		5.250			07/01/2030		2,269,212
	6,400,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)1		5.250			07/01/2023		6,824,256
	5,380,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)1		5.250			07/01/2030		5,640,553
	125,000	NJ Health Care Facilities Financing Authority (Virtua Health Obligated Group)1		5.750			07/01/2033		142,346
	75,000	NJ Health Care Facilities Financing Authority (Virtua West Jersey Health System/Virtua Health Obligated Group)1		5.375			07/01/2029		77,297
	45,000	NJ Higher Education Assistance Authority		5.125			06/01/2014		45,123
	185,000	NJ Higher Education Student Assistance Authority (Student Loans)1		5.250			06/01/2018		185,346
	330,000	NJ Higher Education Student Assistance Authority (Student Loans)		6.000			06/01/2015		331,201
	30,000,000	NJ Higher Education Student Assistance Authority (Student Loans)1		6.125			06/01/2030		33,244,500
	475,000	NJ Higher Education Student Assistance Authority (Student Loans)1		6.150			06/01/2019		476,401
	570,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)1		5.000			11/01/2036		587,089
	160,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)1		5.150			11/01/2030		160,155
	40,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)1		5.400			11/01/2017		40,076
	35,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)1		5.750			11/01/2025		35,069
	10,000,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		4.550			10/01/2022		10,605,000
	4,890,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		4.625			10/01/2027		5,087,947
	4,495,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		5.000			10/01/2037		4,670,050

26 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	New Jersey Continued
	$    2,600,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)6		5.375	%		04/01/2030	$	2,777,112
	200,000	NJ Hsg. & Mtg. Finance Agency, Series A1		5.050			05/01/2034		200,168
	415,000	NJ Hsg. & Mtg. Finance Agency, Series A1		5.550			05/01/2027		415,697
	25,000	NJ Hsg. & Mtg. Finance Agency, Series A1		5.650			05/01/2040		25,024
	550,000	NJ Hsg. & Mtg. Finance Agency, Series AA1		6.150			10/01/2023		641,124
	215,000	NJ Hsg. & Mtg. Finance Agency, Series AA1		6.375			10/01/2028		241,062
	115,000	NJ Hsg. & Mtg. Finance Agency, Series AA1		6.500			10/01/2038		122,972
	390,000	NJ Hsg. & Mtg. Finance Agency, Series B1		6.050			11/01/2017		397,176
	10,000	NJ Hsg. & Mtg. Finance Agency, Series B1		6.150			11/01/2020		10,027
	100,000	NJ South Jersey Port Corp.1		5.250			01/01/2030		101,847
	375,000	NJ South Jersey Transportation Authority1		5.000			11/01/2029		375,559
	35,000	NJ Sports & Expositions Authority1		5.000			09/01/2015		35,120
	30,000	NJ Sports & Expositions Authority1		5.000			09/01/2016		30,103
	25,000	NJ Sports & Expositions Authority1		5.000			09/01/2017		25,086
	20,000	NJ Sports & Expositions Authority1		5.000			09/01/2019		20,062
	100,000	NJ Sports & Expositions Authority		5.125			09/01/2014		100,354
	5,195,000	NJ Tobacco Settlement Financing Corp.1		4.500			06/01/2023		4,958,524
	27,100,000	NJ Tobacco Settlement Financing Corp.1		4.625			06/01/2026		24,675,092
	3,085,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2029		2,834,190
	200,950,000	NJ Tobacco Settlement Financing Corp.		5.812	4		06/01/2041		12,872,857
	20,000	NJ Transit Corp. (Federal Transportation Administration Grants)		5.250			09/15/2014		20,076
	5,000,000	NJ Transportation Trust Fund Authority1		5.250			06/15/2036		5,771,450
	5,000,000	NJ Transportation Trust Fund Authority1		5.500			06/15/2041		5,854,550
	13,450,000	NJ Transportation Trust Fund Authority1		6.000			06/15/2035		16,613,440
	500,000	NJ Turnpike Authority1		5.000			01/01/2027		517,430
	4,035,000	North Hudson, NJ Sewerage Authority1		5.000			06/01/2030		4,623,263
	2,000,000	North Hudson, NJ Sewerage Authority1		5.000			06/01/2042		2,245,020
	10,000	Passaic Valley, NJ Sewage Commissioners		5.500			12/01/2014		10,033
	10,500,000	Port Authority NY/NJ, 143rd Series6		5.000			10/01/2030		11,496,870
	2,140,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2022		2,140,706
	7,125,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		7,126,639
	2,050,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000			12/01/2036		2,335,668
	3,000,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000			12/01/2042		3,406,680
	5,000,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500			12/01/2028		5,432,500
	3,605,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		3,605,072

27 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	New Jersey Continued
	$       245,000	Salem County, NJ IPCFA (Atlantic City Electric Company)1		5.600	%		11/01/2025	$	245,448
	60,000	Salem County, NJ IPCFA (Atlantic City Electric Company)		5.600			11/01/2025		60,110
	1,730,000	Salem County, NJ IPCFA (Public Service Electric & Gas)1		5.750			04/01/2031		1,749,532
	20,000	Trenton, NJ Parking Authority		5.250			04/01/2014		20,065
									513,969,822
	U.S. Possessions—27.9%
	2,645,000	Guam GO1		5.125			11/15/2027		2,705,623
	400,000	Guam GO1		6.750			11/15/2029		450,128
	600,000	Guam GO1		7.000			11/15/2039		679,140
	2,570,000	Guam Government Business Privilege1		5.000			01/01/2037		2,841,084
	1,300,000	Guam Government Business Privilege1		5.250			01/01/2036		1,459,497
	10,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		12,466
	50,000	Guam Power Authority, Series A1		5.125			10/01/2029		50,003
	10,000	Guam Power Authority, Series A1		5.250			10/01/2034		10,002
	600,000	Guam Power Authority, Series A1		5.500			10/01/2030		635,124
	285,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2017		273,241
	4,285,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		3,652,063
	200,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		200,212
	1,110,000	Northern Mariana Islands Ports Authority, Series A1		5.500			03/15/2031		996,547
	2,685,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		2,031,283
	10,000,000	Puerto Rico Aqueduct & Sewer Authority6		5.125			07/01/2047		10,600,700
	12,465,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2042		12,779,243
	5,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.750			07/01/2037		5,381,300
	2,500,000	Puerto Rico Aqueduct & Sewer Authority1		6.125			07/01/2024		2,951,350
	8,635,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		8,634,568
	4,720,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		4,719,717
	26,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.031	4		05/15/2055		724,620
	950,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		991,259
	3,300,000	Puerto Rico Commonwealth GO1		5.375			07/01/2030		3,538,854	��
	8,350,000	Puerto Rico Commonwealth GO1		5.750			07/01/2036		8,972,827
	3,205,000	Puerto Rico Commonwealth GO1		5.750			07/01/2041		3,468,323
	5,000,000	Puerto Rico Commonwealth GO1		6.000			07/01/2029		5,531,750
	1,300,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037		1,488,305
	3,000,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2028		3,251,160
	5,000,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2030		5,352,050
	4,500,000	Puerto Rico Electric Power Authority, Series ZZ1		5.250			07/01/2026		4,931,100

28 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions Continued
	$       750,000	Puerto Rico Highway & Transportation Authority1		5.750	%		07/01/2020	$	783,765
	3,000,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2038		3,238,530
	575,000	Puerto Rico Infrastructure1		5.000			07/01/2027		602,537
	4,750,000	Puerto Rico Infrastructure1		5.000			07/01/2037		4,803,058
	6,610,000	Puerto Rico Infrastructure1		5.000			07/01/2041		6,676,629
	2,000,000	Puerto Rico Infrastructure1		5.000			07/01/2046		2,026,500
	5,000,000	Puerto Rico Infrastructure		7.000	4		07/01/2032		1,635,900
	2,000,000	Puerto Rico Infrastructure		7.000	4		07/01/2033		606,820
	975,000	Puerto Rico Infrastructure		7.000	4		07/01/2035		253,968
	3,000,000	Puerto Rico Infrastructure		7.050	4		07/01/2042		503,310
	400,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		420,488
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			04/01/2027		102,147
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		928,679
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125			04/01/2032		101,709
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			04/01/2042		101,841
	1,710,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		1,716,874
	1,000,000	Puerto Rico ITEMECF (Polytechnic University)1		5.000			08/01/2032		993,750
	2,980,000	Puerto Rico Port Authority (American Airlines), Series A2		6.300			06/01/2023		1,942,394
	305,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		310,743
	5,000,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2042		5,114,250
	1,000,000	Puerto Rico Public Buildings Authority1		5.625			07/01/2039		1,041,760
	500,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		595,490
	200,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2025		216,678
	1,530,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		1,531,698
	5,150,000	Puerto Rico Public Finance Corp., Series B1		5.500			08/01/2031		5,641,413
	11,500,000	Puerto Rico Sales Tax Financing Corp., Series A6		5.250			08/01/2057		12,230,825
	3,500,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		4,184,075
	5,235,000	Puerto Rico Sales Tax Financing Corp., Series B1		6.000			08/01/2026		6,076,515
	14,000,000	Puerto Rico Sales Tax Financing Corp., Series C6		5.750			08/01/2057		15,617,700
	150,000	University of V.I., Series A		5.250			12/01/2023		166,415
	30,000	V.I. HFA, Series A		6.500	%		03/01/2025		30,044
	500,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.250			10/01/2029		543,695
	1,385,000	V.I. Public Finance Authority, Series A1		6.375			10/01/2019		1,389,667
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.500	4		05/15/2035		136,939
	2,050,000	V.I. Tobacco Settlement Financing Corp.		6.875	4		05/15/2035		239,071
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.625	4		05/15/2035		291,028
									182,110,444
	Total Municipal Bonds and Notes (Cost $687,772,559)								696,080,266

29 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Shares			Value
	Common Stocks—0.0%
	444	Converted Organics, Inc.7,8 (Cost $1,205,000)		$                  1
	Preferred Stocks—0.0%
	3,795	Converted Organics, Inc., Series A7,8 (Cost $3,795,000)		2
	Total Investments, at Value (Cost $692,772,559)—106.7%			696,080,269
	Liabilities in Excess of Other Assets—(6.7)			(43,942,358	)
	Net Assets—100.0%			$652,137,911

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 6 of 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. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after July 31, 2012. See Note 1 of the accompanying Notes.

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

5. 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.

6. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

7. Received as a result of a corporate action.

8. Non-income producing security.

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

AHS	Adventist Health System
CMHS	Clara Maass Health System
CMMC	Clara Maass Medical Center
COP	Certificates of Participation
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

30 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

JFK	John Fitzgerald Kennedy
KMH	Kennedy Memorial Hospital
KSC	Kennedy Surgical Center
MSU	Montclair State University
NY/NJ	New York/New Jersey
PA/NJ	Pennsylvania/New Jersey
ROLS	Residual Option Longs
RWJ	Robert Wood Johnson

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.

31 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES    July 31, 2012

Assets
Investments, at value (cost $692,772,559)—see accompanying statement of investments	$	696,080,269
Cash		618,423
Receivables and other assets:
Interest		6,989,948
Shares of beneficial interest sold		1,445,485
Investments sold		110,000
Other		178,140
Total assets		705,422,265
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		39,115,000
Payable on borrowings (See Note 6)		10,100,000
Investments purchased (including $2,000,000 purchased on a when-issued or delayed delivery basis)		2,389,498
Shares of beneficial interest redeemed		877,785
Dividends		531,757
Trustees’ compensation		89,239
Distribution and service plan fees		76,302
Shareholder communications		21,655
Transfer and shareholder servicing agent fees		21,446
Interest expense on borrowings		919
Other		60,753
Total liabilities		53,284,354
Net Assets	$	652,137,911
Composition of Net Assets
Paid-in capital	$	757,782,135
Accumulated net investment income		6,178,774
Accumulated net realized loss on investments		(115,130,708	)
Net unrealized appreciation on investments		3,307,710
Net Assets	$	652,137,911

32 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 $421,442,757 and 39,466,897 shares of beneficial interest outstanding)	$	10.68
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	11.21
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $18,879,294 and 1,764,544 shares of beneficial interest outstanding)	$	10.70
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $187,933,676 and 17,582,079 shares of beneficial interest outstanding)	$	10.69
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $23,882,184 and 2,235,036 shares of beneficial interest outstanding)	$	10.69

See accompanying Notes to Financial Statements.

33 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF OPERATIONS    For the Year Ended July 31, 2012

Investment Income
Interest	$	36,837,759
Other income		478
Total investment income		36,838,237
Expenses
Management fees		3,159,570
Distribution and service plan fees:
Class A		565,877
Class B		183,096
Class C		1,524,786
Transfer and shareholder servicing agent fees:
Class A		156,494
Class B		23,701
Class C		82,551
Class Y		9,462
Shareholder communications:
Class A		23,311
Class B		4,588
Class C		11,993
Class Y		833
Interest expense and fees on short-term floating rate notes issued (See Note 1)		659,138
Borrowing fees		448,791
Trustees’ compensation		14,255
Interest expense on borrowings		10,903
Custodian fees and expenses		6,156
Administration service fees		1,500
Other		162,380
Total expenses		7,049,385
Less waivers and reimbursements of expenses		(88,701	)
Net expenses		6,960,684
Net Investment Income		29,877,553
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(4,615,163	)
Net change in unrealized appreciation/depreciation on investments		62,024,129
Net Increase in Net Assets Resulting from Operations	$	87,286,519

See accompanying Notes to Financial Statements.

34 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended July 31, 2012			Year Ended July 29, 20111
Operations
Net investment income	$	29,877,553		$	36,550,570
Net realized loss		(4,615,163	)		(62,190,049	)
Net change in unrealized appreciation/depreciation		62,024,129			34,075,111
Net increase in net assets resulting from operations		87,286,519			8,435,632
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(22,875,836	)		(23,959,606	)
Class B		(1,036,785	)		(1,588,169	)
Class C		(8,738,229	)		(9,309,522	)
Class Y		(900,990	)		(192,121	)
		(33,551,840	)		(35,049,418	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		26,696,440			(38,131,096	)
Class B		(6,260,755	)		(10,487,694	)
Class C		13,343,779			(16,651,537	)
Class Y		13,271,193			8,735,930
		47,050,657			(56,534,397	)
Net Assets
Total increase (decrease)		100,785,336			(83,148,183	)
Beginning of period		551,352,575			634,500,758
End of period (including accumulated net investment income of $6,178,774 and $10,303,237, respectively)	$	652,137,911		$	551,352,575

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 CASH FLOWS    For the Year Ended July 31, 2012

Cash Flows from Operating Activities
Net increase in net assets from operations	$	87,286,519
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(132,240,539	)
Proceeds from disposition of investment securities		103,771,607
Short-term investment securities, net		27,611,080
Premium amortization		1,494,885
Discount accretion		(4,361,653	)
Net realized loss on investments		4,615,163
Net change in unrealized appreciation/depreciation on investments		(62,024,129	)
Change in assets:
Decrease in interest receivable		52,443
Increase in other assets		(46,800	)
Increase in receivable for securities sold		(110,000	)
Change in liabilities:
Decrease in other liabilities		(16,577	)
Decrease in payable for securities purchased		(3,618,813	)
Net cash provided by operating activities		22,413,186
Cash Flows from Financing Activities
Proceeds from borrowings		140,200,000
Payments on borrowings		(137,300,000	)
Payments on short-term floating rate notes issued		(38,180,000	)
Proceeds from shares sold		127,067,199
Payments on shares redeemed		(106,317,538	)
Cash distributions paid		(7,822,434	)
Net cash used in financing activities		(22,352,773	)
Net increase in cash		60,413
Cash, beginning balance		558,010
Cash, ending balance	$	618,423
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $25,701,110.
Cash paid for interest on borrowings—$10,829.
Cash paid for interest on short-term floating rate notes issued—$659,138.

See accompanying Notes to Financial Statements.

36 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS    

Class A	Year Ended July 31, 2012			Year Ended July 29, 20111			Year Ended July 30, 20101			Year Ended July 31,
										2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	9.75		$	10.14		$	8.63		$	10.00		$	11.98
Income (loss) from investment operations:
Net investment income2		.54			.64			.64			.61			.57
Net realized and unrealized gain (loss)		1.00			(.41	)		1.45			(1.42	)		(2.01	)
Total from investment operations		1.54			.23			2.09			(.81	)		(1.44	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.61	)		(.62	)		(.58	)		(.56	)		(.54	)
Net asset value, end of period	$	10.68		$	9.75		$	10.14		$	8.63		$	10.00
Total Return, at Net Asset Value3		16.21	%		2.46	%		24.58	%		(7.63	)%		(12.20	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$421,443			$359,697			$415,729			$361,113			$467,974
Average net assets (in thousands)		$385,776			$377,127			$409,744			$352,897			$526,573
Ratios to average net assets:4
Net investment income		5.31	%		6.62	%		6.54	%		7.40	%		5.20	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.76	%		0.77	%		0.75	%		0.76	%		0.73	%
Interest and fees from borrowings		0.08	%		0.10	%		0.25	%		0.91	%		0.11	%
Interest and fees on short-term floating rate notes issued5		0.11	%		0.19	%		0.24	%		0.51	%		0.70	%
Total expenses		0.95	%		1.06	%		1.24	%		2.18	%		1.54	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.93	%		1.05	%		1.23	%		2.18	%		1.54	%
Portfolio turnover rate		18	%		15	%		17	%		14	%		31	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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.

37 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS    Continued

	Year Ended July 31,			Year Ended July 29,			Year Ended July 30,			Year Ended July 31,
Class B	2012			20111			20101			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	9.77		$	10.15		$	8.65		$	10.02		$	11.99
Income (loss) from investment operations:
Net investment income2		.46			.56			.56			.54			.48
Net realized and unrealized gain (loss)		.99			(.40	)		1.44			(1.43	)		(1.99	)
Total from investment operations		1.45			.16			2.00			(.89	)		(1.51	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.52	)		(.54	)		(.50	)		(.48	)		(.46	)
Net asset value, end of period	$	10.70		$	9.77		$	10.15		$	8.65		$	10.02
Total Return, at Net Asset Value3		15.20	%		1.71	%		23.39	%		(8.39	)%		(12.81	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$18,879			$23,305			$35,276			$37,076			$52,981
Average net assets (in thousands)		$20,307			$28,889			$37,923			$39,035			$61,772
Ratios to average net assets:4
Net investment income		4.50	%		5.78	%		5.71	%		6.56	%		4.39	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.61	%		1.61	%		1.59	%		1.61	%		1.53	%
Interest and fees from borrowings		0.08	%		0.10	%		0.25	%		0.91	%		0.11	%
Interest and fees on short-term floating rate notes issued5		0.11	%		0.19	%		0.24	%		0.51	%		0.70	%
Total expenses		1.80	%		1.90	%		2.08	%		3.03	%		2.34	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.78	%		1.89	%��		2.07	%		3.03	%		2.34	%
Portfolio turnover rate		18	%		15	%		17	%		14	%		31	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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.

38 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

	Year Ended July 31,			Year Ended July 29,			Year Ended July 30,			Year Ended July 31,
Class C	2012			20111			20101			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	9.76		$	10.14		$	8.64		$	10.01		$	11.99
Income (loss) from investment operations:
Net investment income2		.46			.57			.57			.55			.48
Net realized and unrealized gain (loss)		1.00			(.41	)		1.43			(1.43	)		(2.00	)
Total from investment operations		1.46			.16			2.00			(.88	)		(1.52	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.53	)		(.54	)		(.50	)		(.49	)		(.46	)
Net asset value, end of period	$	10.69		$	9.76		$	10.14		$	8.64		$	10.01
Total Return, at Net Asset Value3		15.32	%		1.79	%		23.50	%		(8.35	)%		(12.87	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$187,934			$159,119			$183,496			$153,583			$182,780
Average net assets (in thousands)		$169,315			$166,762			$177,507			$144,708			$202,047
Ratios to average net assets:4
Net investment income		4.55	%		5.85	%		5.77	%		6.63	%		4.43	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.52	%		1.54	%		1.51	%		1.55	%		1.50	%
Interest and fees from borrowings		0.08	%		0.10	%		0.25	%		0.91	%		0.11	%
Interest and fees on short-term floating rate notes issued5		0.11	%		0.19	%		0.24	%		0.51	%		0.70	%
Total expenses		1.71	%		1.83	%		2.00	%		2.97	%		2.31	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.69	%		1.82	%		1.99	%		2.97	%		2.31	%
Portfolio turnover rate		18	%		15	%		17	%		14	%		31	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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

Class Y	Year Ended July 31, 2012			Period Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	9.76		$	9.86
Income (loss) from investment operations:
Net investment income2		.55			.41
Net realized and unrealized gain (loss)		1.00			(.10	)
Total from investment operations		1.55			.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.62	)		(.41	)
Net asset value, end of period	$	10.69		$	9.76
Total Return, at Net Asset Value3		16.34	%		3.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$23,882			$9,232
Average net assets (in thousands)		$15,130			$4,339
Ratios to average net assets:4
Net investment income		5.33	%		6.48	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.63	%		0.62	%
Interest and fees from borrowings		0.08	%		0.10	%
Interest and fees on short-term floating rate notes issued5		0.11	%		0.19	%
Total expenses		0.82	%		0.91	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%		0.90	%
Portfolio turnover rate		18	%		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.

40 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    July 31, 2012

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 C and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares will be permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Previous Annual Periods. The last day of certain of the Fund’s prior fiscal years was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the

41 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

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

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the

42 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund)

43 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2012, the Fund’s maximum exposure under such agreements is estimated at $20,250,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At July 31, 2012, municipal bond holdings with a value of $73,086,204 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $39,115,000 in short-term floating rate securities issued and outstanding at that date.

44 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

At July 31, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount	Inverse Floater1	Coupon Rate2			Maturity Date		Value
$2,445,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		7.109	%		10/1/27	$	2,642,947
1,300,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		8.412			4/1/30		1,477,112
2,250,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) DRIVERS		7.753			10/1/37		2,425,050
2,500,000	NJ Hsg. & Mtg. Finance Agency ROLs3		15.668			10/1/22		3,105,000
2,625,000	Port Authority NY/NJ, 3205th Series		14.711			10/1/30		3,621,870
5,000,000	Puerto Rico Aqueduct & Sewer Authority ROLs		7.912			7/1/47		5,600,700
5,750,000	Puerto Rico Sales Tax Financing Corp. ROLs3		8.360			8/1/57		6,480,825
7,000,000	Puerto Rico Sales Tax Financing Corp. ROLs3		8.953			8/1/57		8,617,700
							$	33,971,204

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

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $39,115,000 or 5.54% of its total assets as of July 31, 2012.

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

45 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

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 31, 2012, 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	$	2,000,000

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities 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 31, 2012 is as follows:

Cost	$	8,470,263
Market Value	$	2,919,302
Market Value as a % of Net Assets		0.45	%

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.

46 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Appreciation Based on Cost of Securities and  Other Investments for Federal Income Tax Purposes
$7,252,072	$	—	$	114,331,620	$	2,508,619

1. As of July 31, 2012, the Fund had $114,331,620 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2016	$	1,484,285
2017		18,113,753
2018		22,257,929
No expiration		72,475,653
Total	$	114,331,620

2. During the fiscal year ended July 31, 2012, the Fund did not utilize any capital loss carryforward.

3. During the fiscal year ended July 31, 2011, the Fund utilized $254,743 of capital loss carryforward to offset capital gains realized in that fiscal year.

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, 2012. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Loss on Investments
$	450,176	$	450,176

47 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

The tax character of distributions paid during the years ended July 31, 2012 and July 31, 2011 was as follows:

	Year Ended July 31, 2012		Year Ended July 31, 2011
Distributions paid from:
Exempt-interest dividends	$	32,717,778	$	34,316,961
Ordinary income		834,062		732,457
Total	$	33,551,840	$	35,049,418

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2012 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	653,454,9291
Gross unrealized appreciation	$	44,725,335
Gross unrealized depreciation		(42,216,716	)
Net unrealized appreciation	$	2,508,619

1. The Federal tax cost of securities does not include cost of $40,116,721, 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.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2012, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	5,370
Payments Made to Retired Trustees		6,405
Accumulated Liability as of July 31, 2012		47,070

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

48 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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.

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.

49 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

2. 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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) 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. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

50 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard Inputs Generally Considered by Third-Party Pricing Vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

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

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing

51 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

2. Securities Valuation Continued

service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs 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—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 31, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs			Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New Jersey		$	—		$	513,969,751		$	71		$	513,969,822
U.S. Possessions			—			182,110,444			—			182,110,444
Common Stocks			1			—			—			1
Preferred Stocks			—			—			2			2
Total Assets		$	1		$	696,080,195		$	73		$	696,080,269

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.

52 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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

3. Shares of Beneficial Interest

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

	Year Ended July 31, 2012						Year Ended July 29, 20111
	Shares			Amount			Shares			Amount
Class A
Sold		7,742,571		$	79,110,226			6,948,031		$	68,195,362
Dividends and/or distributions reinvested		1,743,210			17,818,829			1,642,315			15,893,783
Redeemed		(6,910,740	)		(70,232,615	)		(12,717,482	)		(122,220,241	)
Net increase (decrease)		2,575,041		$	26,696,440			(4,127,136	)	$	(38,131,096	)
Class B
Sold		407,565		$	4,152,835			219,543		$	2,178,913
Dividends and/or distributions reinvested		79,991			816,583			110,857			1,076,347
Redeemed		(1,108,981	)		(11,230,173	)		(1,419,495	)		(13,742,954	)
Net decrease		(621,425	)	$	(6,260,755	)		(1,089,095	)	$	(10,487,694	)
Class C
Sold		2,809,872		$	28,879,769			2,021,109		$	19,862,391
Dividends and/or distributions reinvested		620,150			6,341,434			588,768			5,703,806
Redeemed		(2,152,699	)		(21,877,424	)		(4,394,075	)		(42,217,734	)
Net increase (decrease)		1,277,323		$	13,343,779			(1,784,198	)	$	(16,651,537	)
Class Y
Sold		1,529,775		$	15,744,909			998,966		$	9,236,075
Dividends and/or distributions reinvested		70,536			724,264			19,074			182,317
Redeemed		(311,621	)		(3,197,980	)		(71,694	)		(682,462	)
Net increase		1,288,690		$	13,271,193			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.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2012, were as follows:

	Purchases		Sales
Investment securities	$	132,240,539	$	103,771,607

53 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

5. 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.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2012, the Fund paid $270,896 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

54 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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, 2012 were as follows:

Class B	$	1,920,983
Class C		3,610,409

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.

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
July 31, 2012	$	192,486	$	—	$	27,252	$	9,496

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 31, 2012, the Manager reimbursed the Fund $88,701 for legal costs and fees.

OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class; this limit also applied to Class A shares prior to October 1, 2011. Effective October 1, 2011, OFS has voluntarily agreed to limit its fees for Class A shares to 0.30% of average annual net assets of the class.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as

55 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

6. Borrowings Continued

purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 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 Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 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 (0.3384% as of July 31, 2012). 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 31, 2012 equal 0.06% 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.

56 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

As of July 31, 2012, the Fund had borrowings outstanding at an interest rate of 0.3384%. Details of the borrowings for the year ended July 31, 2012 are as follows:

Average Daily Loan Balance	$	4,219,945
Average Daily Interest Rate		0.263	%
Fees Paid	$	381,071
Interest Paid	$	10,829

7. Reverse Repurchase Agreements

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

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended July 31, 2012 are included in expenses on the Fund’s Statement of Operations and equal 0.02% 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.

57 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

7. Reverse Repurchase Agreements Continued

Securities subject to reverse repurchase agreements are separately noted in the Statement of Investments.

The Fund executed no transactions under the Facility during the year ended July 31, 2012.

8. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain 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 securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. 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.

Other class action and individual 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. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. 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. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. In June 2012, the court granted appellees’ motion to dismiss the

58 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

appeal. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

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 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. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. 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.

59 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 (a separate series of Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2012, 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 or periods in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2012, by correspondence with the custodian, and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer New Jersey Municipal Fund as of July 31, 2012, 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 or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 17, 2012

60 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

CREDIT ALLOCATION    Unaudited

This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.

The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.

The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, 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.

The credit allocations below are as of July 31, 2012 and are subject to change. The percentages are based on the market value of the Fund’s securities as of July 31, 2012 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.

	NRSRO–Rated			Unrated by a NRSRO; Internally Rated by the Manager			Total
AAA		0.1	%		0.0	%		0.1	%
AA		17.8			0.8			18.6
A		21.1			0.0			21.1
BBB		36.0			1.1			37.1
BB or lower		13.0			10.1			23.1
Total		88.0	%		12.0	%		100.0	%

61 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION    Unaudited

In early 2012, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2011.

None of the dividends paid by the Fund during the fiscal year ended July 31, 2012 are eligible for the corporate dividend-received deduction. 97.51% 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.

62 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.CALL OPP (225.5677), (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 30^th, no later than August 31^st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

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

63 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited

Name, Position(s) Held with the Fund, Length of Service, Age	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 69	Director of Community Foundation of the Florida Keys (non-profit) (July 2012-June 2013); Chairman Emeritus and Non-Voting Trustee of The Jackson Laboratory (non-profit) (since August 2011); 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); Chairman (August 2007-July 2011) and Trustee (August 1991-July 2011) of the Board of Trustees of The Jackson Laboratory (non-profit); 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 58 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: 72	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 58 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.

64 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Matthew P. Fink, Trustee (since 2005) Age: 71	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); 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); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 58 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: 73	Fellow of the Carnegie Corporation (since 2007); Member of the National Academy of Sciences (since 1979); Council on Foreign Relations (since 2002); Foreign Associate of Third World Academy of Sciences (since 2002); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Director of GSI Lumonics Inc. (precision technology products company) (2001-2010); Senior Advisor of The Andrew W. Mellon Foundation (2001-2010); Distinguished Presidential Fellow for International Affairs of the National Academy of Science (2002-2010); 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 58 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: 69	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 58 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: 60	Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); 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 58 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.

65 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited / Continued

Mary Ann Tynan, Trustee (since 2008) Age: 66	Director and Secretary of the Appalachian Mountain Club (non-profit outdoor organization) (since January 2012); Director of Opera House Arts (non-profit arts organization) (since October 2011); Independent Director of the ICI Board of Governors (since October 2011); 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 58 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: 71	Director of C-TASC (bio-statistics services) (2007-2012); 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 58 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: 64	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 58 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 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, Pulire 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) Age: 48	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 (1999-2001). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

66 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Scott S. Cottier, Vice President (since 2005) Age: 40	Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Age: 39	Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (2003- 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 (since 2009) Age: 36	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) Age: 36	Vice President of the Manager (since January 2011); Assistant Vice President of the Manager (July 2009-December 2010); Associate Portfolio Manager of the Manager (January 2008-November 2010). 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.
Charles S. Pulire, Vice President (since 2011) Age: 35	Assistant Vice President of the Manager (since December 2010); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Manager (May 2006-January 2008). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2007) Age: 54	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Manager (since June 2011) and a Vice President of the Manager (1997-May 2011); headed Rochester’s Credit Analysis team (since May 1993).
William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 53	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

67 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited / Continued

William F. Glavin, Jr., Continued	(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 63 portfolios as a Trustee/Director and 95 portfolios as an officer in the OppenheimerFunds complex.
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Age: 54	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 (January 2011-January 2012); 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 95 portfolios in the OppenheimerFunds complex.
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 39	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 95 portfolios in the OppenheimerFunds complex.
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 61	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 95 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 52	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) (June 2003-January 2012); 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 95 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.CALL OPP (225.5677).

68 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

^©2012 OppenheimerFunds, Inc. All rights reserved.

69 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

PRIVACY POLICY

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:

l Applications or other forms

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

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

l Your transactions with us, our affiliates or others

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

l 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.

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.

70 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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.

l 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.

l 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.

l 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.CALL OPP (225.5677).

71 OPPENHEIMER NEW JERSEY MUNICIPAL FUND

July 31, 2012

Oppenheimer Pennsylvania Municipal Fund   Management Commentary and Annual Report

MANAGEMENT COMMENTARY

An Interview with Your Fund’s Portfolio Managers

ANNUAL REPORT

Listing of Top Holdings

Fund Performance Discussion

Financial Statements

“We hope that the recent strength of the municipal bond market has renewed investors’ confidence in the market’s powerful ability to help investors earn tax-advantaged income.”

Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Hospital/Healthcare	19.0	%
Tobacco-Master Settlement Agreement	16.1
Higher Education	12.1
General Obligation	5.6
Marine/Aviation Facilities	3.9
Student Housing	3.8
Highways/Commuter Facilities	3.7
Adult Living Facilities	3.4
Water Utilities	3.4
Tax Increment Financing (TIF)	3.2
Portfolio holdings are subject to change. Percentages are as of July 31, 2012, and are based on total assets.

Credit Rating Breakdown	NRSRO Only Total
AA	25.7%
A	10.0
BBB	42.7
BB and lower	6.1
Unrated		15.5
Total		100.0	%
The percentages above are based on the market value of the Fund’s securities as of July 31, 2012, 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.

10 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 31, 2012, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.

Management’s Discussion of Fund Performance. In the reporting period ended July 31, 2012, Oppenheimer Pennsylvania Municipal Fund benefited from a rally in the municipal market and produced an annual total return of 14.84% at net asset value (9.39% with sales charge).

The charts on pages 15 to 18 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 24.9% of the Fund’s net assets on July 31, 2012, and contributed positively to the Fund’s total return this reporting period. The Fund’s holdings come from many different sectors, including the tobacco and sales tax revenue sectors, as well as general obligation debt. These investments are supported by taxes and other revenues designed to help finance electric utilities, highways and education.

During this reporting period, the market continued to react favorably to better fiscal management under the leadership of Gov. Luis Fortuño. This discipline has helped Puerto Rico significantly reduce pressure on its municipal bonds. The administration proposed another deficit budget for the fiscal year that began July 1, 2012, but has lowered the size of the deficit relative to spending considerably in recent years.

Bond sales have remained strong, despite concerns raised over credit quality. In a period of low issuance, the Puerto Rico Aqueduct and Sewer Authority came to market in February 2012 with $1.8 billion in senior-lien revenue bonds, the largest scheduled sale in the long-term market to date for the year. It came to market once again in March 2012, with another significant sale for $2.3 billion in public improvement refunding bonds, an increase from the anticipated $1.5 billion priced ahead of schedule.

During this reporting period, both S&P and Moody’s revised their outlooks on general obligation debt issued by the Commonwealth. As of July 31, 2012, the S&P rating was BBB and the Moody’s rating was Baa1, both with negative outlooks. While the ratings agencies have raised concerns about the fiscal environment’s potential to delay structurally balanced budgets in the near future, our stance remains bullish. The Fund’s Puerto Rico holdings contributed positively to the Fund’s total return this reporting period, and we continue to remain confident in the Commonwealth’s ability to collect taxes and make its bond payments.

11 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

As of July 31, 2012, the Fund was invested in the hospital/healthcare sector, representing 19.0% of the Fund’s total assets and comprising the Fund’s largest industry sector. Our holdings in this sector consist of securities across the credit spectrum. The sector remained in the news this reporting period as many politicians, lobbyists, activists and others continued to argue about the constitutionality of the Affordable Care Act of 2010. On June 28, 2012, the Supreme Court upheld the “individual mandate,” which was considered the most controversial element of the Act. Immediately after the court’s ruling, some politicians suggested that Congress would revisit and perhaps seek to override the legislation. However, none of these developments has 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 strongly to the Fund’s total return this reporting period.

The Fund continued to be invested this reporting period in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for 16.1% of the Fund’s total assets and contributed positively to Fund performance.⁵

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. Our long-term view of the sector remains bullish and, given attractive valuations, we will likely continue to hold a greater percentage of tobacco bonds in our portfolios than our peers. 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 12.1% of total assets as of July 31, 2012, and contributed positively to Fund performance. The investment-grade bonds we hold in this sector have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest.

5. 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 marketshare 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.

12 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

General obligation debt backed by the full faith and taxing authority of the state and local governments represented 5.6% of the Fund’s total assets as of July 31, 2012, and made a positive contribution to Fund performance. Pennsylvania officials consistently safeguarded the debt service payments on their general obligation bonds this reporting period, while working to resolve their ongoing budget challenges.

The Fund was also invested in securities used to finance marine and aviation facilities this reporting period. Many of these securities are high-grade investments that are backed by the valuable collateral of the terminals, maintenance facilities and other on-site projects whose construction they finance. At the end of the reporting period, 3.9% of the Fund’s total assets were invested in this sector, which contributed positively to Fund performance.

The Resource Recovery sector, with 1.5% of the Fund’s total assets as of July 31, 2012, also was a positive contributor to the Fund’s total return this reporting period. The contribution to total return was diminished this reporting period because North Hampton Generating, which is now in bankruptcy, stopped making payments on its debt. The Fund is committed to pursuing legal remedies on behalf of its shareholders.

Holdings in the Energy Equipment and Services sector totaled 0.3% of the Fund’s total assets at the end of this reporting period. The sector failed to contribute positively to performance primarily because Bional, a company that has a productive ethanol plant, still 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 owns. The Fund has made some progress in its pursuit of legal remedies, but the situation remained unresolved as of July 31, 2012.

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 face greater price volatility, too. In periods of low short-term interest rates, inverse floaters generally offer very attractive levels of tax-free income. These securities contributed positively to the Fund’s total return this reporting period.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2012. In the case of Class A, Class B and Class C shares, performance is

13 OPPENHEIMER PENNSYLVANIA 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.

14 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Class A Shares

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

Average Annual Total Returns of Class A Shares With Sales Charge of the Fund at 7/31/12

1-Year  9.39%       5-Year  3.01%      10-Year  5.28%

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 oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 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 19 for further information.

15 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class B Shares

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

Average Annual Total Returns of Class B Shares With Sales Charge of the Fund at 7/31/12

1-Year  9.02%       5-Year  2.87%      10-Year  5.30%

16 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Class C Shares

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

Average Annual Total Returns of Class C Shares With Sales Charge of the Fund at 7/31/12

1-Year  13.01%       5-Year  3.23%      10-Year  4.98%

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 oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 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 19 for further information.

17 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Class Y Shares

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

Average Annual Total Returns of Class Y Shares of the Fund at 7/31/12

1-Year  15.09%      Since Inception  (11/29/10)  11.18%

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 oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 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 19 for further information.

18 OPPENHEIMER PENNSYLVANIA 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 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 summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

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.

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.

19 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND EXPENSE

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 31, 2012.

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.

20 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2012		Ending Account Value July 31, 2012		Expenses Paid During 6 Months Ended July 31, 2012
Class A	$	1,000.00	$	1,026.90	$	4.85
Class B		1,000.00		1,023.80		8.89
Class C		1,000.00		1,023.10		8.69
Class Y		1,000.00		1,028.60		4.09
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.09		4.83
Class B		1,000.00		1,016.11		8.86
Class C		1,000.00		1,016.31		8.66
Class Y		1,000.00		1,020.84		4.08

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 31, 2012 are as follows:

Class	Expense Ratios
Class A		0.96	%
Class B		1.76
Class C		1.72
Class Y		0.81

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.

21 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    July 31, 2012

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—113.2%
	Pennsylvania—86.2%
	$     24,750,000	Allegheny County, PA GO1		0.862	%2		11/01/2026	$	20,856,330
	130,000	Allegheny County, PA HDA (Catholic Health East)1		5.375			11/15/2022		130,857
	75,000	Allegheny County, PA HDA (Catholic Health East)1		5.500			11/15/2032		75,400
	80,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)1		5.125			05/01/2025		80,022
	25,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)1		5.125			05/01/2029		25,003
	3,150,000	Allegheny County, PA HDA (Ohio Valley General Hospital)1		5.125			04/01/2035		2,997,761
	35,000	Allegheny County, PA HDA (UPMC Health System)1		5.375			08/15/2029		39,870
	160,000	Allegheny County, PA HDA (UPMC Health System)1		5.500			08/15/2034		181,571
	1,310,000	Allegheny County, PA HEBA (Carlow University)1		6.000			11/01/2021		1,439,546
	1,125,000	Allegheny County, PA HEBA (Carlow University)1		6.750			11/01/2031		1,256,456
	8,000,000	Allegheny County, PA HEBA (Chatham College)1		5.750			11/15/2035		8,127,040
	1,000,000	Allegheny County, PA HEBA (Chatham University)1		5.000			09/01/2035		1,071,550
	2,250,000	Allegheny County, PA HEBA (Robert Morris University)1		5.500			10/15/2030		2,438,910
	3,650,000	Allegheny County, PA HEBA (Robert Morris University)1		5.750			10/15/2040		3,971,638
	2,500,000	Allegheny County, PA HEBA (Robert Morris University)1		5.900			10/15/2028		2,680,500
	15,000	Allegheny County, PA HEBA (Robert Morris University)1		6.000			05/01/2028		17,426
	2,000,000	Allegheny County, PA HEBA (Robert Morris University)1		6.000			10/15/2038		2,125,120
	3,095,000	Allegheny County, PA HEBA (Waynesburg College)1		4.800			05/01/2036		3,129,695
	10,000	Allegheny County, PA IDA (ARC Allegheny Foundation)		5.000			12/01/2028		7,939
	1,200,000	Allegheny County, PA IDA (Propel Charter School-East)1		6.375			08/15/2035		1,267,848
	1,000,000	Allegheny County, PA IDA (Propel Charter School-Montour)1		6.750			08/15/2035		1,083,160
	1,000,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.000			09/01/2021		1,020,670
	1,225,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.100			09/01/2026		1,227,634
	1,245,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.125			09/01/2031		1,227,807
	465,000	Allegheny County, PA IDA (School Facility Devel.)1		5.900			08/15/2026		490,840

22 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$       1,055,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.100	%		07/01/2014	$	1,095,016
	23,750,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.600			07/01/2023		24,514,018
	245,000	Allegheny County, PA Redevel. Authority (Robinson Mall)		6.875			11/01/2017		245,025
	70,000	Allegheny County, PA Redevel. Authority (Robinson Mall)1		7.000			11/01/2017		70,014
	1,710,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)		5.950			01/20/2043		1,826,981
	1,330,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)		6.100			01/20/2043		1,430,468
	1,710,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)		6.160			01/20/2043		1,844,064
	13,000,000	Berks County, PA Municipal Authority (Reading Hospital & Medical Center)3		5.500			11/01/2031		15,052,440
	1,750,000	Bethlehem, PA GO1		6.500			12/01/2032		2,093,630
	16,815	Blair County, PA IDA (The Village at Penn State Retirement Community)4		6.400			01/01/2012		841
	1,740,349	Blair County, PA IDA (The Village at Penn State Retirement Community)4		6.900			01/01/2022		87,087
	2,999,369	Blair County, PA IDA (The Village at Penn State Retirement Community)4		7.000			01/01/2034		150,088
	50,000	Blair County, PA IDA (The Village at Penn State Retirement Community)4		10.000			01/01/2012		1
	1,180,000	Bonneauville Borough, PA Municipal Authority		5.250			06/01/2037		1,228,710
	2,000,000	Bonneauville Borough, PA Municipal Authority		5.300			06/01/2043		2,075,520
	1,000,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)		6.200			05/01/2019		1,000,440
	10,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)		6.300			05/01/2029		9,984
	1,000,000	Bucks County, PA IDA (Lutheran Community Telford Center)		5.750			01/01/2027		1,023,580
	2,000,000	Butler County, PA Hospital Authority (Butler Health System)1		7.250			07/01/2039		2,406,020
	480,000	Butler County, PA IDA (Greenview Gardens Apartments)1		6.000			07/01/2023		491,808
	880,000	Butler County, PA IDA (Greenview Gardens Apartments)1		6.250			07/01/2033		896,799
	100,000	Cambridge, PA Area Joint Authority		5.250			12/01/2021		100,172
	2,865,000	Cambridge, PA Area Joint Authority1		6.000			12/01/2037		3,210,118
	30,000	Carbondale, PA Hsg. Corp.1		8.125			05/01/2019		30,065
	1,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)1		6.250			11/15/2041		1,161,690

23 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$       3,995,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)1		6.250	%		11/15/2044	$	4,216,802
	2,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)1		7.000			11/15/2046		2,423,960
	30,000	Charleroi, PA Area School Authority1		6.000			10/01/2017		30,118
	5,000	Chester County, PA H&EFA (Chester County Hospital)		5.875			07/01/2016		5,020
	2,330,000	Chester County, PA H&EFA (Chester County Hospital)1		6.750			07/01/2021		2,333,588
	8,750,000	Chester County, PA H&EFA (Chester County Hospital)1		6.750			07/01/2031		8,759,013
	23,915,000	Chester County, PA IDA (Aqua Pennsylvania)3		5.000			02/01/2041		25,412,447
	1,050,000	Chester County, PA IDA (Collegium Charter School)1		5.000			04/15/2022		1,049,360
	7,595,000	Chester County, PA IDA (Collegium Charter School)1		5.500			04/15/2031		7,524,291
	1,000,000	Clairton, PA Municipal Authority5		5.000			12/01/2037		1,024,680
	1,000,000	Clairton, PA Municipal Authority5		5.000			12/01/2042		1,019,840
	3,450,000	Cumberland County, PA Municipal Authority (Asbury Atlantic)		6.000			01/01/2040		3,650,480
	1,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)1		5.000			01/01/2027		1,025,420
	3,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries)1		6.250			01/01/2024		3,369,540
	1,000,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)1		5.000			12/01/2020		1,043,970
	950,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)1		5.000			12/01/2021		985,901
	6,605,000	Delaware County, PA Authority (Cabrini College)		5.500			07/01/2024		6,674,022
	2,500,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		5.000			12/15/2026		2,520,350
	5,900,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		5.000			12/15/2031		5,834,746
	6,385,000	Delaware County, PA Authority (Eastern University)1		5.000			10/01/2027		6,733,429
	3,965,000	Delaware County, PA Authority (Eastern University)1		5.250			10/01/2032		4,162,298
	120,000	Delaware County, PA Authority (MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group)		5.375			11/15/2023		121,117
	1,160,000	Delaware County, PA Authority (Neumann College)1		6.000			10/01/2025		1,284,271
	280,000	Delaware County, PA Authority (Neumann College)1		6.000			10/01/2030		304,576

24 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$       1,000,000	Delaware County, PA Authority (Neumann College)1		6.125	%		10/01/2034	$	1,084,350
	1,200,000	Delaware County, PA Authority (Neumann College)1		6.250			10/01/2038		1,328,556
	1,150,000	Delaware County, PA Authority (Neumann University)1		5.000			10/01/2025		1,247,313
	1,250,000	Delaware County, PA Authority (Neumann University)1		5.250			10/01/2031		1,365,613
	18,705,000	Delaware County, PA IDA (Aqua Pennsylvania)3		5.000			11/01/2038		19,591,018
	4,345,000	Delaware County, PA IDA (Naamans Creek)		7.000			12/01/2036		4,590,449
	65,000	Delaware County, PA IDA (Philadelphia Suburban Water Company)1		5.350			10/01/2031		65,207
	85,000	Delaware River Port Authority PA/NJ1		5.000			01/01/2026		85,099
	2,605,000	Delaware River Port Authority PA/NJ1		5.625			01/01/2026		2,611,018
	3,950,000	Delaware River Port Authority PA/NJ1		5.700			01/01/2022		3,960,586
	4,000,000	Erie County, PA Hospital Authority (St. Vincent’s Health)1		7.000			07/01/2027		4,399,520
	1,000,000	Erie, PA Higher Education Building Authority (Gannon University)1		5.375			05/01/2030		1,098,830
	2,565,000	Erie, PA Higher Education Building Authority (Gannon University)1		5.500			05/01/2040		2,832,530
	3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)1		5.500			03/15/2038		3,224,370
	1,375,000	Erie-Western PA Port Authority		5.125			06/15/2016		1,524,545
	4,750,000	Fayette County, PA Redevel. Authority (Fayette Crossing)		7.000			09/01/2019		5,047,778
	425,000	Harrisburg, PA Authority1		5.000			07/15/2024		425,094
	165,000	Harrisburg, PA GO		9.510	6		09/15/2012		163,680
	125,000	Harrisburg, PA GO		9.600	6		09/15/2013		115,963
	10,000	Harrisburg, PA GO		9.600	6		09/15/2015		8,067
	40,000	Harrisburg, PA GO		9.600	6		03/15/2016		31,068
	225,000	Harrisburg, PA GO		9.601	6		03/15/2013		215,831
	210,000	Harrisburg, PA GO		9.601	6		03/15/2015		175,333
	50,000	Harrisburg, PA GO		9.614	6		09/15/2016		37,503
	25,000	Harrisburg, PA GO		9.624	6		03/15/2014		22,395
	70,000	Harrisburg, PA GO		9.727	6		09/15/2015		56,468
	150,000	Harrisburg, PA GO		10.084	6		03/15/2015		125,238
	115,000	Harrisburg, PA GO		10.366	6		03/15/2013		110,314
	50,000	Harrisburg, PA GO		11.012	6		09/15/2013		46,385
	2,205,000	Harrisburg, PA Water System1		5.000			07/15/2018		2,223,720
	5,055,000	Harrisburg, PA Water System1		5.000			07/15/2020		5,100,748

25 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$          335,000	Harrisburg, PA Water System1		5.000	%		07/15/2023	$	337,298
	6,815,000	Horsham, PA Industrial and Commercial Devel. Authority (Pennsylvania LTC)		6.000			12/01/2037		6,692,603
	3,000,000	Indiana County, PA IDA (Student Coop Association)1		5.000			05/01/2033		3,323,100
	140,000	Indiana County, PA IDA Pollution Control (PSEG Power LLC)1		5.850			06/01/2027		141,555
	2,100,000	Lackawanna County, PA GO1		6.000			09/15/2032		2,400,594
	25,000	Lancaster County, PA Hospital Authority (St. Anne’s Home for the Aged)		6.500			04/01/2015		25,055
	820,000	Lancaster County, PA Hospital Authority (Willow Valley Retirement Communities)1		5.875			06/01/2021		835,432
	90,000	Latrobe, PA IDA (St. Vincent College)1		5.700			05/01/2031		90,554
	13,260,000	Lawrence County, PA IDA (Shenango Presbyterian Center)		5.625			11/15/2037		12,774,286
	1,020,000	Lehigh County, PA GPA (Bible Fellowship Church Home)		6.000			12/15/2023		1,020,500
	1,060,000	Lehigh County, PA GPA (Bible Fellowship Church Home)		7.625			11/01/2021		1,083,182
	750,000	Lehigh County, PA GPA (Bible Fellowship Church Home)		7.750			11/01/2033		766,020
	410,000	Lehigh County, PA GPA (Desales University)		5.125			12/15/2023		417,565
	445,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		5.800			11/01/2012		280,306
	8,190,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		3,930,381
	2,000,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		959,800
	1,100,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		527,890
	3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		1,727,640
	4,700,000	Lehigh Northampton, PA Airport Authority1		6.000			05/15/2030		4,703,666
	10,000	Luzerne County, PA Flood Protection Authority1		5.000			01/15/2023		10,009
	5,000,000	Luzerne County, PA IDA		7.750			12/15/2027		5,258,850
	105,000	Luzerne County, PA IDA (Pennsylvania-American Water Company)1		5.100			09/01/2034		107,062
	22,500,000	Luzerne County, PA IDA (Pennsylvania-American Water)3		5.100			09/01/2034		23,136,750
	10,000	Luzerne County, PA IDA (Pennsylvania-American Water)1		5.100			09/01/2034		10,283
	3,720,000	Lycoming County, PA Authority (Pennsylvania College of Technology)1		5.000			05/01/2032		4,119,677

26 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$       2,730,000	McKean County, PA Hospital Authority (Bradford Hospital)		5.000	%		10/01/2020	$	2,414,985
	2,900,000	McKean County, PA Hospital Authority (Bradford Hospital)		5.250			10/01/2030		2,237,814
	11,060,000	Mifflin County, PA Hospital Authority (Lewiston Hospital/Lewiston Healthcare Foundation Obligated Group)1		5.125			07/01/2030		11,285,624
	595,000	Millcreek, PA Richland Joint Authority		5.250			08/01/2022		648,366
	855,000	Millcreek, PA Richland Joint Authority		5.375			08/01/2027		901,461
	1,000,000	Millcreek, PA Richland Joint Authority		5.500			08/01/2037		1,042,060
	1,390,000	Millcreek, PA Richland Joint Authority		5.500			08/01/2037		1,469,452
	10,000	Montgomery County, PA HEHA (Abington Memorial Hospital)1		5.000			06/01/2028		10,013
	200,000	Montgomery County, PA HEHA (Holy Redeemer Health System)1		5.250			10/01/2023		200,002
	160,000	Montgomery County, PA HEHA (Holy Redeemer Health System)1		5.250			10/01/2027		160,130
	390,000	Montgomery County, PA HEHA (Holy Redeemer Physician & Ambulatory Services)1		5.250			10/01/2023		390,004
	21,000,000	Montgomery County, PA IDA3		5.375			08/01/2038		24,161,340
	1,500,000	Montgomery County, PA IDA1		5.375			08/01/2038		1,725,810
	270,000	Montgomery County, PA IDA (Pennsylvania-American Water Company)1		5.050			06/01/2029		270,270
	3,840,000	Montgomery County, PA IDA (Wordsworth Academy)		8.000			09/01/2024		3,848,026
	3,000,000	Northampton County, PA General Purpose Authority (Moravian College)1		5.000			07/01/2027		3,440,580
	4,860,000	Northampton County, PA General Purpose Authority (Moravian College)1		5.000			07/01/2031		5,446,748
	15,000	Northampton County, PA IDA (Moravian Hall Square)		5.550			07/01/2014		15,044
	40,000	Northampton County, PA IDA (Moravian Hall Square)		5.700			07/01/2020		40,067
	5,385,000	Northeastern, PA Hospital & Education Authority (Wilkes University)1		5.250			03/01/2042		5,733,086
	1,205,000	Northumberland County, PA IDA (NHS Youth Services)		5.500			02/15/2033		684,958
	1,660,000	Northumberland County, PA IDA (NHS Youth Services)		7.500			02/15/2029		940,556
	3,520,000	Northumberland County, PA IDA (NHS Youth Services)		7.750			02/15/2029		1,993,869
	16,000,000	PA Commonwealth Financing Authority3		5.000			06/01/2032		18,022,240
	1,550,000	PA Commonwealth Financing Authority1		5.000			06/01/2032		1,745,905
	50,000	PA COP (Dept. of General Services)1		5.250			05/01/2016		50,158

27 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$     11,400,000	PA EDFA (30th Street Garage)1		5.875	%		06/01/2033	$	11,623,782
	10,000,000	PA EDFA (Albert Einstein Healthcare)1		6.250			10/15/2023		11,406,500
	39,737,908	PA EDFA (Bionol Clearfield)4		8.500			07/15/2015		3,965,048
	885,000	PA EDFA (DGABC/DGABF/DGABEI Obligated Group)		5.625			12/01/2015		886,947
	590,000	PA EDFA (Fayette Thermal)		5.250			12/01/2016		552,836
	35,000	PA EDFA (Fayette Thermal)		5.500			12/01/2021		33,093
	3,000,000	PA EDFA (Forum)1		5.000			03/01/2029		3,388,380
	12,500,000	PA EDFA (Forum)1		5.000			03/01/2034		13,988,000
	14,700,000	PA EDFA (National Gypsum Company)		6.125			11/01/2027		14,336,175
	5,000,000	PA EDFA (National Gypsum Company)		6.250			11/01/2027		4,936,600
	1,800,000	PA EDFA (Northampton Generating)4		6.500			01/01/2013		1,137,222
	21,800,000	PA EDFA (Northampton Generating)4		6.600			01/01/2019		13,962,464
	500,000	PA EDFA (Northampton Generating)4		6.875			01/01/2011		98,245
	12,000,000	PA EDFA (Northampton Generating)4		6.950			01/01/2021		2,402,760
	120,000	PA EDFA (Northwestern Human Services)1		5.125			06/01/2018		120,041
	3,000,000	PA EDFA (Northwestern Human Services)1		5.250			06/01/2028		2,921,160
	3,000,000	PA EDFA (Philadelphia Biosolids Facility)1		6.250			01/01/2032		3,353,880
	3,000,000	PA EDFA (US Airways Group)		8.000			05/01/2029		3,473,850
	50,000	PA EDFA (York Water Company)1		6.000			11/01/2038		51,213
	30,000,000	PA Geisinger Authority Health System, Series A3		5.250			06/01/2039		33,444,600
	3,185,000	PA HEFA (Allegheny Delaware Valley Obligated Group)1		5.875			11/15/2021		3,186,879
	1,025,000	PA HEFA (Assoc. of Independent Colleges & Universities)1		5.125			05/01/2032		1,065,149
	100,000	PA HEFA (California University of Pennsylvania Student Assoc.)		5.000			07/01/2028		90,117
	230,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.750			09/01/2020		230,497
	115,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.750			09/01/2032		115,190
	55,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.800			09/01/2025		55,098
	875,000	PA HEFA (College of Science & Agriculture)		5.350			04/15/2028		875,359
	1,460,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.650			04/15/2025		1,478,542
	220,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.750			04/15/2034		224,077
	3,210,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.800			04/15/2030		3,255,935
	3,385,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.800			04/15/2033		3,426,805

28 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$       6,285,000	PA HEFA (Edinboro University Foundation)1		5.750	%		07/01/2028	$	6,862,592
	3,000,000	PA HEFA (Edinboro University Foundation)1		5.800			07/01/2030		3,333,120
	9,000,000	PA HEFA (Edinboro University Foundation)1		5.875			07/01/2038		9,821,520
	8,225,000	PA HEFA (Edinboro University Foundation)1		6.000			07/01/2042		9,020,193
	3,500,000	PA HEFA (Edinboro University Foundation)1		6.000			07/01/2043		3,932,985
	4,000,000	PA HEFA (Elizabethtown College)1		5.000			12/15/2027		4,168,240
	130,000	PA HEFA (Frontier II)		5.125			04/01/2033		130,114
	1,300,000	PA HEFA (Gwynedd Mercy College)1		5.375			05/01/2042		1,357,564
	750,000	PA HEFA (Indiana University Foundation)1		5.000			07/01/2041		785,513
	2,000,000	PA HEFA (La Salle University)1		5.000			05/01/2037		2,091,340
	50,000	PA HEFA (La Salle University)1		5.500			05/01/2034		50,890
	1,490,000	PA HEFA (Marywood University)1		5.125			06/01/2029		1,533,076
	60,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875			11/15/2016		60,057
	30,085,000	PA HEFA (MCP/HUHS/AUS Obligated Group)		5.875			11/15/2016		30,113,581
	9,785,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875			11/15/2021		9,790,773
	250,000	PA HEFA (Philadelphia University)1		5.000			06/01/2035		254,165
	3,000,000	PA HEFA (Philadelphia University)1		5.125			06/01/2025		3,057,870
	2,000,000	PA HEFA (Philadelphia University)1		5.250			06/01/2032		2,027,040
	2,005,000	PA HEFA (Philadelphia University)1		5.500			06/01/2020		2,155,034
	170,000	PA HEFA (SCHS/MCP/HUHS Obligated Group)1		5.875			11/15/2016		170,162
	3,000,000	PA HEFA (Shippensburg University)1		6.000			10/01/2031		3,325,230
	7,000,000	PA HEFA (Shippensburg University)1		6.250			10/01/2043		7,844,270
	105,000	PA HEFA (St. Francis University)1		5.750			11/01/2023		106,468
	1,750,000	PA HEFA (St. Francis University)1		6.000			11/01/2031		1,912,068
	3,925,000	PA HEFA (St. Francis University)1		6.250			11/01/2018		4,019,671
	2,250,000	PA HEFA (St. Francis University)1		6.250			11/01/2041		2,466,540
	3,000,000	PA HEFA (State System Higher Education)1		5.000			06/15/2030		3,563,190
	4,615,000	PA HEFA (University of Pennsylvania Health System)1		5.750			08/15/2041		5,423,363
	60,000	PA HEFA (University of the Arts)		5.500			03/15/2020		60,062
	3,000,000	PA HEFA (University of the Arts)		5.625			03/15/2025		3,001,710
	1,670,000	PA HEFA (University of the Arts)		5.750			03/15/2030		1,670,635
	270,000	PA HEFA (UPMC Health System)1		5.000			08/01/2029		270,381
	1,000,000	PA HEFA (Ursinus College)1		5.000			01/01/2029		1,119,000
	650,000	PA HEFA (Widener University)1		5.000			07/15/2026		678,067
	100,000	PA HEFA (Widener University)1		5.250			07/15/2024		102,999
	155,000	PA HEFA (Widener University)1		5.400			07/15/2036		160,244
	10,030,000	PA HFA (Single Family Mtg.), Series 74B3		5.150			10/01/2022		10,126,188

29 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$     16,970,000	PA HFA (Single Family Mtg.), Series 96A3		4.700	%		10/01/2037	$	17,339,090
	1,575,000	PA HFA (Single Family Mtg.), Series 99A3		5.250			10/01/2032		1,596,257
	5,000,000	PA Public School Building Authority (Harrisburg Area Community College)1		5.000			10/01/2031		5,364,800
	1,265,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2020		1,321,432
	1,400,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2023		1,440,082
	3,265,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2026		3,317,338
	900,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2027		913,617
	2,310,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2028		2,340,608
	1,470,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2030		1,483,142
	24,615,000	PA Southcentral General Authority (Wellspan Health Obligated Group)3		6.000			06/01/2029		28,529,826
	4,000,000	PA Turnpike Commission1		0.000	7		12/01/2034		3,844,560
	15,775,000	PA Turnpike Commission1		0.000	7		12/01/2034		14,850,270
	10,000,000	PA Turnpike Commission1		0.000	7		12/01/2038		9,469,100
	2,095,000	PA Turnpike Commission1		5.000			12/01/2030		2,434,725
	1,500,000	PA Turnpike Commission1		5.000			12/01/2032		1,698,825
	18,000,000	PA Turnpike Commission (Motor License)3		5.000			12/01/2040		20,094,660
	2,000,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)1		5.625			01/01/2032		2,245,340
	7,625,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)1		6.000			01/01/2028		9,085,416
	1,835,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)1		6.500			01/01/2041		2,149,299
	10,000,000	Philadelphia, PA Airport1		4.750			06/15/2035		10,107,800
	5,000,000	Philadelphia, PA Airport, Series D1		5.250			06/15/2028		5,501,550
	5,935,000	Philadelphia, PA Authority for Industrial Devel. (Aero Philadelphia)		5.500			01/01/2024		4,746,041
	3,870,000	Philadelphia, PA Authority for Industrial Devel. (Air Cargo)1		7.500			01/01/2025		3,871,780
	1,150,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)8		5.500			11/15/2018		664,068
	786,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)4		5.600			11/15/2028		279,077
	450,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)1		6.750			04/01/2023		460,863

30 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$       2,600,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)1		6.875	%		04/01/2034	$	2,654,756
	450,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)1		5.875			04/01/2032		474,561
	500,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)1		6.250			04/01/2042		534,355
	1,000,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)1		5.750			11/15/2030		1,025,730
	500,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)1		6.375			11/15/2040		525,535
	2,040,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)1		5.375			06/15/2030		2,188,553
	4,000,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)1		5.625			06/15/2042		4,242,240
	2,115,000	Philadelphia, PA Authority for Industrial Devel. (Marina Bracetti Academy)1		7.150			12/15/2036		2,320,451
	1,000,000	Philadelphia, PA Authority for Industrial Devel. (Marina Bracetti Academy)1		7.625			12/15/2041		1,129,420
	1,500,000	Philadelphia, PA Authority for Industrial Devel. (New Foundation Charter School)1		6.625			12/15/2041		1,633,410
	1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)1		6.250			05/01/2033		1,673,768
	810,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)		5.000			01/01/2015		791,807
	1,580,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)		5.125			01/01/2021		1,388,362
	2,105,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Arbor House)1		6.100			07/01/2033		2,156,699
	710,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (GIH/PPAM)1		5.125			07/01/2016		729,979
	1,860,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Miriam and Robert M. Rieder House)1		6.100			07/01/2033		1,905,682
	3,000,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)1		5.625			07/01/2035		3,020,940
	1,745,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Robert Saligman House)1		6.100			07/01/2033		1,787,857
	4,000,000	Philadelphia, PA GO1		6.000			08/01/2036		4,712,360
	6,260,000	Philadelphia, PA GO1		6.500			08/01/2041		7,655,980
	1,210,000	Philadelphia, PA H&HEFA (Centralized Comprehensive Human Services)		7.250			01/01/2021		1,237,612
	10,000,000	Philadelphia, PA H&HEFA (Temple University Health System)1		5.625			07/01/2036		10,503,500
	5,000,000	Philadelphia, PA H&HEFA (Temple University Health System)1		5.625			07/01/2042		5,239,750

31 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$       7,420,000	Philadelphia, PA H&HEFA (Temple University Hospital)1		5.500	%		07/01/2026	$	7,747,074
	250,000	Philadelphia, PA Hsg. Authority1		5.000			12/01/2021		254,948
	1,000,000	Philadelphia, PA Municipal Authority1		6.500			04/01/2034		1,164,350
	20,000	Philadelphia, PA Parking Authority, Series A1		5.250			02/15/2029		20,031
	5,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A		5.500			07/01/2035		4,708
	1,000,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A		5.625			07/01/2023		998,740
	1,500,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A		5.625			07/01/2028		1,471,350
	140,000	Philadelphia, PA Redevel. Authority (Multifamily Hsg.)1		5.450			02/01/2023		142,225
	2,580,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)1		6.000			10/01/2023		2,629,794
	4,100,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)1		6.250			10/01/2032		4,172,406
	3,000,000	Philadelphia, PA Redevel. Authority (Transformation Initiative)1		5.000			04/15/2025		3,453,810
	2,645,000	Philadelphia, PA Redevel. Authority (Transformation Initiative)1		5.000			04/15/2026		3,016,649
	3,385,000	Philadelphia, PA School District1		6.000			09/01/2038		3,851,927
	2,000,000	Pittsburgh, PA GO1		5.000			09/01/2025		2,328,360
	2,910,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)		6.130			01/20/2043		3,141,287
	20,000	Pittsburgh, PA Urban Redevel. Authority, Series A1		5.200			10/01/2020		20,034
	25,000	Pittsburgh, PA Urban Redevel. Authority, Series A1		5.250			10/01/2029		25,028
	40,000	Pittsburgh, PA Urban Redevel. Authority, Series B1		5.350			10/01/2022		40,066
	60,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.600			04/01/2020		60,120
	10,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.700			04/01/2030		10,014
	4,170,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)		5.625			07/01/2024		4,170,375
	1,000,000	Reading, PA Area Water Authority1		5.000			12/01/2031		1,118,930
	3,000,000	Reading, PA Area Water Authority1		5.250			12/01/2036		3,347,700
	6,495,000	Reading, PA GO1		5.625			11/15/2020		6,725,702
	900,000	Reading, PA Hsg. Auth (Goggle Works Apts.)1		5.625			06/01/2042		990,666
	2,895,000	Reading, PA Hsg. Auth (Goggle Works Apts.)1		5.875			06/01/2052		3,185,774
	10,000	Schuylkill County, PA IDA (DOCNHS/BSVHS/WMHS Obligated Group)1		5.000			11/01/2028		10,017
	6,500,000	Scranton, PA Parking Authority		5.250			06/01/2039		6,011,850
	1,000,000	Scranton, PA Sewer Authority1		5.500			12/01/2035		1,134,580

32 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Pennsylvania Continued
	$            95,000	Sharon, PA Regional Health System Authority (SRPS/SRHS Obligated Group)1		5.000	%		12/01/2018	$	95,140
	5,000	Sharon, PA Regional Health System Authority (SRPS/SRHS Obligated Group)1		5.000			12/01/2028		5,002
	2,000,000	South Fork, PA Municipal Authority (Conemaugh Health System)1		5.500			07/01/2029		2,168,600
	745,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)1		5.000			07/01/2028		745,328
	355,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)1		5.250			07/01/2026		355,280
	5,000,000	St. Mary Hospital Authority, PA Health System (Catholic Health East)1		5.250			11/15/2023		5,672,350
	150,000	Susquehanna, PA Area Regional Airport Authority1		5.000			01/01/2028		143,981
	4,300,000	Susquehanna, PA Area Regional Airport Authority1		6.500			01/01/2038		4,526,567
	800,000	Susquehanna, PA Area Regional Airport Authority (Aero Harrisburg)		5.500			01/01/2024		689,968
	75,000	Washington County, PA Hospital Authority (Washington Hospital)1		5.125			07/01/2028		75,047
	7,700,000	Washington County, PA Redevel. Authority (Victory Centre)		5.450			07/01/2035		7,896,196
	550,000	Washington, PA Township Municipal Authority		5.875			12/15/2023		560,467
	2,475,000	Washington, PA Township Municipal Authority		6.000			12/15/2033		2,522,075
	1,285,000	Westmoreland County, PA IDA (Redstone Retirement Community)		5.875			01/01/2032		1,315,596
	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)1		5.000			03/01/2027		5,184,000
	10,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)1		5.000			03/01/2037		10,183,900
	10,000	York County, PA IDA (PSEG Power)1		5.500			09/01/2020		10,119
	2,000,000	York, PA GO1		7.250			11/15/2041		2,326,060
									1,034,057,049
	U.S. Possessions—27.0%
	25,000	Guam GO1		5.375			11/15/2013		25,057
	750,000	Guam GO1		6.750			11/15/2029		843,990
	2,000,000	Guam GO1		7.000			11/15/2039		2,263,800
	700,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		872,592
	1,300,000	Guam Power Authority, Series A1		5.500			10/01/2030		1,376,102
	1,100,000	Guam Power Authority, Series A1		5.500			10/01/2040		1,151,436
	3,710,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)1		5.250			06/01/2032		3,620,441

33 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions Continued
	$       1,500,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)1		5.625	%		06/01/2047	$	1,329,015
	38,902,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		7.250	6		06/01/2057		909,529
	735,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2017		704,674
	980,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		894,132
	400,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		400,424
	2,415,000	Northern Mariana Islands Ports Authority, Series A1		5.500			03/15/2031		2,168,163
	1,580,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		1,195,317
	1,165,000	Northern Mariana Islands Ports Authority, Series A1		6.600			03/15/2028		1,148,608
	5,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2042		5,126,050
	4,500,000	Puerto Rico Aqueduct & Sewer Authority1		6.125			07/01/2024		5,312,430
	69,645,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		69,641,518
	52,735,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		52,731,836
	357,750,000	Puerto Rico Children’s Trust Fund (TASC)		6.403	6		05/15/2050		25,722,225
	136,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.325	6		05/15/2055		3,790,320
	1,817,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	6		05/15/2057		31,906,520
	9,000,000	Puerto Rico Commonwealth GO1		5.750			07/01/2036		9,671,310
	3,000,000	Puerto Rico Commonwealth GO1		5.750			07/01/2041		3,246,480
	5,000,000	Puerto Rico Electric Power Authority, Series A1		5.000			07/01/2042		5,155,600
	1,435,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2024		1,594,716
	1,510,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2025		1,664,398
	5,540,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2027		6,043,032
	1,760,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2030		1,883,922
	3,505,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2031		3,732,334
	500,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		523,490
	10,000	Puerto Rico Highway & Transportation Authority, Series A1		5.000			07/01/2038		10,001
	325,000	Puerto Rico Highway & Transportation Authority, Series H1		5.000			07/01/2028		326,970
	700,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		757,862
	1,750,000	Puerto Rico Infrastructure		6.400	6		07/01/2043		274,943
	1,400,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		1,471,708
	200,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			04/01/2027		204,294
	1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		1,248,225
	125,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125			04/01/2032		127,136

34 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions Continued
	$          185,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375	%		04/01/2042	$	188,406
	585,000	Puerto Rico ITEMECF (IEP/HESL/HECR Obligated Group)1		5.750			06/01/2019		520,902
	3,000,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2042		3,068,550
	1,500,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		1,757,685
	1,000,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		1,190,980
	1,015,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		1,016,127
	6,000,000	Puerto Rico Public Finance Corp., Series B1		5.500			08/01/2031		6,572,520
	4,500,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.500			08/01/2037		4,880,565
	2,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		2,390,900
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		7.280	6		08/01/2034		9,203,100
	22,130,000	Puerto Rico Sales Tax Financing Corp., Series C3		5.750			08/01/2057		24,688,277
	5,500,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2039		6,317,795
	18,015,000	Puerto Rico Sales Tax Financing Corp., Series C		6.380	6		08/01/2038		4,173,175
	17,450,000	V.I. Tobacco Settlement Financing Corp.		6.250	6		05/15/2035		2,370,234
	2,195,000	V.I. Tobacco Settlement Financing Corp.		6.500	6		05/15/2035		273,256
	4,150,000	V.I. Tobacco Settlement Financing Corp.		6.875	6		05/15/2035		483,973
	7,000,000	V.I. Tobacco Settlement Financing Corp.		7.625	6		05/15/2035		657,160
	30,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2021		29,444
	2,235,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2031		2,009,377
	435,000	V.I. Water & Power Authority, Series A1		5.000			07/01/2031		444,022
									323,307,048
	Total Investments, at Value (Cost $1,370,864,391)—113.2%								1,357,364,097
	Liabilities in Excess of Other Assets—(13.2)								(158,697,452	)
	Net Assets–100.0%							$	1,198,666,645

Footnotes to Statement of Investments

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

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

3. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

4. 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.

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after July 31, 2012. See Note 1 of the accompanying Notes.

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

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

8. 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.

35 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS    Continued

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

ARC	Assoc. of Retarded Citizens	HUHS	Hahnemann University Hospital System
AUS	Allegheny United Hospital	IDA	Industrial Devel. Agency
BSVHS	Baptist/St. Vincent’s Health System	IEP	Iglesia Episcopal Puertorriquena
CCMC	Crozer-Chester Medical Center	ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
CKHS	Crozer-Keystone Health System	MAS	Mercy Adult Services
COP	Certificates of Participation	MCMCSPA	Mercy Catholic Medical Center of Southeastern Pennsylvania
DCMH	Delaware County Memorial Hospital	MCP	Medical College Of Pennsylvania
DGABC	Dr. Gertrude A. Barber Center	MHH	Mercy Haverford Hospital
DGABEI	Dr. Gertrude A. Barber Educational Institute	MHP	Mercy Health Plan
DGABF	Dr. Gertrude A. Barber Foundation	MHSSPA	Mercy Health System of Southeastern Pennsylvania
DOCNHS	Daughters of Charity National Health Systems	PA/NJ	Pennsylvania/New Jersey
DRIVERS	Derivative Inverse Tax Exempt Receipts	PPAM	Philadelphia Presbytery Apartments of Morrisville
EDFA	Economic Devel. Finance Authority	PSEG	Public Service Enterprise Group
GIH	Germantown Interfaith Housing	RR	Residential Resources
GO	General Obligation	RITES	Residual Interest Tax Exempt Security
GPA	General Purpose Authority	ROLs	Residual Option Longs
H&EFA	Health and Educational Facilities Authority	RRDC	Residential Resources Devel. Corp.
H&HEFA	Hospitals and Higher Education Facilities Authority	RRSW	Residential Resources Southwest
HDA	Hospital Devel. Authority	SCHS	St. Christopher’s Hospital for Children
HEBA	Higher Education Building Authority	SRHS	Sharon Regional Health System
HECR	Hospital Episcopal Cristo Redentor	SRPS	Sharon Regional Physicians Services
HEFA	Higher Education Facilities Authority	TASC	Tobacco Settlement Asset-Backed Bonds
HEHA	Higher Education and Health Authority	UPMC	University of Pittsburgh Medical Center
HESL	Hospital Episcopal San Lucas	V.I.	United States Virgin Islands
HFA	Housing Finance Agency	WMHS	Western Maryland Health Systems

See accompanying Notes to Financial Statements.

36 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES    July 31, 2012

Assets
Investments, at value (cost $1,370,864,391)—see accompanying statement of investments	$	1,357,364,097
Cash		567,597
Receivables and other assets:
Interest		14,525,601
Shares of beneficial interest sold		2,562,045
Investments sold		105,024
Other		384,468
Total assets		1,375,508,832
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		158,210,000
Payable on borrowings (See Note 6)		14,100,000
Investments purchased on a when-issued or delayed delivery basis		1,992,200
Dividends		1,051,589
Shares of beneficial interest redeemed		976,026
Trustees’ compensation		156,970
Distribution and service plan fees		143,154
Transfer and shareholder servicing agent fees		45,813
Shareholder communications		37,931
Interest expense on borrowings		7,202
Other		121,302
Total liabilities		176,842,187
Net Assets	$	1,198,666,645
Composition of Net Assets
Paid-in capital	$	1,315,548,450
Accumulated net investment income		9,570,343
Accumulated net realized loss on investments		(112,951,854	)
Net unrealized depreciation on investments		(13,500,294	)
Net Assets	$	1,198,666,645

37 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES    Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $795,924,254 and 69,363,732 shares of beneficial interest outstanding)	$	11.47
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	12.04
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $41,661,681 and 3,632,720 shares of beneficial interest outstanding)	$	11.47
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $332,379,905 and 29,023,874 shares of beneficial interest outstanding)	$	11.45
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $28,700,805 and 2,500,546 shares of beneficial interest outstanding)	$	11.48

See accompanying Notes to Financial Statements.

38 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF OPERATIONS    For the Year Ended July 31, 2012

Investment Income
Interest	$	74,359,791
Other income		653
Total investment income		74,360,444
Expenses
Management fees		5,325,374
Distribution and service plan fees:
Class A		1,130,114
Class B		403,924
Class C		2,734,383
Transfer and shareholder servicing agent fees:
Class A		354,660
Class B		53,326
Class C		167,166
Class Y		12,110
Shareholder communications:
Class A		42,380
Class B		5,955
Class C		18,358
Class Y		740
Interest expense and fees on short-term floating rate notes issued (See Note 1)		1,793,480
Borrowing fees		1,272,345
Interest expense on borrowings		46,086
Trustees’ compensation		26,356
Custodian fees and expenses		8,339
Administration service fees		1,500
Other		247,005
Total expenses		13,643,601
Less waivers and reimbursements of expenses		(88,701	)
Net expenses		13,554,900
Net Investment Income		60,805,544
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(3,858,928	)
Net change in unrealized appreciation/depreciation on investments		95,650,397
Net Increase in Net Assets Resulting from Operations	$	152,597,013

See accompanying Notes to Financial Statements.

39 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS    

	Year Ended July 31, 2012			Year Ended July 29, 20111
Operations
Net investment income	$	60,805,544		$	69,365,022
Net realized loss		(3,858,928	)		(10,970,822	)
Net change in unrealized appreciation/depreciation		95,650,397			(35,014,387	)
Net increase in net assets resulting from operations		152,597,013			23,379,813
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(45,316,007	)		(47,455,240	)
Class B		(2,320,035	)		(3,095,134	)
Class C		(15,882,162	)		(15,802,302	)
Class Y		(1,222,488	)		(206,300	)
		(64,740,692	)		(66,558,976	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		13,147,940			(64,095,088	)
Class B		(10,431,715	)		(17,678,508	)
Class C		31,295,073			(18,734,008	)
Class Y		14,888,014			11,706,343
		48,899,312			(88,801,261	)
Net Assets
Total increase (decrease)		136,755,633			(131,980,424	)
Beginning of period		1,061,911,012			1,193,891,436
End of period (including accumulated net investment income of $9,570,343 and $16,054,984, respectively)	$	1,198,666,645		$	1,061,911,012

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

STATEMENT OF CASH FLOWS    For the Year Ended July 31, 2012

Cash Flows from Operating Activities
Net increase in net assets from operations	$	152,597,013
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(202,597,134	)
Proceeds from disposition of investment securities		183,605,824
Short-term investment securities, net		18,737,386
Premium amortization		884,214
Discount accretion		(11,396,131	)
Net realized loss on investments		3,858,928
Net change in unrealized appreciation/depreciation on investments		(95,650,397	)
Change in assets:
Increase in other assets		(33,410	)
Increase in receivable for securities sold		(100,024	)
Increase in interest receivable		(345,441	)
Change in liabilities:
Increase in payable for securities purchased		1,992,200
Increase in other liabilities		80,280
Net cash provided by operating activities		51,633,308
Cash Flows from Financing Activities
Proceeds from borrowings		259,800,000
Payments on borrowings		(257,000,000	)
Payments on short-term floating rate notes issued		(36,315,000	)
Proceeds from shares sold		184,390,337
Payments on shares redeemed		(187,901,022	)
Cash distributions paid		(14,742,059	)
Net cash used in financing activities		(51,767,744	)
Net decrease in cash		(134,436	)
Cash, beginning balance		702,033
Cash, ending balance	$	567,597

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $49,527,883.

Cash paid for interest on borrowings—$40,945.

Cash paid for interest on short-term floating rate notes issued—$1,793,480.

See accompanying Notes to Financial Statements.

41 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS    

	Year Ended July 31,			Year Ended July 29,			Year Ended July 30,			Year Ended July 31,
Class A	2012			20111			20101			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	10.60		$	10.96		$	9.28		$	11.12		$	12.77
Income (loss) from investment operations:
Net investment income2		.63			.69			.71			.69			.64
Net realized and unrealized gain (loss)		.90			(.39	)		1.62			(1.90	)		(1.69	)
Total from investment operations		1.53			.30			2.33			(1.21	)		(1.05	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.66	)		(.66	)		(.65	)		(.63	)		(.60	)
Net asset value, end of period	$	11.47		$	10.60		$	10.96		$	9.28		$	11.12
Total Return, at Net Asset Value3		14.84	%		2.98	%		25.50	%		(10.41	)%		(8.42	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$795,924			$723,618			$817,706			$675,031			$816,645
Average net assets (in thousands)		$752,625			$760,121			$778,632			$640,109			$847,089
Ratios to average net assets:4
Net investment income		5.67	%		6.50	%		6.71	%		7.53	%		5.33	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.70	%		0.70	%		0.69	%		0.73	%		0.67	%
Interest and fees from borrowings		0.12	%		0.13	%		0.27	%		0.87	%		0.14	%
Interest and fees on short-term floating rate notes issued5		0.16	%		0.20	%		0.22	%		0.49	%		0.60	%
Total expenses		0.98	%		1.03	%		1.18	%		2.09	%		1.41	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.97	%		1.03	%		1.17	%		2.09	%		1.41	%
Portfolio turnover rate		15	%		16	%		17	%		30	%		51	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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 PENNSYLVANIA MUNICIPAL FUND

	Year Ended July 31,			Year Ended July 29,			Year Ended July 30,			Year Ended July 31,
Class B	2012			20111			20101			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	10.59		$	10.95		$	9.28		$	11.12		$	12.76
Income (loss) from investment operations:
Net investment income2		.54			.60			.62			.60			.54
Net realized and unrealized gain (loss)		.91			(.38	)		1.61			(1.89	)		(1.68	)
Total from investment operations		1.45			.22			2.23			(1.29	)		(1.14	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.57	)		(.58	)		(.56	)		(.55	)		(.50	)
Net asset value, end of period	$	11.47		$	10.59		$	10.95		$	9.28		$	11.12
Total Return, at Net Asset Value3		14.02	%		2.13	%		24.36	%		(11.16	)%		(9.07	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$41,662			$48,569			$68,602			$69,650			$119,418
Average net assets (in thousands)		$44,543			$57,201			$71,759			$78,974			$148,180
Ratios to average net assets:4
Net investment income		4.86	%		5.67	%		5.87	%		6.66	%		4.51	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.54	%		1.53	%		1.53	%		1.53	%		1.46	%
Interest and fees from borrowings		0.12	%		0.13	%		0.27	%		0.87	%		0.14	%
Interest and fees on short-term floating rate notes issued5		0.16	%		0.20	%		0.22	%		0.49	%		0.60	%
Total expenses		1.82	%		1.86	%		2.02	%		2.89	%		2.20	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.81	%		1.86	%		2.01	%		2.89	%		2.20	%
Portfolio turnover rate		15	%		16	%		17	%		30	%		51	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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

	Year Ended July 31,			Year Ended July 29,			Year Ended July 30,			Year Ended July 31,
Class C	2012			20111			20101			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	10.58		$	10.94		$	9.27		$	11.11		$	12.75
Income (loss) from investment operations:
Net investment income2		.54			.61			.63			.61			.55
Net realized and unrealized gain (loss)		.91			(.39	)		1.61			(1.89	)		(1.68	)
Total from investment operations		1.45			.22			2.24			(1.28	)		(1.13	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.58	)		(.58	)		(.57	)		(.56	)		(.51	)
Net asset value, end of period	$	11.45		$	10.58		$	10.94		$	9.27		$	11.11
Total Return, at Net Asset Value3		14.01	%		2.20	%		24.47	%		(11.11	)%		(9.05	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$332,380			$277,553			$307,583			$243,599			$291,693
Average net assets (in thousands)		$302,122			$287,679			$287,513			$227,214			$309,446
Ratios to average net assets:4
Net investment income		4.89	%		5.74	%		5.93	%		6.74	%		4.56	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.46	%		1.46	%		1.45	%		1.50	%		1.44	%
Interest and fees from borrowings		0.12	%		0.13	%		0.27	%		0.87	%		0.14	%
Interest and fees on short-term floating rate notes issued5		0.16	%		0.20	%		0.22	%		0.49	%		0.60	%
Total expenses		1.74	%		1.79	%		1.94	%		2.86	%		2.18	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.73	%		1.79	%		1.93	%		2.86	%		2.18	%
Portfolio turnover rate		15	%		16	%		17	%		30	%		51	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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

	Year Ended July 31,			Period Ended July 29,
Class Y	2012			20111
Per Share Operating Data
Net asset value, beginning of period	$	10.60		$	10.68
Income (loss) from investment operations:
Net investment income2		.64			.44
Net realized and unrealized gain (loss)		.92			(.07	)
Total from investment operations		1.56			.37
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.68	)		(.45	)
Net asset value, end of period	$	11.48		$	10.60
Total Return, at Net Asset Value3		15.09	%		3.73	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$28,701			$12,171
Average net assets (in thousands)		$20,110			$4,849
Ratios to average net assets:4
Net investment income		5.70	%		6.23	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.56	%		0.57	%
Interest and fees from borrowings		0.12	%		0.13	%
Interest and fees on short-term floating rate notes issued5		0.16	%		0.20	%
Total expenses		0.84	%		0.90	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.83	%		0.90	%
Portfolio turnover rate		15	%		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 reporting period. 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

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

The Fund offers Class A, Class C and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares will be permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Previous Annual Periods. The last day of certain of the Fund’s prior fiscal years was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker

46 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

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

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the

47 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the

48 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2012, the Fund’s maximum exposure under such agreements is estimated at $80,485,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At July 31, 2012, municipal bond holdings with a value of $261,195,133 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $158,210,000 in short-term floating rate securities issued and outstanding at that date.

49 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

At July 31, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$3,250,000	Berks County, PA Municipal Authority ROLs		16.641	%		11/1/31	$	5,302,440
	7,980,000	Chester County, PA IDA (Water Facilities Authority)3		11.068			2/1/41		9,477,447
	6,240,000	Delaware County, PA IDA ROLs3		11.433			11/1/38		7,126,018
	7,500,000	Luzerne County, PA IDA (Water Facility) ROLs3		11.683			9/1/34		8,136,750
	7,000,000	Montgomery County, PA IDA RITES		12.511			8/1/38		10,161,340
	8,000,000	PA Commonwealth Financing Authority DRIVERS		7.849			6/1/32		10,022,240
	7,500,000	PA Geisinger Authority Health System DRIVERS		15.747			6/1/39		10,944,600
	5,015,000	PA HFA (Single Family Mtg.) DRIVERS		8.021			10/1/22		5,111,188
	760,000	PA HFA (Single Family Mtg.) ROLs3		8.538			10/1/32		781,257
	6,345,000	PA HFA (Single Family Mtg.) ROLs3		10.901			10/1/37		6,664,090
	6,155,000	PA Southcentral General Authority (Hanover Hospital) ROLs		18.591			6/1/29		10,069,826
	9,000,000	PA Turnpike Commission ROLs3		7.914			12/1/40		11,094,660
	5,535,000	Puerto Rico Sales Tax Financing Corp. ROLs3		17.099			8/1/57		8,093,277
								$	102,985,133

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

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $158,210,000 or 11.50% of its total assets as of July 31, 2012.

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

50 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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 31, 2012, 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	$	1,992,200

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 31, 2012 is as follows:

Cost	$	79,611,707
Market Value	$	22,082,833
Market Value as a % of Net Assets		1.84	%

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

51 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

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.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Depreciation Based on Cost of Securities and  Other Investments for Federal Income Tax Purposes
$7,774,554	$	—	$	109,554,241	$	16,897,910

1. As of July 31, 2012, the Fund had $109,554,241 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2016	$	1,143,881
2017		48,870,545
2018		43,078,455
No expiration		16,461,360
Total	$	109,554,241

2. During the fiscal year ended July 31, 2012, the Fund did not utilize any capital loss carryforward.

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.

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, 2012. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Reduction to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Loss on Investments
$387,302	$	2,549,493	$	2,936,795

52 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

The tax character of distributions paid during the years ended July 31, 2012 and July 31, 2011 was as follows:

	Year Ended July 31, 2012		Year Ended July 31, 2011
Distributions paid from:
Exempt-interest dividends	$	63,934,791	$	65,756,338
Ordinary income		418,599		1,189,940
Total	$	64,353,390	$	66,946,278

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2012 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	1,216,182,2291
Gross unrealized appreciation	$	104,668,505
Gross unrealized depreciation		(121,566,415	)
Net unrealized depreciation	$	(16,897,910	)

1. The Federal tax cost of securities does not include cost of $158,079,778 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.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2012, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	9,105
Payments Made to Retired Trustees		10,861
Accumulated Liability as of July 31, 2012		79,823

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

53 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

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.

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.

54 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

2. 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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) 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. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

55 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

2. Securities Valuation Continued

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

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

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and

56 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs 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—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 31, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs			Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania		$	—		$	1,034,057,049		$	—		$	1,034,057,049
U.S. Possessions			—			323,307,048			—			323,307,048
Total Assets		$	—		$	1,357,364,097		$	—		$	1,357,364,097

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

57 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

3. Shares of Beneficial Interest

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

	Year Ended July 31, 2012						Year Ended July 29, 20111
	Shares			Amount			Shares			Amount
Class A
Sold		9,459,222		$	105,245,449			8,958,293		$	95,825,137
Dividends and/or distributions reinvested		3,121,793			34,687,453			2,964,502			31,336,558
Redeemed		(11,486,531	)		(126,784,962	)		(18,273,952	)		(191,256,783	)
Net increase (decrease)		1,094,484		$	13,147,940			(6,351,157	)	$	(64,095,088	)
Class B
Sold		494,957		$	5,475,955			560,179		$	5,960,996
Dividends and/or distributions reinvested		169,735			1,881,338			202,689			2,144,251
Redeemed		(1,616,427	)		(17,789,008	)		(2,441,536	)		(25,783,755	)
Net decrease		(951,735	)	$	(10,431,715	)		(1,678,668	)	$	(17,678,508	)
Class C
Sold		5,093,656		$	56,692,049			3,427,599		$	36,701,253
Dividends and/or distributions reinvested		1,091,972			12,119,353			988,382			10,432,273
Redeemed		(3,395,650	)		(37,516,329	)		(6,299,300	)		(65,867,534	)
Net increase (decrease)		2,789,978		$	31,295,073			(1,883,319	)	$	(18,734,008	)
Class Y
Sold		1,724,445		$	19,024,517			1,202,585		$	12,263,088
Dividends and/or distributions reinvested		75,217			839,739			19,116			199,820
Redeemed		(447,069	)		(4,976,242	)		(73,748	)		(756,565	)
Net increase		1,352,593		$	14,888,014			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.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2012, were as follows:

	Purchases		Sales
Investment securities	$	202,597,134	$	183,605,824

58 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

5. 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.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2012, the Fund paid $581,779 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

59 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

5. Fees and Other Transactions with Affiliates Continued

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, 2012 were as follows:

Class B	$	3,051,846
Class C		5,646,514

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.

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
July 31, 2012	$	311,260	$	—	$	55,092	$	12,960

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 31, 2012, the Manager reimbursed the Fund $88,701 for legal costs and fees.

OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class; this limit also applied to Class A shares prior to October 1, 2011. Effective October 1, 2011, OFS has voluntarily agreed to limit its fees for Class A shares to 0.30% of average annual net assets of the class.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as

60 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 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 Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 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 (0.3384% as of July 31, 2012). 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 31, 2012 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 31, 2012, the Fund had borrowings outstanding at an interest rate of 0.3384%. Details of the borrowings for the year ended July 31, 2012 are as follows:

Average Daily Loan Balance	$	16,338,525
Average Daily Interest Rate		0.267	%
Fees Paid	$	977,263
Interest Paid	$	40,945

61 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

7. Reverse Repurchase Agreements

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

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended July 31, 2012 are included in expenses on the Fund’s Statement of Operations and equal 0.03% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to 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 31, 2012.

8. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor

62 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

(the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain 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 securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. 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.

Other class action and individual 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. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. 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. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. In June 2012, the court granted appellees’ motion to dismiss the appeal. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

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,

63 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS    Continued

8. Pending Litigation Continued

a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark 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. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. 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.

64 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 (a separate series of Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2012, 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 or periods in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2012, 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 Pennsylvania Municipal Fund as of July 31, 2012, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 17, 2012

65 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

CREDIT ALLOCATION    Unaudited

This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.

The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.

The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, 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.

The credit allocations below are as of July 31, 2012 and are subject to change. The percentages are based on the market value of the Fund’s securities as of July 31, 2012 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.

	NRSRO—Rated			Unrated by a NRSRO; Internally Rated by the Manager			Total
AAA		0.0	%		0.0	%		0.0	%
AA		25.7			0.8			26.5
A		10.0			0.0			10.0
BBB		42.7			4.9			47.6
BB or lower		6.1			9.8			15.9
Total		84.5	%		15.5	%		100.0	%

66 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION    Unaudited

In early 2012, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2011.

None of the dividends paid by the Fund during the fiscal year ended July 31, 2012 are eligible for the corporate dividend-received deduction. 99.35% 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.

67 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS    Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (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 30^th, no later than August 31^st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from Oppenheimer Funds. Householding does not affect the delivery of your account statements.

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

68 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited

Name, Position(s) Held with the Fund, Length of Service, Age	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 69	Director of Community Foundation of the Florida Keys (non-profit) (July 2012-June 2013); Chairman Emeritus and Non-Voting Trustee of The Jackson Laboratory (non-profit) (since August 2011); 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); Chairman (August 2007-July 2011) and Trustee (August 1991-July 2011) of the Board of Trustees of The Jackson Laboratory (non-profit); 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 58 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: 72	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 58 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005,

69 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited / Continued

David K. Downes, Continued	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.
Matthew P. Fink, Trustee (since 2005) Age: 71	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); 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); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 58 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: 73	Fellow of the Carnegie Corporation (since 2007); Member of the National Academy of Sciences (since 1979); Council on Foreign Relations (since 2002); Foreign Associate of Third World Academy of Sciences (since 2002); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Director of GSI Lumonics Inc. (precision technology products company) (2001-2010); Senior Advisor of The Andrew W. Mellon Foundation (2001-2010); Distinguished Presidential Fellow for International Affairs of the National Academy of Science (2002-2010); 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 58 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: 69	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 58 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: 60	Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); 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 58

70 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Joel W. Motley, Continued	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: 66	Director and Secretary of the Appalachian Mountain Club (non-profit outdoor organization) (since January 2012); Director of Opera House Arts (non-profit arts organization) (since October 2011); Independent Director of the ICI Board of Governors (since October 2011); 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 58 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: 71	Director of C-TASC (bio-statistics services) (2007-2012); 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 58 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: 64	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 58 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.

71 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited / Continued

OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Glavin, Gabinet 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, Pulire 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) Age: 48	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 (1999-2001). 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) Age: 40	Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Age: 39	Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (2003- 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 (since 2009) Age: 36	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) Age: 36	Vice President of the Manager (since January 2011); Assistant Vice President of the Manager (July 2009-December 2010); Associate Portfolio Manager of the Manager (January 2008-November 2010).). 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.
Charles S. Pulire, Vice President (since 2011) Age: 35	Assistant Vice President of the Manager (since December 2010); Research Analyst of the Manager (January 2008-November 2010); Credit Analyst of the Manager (May 2006-February 2008). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2007) Age: 54	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Manager (since June 2011) and a Vice President of the Manager (1997-May 2011); headed Rochester’s Credit Analysis team (since May 1993).
William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 53	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 BabsonCapital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006)

72 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

William F. Glavin, Jr., Continued	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 63 portfolios as a Trustee/Director and 95 portfolios as an officer in the OppenheimerFunds complex.
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Age: 54	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 (January 2011-January 2012); 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 95 portfolios in the OppenheimerFunds complex.
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 39	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 95 portfolios in the OppenheimerFunds complex.
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 61	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 95 portfolios in the OppenheimerFunds complex.

73 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS    Unaudited / Continued

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 52 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) (June 2003-January 2012); 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 95 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.CALL OPP (225.5677).

74 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	KPMGLLP
Counsel	K&L Gates LLP

^©2012 OppenheimerFunds, Inc. All rights reserved.

75 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

PRIVACY POLICY

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:

l Applications or other forms

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

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

l Your transactions with us, our affiliates or others

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

l 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.

76 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Internet Security and Encryption

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

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

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.

l 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.

l 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.

l 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.CALL OPP (225.5677).

77 OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

July 31, 2012

Oppenheimer Rochester National Municipals Management Commentary and Annual Report

MANAGEMENT COMMENTARY

An Interview with Your Fund’s Portfolio Managers

ANNUAL REPORT

Listing of Top Holdings

Fund Performance Discussion

Financial Statements

“We hope that the recent strength of the municipal bond market has renewed investors’ confidence in the market’s powerful ability to help investors earn tax-advantaged income.”

Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco-Master Settlement Agreement		17.0	%
Airlines		11.6
Special Assessment		9.8
Hospital/Healthcare		9.2
General Obligation		5.4
Tax Increment Financing		5.1
Adult Living Facilities		4.2
Sales Tax Revenue		3.5
Highways/Commuter Facilities		3.2
Diversified Financial Services		3.0
Portfolio holdings are subject to change. Percentages are as of July 31, 2012, and are based on total assets.
Credit Rating Breakdown	NRSRO Only Total
AAA		6.8	%
AA		22.1
A		9.6
BBB		10.1
BB and lower		16.4
Unrated		35.0
Total		100.0	%
The percentages above are based on the market value of the Fund’s securities as of July 31, 2012, 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.

9 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 31, 2012, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.

Management’s Discussion of Fund Performance. In the reporting period ended July 31, 2012, Oppenheimer Rochester National Municipals benefited from a rally in the municipal market and produced an annual total return of 16.63% at net asset value (11.09% with sales charge).

The charts on pages 14 to 17 show the Fund’s performance. We encourage investors to remain focused on their long-term financial objectives, and we believe that this Fund’s investments offer structural advantages that can help shareholders achieve their investment goals over the long term.

The Fund continued to be invested this reporting period in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S tobacco manufacturers. As of July 31, 2012, holdings in this sector represented 17.0% of the Fund’s total assets, comprising the industry’s largest sector.¹

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. Our long-term view of the sector remains bullish and, given attractive valuations, we will likely continue to hold a greater percentage of tobacco bonds in our portfolios than our peers. 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. This sector contributed strongly to the Fund’s total return this reporting period.

The Fund’s airline holdings represented 11.6% of total assets as of July 31, 2012. 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. In late November 2011, AMR Corporation, the parent company of American Airlines, filed for bankruptcy protection. While the filing itself was largely expected, the timing came as a surprise to the market. As a result, prices of AMR’s equity and bond offerings declined. We anticipate that many of AMR’s obligations will be maintained through the bankruptcy period, and many of them will either be restructured

1. 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.

10 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

or resolved at prices that are currently reflected by the market and already incorporated into the Fund’s net asset values. Investors should also know that we would not expect this bankruptcy to be resolved in the short term. These proceedings—as exemplified by past filings, most notably Northwest Airlines in 2005—can take 2 years or more to be fully resolved. The price changes in the Fund’s AMR holdings caused this sector to be a detractor from performance in 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 9.8% 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. In this reporting period, the Fund experienced a reduction in the number of holdings that missed or were likely to miss a scheduled payment of interest or principal, and some positions in the Special Assessment and Special Tax sectors were sold.

The Special Tax and Special Assessment sectors were both positive contributors to the Fund’s total return this reporting period. 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 Fund remains focused on working through other distressed situations and will continue to sell holdings opportunistically.

As of July 31, 2012, the Fund was invested in the hospital/healthcare sector, representing 9.2% 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 many politicians, lobbyists, activists and others continued to argue about the constitutionality of the Affordable Care Act of 2010. On June 28, 2012, the Supreme Court upheld the “individual mandate,” which was considered the most controversial element of the Act. Immediately after the court’s ruling, some politicians suggested that Congress would revisit and perhaps seek to override the legislation. However, none of these developments has 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 positively to the Fund’s total return this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 6.6% of the Fund’s net assets on July 31, 2012,

11 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

and contributed positively to the Fund’s total return this reporting period. The Fund’s holdings come from many different sectors, including the tobacco and sales tax revenue sectors, as well as general obligation debt. These investments are supported by taxes and other revenues designed to help finance electric utilities, highways and education.

During this reporting period, the market continued to react favorably to better fiscal management under the leadership of Gov. Luis Fortuño. This discipline has helped Puerto Rico significantly reduce pressure on its municipal bonds. The administration proposed another deficit budget for the fiscal year that began July 1, 2012, but has lowered the size of the deficit relative to spending considerably in recent years.

Bond sales have remained strong, despite concerns raised over credit quality. In a period of low issuance, the Puerto Rico Aqueduct and Sewer Authority came to market in February 2012 with $1.8 billion in senior-lien revenue bonds, the largest scheduled sale in the long-term market to date for the year. It came to market once again in March 2012, with another significant sale for $2.3 billion in public improvement refunding bonds, an increase from the anticipated $1.5 billion priced ahead of schedule.

During this reporting period, both S&P and Moody’s revised their outlooks on general obligation debt issued by the Commonwealth. As of July 31, 2012, the S&P rating was BBB and the Moody’s rating was Baa1, both with negative outlooks. While the ratings agencies have raised concerns about the fiscal environment’s potential to delay structurally balanced budgets in the near future, our stance remains bullish. We continue to remain confident in the Commonwealth’s ability to collect taxes and make its bond payments.

General obligation debt backed by the full faith and taxing authority of the state and local governments represented 5.4% of the Fund’s total assets as of July 31, 2012, and contributed positively to the Fund’s total return. Elected officials consistently safeguarded the debt service payments on their general obligation bonds this reporting period, while working to resolve their ongoing budget challenges.

Tax increment financing (TIF) bonds constituted 5.1% of the Fund’s total assets at the end of the reporting period. Traditionally, this type of financing has been used for urban renewal projects. Increased tax collections as a result of inflation or an improving economy typically prove favorable for these types of bonds. The TIF sector contributed favorably to the Fund’s total return this reporting period.

The adult living facilities sector, with 4.2% of the Fund’s total assets as of July 31, 2012, 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.

12 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

The electric utilities sector, with 1.2% of the Fund’s total assets as of July 31, 2012, had a negative impact on the Fund’s total return this reporting period. The overall fundamentals appeared to be stable this reporting period and this sector, in the Fund’s experience, has typically been additive to Fund performance. This reporting period, the prices of the Fund’s investment in bonds issued by Energy Future Holdings (formerly TXU Corporation) declined amid widespread speculation that a corporate restructuring was in the offing, causing the sector to underperform.

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 face greater price volatility, too. In periods of low short-term interest rates, inverse floaters generally offer very attractive levels of tax-free income. These securities contributed positively to the Fund’s total return this reporting period.

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.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2012. 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.

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 index.

13 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

Class A Shares

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

Average Annual Total Returns of Class A Shares With Sales Charge of the Fund at 7/31/12

1-Year  11.09%       5-Year  –3.01%      10-Year  2.81%

14 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Class B Shares

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

Average Annual Total Returns of Class B Shares With Sales Charge of the Fund at 7/31/12

1-Year  10.76%       5-Year  –3.15%      10-Year  2.84%

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 oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 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 18 for further information.

15 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

Class C Shares

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

Average Annual Total Returns of Class C Shares With Sales Charge of the Fund at 7/31/12

1-Year  14.80%       5-Year  –2.83%      10-Year  2.51%

16 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Class Y Shares

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

Average Annual Total Returns of Class Y Shares of the Fund at 7/31/12

1-Year  16.97%      Since Inception (11/29/10)  13.72%

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 oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 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 18 for further information.

17 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 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 summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

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.

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.

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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 31, 2012.

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.

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Actual	Beginning Account Value February 1, 2012		Ending Account Value July 31, 2012		Expenses Paid During 6 Months Ended July 31, 2012
Class A	$	1,000.00	$	1,088.70	$	5.31
Class B		1,000.00		1,084.00		9.58
Class C		1,000.00		1,084.90		9.32
Class Y		1,000.00		1,091.10		4.53
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.79		5.14
Class B		1,000.00		1,015.71		9.26
Class C		1,000.00		1,015.96		9.01
Class Y		1,000.00		1,020.54		4.38

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 31, 2012 are as follows:

Class	Expense Ratios
Class A		1.02	%
Class B		1.84
Class C		1.79
Class Y		0.87

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.

20 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS July 31, 2012

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—118.9%
	Alabama—0.3%
	$             15,000	AL HFA (South Bay Apartments)1		5.950	%		02/01/2033	$	15,147
	8,095,000	AL Space Science Exhibit Finance Authority		6.000			10/01/2025		7,364,912
	1,810,000	Andalusia-Opp, AL Airport Authority1		5.000			08/01/2026		1,755,067
	2,200,000	Rainbow City, AL Special Health Care Facilities Financing Authority (Regency Pointe)2		8.250			01/01/2031		1,407,780
	10,000	Selma, AL Industrial Devel. Board (International Paper Company)1		6.000			05/01/2025		10,084
	6,885,000	Tuscaloosa, AL Educational Building Authority (Stillman College)1		5.000			06/01/2026		5,814,658
	2,600,000	Tuscaloosa, AL Educational Building Authority (Stillman College)1		5.250			06/01/2037		2,068,742
									18,436,390
	Alaska—0.2%
	2,250,000	AK Industrial Devel. & Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)2		6.150			08/01/2031		808,358
	40,000	AK Industrial Devel. & Export Authority (Snettisham)1		6.000			01/01/2014		40,134
	1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)2		5.875			12/01/2027		561,017
	500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)2		6.000			12/01/2036		170,005
	31,850,000	AK Northern Tobacco Securitization Corp. (TASC)		6.125	3		06/01/2046		1,032,896
	20,860,000	AK Northern Tobacco Securitization Corp. (TASC)		6.375	3		06/01/2046		642,697
	10,350,000	Koyukuk, AK (Tanana Chiefs Conference Health Care Facility)1		7.750			10/01/2041		11,347,119
									14,602,226
	Arizona—2.2%
	7,680,000	AZ Health Facilities Authority (Catholic Healthcare West)1		5.250			03/01/2039		8,551,296
	2,900,000	Buckeye, AZ Watson Road Community Facilities District		5.750			07/01/2022		2,861,111
	4,600,000	Buckeye, AZ Watson Road Community Facilities District		6.000			07/01/2030		4,363,008
	8,388,832	East San Luis, AZ Community Facilities District Special Assessment (Area One)		6.375			01/01/2028		7,846,075
	4,349,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)4		8.500			01/01/2028		3,756,188
	305,000	Estrella Mountain Ranch, AZ Community Facilities District1		5.450			07/15/2021		312,421

21 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Arizona Continued
	$          810,000	Estrella Mountain Ranch, AZ Community Facilities District1		5.625	%		07/15/2025	$	823,730
	900,000	Estrella Mountain Ranch, AZ Community Facilities District1		5.800			07/15/2030		912,384
	1,015,000	Estrella Mountain Ranch, AZ Community Facilities District1		5.900			07/15/2022		1,066,887
	335,000	Estrella Mountain Ranch, AZ Community Facilities District1		6.125			07/15/2027		349,562
	500,000	Estrella Mountain Ranch, AZ Community Facilities District1		6.200			07/15/2032		517,830
	927,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)1		6.000			07/01/2017		949,888
	1,255,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)1		6.375			07/01/2022		1,240,869
	4,111,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)1		6.750			07/01/2032		3,929,047
	15,000,000	Glendale, AZ Western Loop Public Facilities1		6.250			07/01/2038		15,989,250
	1,000,000	Goodyear, AZ IDA Water & Sewer (Litchfield Park Service Company)1		6.750			10/01/2031		1,000,670
	3,280,000	Maricopa County, AZ IDA (Christian Care Apartments)1		6.500			01/01/2036		3,315,457
	1,875,000	Maricopa County, AZ IDA (Immanuel Campus Care)2		8.500			04/20/2041		1,835,213
	295,000	Maricopa County, AZ IDA (Sun King Apartments)1		6.750			11/01/2018		265,556
	2,345,000	Maricopa County, AZ IDA (Sun King Apartments)1		6.750			05/01/2031		1,798,193
	3,595,000	Maricopa County, AZ IDA (Sun King Apartments)		9.500			11/01/2031		3,002,975
	437,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien1		5.250			07/01/2024		410,417
	360,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien1		5.250			07/01/2024		338,101
	877,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien1		5.300			07/01/2030		780,109
	1,125,000	Palm Valley, AZ Community Facility District No. 31		5.300			07/15/2031		1,027,013
	420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)1		5.300			07/15/2025		402,889
	350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)1		5.350			07/15/2031		321,468
	3,275,000	Phoenix, AZ IDA (America West Airlines)		6.250			06/01/2019		2,992,564
	7,500,000	Phoenix, AZ IDA (America West Airlines)		6.300			04/01/2023		6,632,400
	1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		1,625,745
	1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)		5.875			11/01/2037		1,198,636

22 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Arizona Continued
	$       1,575,000	Pima County, AZ IDA (Christian Senior Living)1		5.050	%		01/01/2037	$	1,597,853
	1,250,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)		6.250			06/01/2026		1,274,975
	3,700,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)		6.375			06/01/2036		3,752,170
	12,400,000	Pima County, AZ IDA (Metro Police Facility)5		5.375			07/01/2039		13,605,404
	3,000,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)		8.125			07/01/2041		3,315,840
	1,500,000	Pima County, AZ IDA (P.L.C. Charter Schools)		6.750			04/01/2036		1,476,330
	5,730,000	Pima County, AZ IDA (P.L.C. Charter Schools)		7.500			04/01/2041		5,964,701
	250,000	Pima County, AZ IDA (Paradise Education Center)1		5.875			06/01/2022		257,560
	550,000	Pima County, AZ IDA (Paradise Education Center)1		6.000			06/01/2036		555,374
	1,600,000	Pima County, AZ IDA (Sonoran Science Academy)		5.670			12/01/2027		1,513,680
	1,960,000	Pima County, AZ IDA (Sonoran Science Academy)		5.750			12/01/2037		1,791,950
	2,215,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)1		5.600			12/01/2022		2,319,725
	11,100,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)1		5.750			12/01/2032		11,570,529
	9,000,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)1		6.550			12/01/2037		9,420,300
	1,220,000	Pinal County, AZ IDA (San Manuel Facility)1		6.250			06/01/2026		1,223,343
	1,089,000	Prescott Valley, AZ Southside Community Facilities District No. 1		7.250			07/01/2032		809,508
	1,500,000	Quail Creek, AZ Community Facilities District1		5.550			07/15/2030		1,404,480
	265,000	Show Low Bluff, AZ Community Facilities District		5.600			07/01/2031		233,208
	150,000	Show Low Bluff, AZ Community Facilities District Special Assessment		5.200			07/01/2017		151,145
	695,000	Tempe, AZ IDA (Tempe Life Care Village)1		6.000			12/01/2032		746,277
	1,550,000	Tempe, AZ IDA (Tempe Life Care Village)1		6.250			12/01/2042		1,673,179
	600,000	Tempe, AZ IDA (Tempe Life Care Village)1		6.250			12/01/2046		647,682
	505,000	Tucson, AZ IDA (Joint Single Family Mtg.)1		5.000			01/01/2039		515,741
	4,000,000	Verrado, AZ Community Facilities District No. 11		5.350			07/15/2031		3,673,920
									149,911,826
	Arkansas—0.1%
	7,495,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)2		6.250			02/01/2038		4,256,560
	California—18.6%
	2,500,000	Adelanto, CA Public Utility Authority1		6.750			07/01/2039		2,749,975

23 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	California Continued
	$          750,000	Alhambra, CA (Atherton Baptist Homes)1		7.625	%		01/01/2040	$	832,695
	380,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)1		6.000			09/01/2028		391,757
	1,095,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)1		6.000			09/01/2030		1,128,770
	4,070,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)1		6.250			09/01/2040		4,195,071
	11,720,000	Bay Area CA Toll Authority (San Francisco Bay Area)5		5.500			04/01/2043		13,324,103
	2,745,000	Beaumont, CA Financing Authority1		5.250			09/01/2039		2,807,449
	100,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1		5.750			05/01/2034		101,052
	235,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1		6.200			05/01/2031		236,734
	5,500,000	Brea, CA Community Facilities District (Brea Plaza Area)1		7.375			09/01/2039		5,950,560
	25,000	Buena Park, CA Special Tax (Park Mall)1		6.125			09/01/2033		25,239
	127,310,000	CA County Tobacco Securitization Agency		6.489	3		06/01/2046		4,606,076
	107,400,000	CA County Tobacco Securitization Agency		6.619	3		06/01/2050		2,240,364
	33,920,000	CA County Tobacco Securitization Agency		6.650	3		06/01/2046		1,100,026
	215,100,000	CA County Tobacco Securitization Agency		7.000	3		06/01/2055		2,690,901
	246,760,000	CA County Tobacco Securitization Agency		7.477	3		06/01/2055		2,149,280
	10,530,000	CA County Tobacco Securitization Agency		8.150	3		06/01/2033		1,097,226
	255,000	CA County Tobacco Securitization Agency (TASC)1		5.250			06/01/2045		204,436
	19,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		13,761,130
	10,000,000	CA County Tobacco Securitization Agency (TASC)		5.450			06/01/2028		9,052,900
	1,965,000	CA County Tobacco Securitization Agency (TASC)1		5.500			06/01/2033		1,874,669
	14,800,000	CA County Tobacco Securitization Agency (TASC)		5.600			06/01/2036		13,017,044
	36,000,000	CA County Tobacco Securitization Agency (TASC)		5.650			06/01/2041		31,403,520
	58,530,000	CA County Tobacco Securitization Agency (TASC)		5.700			06/01/2046		50,382,624
	2,610,000	CA County Tobacco Securitization Agency (TASC)1		5.875			06/01/2035		2,609,739
	7,285,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		7,227,886
	2,930,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2042		2,909,197

24 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	California Continued
	$       5,000,000	CA County Tobacco Securitization Agency (TASC)		6.125	%		06/01/2038	$	4,999,900
	57,000,000	CA County Tobacco Securitization Agency (TASC)		6.400	3		06/01/2046		3,149,250
	525,920,000	CA County Tobacco Securitization Agency (TASC)		6.664	3		06/01/2050		22,183,306
	9,125,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		10,587,738
	13,190,000	CA GO5		5.050			12/01/2036		13,505,216
	14,000,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.000			06/01/2033		11,239,480
	7,935,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.125			06/01/2047		6,068,450
	133,715,000	CA Golden State Tobacco Securitization Corp. (TASC)5		5.750			06/01/2047		113,206,356
	51,790,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.750			06/01/2047		43,846,968
	340,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.000	3		06/01/2047		4,406,400
	15,420,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)5		5.750			07/01/2039		17,836,777
	15,000,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)1		5.750			07/01/2039		17,350,950
	11,095,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center Obligated Group)5		5.000			11/15/2042		11,654,829
	24,000,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center)5		5.250			11/15/2046		25,472,160
	7,050,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center)1		5.250			11/15/2046		7,482,447
	2,700,000	CA Independent Cities Finance Authority (Augusta Communities Mobile Home Park)6		5.000			05/15/2047		2,774,736
	1,835,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)1		6.250			07/15/2050		1,967,817
	10,000,000	CA Infrastructure and Economic Devel. (Sanford Consortium)5		5.000			05/15/2040		11,228,100
	8,600,000	CA M-S-R Energy Authority		7.000			11/01/2034		11,294,982
	3,300,000	CA Municipal Finance Authority (Casa Griffin Apts.)1		6.000			10/01/2046		3,507,603
	750,000	CA Municipal Finance Authority (Harbor Regional Center)1		8.500			11/01/2039		905,873
	6,500,000	CA Public Works1		5.000			04/01/2037		7,040,930
	6,970,000	CA Public Works1		5.750			03/01/2030		7,973,959
	1,000,000	CA Public Works1		6.000			03/01/2035		1,185,330
	3,960,000	CA Public Works1		6.625			11/01/2034		4,890,323

25 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	California Continued
	$   160,600,000	CA Silicon Valley Tobacco Securitization Authority		8.147	%3		06/01/2056	$	1,479,126
	82,250,000	CA Silicon Valley Tobacco Securitization Authority		8.435	3		06/01/2056		625,923
	25,800,000	CA Silicon Valley Tobacco Securitization Authority		8.590	3		06/01/2041		2,186,808
	70,785,000	CA Silicon Valley Tobacco Securitization Authority		8.994	3		06/01/2036		9,857,519
	13,505,000	CA Silicon Valley Tobacco Securitization Authority		9.002	3		06/01/2047		684,974
	4,500,000	CA Statewide CDA (Daughters of Charity)1		5.250			07/01/2030		4,655,115
	10,000	CA Statewide CDA (Escrow Term)1		6.750			09/01/2037		10,208
	13,500,000	CA Statewide CDA (Kaiser Permanente)1		5.000			04/01/2042		14,816,925
	7,500,000	CA Statewide CDA (Lodi Memorial Hospital)1		5.000			12/01/2027		7,906,725
	2,019,578	CA Statewide CDA (Microgy Holdings)2		9.000			12/01/2038		18,863
	1,500,000	CA Statewide CDA (Notre Dame de Namur University)1		6.625			10/01/2033		1,517,010
	4,875,000	CA Statewide CDA (Sutter Health/California Pacific Medical Center Obligated Group)1		5.250			11/15/2048		5,244,428
	200,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)1		5.600			09/01/2020		210,706
	555,300,000	CA Statewide Financing Authority Tobacco Settlement		7.001	3		06/01/2055		5,880,627
	260,000,000	CA Statewide Financing Authority Tobacco Settlement		7.876	3		06/01/2055		2,264,600
	4,500,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2037		4,500,405
	100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2043		99,295
	1,405,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2043		1,395,095
	55,000	CA Western Hills Water District Special Tax (Diablo Grande Community Facilities)1		6.700			09/01/2020		45,721
	2,500,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)1		7.250			08/01/2033		2,805,425
	10,465,000	Cerritos, CA Community College District5		5.250			08/01/2033		12,030,025
	165,000	Chino, CA Community Facilities District Special Tax1		5.000			09/01/2026		166,284
	985,000	Chino, CA Community Facilities District Special Tax No. 2005-11		5.000			09/01/2023		995,963
	1,490,000	Chino, CA Community Facilities District Special Tax No. 2005-11		5.000			09/01/2036		1,391,139
	350,000	Chino, CA Community Facilities District Special Tax No. 2009-19-11		6.250			09/01/2027		360,868
	275,000	Chino, CA Community Facilities District Special Tax No. 2009-19-11		6.375			09/01/2028		283,553

26 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	California Continued
	$       1,300,000	Chino, CA Community Facilities District Special Tax No. 2009-19-11		6.750	%		09/01/2040	$	1,340,287
	5,855,000	Compton, CA Public Finance Authority1		5.250			09/01/2027		4,928,680
	1,440,000	Coyote Canyon, CA Public Facilities Community Facilities District No. 2004-11		6.625			09/01/2039		1,566,432
	33,000,000	Desert, CA Community College District5		5.000			08/01/2037		35,779,920
	25,000	Eastern CA Municipal Water District Community Facilities Special Tax1		6.300			09/01/2022		25,284
	820,000	Elsinore Valley, CA Municipal Water District Community Facilities District No. 2004-11		6.625			09/01/2040		888,798
	10,000,000	Foothill, CA De Anza Community College District1		5.000			08/01/2040		11,588,600
	100,000	Fort Bragg, CA Redevel. Agency Tax Allocation1		5.300			05/01/2024		102,804
	15,000,000	Grossmont, CA Union High School District5		5.500			08/01/2045		17,680,050
	200,000	Imperial, CA Redevel. Agency Tax Allocation (Imperial Redevel.)1		5.000			12/01/2036		184,146
	80,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		6.750	3		06/01/2047		3,641,600
	432,795,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.626	3		06/01/2057		3,752,333
	1,000,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		8.001	3		06/01/2057		8,670,000
	1,490,000	Jurupa, CA Community Services District Special Tax Community Facilities District No. 41		5.700			09/01/2034		1,516,984
	400,000	Jurupa, CA Public Financing Authority1		6.000			09/01/2028		412,412
	350,000	Jurupa, CA Public Financing Authority1		6.000			09/01/2029		360,843
	310,000	Jurupa, CA Public Financing Authority1		6.000			09/01/2030		319,588
	350,000	Jurupa, CA Public Financing Authority1		6.000			09/01/2031		360,801
	500,000	Jurupa, CA Public Financing Authority1		6.000			09/01/2032		515,405
	1,000,000	Lake Elsinore, CA Unified School District Community Facilities District No. 04-31		5.250			09/01/2029		1,005,240
	1,335,000	Lathrop, CA Special Tax Community Facilities District No. 03-21		7.000			09/01/2033		1,376,879
	3,250,000	Los Alamitos, CA Unified School District COP		0.000	7		08/01/2042		1,788,898
	8,755,000	Los Angeles County, CA Unified School District5		5.000			01/01/2034		9,908,955
	1,625,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)1		5.750			09/01/2040		1,674,563
	31,940,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)5		5.375			05/15/2030		35,609,587
	5,000,000	Los Angeles, CA Dept. of Water & Power5		5.000			07/01/2034		5,615,300
	90,000	Los Angeles, CA Multifamily Hsg. (Arminta North & South)		7.700			06/20/2028		90,088

27 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	California Continued
	$       4,500,000	Los Angeles, CA Regional Airports Improvement Corp. (Air Canada)		8.750	%		10/01/2014	$	4,500,675
	10,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)		7.000			12/01/2012		9,980
	5,350,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)		7.125			12/01/2024		5,349,251
	19,050,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)		7.500			12/01/2024		19,047,143
	99,245,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)		7.500			12/01/2024		99,230,063
	11,740,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)		9.250			08/01/2024		11,814,197
	26,875,000	Los Angeles, CA Unified School District5		5.000			07/01/2030		29,391,774
	11,000,000	Los Angeles, CA Unified School District5		5.000			07/01/2032		12,392,160
	30,000,000	Los Angeles, CA Unified School District5		5.000			07/01/2032		33,826,500
	7,330,000	Los Angeles, CA Unified School District5		5.000			01/01/2034		8,296,898
	10,550,000	Los Angeles, CA Unified School District5		5.000			01/01/2034		11,941,069
	200,000	Maywood, CA Public Financing Authority1		7.000			09/01/2038		198,562
	1,250,000	Modesto, CA Special Tax Community Facilities District No. 41		5.150			09/01/2036		1,250,850
	1,470,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax1		5.000			09/01/2037		1,429,002
	11,535,000	Newport Beach, CA (Presbyterian Hoag Memorial Hospital)5		5.000			12/01/2024		12,106,576
	20,000,000	Northern CA Tobacco Securitization Authority (TASC)		5.375			06/01/2038		16,241,600
	115,975,000	Northern CA Tobacco Securitization Authority (TASC)		6.375	3		06/01/2045		3,388,790
	2,825,000	Novato, CA Redevel. Agency (Hamilton Field Redevel.)1		6.750			09/01/2040		3,260,333
	5,925,000	Palm Desert, CA Improvement Bond Act 19151		5.100			09/02/2037		4,854,649
	14,000,000	Paramount, CA Unified School District1		0.000	7		08/01/2045		9,324,980
	15,435,000	Peralta, CA Community College District5		5.000			08/01/2035		16,335,461
	1,000,000	Perris, CA Community Facilities District Special Tax1		5.300			09/01/2035		1,012,110
	10,000	Perris, CA Public Financing Authority, Series A1		6.125			09/01/2034		10,418
	28,054,000	River Rock, CA Entertainment Authority		8.000			11/01/2018		27,232,859
	1,750,000	Riverside County, CA Redevel. Agency1		7.125			10/01/2042		2,078,038
	4,700,000	Riverside, CA (Recovery Zone Facility) COP1		5.500			03/01/2040		4,971,237
	400,000	Riverside, CA Special Tax Community Facilities District No. 92-1, Series A1		5.300			09/01/2034		400,476
	1,345,000	Riverside, CA Unified School District Special Tax Community Facilities District No. 151		5.600			09/01/2034		1,368,645

28 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	California Continued
	$       1,750,000	Sacramento County, CA COP1		5.750	%		02/01/2030	$	1,961,803
	325,000	San Bernardino, CA Special Tax Community Facilities District No. 2006-1 (Lytle Creek)1		5.625			09/01/2034		334,906
	825,000	San Bernardino, CA Special Tax Community Facilities District No. 2006-1 (Lytle Creek)1		5.750			09/01/2040		850,097
	2,000,000	San Buenaventura, CA Community Memorial Health Systems1		8.000			12/01/2031		2,533,760
	2,200,000	San Diego County, CA COP		5.700			02/01/2028		1,760,836
	16,260,000	San Francisco, CA Bay Area Toll Authority5		5.125			04/01/2047		18,485,487
	750,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		6.750			08/01/2041		877,868
	1,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		7.000			08/01/2041		1,143,080
	5,000,000	San Joaquin Hills, CA Transportation Corridor		6.250	3		01/15/2031		1,813,950
	6,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1		5.750			06/01/2026		6,707,280
	73,990,000	Silicon Valley CA Tobacco Securitization Authority		8.902	3		06/01/2047		3,752,773
	28,690,000	Southern CA Tobacco Securitization Authority1		5.125			06/01/2046		22,636,984
	195,570,000	Southern CA Tobacco Securitization Authority		6.383	3		06/01/2046		5,384,042
	41,325,000	Southern CA Tobacco Securitization Authority		6.400	3		06/01/2046		1,084,368
	143,080,000	Southern CA Tobacco Securitization Authority		7.100	3		06/01/2046		3,465,398
	1,655,000	Stockton, CA Public Financing Authority, Series A1		5.250			09/01/2031		1,262,037
	12,115,000	Stockton, CA Unified School District		5.920	3		08/01/2038		2,778,212
	14,735,000	Stockton, CA Unified School District		5.950	3	��	08/01/2041		2,838,992
	17,145,000	Stockton, CA Unified School District		5.950	3		08/01/2043		2,937,110
	6,245,000	Stockton, CA Unified School District		6.000	3		08/01/2037		1,519,221
	5,360,000	Stockton, CA Unified School District		6.020	3		08/01/2048		671,018
	1,335,000	Susanville, CA Public Financing Authority (Utility Enterprises)1		5.875			06/01/2035		1,419,626
	1,425,000	Susanville, CA Public Financing Authority (Utility Enterprises)1		6.000			06/01/2045		1,517,269
	5,425,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.450			09/01/2026		3,965,729
	11,000,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.500			09/01/2036		7,492,320
	2,030,000	Thousand Oaks, CA Community Facilities District6		5.000			09/01/2022		2,039,500
	6,015,000	Thousand Oaks, CA Community Facilities District6		5.375			09/01/2031		6,026,308
	4,665,000	Tustin, CA Community Facilities District Special Tax (Legacy/Columbus)1		6.000			09/01/2036		4,884,675

29 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	California Continued
	$          200,000	Upland, CA Community Facilities District (San Antonio)1		6.100	%		09/01/2034	$	207,428
	3,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)1		7.500			09/01/2042		4,011,175
	60,000	West Patterson, CA Financing Authority Special Tax1		6.700			09/01/2032		60,025
	35,000	West Patterson, CA Financing Authority Special Tax Community Facilities District No. 2001-1-A1		6.500			09/01/2026		35,020
	7,000,000	West Sacramento, CA Special Tax Community Facilities District No. 271		7.000			09/01/2040		7,324,800
	4,755,000	Western Placer, CA Unified School District1		5.750			08/01/2049		5,254,132
	15,000,000	Westminster, CA Redevel. Agency Tax Allocation5		5.750			11/01/2045		17,325,450
	7,500,000	Westminster, CA Redevel. Agency Tax Allocation5		6.250			11/01/2039		9,127,425
	75,000	Woodland, CA Special Tax Community Facilities District No. 11		6.000			09/01/2028		76,050
									1,272,798,560
	Colorado—4.3%
	1,750,000	Arkansas River, CO Power Authority1		6.125			10/01/2040		1,879,938
	1,000,000	CO Andonea Metropolitan District No. 2		6.125			12/01/2025		884,620
	2,380,000	CO Andonea Metropolitan District No. 3		6.250			12/01/2035		1,968,903
	5,000,000	CO Arista Metropolitan District		6.750			12/01/2035		4,161,100
	14,000,000	CO Arista Metropolitan District		9.250			12/01/2037		11,011,560
	3,000,000	CO Beacon Point Metropolitan District1		6.125			12/01/2025		3,049,740
	3,500,000	CO Beacon Point Metropolitan District1		6.250			12/01/2035		3,541,510
	500,000	CO Castle Oaks Metropolitan District1		6.125			12/01/2035		442,175
	5,505,000	CO Central Marksheffel Metropolitan District		7.250			12/01/2029		5,568,693
	1,000,000	CO Confluence Metropolitan District		5.400			12/01/2027		866,320
	1,000,000	CO Copperleaf Metropolitan District No. 2		5.850			12/01/2026		785,290
	1,850,000	CO Copperleaf Metropolitan District No. 2		5.950			12/01/2036		1,327,135
	1,025,000	CO Country Club Highlands Metropolitan District2		7.250			12/01/2037		953,824
	1,500,000	CO Crystal Crossing Metropolitan District4		6.000			12/01/2036		998,460
	1,210,000	CO Educational and Cultural Facilities Authority (Carbon Valley Academy Charter School)		5.625			12/01/2036		896,719
	1,287,000	CO Elbert and Highway 86 Metropolitan District		5.750			12/01/2036		945,134
	4,475,000	CO Elbert and Highway 86 Metropolitan District4		7.500			12/01/2032		3,018,388
	2,385,000	CO Elkhorn Ranch Metropolitan District		6.375			12/01/2035		2,176,384
	671,000	CO Fallbrook Metropolitan District1		5.625			12/01/2026		597,197
	1,800,000	CO Fossil Ridge Metropolitan District No. 11		7.250			12/01/2040		1,910,538
	50,000	CO Health Facilities Authority (CLC/CLCSF Obligated Group)		6.250			01/01/2034		49,495

30 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Colorado Continued
	$       1,225,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)		5.300	%		07/01/2037	$	1,160,161
	2,942,000	CO Heritage Todd Creek Metropolitan District1		5.500			12/01/2037		2,339,890
	5,080,000	CO High Plains Metropolitan District		6.125			12/01/2025		4,706,417
	10,875,000	CO High Plains Metropolitan District		6.250			12/01/2035		9,493,766
	491,000	CO Horse Creek Metropolitan District1		5.750			12/01/2036		405,866
	500,000	CO Huntington Trails Metropolitan District1		6.250			12/01/2036		515,790
	1,700,000	CO Huntington Trails Metropolitan District1		8.250			12/01/2037		1,719,329
	2,500,000	CO International Center Metropolitan District No. 31		6.500			12/01/2035		2,129,275
	1,118,000	CO Liberty Ranch Metropolitan District4		6.250			12/01/2036		973,767
	1,875,000	CO Madre Metropolitan District No. 2		5.500			12/01/2036		1,399,181
	2,800,000	CO Mountain Shadows Metropolitan District		5.625			12/01/2037		2,242,716
	1,645,000	CO Multifamily Hsg. Revenue Bond Pass-Through Certificates (MS Loveland/American International Obligated Group)1		6.000	8		11/01/2033		1,645,280
	3,000,000	CO Murphy Creek Metropolitan District No. 34		6.000			12/01/2026		1,492,350
	10,060,000	CO Murphy Creek Metropolitan District No. 34		6.125			12/01/2035		4,952,337
	2,275,000	CO Neu Towne Metropolitan District4		7.250			12/01/2034		684,593
	1,290,000	CO North Range Metropolitan District No. 21		5.500			12/15/2018		1,315,723
	1,000,000	CO North Range Metropolitan District No. 21		5.500			12/15/2037		973,270
	4,500,000	CO Northwest Metropolitan District No. 31		6.125			12/01/2025		4,485,375
	7,855,000	CO Northwest Metropolitan District No. 31		6.250			12/01/2035		7,712,353
	12,585,000	CO Park Valley Water and Sanitation Metropolitan District		6.000	3		12/15/2017		5,578,679
	1,590,000	CO Potomac Farms Metropolitan District		7.250			12/01/2037		1,330,162
	320,000	CO Potomac Farms Metropolitan District		7.625			12/01/2023		328,973
	780,000	CO Prairie Center Metropolitan District No. 31		5.250			12/15/2021		788,744
	1,250,000	CO Prairie Center Metropolitan District No. 31		5.400			12/15/2031		1,242,488
	970,000	CO Prairie Center Metropolitan District No. 31		5.400			12/15/2031		964,170
	2,259,000	CO Regency Metropolitan District		5.750			12/01/2036		1,896,476
	16,250,000	CO Regional Transportation District (Denver Transportation Partners)1		6.000			01/15/2034		18,714,475
	6,530,000	CO Regional Transportation District (Denver Transportation Partners)1		6.000			01/15/2041		7,443,286
	3,500,000	CO Regional Transportation District COP (Denver Transportation Partners)1		5.375			06/01/2031		3,996,265
	1,750,000	CO Serenity Ridge Metropolitan District No. 24		7.500			12/01/2034		845,775
	500,000	CO Silver Peaks Metropolitan District		5.750			12/01/2036		373,395
	5,153,000	CO Sorrell Ranch Metropolitan District		5.750			12/01/2036		5,172,118
	1,720,000	CO Sorrell Ranch Metropolitan District4		6.750			12/15/2036		1,726,742

31 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Colorado Continued
	$       1,315,000	CO Stoneridge Metropolitan District1		5.625	%		12/01/2036	$	1,157,739
	8,000,000	CO Talon Pointe Metropolitan District		8.000			12/01/2039		8,207,120
	655,000	CO Todd Creek Farms Metropolitan District No. 12		6.125			12/01/2019		326,878
	695,000	CO Traditions Metropolitan District No. 21		5.750			12/01/2036		668,555
	4,390,000	CO Traditions Metropolitan District No. 2 CAB		0.000	7		12/15/2037		3,960,834
	3,755,000	CO Waterview I Metropolitan District		8.000			12/15/2032		3,831,715
	500,000	CO Wheatlands Metropolitan District1		6.000			12/01/2025		466,065
	2,500,000	CO Wheatlands Metropolitan District1		6.125			12/01/2035		2,185,400
	4,000,000	CO Wheatlands Metropolitan District No. 2		8.250			12/15/2035		4,069,600
	500,000	CO Wyndham Hill Metropolitan District1		6.250			12/01/2025		466,545
	892,000	CO Wyndham Hill Metropolitan District1		6.375			12/01/2035		791,008
	18,510,000	Colorado Springs, CO Urban Renewal (University Village Colorado)		7.000			12/01/2029		12,473,149
	52,375,000	Denver, CO City & County Airport Special Facilities (United Air Lines)1		5.250			10/01/2032		52,273,916
	35,200,000	Denver, CO City & County Airport Special Facilities (United Air Lines)1		5.750			10/01/2032		35,968,768
	950,000	Denver, CO International Business Center Metropolitan District No. 11		5.000			12/01/2030		997,804
	1,700,000	Denver, CO International Business Center Metropolitan District No. 11		5.375			12/01/2035		1,788,434
	675,000	Eagle County, CO Airport Terminal Corp.1		5.250			05/01/2020		677,538
	500,000	Harvest Junction, CO Metropolitan District1		5.000			12/01/2030		511,105
	200,000	Harvest Junction, CO Metropolitan District1		5.200			12/01/2032		205,050
	500,000	Harvest Junction, CO Metropolitan District1		5.375			12/01/2037		511,100
	750,000	Tabernash Meadows, CO Water & Sanitation District1		7.125			12/01/2034		873,675
	20,183,519	Woodmen Heights, CO Metropolitan District No. 1		0.000	7		12/15/2041		7,949,077
	5,632,763	Woodmen Heights, CO Metropolitan District No. 11		6.000			12/01/2041		5,293,220
									293,436,605
	Connecticut—0.1%
	470,000	Georgetown, CT Special Taxing District2		5.125			10/01/2036		218,559
	3,750,000	Mashantucket, CT Western Pequot Tribe, Series B2		5.500			09/01/2036		1,480,725
	1,750,000	Mashantucket, CT Western Pequot Tribe, Series B2		5.750			09/01/2027		690,778

32 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Connecticut Continued
	$        6,000,000	Mashantucket, CT Western Pequot Tribe, Series B2,9		6.500	%		09/01/2031	$	2,365,380
									4,755,442
	Delaware—0.1%
	1,400,000	Bridgeville, DE Special Obligation (Heritage Shores)1		5.450			07/01/2035		1,130,906
	6,932,000	Millsboro, DE Special Obligation (Plantation Lakes)1		5.450			07/01/2036		5,349,840
									6,480,746
	District of Columbia—3.4%
	10,000,000	District of Columbia (Howard University)1		6.250			10/01/2032		11,725,600
	25,610,000	District of Columbia (Howard University)1		6.500			10/01/2041		30,084,323
	5,000,000	District of Columbia (National Public Radio)5		5.000			04/01/2035		5,541,050
	28,525,000	District of Columbia (National Public Radio)5		5.000			04/01/2043		30,824,625
	3,200,000	District of Columbia Center for Strategic & International Studies1		6.375			03/01/2031		3,462,112
	2,000,000	District of Columbia Center for Strategic & International Studies1		6.625			03/01/2041		2,183,620
	85,000	District of Columbia Tobacco Settlement Financing Corp.		6.250			05/15/2024		86,698
	32,680,000	District of Columbia Tobacco Settlement Financing Corp.1		6.750			05/15/2040		33,333,273
	1,375,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.897	3		06/15/2055		12,078,470
	1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		7.250	3		06/15/2055		8,239,550
	29,315,000	Metropolitan Washington D.C. Airport Authority5		5.000			10/01/2032		31,068,831
	16,615,000	Metropolitan Washington D.C. Airport Authority (Dulles Toll Road)		0.000	7		10/01/2041		16,004,399
	38,485,000	Metropolitan Washington D.C. Airport Authority (Dulles Toll Road-Metrorail)1		0.000	7		10/01/2044		32,763,050
	12,100,000	Metropolitan Washington D.C. Airport Authority, Series B5		5.000			10/01/2034		12,445,840
									229,841,441
	Florida—12.3%
	1,040,000	Aberdeen, FL Community Devel. District2		5.250			11/01/2015		533,021
	300,000	Aberdeen, FL Community Devel. District2		5.500			11/01/2011		153,756
	22,500,000	Aberdeen, FL Community Devel. District4		5.500			05/01/2036		11,739,375
	8,000,000	Alachua County, FL Industrial Devel. Revenue (North Florida Retirement Village)		5.875			11/15/2042		7,789,520

33 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Florida Continued
	$       5,350,000	Amelia Concourse, FL Community Devel. District2		5.750	%		05/01/2038	$	2,131,012
	180,000	Arborwood, FL Community Devel. District (Centex Homes)1		5.250			05/01/2016		175,039
	13,820,000	Arlington Ridge, FL Community Devel. District4		5.500			05/01/2036		5,478,248
	2,200,000	Avelar Creek, FL Community Devel. District1		5.375			05/01/2036		2,101,858
	1,045,000	Avignon Villages, FL Community Devel. District2		5.300			05/01/2014		261,302
	755,000	Avignon Villages, FL Community Devel. District2		5.400			05/01/2037		188,856
	14,970,000	Baker, FL Correctional Devel. Corp. (Detention Center)		7.500			02/01/2030		14,840,659
	2,150,000	Bay Laurel Center, FL Community Devel. District Special Assessment1		5.450			05/01/2037		1,998,318
	225,000	Bayshore, FL Hsg. Corp.2		8.000			12/01/2016		57,211
	10,040,000	Baywinds, FL Community Devel. District		5.250			05/01/2037		5,361,962
	4,250,000	Baywinds, FL Community Devel. District		7.020			05/01/2022		3,040,790
	10,640,000	Bella Verde, FL Golf Community Devel. District2		7.250			12/18/2008		2,941,854
	10,000,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment1		7.375			05/01/2034		10,037,600
	9,625,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment1		7.500			05/01/2034		9,669,853
	3,780,000	Boynton Village, FL Community Devel. District Special Assessment2		6.000			05/01/2038		3,380,756
	360,000	Broward County, FL HFA (Single Family)1		5.000			10/01/2039		360,659
	15,000	Broward County, FL HFA (Stirling Apartments)1		5.600			10/01/2018		15,011
	125,000	Broward County, FL HFA (Stirling Apartments)1		5.750			04/01/2038		125,045
	5,845,000	Buckeye Park, FL Community Devel. District2		7.875			05/01/2038		2,667,424
	755,000	Cascades, FL Groveland Community Devel. District1		5.300			05/01/2036		595,672
	25,500,000	CFM, FL Community Devel. District, Series A2		6.250			05/01/2035		10,948,425
	12,480,000	Chapel Creek, FL Community Devel. District Special Assessment2		5.500			05/01/2038		5,248,090
	26,530,000	Clearwater Cay, FL Community Devel. District2		5.500			05/01/2037		10,118,011
	16,095,000	Concord Stations, FL Community Devel. District		5.300			05/01/2035		10,531,119
	3,775,000	Connerton West, FL Community Devel. District2		5.125			05/01/2016		1,444,202
	4,310,000	Connerton West, FL Community Devel. District2		5.400			05/01/2038		1,648,877
	4,800,000	Copperstone, FL Community Devel. District1		5.200			05/01/2038		3,952,128
	3,230,000	Creekside, FL Community Devel. District2		5.200			05/01/2038		1,358,086
	2,625,000	Crosscreek, FL Community Devel. District2		5.500			05/01/2017		1,130,246
	1,255,000	Crosscreek, FL Community Devel. District2		5.600			05/01/2039		540,616
	9,100,000	Cypress Creek of Hillsborough County, FL Community Devel. District		5.350			05/01/2037		5,871,593

34 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	$	45,023
	90,000	Dade County, FL HFA (Siesta Pointe Apartments)1		5.650			09/01/2017		90,207
	1,500,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)1		8.000			06/01/2022		1,500,240
	75,000	Dade County, FL Res Rec		5.500			10/01/2013		75,293
	7,745,000	Deer Run, FL Community Devel. District Special Assessment2		7.625			05/01/2039		4,319,774
	2,270,000	Durbin Crossing, FL Community Devel. District Special Assessment2		5.250			11/01/2015		1,853,500
	3,130,000	East Homestead, FL Community Devel. District1		5.375			05/01/2036		2,433,669
	2,185,000	East Park, FL Community Devel. District Special Assessment2		7.500			05/01/2039		1,681,663
	1,035,000	Easton Park, FL Community Devel. District1		5.200			05/01/2037		1,006,558
	3,085,000	FL Capital Trust Agency (American Opportunity)2		5.750			06/01/2023		1,758,481
	2,000,000	FL Capital Trust Agency (American Opportunity)2		5.875			06/01/2038		1,140,020
	940,000	FL Capital Trust Agency (American Opportunity)2		7.250			06/01/2038		5,339
	685,000	FL Capital Trust Agency (American Opportunity)2		8.250			06/01/2038		5,706
	7,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)2		7.000			07/15/2032		3,149,580
	13,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)2		8.260			07/15/2038		5,849,220
	1,750,000	FL Capital Trust Agency (Miami Community Charter School)		7.000			10/15/2040		1,795,798
	2,290,000	FL Gateway Services Community Devel. District (Sun City Center)1		6.500			05/01/2033		2,309,236
	1,480,000	FL Gateway Services District (Water & Sewer)1		6.000			10/01/2019		1,511,776
	1,400,000	FL HEFFA (University of Tampa)1		5.250			04/01/2042		1,526,770
	30,000	FL HFA (Hsg. Partners of Panama City)1		5.700			05/01/2037		30,007
	115,000	FL HFA (Reserve at Kanapaha)1		5.700			07/01/2037		115,018
	20,000	FL HFA (Spinnaker Cove Apartments)1		6.500			07/01/2036		20,150
	1,345,000	FL HFA (St. Cloud Village Associates)		8.000			02/15/2030		1,186,909
	95,000	FL HFA (Stoddert Arms Apartments)1		6.250			09/01/2026		95,080
	100,000	FL HFC (Ashton Point Apartments)1		5.750			07/01/2036		100,127
	75,000	FL HFC (Brittany of Rosemont)1		6.250			07/01/2035		75,044
	20,000	FL HFC (East Lake Apartments)1		5.050			10/01/2026		20,006
	45,000	FL HFC (Grande Pointe Apartments)1		6.000			07/01/2038		45,063
	10,000	FL HFC (River Trace Senior Apartments)1		5.800			01/01/2041		10,012
	10,000	FL HFC (Sanctuary Winterlakes)1		5.850			09/01/2026		10,041
	10,000	FL HFC (Sundance Pointe Associates)1		5.850			02/01/2037		10,013

35 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Florida Continued
	$       4,875,000	FL HFC (Westchase Apartments)		6.610	%		07/01/2038	$	3,559,238
	8,170,000	FL Island at Doral III Community Devel. District Special Assessment1		5.900			05/01/2035		8,194,102
	3,400,000	FL Lake Ashton II Community Devel. District4		5.375			05/01/2036		2,615,586
	1,500,000	FL Parker Road Community Devel. District2		5.350			05/01/2015		729,015
	1,415,000	FL Parker Road Community Devel. District4		5.600			05/01/2038		682,794
	1,480,000	Flora Ridge, FL Educational Facilities Benefit District1		5.300			05/01/2037		1,312,420
	1,475,000	Forest Creek, FL Community Devel. District1		5.450			05/01/2036		1,486,830
	4,033,132	Forest Creek, FL Community Devel. District4,10		5.450			05/01/2036		2,680,339
	60,000	Forest Creek, FL Community Devel. District4,10		7.000			11/01/2013		59,283
	8,135,000	Glades, FL Correctional Devel. Corp. (Glades County Detention)1		7.375			03/01/2030		8,377,098
	11,500,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District2		5.500			05/01/2038		4,963,170
	5,570,000	Hammocks, FL Community Devel. District Special Assessment1		5.500			05/01/2037		5,066,249
	3,400,000	Harrison Ranch, FL Community Devel. District1		5.300			05/01/2038		3,343,424
	10,770,000	Heritage Bay, FL Community Devel. District1		5.500			05/01/2036		10,881,254
	17,080,000	Heritage Harbour North, FL Community Devel. District1		6.375			05/01/2038		16,300,640
	1,910,000	Heritage Plantation, FL Community Devel. District2		5.100			11/01/2013		765,643
	3,480,000	Heritage Plantation, FL Community Devel. District4		5.400			05/01/2037		1,395,967
	930,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A2		5.500			05/01/2036		377,245
	13,500,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)5		5.125			11/15/2032		14,446,485
	10,000,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)5		5.250			11/15/2036		10,701,100
	4,835,000	Highlands, FL Community Devel. District2		5.550			05/01/2036		3,017,233
	6,020,000	Hillsborough County, FL IDA (H. Lee Moffitt Cancer Center)1		5.000			07/01/2031		6,314,860
	2,000,000	Hillsborough County, FL IDA (National Gypsum Company)		7.125			04/01/2030		2,001,460
	7,535,000	Hillsborough County, FL IDA (Senior Care Group)1		6.700			07/01/2021		7,544,117
	6,035,000	Hillsborough County, FL IDA (Senior Care Group)1		6.750			07/01/2029		6,039,647
	10,930,000	Indigo, FL Community Devel. District4		5.750			05/01/2036		5,580,749
	3,470,000	Jacksonville, FL Health Facilities Authority (Mental Health Center of Jacksonville)1		7.000			10/01/2029		3,470,035

36 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Florida Continued
	$       1,095,000	Keys Cove, FL Community Devel. District1		5.875	%		05/01/2035	$	1,150,976
	17,000,000	Lakeland, FL Energy System5		5.250			10/01/2036		22,004,630
	2,000,000	Lakeside Landings, FL Devel. District2		5.250			05/01/2013		821,240
	750,000	Lakeside Landings, FL Devel. District2		5.500			05/01/2038		308,190
	8,770,000	Lakewood Ranch, FL Stewardship District1		5.500			05/01/2036		7,000,389
	16,590,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)1		5.400			05/01/2037		14,518,904
	1,100,000	Legends Bay, FL Community Devel. District		5.500			05/01/2014		953,370
	4,145,000	Legends Bay, FL Community Devel. District		5.875			05/01/2038		2,967,115
	100,000	Leon County, FL Educational Facilities Authority (Southgate Residence Hall)		6.750			09/01/2028		96,593
	1,275,000	Liberty County, FL Revenue (Twin Oaks)		8.250			07/01/2028		1,293,641
	1,255,000	Madison County, FL Mtg. (Twin Oaks)		6.000			07/01/2025		1,224,353
	5,000,000	Magnolia Creek, FL Community Devel. District2		5.600			05/01/2014		2,001,400
	5,360,000	Magnolia Creek, FL Community Devel. District2		5.900			05/01/2039		2,146,680
	2,805,000	Magnolia West, FL Community Devel. District Special Assessment4		5.350			05/01/2037		1,547,098
	2,900,000	Main Street, FL Community Devel. District		6.800			05/01/2038		2,819,380
	14,965,000	Martin County, FL IDA (Indiantown Cogeneration)1		7.875			12/15/2025		15,024,860
	1,235,000	Martin County, FL IDA (Indiantown Cogeneration)1		8.050			12/15/2025		1,239,940
	15,000,000	Miami-Dade County, FL Aviation (Miami International Airport)5		5.000			10/01/2040		15,832,800
	2,700,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.375			10/01/2035		3,086,667
	16,975,000	Miami-Dade County, FL Building Better Communities1		5.000			07/01/2041		19,069,376
	10,000,000	Miami-Dade County, FL School Board COP5		5.000			02/01/2027		11,157,500
	10,000,000	Miami-Dade County, FL School Board COP5		5.250			02/01/2027		11,304,000
	50,000,000	Miami-Dade County, FL School Board COP5		5.375			02/01/2034		55,823,500
	18,190,000	Miromar Lakes, FL Community Devel. District1		6.875			05/01/2035		17,678,861
	9,135,000	Miromar Lakes, FL Community Devel. District1		7.375			05/01/2032		9,150,255
	12,970,000	Montecito, FL Community Devel. District2		5.100			05/01/2013		5,398,373
	5,525,000	Montecito, FL Community Devel. District2		5.500			05/01/2037		2,301,384
	635,000	Moody River, FL Estates Community Devel. District1		5.350			05/01/2036		438,480
	15,480,000	Myrtle Creek, FL Improvement District Special Assessment1		5.200			05/01/2037		14,003,053
	10,820,000	Nassau County, FL (Nassau Care Centers)		6.900			01/01/2038		10,913,701
	5,305,000	Naturewalk, FL Community Devel. District4		5.300			05/01/2016		2,659,821

37 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Florida Continued
	$       6,320,000	Naturewalk, FL Community Devel. District4		5.500	%		05/01/2038	$	3,170,491
	13,100,000	North Springs, FL Improvement District (Parkland Golf-Country Club)		5.450			05/01/2026		12,740,798
	3,775,000	Oak Creek, FL Community Devel. District Special Assessment1		5.800			05/01/2035		3,569,791
	2,750,000	Oakmont Grove, FL Community Devel. District Special Assessment2		5.250			05/01/2012		962,830
	4,595,000	Oakmont Grove, FL Community Devel. District Special Assessment2		5.400			05/01/2038		1,609,904
	2,790,000	Old Palm, FL Community Devel. District (Palm Beach Gardens)1		5.375			05/01/2014		2,796,445
	1,425,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)1		8.875			07/01/2021		1,442,214
	2,850,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)1		9.000			07/01/2031		2,884,086
	750,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)1		5.500			07/01/2032		760,590
	5,000	Orange County, FL HFA (Park Avenue Villas)1		5.250			09/01/2031		5,005
	3,750,000	Palm Bay, FL Educational Facilities (Patriot Charter School)2		7.000			07/01/2036		1,012,463
	13,000,000	Palm Beach County, FL Health Facilities Authority (Bethesda Healthcare System)1		5.250			07/01/2040		14,282,580
	55,000	Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.)1		6.100			08/01/2029		55,098
	13,340,000	Palm Coast Park, FL Community Devel. District Special Assessment		5.700			05/01/2037		9,107,218
	2,600,000	Palm Glades, FL Community Devel. District1		5.300			05/01/2036		2,281,630
	6,360,000	Palm Glades, FL Community Devel. District Special Assessment1		7.125			05/01/2039		6,115,776
	1,850,000	Palm River, FL Community Devel. District2		5.150			05/01/2013		737,077
	1,565,000	Palm River, FL Community Devel. District2		5.375			05/01/2036		624,012
	1,505,000	Panther Trails, FL Community Devel. District1		5.600			05/01/2036		1,520,878
	1,495,000	Parkway Center, FL Community Devel. District, Series A1		6.300			05/01/2034		1,324,181
	6,130,000	Pine Ridge Plantation, FL Community Devel. District2		5.400			05/01/2037		4,153,688
	2,250,000	Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy)1		7.125			09/15/2041		2,450,858
	4,615,000	Pinellas County, FL Health Facility Authority (St. Mark Village)1		5.650			05/01/2037		4,373,543
	30,000	Pinellas County, FL HFA (Single Family Hsg.)1		5.200			03/01/2037		30,546
	1,805,000	Poinciana West, FL Community Devel. District Special Assessment1		6.000			05/01/2037		1,809,440

38 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Florida Continued
	$       1,500,000	Port St. Lucie, FL Special Assessment (Peacock & Lowry)1		5.350	%		07/01/2027	$	1,399,095
	10,200,000	Portico, FL Community Devel. District		5.450			05/01/2037		5,638,050
	3,005,000	Portofino Cove, FL Community Devel. District Special Assessment2		5.500			05/01/2038		1,192,444
	5,905,000	Portofino Isles, FL Community Devel. District (Portofino Court)2		5.600			05/01/2036		1,747,762
	1,000,000	Portofino Landings, FL Community Devel. District Special Assessment2		5.200			05/01/2017		396,660
	1,955,000	Portofino Landings, FL Community Devel. District Special Assessment2		5.400			05/01/2038		775,783
	2,470,000	Portofino Vista, FL Community Devel. District2		5.000			05/01/2013		979,404
	2,870,000	Quarry, FL Community Devel. District1		5.500			05/01/2036		2,611,729
	455,000	Renaissance Commons, FL Community Devel. District, Series A1		5.600			05/01/2036		422,313
	7,200,000	Reunion East, FL Community Devel. District2		5.800			05/01/2036		3,243,168
	6,930,000	Reunion East, FL Community Devel. District1		7.375			05/01/2033		7,069,917
	3,070,000	Reunion East, FL Community Devel. District4		7.375			05/01/2033		1,508,138
	6,415,000	Ridgewood Trails, FL Community Devel. District2		5.650			05/01/2038		3,444,919
	9,195,000	River Bend, FL Community Devel. District2		5.450			05/01/2035		4,072,098
	5,795,000	River Bend, FL Community Devel. District2		7.125			11/01/2015		1,332,966
	7,890,000	River Glen, FL Community Devel. District Special Assessment2		5.450			05/01/2038		3,226,931
	2,755,000	Rolling Hills, FL Community Devel. District4		5.125			11/01/2013		1,033,235
	8,210,000	Rolling Hills, FL Community Devel. District4		5.450			05/01/2037		3,079,078
	200,000	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		109,836
	1,895,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)1		6.500			07/01/2040		2,005,232
	4,410,000	Seminole County, FL IDA (Progressive Health)1		7.500			03/01/2035		4,371,721
	775,000	Six Mile Creek, FL Community Devel. District4		5.500			05/01/2017		201,632
	8,625,000	Six Mile Creek, FL Community Devel. District2		5.875			05/01/2038		2,244,311
	6,900,000	South Bay, FL Community Devel. District2		5.125			11/01/2009		2,212,968
	14,510,000	South Bay, FL Community Devel. District2		5.375			05/01/2013		3,166,372
	16,775,000	South Bay, FL Community Devel. District2		5.950			05/01/2036		5,383,098
	10,785,000	South Fork East, FL Community Devel. District		5.350			05/01/2036		9,305,082
	3,615,000	South Fork East, FL Community Devel. District2		6.500			05/01/2038		1,521,554
	2,075,000	South Fork East, FL Community Devel. District4		7.000			11/01/2015		1,704,571
	3,800,000	St. John’s Forest, FL Community Devel. District, Series A1		6.125			05/01/2034		3,812,958
	3,100,000	St. Johns County, FL IDA (Glenmoor Health Care)		5.375			01/01/2040		2,769,137

39 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Florida Continued
	$       3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)1		5.875	%		08/01/2040	$	3,853,675
	3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)1		6.000			08/01/2045		3,902,955
	1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)1		5.250			10/01/2041		843,070
	5,800,000	Sweetwater Creek, FL Community Devel. District2		5.500			05/01/2038		2,363,790
	1,000,000	Tavares, FL First Mtg. (Osprey Lodge Lakeview)		8.375			07/01/2036		1,060,170
	1,360,000	Tavares, FL First Mtg. (Osprey Lodge Lakeview)		8.750			07/01/2046		1,445,095
	16,765,000	Tern Bay, FL Community Devel. District2		5.000			05/01/2015		4,160,570
	19,075,000	Tern Bay, FL Community Devel. District2		5.375			05/01/2037		4,735,178
	2,740,000	Town Center, FL at Palm Coast Community Devel. District1		6.000			05/01/2036		2,104,183
	4,950,000	Treeline, FL Preservation Community Devel. District4		6.800			05/01/2039		2,442,627
	685,000	Turnbull Creek, FL Community Devel. District Special Assessment		5.250			05/01/2037		501,742
	1,320,000	Two Creeks, FL Community Devel. District		5.250			05/01/2037		977,275
	10,045,000	Verandah East, FL Community Devel. District1		5.400			05/01/2037		5,992,747
	7,405,000	Verano Center, FL Community Devel. District1		5.375			05/01/2037		4,806,215
	2,400,000	Villa Portofino East, FL Community Devel. District		5.200			05/01/2037		2,095,344
	1,265,000	Villa Vizcaya, FL Community Devel. District Special Assessment2		5.550			05/01/2039		638,926
	1,955,000	Villages of Westport, FL Community Devel. District4		5.400			05/01/2020		1,417,688
	8,340,000	Villages of Westport, FL Community Devel. District4		5.700			05/01/2035		5,015,843
	2,645,000	Villagewalk of Bonita Springs, FL Community Devel. District1		5.150			05/01/2038		2,268,643
	4,395,000	Waterford Estates, FL Community Devel. District Special Assessment2		5.125			05/01/2013		1,311,116
	3,350,000	Waterford Estates, FL Community Devel. District Special Assessment2		5.500			05/01/2037		999,942
	3,600,000	Watergrass, FL Community Devel. District Special Assessment1		5.125			11/01/2014		2,684,880
	2,270,000	Watergrass, FL Community Devel. District Special Assessment1		5.375			05/01/2039		1,191,523
	3,190,000	Waterlefe, FL Community Devel. District Golf Course2		8.125			10/01/2025		238,772
	9,995,000	Waters Edge, FL Community Devel. District		0.000	7		05/01/2039		4,698,450
	1,570,000	Waters Edge, FL Community Devel. District2		5.350			05/01/2039		392,610
	143,000	Waters Edge, FL Community Devel. District1		5.350			05/01/2039		143,855
	14,800,000	Waterstone, FL Community Devel. District2		5.500			05/01/2018		5,934,652

40 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Florida Continued
	$       2,300,000	West Villages, FL Improvement District2		5.350	%		05/01/2015	$	1,776,750
	15,005,000	West Villages, FL Improvement District2		5.500			05/01/2037		6,711,286
	20,600,000	West Villages, FL Improvement District4		5.500			05/01/2038		9,634,620
	18,550,000	West Villages, FL Improvement District2		5.800			05/01/2036		8,912,719
	14,925,000	Westridge, FL Community Devel. District2		5.800			05/01/2037		5,684,783
	11,210,000	Westside, FL Community Devel. District4		5.650			05/01/2037		4,823,999
	17,340,000	Westside, FL Community Devel. District4		7.200			05/01/2038		7,390,308
	7,420,000	Wyld Palms, FL Community Devel. District2		5.400			05/01/2015		2,300,794
	4,340,000	Wyld Palms, FL Community Devel. District2		5.500			05/01/2038		1,346,268
	3,830,000	Zephyr Ridge, FL Community Devel. District2		5.250			05/01/2013		1,524,800
	2,665,000	Zephyr Ridge, FL Community Devel. District2		5.625			05/01/2037		1,061,763
									841,246,960
	Georgia—1.3%
	60,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)1		6.200			03/01/2027		60,118
	25,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)1		6.200			03/01/2029		25,044
	30,000	Americus-Sumter County, GA Hospital Authority (South Georgia Methodist Home for the Aging)1		6.250			05/15/2016		30,046
	1,770,000	Atlanta, GA Devel. Authority Student Hsg. (Clark Atlanta University)		6.250			07/01/2014		1,309,818
	3,000,000	Atlanta, GA Devel. Authority Student Hsg. (Clark Atlanta University)		6.250			07/01/2036		1,799,910
	4,400,000	Atlanta, GA Tax Allocation (Beltline)		7.500			01/01/2031		5,200,976
	770,000	Atlanta, GA Tax Allocation (Beltline)		7.500			01/01/2031		857,541
	140,000	Atlanta, GA Urban Residential Finance Authority (Spring Branch Apartments)2		4.250			04/01/2026		43,382
	210,000	Charlton County, GA Solid Waste Management Authority (Chesser Island Road Landfill)1		7.375			04/01/2018		210,147
	15,000	Cherokee County, GA Hospital Authority (RT Jones Memorial Hospital)1		7.300			12/01/2013		15,721
	50,000	Crisp County, GA Devel. Authority (International Paper Company)1		6.200			02/01/2020		50,427
	430,000	East Point, GA (Camp Creek), Series B1		8.000			02/01/2026		430,679
	31,945,000	Fulton County, GA Devel. Authority (Piedmont Healthcare)5		5.000			06/15/2029		35,289,630
	13,730,000	Fulton County, GA Devel. Authority (Piedmont Healthcare/Piedmont Hospital/Piedmont Hospital Foundation Obligated Group)5		5.250			06/15/2037		15,075,952
	6,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)1		5.000			07/01/2027		5,937,600

41 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Georgia Continued
	$       2,770,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)1		5.000	%		07/01/2029	$	2,704,988
	1,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)1		5.125			07/01/2042		950,560
	24,150,000	Irwin County, GA COP2		8.000			08/01/2037		9,921,786
	2,000,000	Marietta, GA Devel. Authority (University Facilities)1		7.000			06/15/2039		2,095,560
	430,000	Savannah, GA EDA (Skidway Health & Living Services)		6.850			01/01/2019		444,495
	1,055,000	Savannah, GA EDA (Skidway Health & Living Services)		7.400			01/01/2024		1,089,593
	2,985,000	Savannah, GA EDA (Skidway Health & Living Services)		7.400			01/01/2034		3,055,834
									86,599,807
	Hawaii—0.1%
	400,000	HI Dept. of Transportation (Continental Airlines)1		5.625			11/15/2027		397,612
	5,915,000	HI Dept. of Transportation (Continental Airlines)		7.000			06/01/2020		5,916,538
	3,000,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)1		6.300			07/01/2022		3,002,760
									9,316,910
	Idaho—0.0%
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.350			01/01/2025		5,156
	1,900,000	Nampa, ID Local Improvement District No. 148		6.625			09/01/2030		1,939,425
									1,944,581
	Illinois—7.2%
	1,300,000	Annawan, IL Tax Increment (Patriot Renewable Fuels)		5.625			01/01/2018		1,193,075
	4,000,000	Bolingbrook, IL Will and Du Page Counties Wastewater Facilities (Crossroads Treatment)1		6.600			01/01/2035		3,791,920
	30,685,000	Caseyville, IL Tax (Forest Lakes)2		7.000			12/30/2022		18,649,729
	5,000,000	Chicago, IL Board of Education1		5.000			12/01/2041		5,515,450
	10,000,000	Chicago, IL Board of Education1		5.500			12/01/2039		11,680,000
	32,500,000	Chicago, IL GO5		5.250			01/01/2033		35,661,275
	65,000	Chicago, IL Midway Airport, Series B1		5.625			01/01/2029		65,098
	35,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)1		6.125			02/20/2042		35,113
	8,000,000	Chicago, IL Transit Authority Sales Tax Receipts1		5.250			12/01/2040		9,143,840
	10,032,000	Cortland, IL Special Tax (Sheaffer System)2		5.500			03/01/2017		6,576,678
	915,000	Country Club Hills, IL GO1		5.000			12/01/2026		963,898
	965,000	Country Club Hills, IL GO1		5.000			12/01/2027		1,012,777
	1,010,000	Country Club Hills, IL GO1		5.000			12/01/2028		1,058,419

42 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Illinois Continued
	$       1,060,000	Country Club Hills, IL GO1		5.000	%		12/01/2029	$	1,108,845
	1,120,000	Country Club Hills, IL GO1		5.000			12/01/2030		1,167,242
	1,175,000	Country Club Hills, IL GO1		5.000			12/01/2031		1,223,986
	2,425,000	Country Club Hills, IL GO1		5.000			12/01/2032		2,521,394
	355,000	Deerfield, IL (Chicagoland Conservative Jewish High School Foundation)		6.000	3		10/01/2031		75,665
	677,000	Deerfield, IL (Chicagoland Conservative Jewish High School Foundation)		6.000			10/01/2042		557,584
	1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)1		5.625			03/01/2036		990,280
	1,585,000	Franklin Park, IL GO1		6.250			07/01/2030		1,931,259
	3,750,000	Gilberts, IL Special Service Area No. 19 Special Tax (Conservancy)2		5.375			03/01/2016		1,313,175
	1,375,000	Godfrey, IL (United Methodist Village)1		5.875			11/15/2029		737,935
	6,165,000	Harvey, IL GO		5.500			12/01/2027		5,846,393
	2,500,000	Harvey, IL GO		5.625			12/01/2032		2,354,150
	13,123	IL Devel. Finance Authority (Community Rehabilitation Providers)1		8.250			08/01/2012		10,271
	11,135,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)1		6.500			12/01/2037		11,211,052
	41,175,000	IL Finance Authority (Advocate Health Care)5		5.375			04/01/2044		45,432,001
	11,000,000	IL Finance Authority (Advocate Health Care)5		5.375			04/01/2044		12,137,260
	685,000	IL Finance Authority (Advocate Health Care)1		5.375			04/01/2044		755,822
	20,000,000	IL Finance Authority (Advocate Health Care)5		5.500			04/01/2044		22,264,799
	3,195,000	IL Finance Authority (Bethel Terrace Apartments)1		5.375			09/01/2035		3,171,868
	145,000	IL Finance Authority (Bridgeway/Bridgeway Foundation/Occupation Devel. Center Obligated Group)		4.625			07/01/2027		98,641
	5,000,000	IL Finance Authority (Central Dupage Health System/Central Dupage Hospital Assoc.)5		5.375			11/01/2039		5,583,600
	12,500,000	IL Finance Authority (Central Dupage Health)5		5.500			11/01/2039		14,092,125
	4,750,000	IL Finance Authority (DeKalb Supportive Living)1		6.100			12/01/2041		4,592,395
	2,250,000	IL Finance Authority (Franciscan Communities)1		5.500			05/15/2027		2,283,818
	2,750,000	IL Finance Authority (Franciscan Communities)1		5.500			05/15/2037		2,754,345
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)1		5.375			02/15/2025		2,021,660
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)1		5.625			02/15/2037		2,010,260
	30,000,000	IL Finance Authority (Illinois River Energy)		8.500			07/01/2019		21,915,900
	1,000,000	IL Finance Authority (Lake Forest College)1		6.000			10/01/2048		1,026,700
	850,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2026		874,778
	1,500,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2039		1,510,620

43 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Illinois Continued
	$       3,265,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)1		5.000	%		08/15/2024	$	3,279,986
	3,640,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)1		5.125			08/15/2028		3,644,441
	1,250,000	IL Finance Authority (Montgomery Place)1		5.500			05/15/2026		1,272,500
	2,050,000	IL Finance Authority (Montgomery Place)1		5.750			05/15/2038		2,071,136
	6,350,000	IL Finance Authority (OSF Healthcare System)1		5.750			11/15/2033		7,003,415
	21,000,000	IL Finance Authority (Provena Health)1		7.750			08/15/2034		27,063,330
	1,090,000	IL Finance Authority (RUMC/RCMC/CMH/RCF/TYW Obligated Group)1		7.250			11/01/2030		1,380,943
	2,000,000	IL Finance Authority (Sedgebrook)2,11		6.000			11/15/2027		20
	9,000,000	IL Finance Authority (Sedgebrook)2,11		6.000			11/15/2037		90
	8,500,000	IL Finance Authority (Sedgebrook)2,11		6.000			11/15/2042		85
	11,970,000	IL Finance Authority (St. Anthony Lassing)		6.500			12/01/2032		12,103,226
	1,500,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2040		1,764,960
	5,775,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2046		6,795,096
	2,850,000	IL Finance Authority (Uno Charter School Network)1		7.125			10/01/2041		3,208,730
	8,700,000	IL Health Facilities Authority2		6.900			11/15/2033		3,566,130
	40,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)5		5.500			06/15/2050		44,862,000
	7,140,000	Lake County, IL Special Service Area No. 82		7.125			03/01/2037		3,620,337
	500,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)		5.500			01/01/2036		333,810
	13,635,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)		7.125			01/01/2036		9,509,049
	2,950,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)2		5.750			03/01/2022		811,575
	4,000,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)2		6.125			03/01/2040		1,100,840
	1,778,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)2		5.750			03/01/2022		578,063
	245,000	Peoria, IL Hsg. (Peoria Oak Woods Apartments)1		7.750			10/15/2033		245,020
	3,500,000	Plano, IL Special Service Area No. 5		6.000			03/01/2036		3,338,720
	4,630,000	Quad Cities, IL Regional EDA (Heritage Woods Moline)1		6.000			12/01/2041		4,356,645
	5,975,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)		6.375			08/01/2040		3,907,112
	162	Robbins, IL Res Rec (Robbins Res Rec Partners)1		7.250			10/15/2024		161

44 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount				Coupon			Maturity		Value
	Illinois Continued
	$        2,500,000		Southwestern IL Devel. Authority (Comprehensive Mental Health Center)		6.625	%		06/01/2037	$	2,621,700
	1,500,000		Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		1,194,540
	15,225,000	��	Southwestern IL Devel. Authority (Local Government Programming)1		7.000			10/01/2022		15,834,609
	6,115,000		Southwestern IL Devel. Authority (Village of Sauget)1		5.625			11/01/2026		5,245,264
	15,230,000		Southwestern IL Devel. Authority Solid Waste Disposal (Center Ethanol Company)		8.250			12/01/2019		11,431,333
	12,795,000		Upper, IL River Valley Devel. Authority (Deer Path Huntley)		6.500			12/01/2032		12,937,408
	8,170,000		Upper, IL River Valley Devel. Authority (Living Springs McHenry)1		6.100			12/01/2041		7,846,468
	3,025,000		Vernon Hills, IL Tax Increment (Town Center)1		6.250			12/30/2026		2,985,282
	3,110,000		Volo Village, IL Special Service Area (Lancaster Falls)1		5.750			03/01/2036		2,872,520
	5,500,000		Volo Village, IL Special Service Area (Remington Pointe)1		6.450			03/01/2034		5,486,910
	2,000,000		Will-Kankakee, IL Regional Devel. Authority (Senior Estates Supportive Living)1		7.000			12/01/2042		2,072,680
	5,035,000		Yorkville, IL United City Special Services Area Special Tax (Bristol Bay)1		5.875			03/01/2036		5,062,038
										490,331,267
	Indiana—1.8%
	970,000		Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)1		8.000			12/01/2045		1,047,978
	1,155,000		Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)1		9.000			12/01/2045		1,192,919
	16,845,000		Bluffton, IN Solid Waste Disposal Facility (Bluffton Subordinate Industrial Bio-Energy)		7.500			09/01/2019		11,642,927
	4,300,000		Carmel, IN Redevel. District COP1		6.500			07/15/2035		4,581,521
	14,700,000		Carmel, IN Redevel. District COP1		7.750			01/15/2030		17,048,472
	11,830,000		Carmel, IN Redevel. District COP1		8.000			01/15/2035		13,736,878
	1,475,000		East Chicago, IN Solid Waste Disposal (USG Corp.)		5.500			09/01/2028		1,360,879
	5,805,000		East Chicago, IN Solid Waste Disposal (USG Corp.)		6.375			08/01/2029		5,804,710
	25,000		Fort Wayne, IN Pollution Control (General Motors Corp.)2		6.200			10/15/2025		—
	600,000		Hammond, IN Local Public Improvement District1		6.500			08/15/2030		628,080
	1,000,000		Hammond, IN Local Public Improvement District1		6.750			08/15/2035		1,054,360

45 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Indiana Continued
	$       1,675,000	IN Finance Authority (BHI Senior Living)1		5.500	%		11/15/2031	$	1,826,805
	2,850,000	IN Finance Authority (BHI Senior Living)1		5.750			11/15/2041		3,130,298
	11,505,000	IN Finance Authority (Marian University)1		6.375			09/15/2041		12,718,202
	925,000	IN Finance Authority Educational Facilities (Irvington Community)1		9.000			07/01/2039		1,137,223
	3,485,000	IN Health & Educational Facilities Financing Authority (AH/SVH Obligated Group)1		5.000			11/15/2036		3,700,617
	7,360,000	IN Health Facility Financing Authority (Methodist Hospitals)1		5.500			09/15/2031		7,362,576
	550,000	Indianapolis, IN Pollution Control (General Motors Corp.)2		5.625			04/01/2011		6
	30,000	North Manchester, IN (Estelle Peabody Memorial Home)2		6.500			07/01/2015		10,197
	17,505,000	North Manchester, IN (Estelle Peabody Memorial Home)2		7.250			07/01/2033		5,949,774
	6,820,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)1		6.500			07/01/2022		6,954,218
	230,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)1		5.550			05/15/2019		230,216
	5,380,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)		6.250			01/01/2024		3,297,241
	21,400,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		9.250			07/01/2020		16,584,786
	4,500,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		14.000			07/01/2020		3,576,465
									124,577,348
	Iowa—2.0%
	500,000	Cedar Rapids, IA (Cottage Grove Place)		5.875			07/01/2028		391,880
	1,345,000	Cedar Rapids, IA (Cottage Grove Place)		6.000			07/01/2014		1,292,827
	5,475,000	Dickinson County, IA Hsg. (Spirit Lake)1		5.875			12/01/2036		5,432,459
	300,000	IA Finance Authority (Amity Fellowserve)1		5.900			10/01/2016		318,252
	765,000	IA Finance Authority (Amity Fellowserve)1		6.000			10/01/2028		765,252
	940,000	IA Finance Authority (Amity Fellowserve)1		6.375			10/01/2026		983,917
	2,190,000	IA Finance Authority (Amity Fellowserve)1		6.500			10/01/2036		2,263,299
	1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)2		5.900			12/01/2028		394,412
	1,000,000	IA Finance Authority Senior Hsg. (Bethany Manor)1		5.550			11/01/2041		1,001,160
	1,175,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)1		5.375			06/01/2025		971,159
	31,910,000	IA Tobacco Settlement Authority1		5.375			06/01/2038		28,689,005
	34,000,000	IA Tobacco Settlement Authority1		5.500			06/01/2042		30,316,100

46 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Iowa Continued
	$   360,990,000	IA Tobacco Settlement Authority		7.125	%3		06/01/2046	$	10,439,831
	60,000,000	IA Tobacco Settlement Authority (TASC)1		5.625			06/01/2046		53,893,800
									137,153,353
	Kansas—0.1%
	55,000	KS Devel. Finance Authority (VS/VSCF/JGCCF Obligated Group)1		5.500			11/15/2015		55,035
	1,215,000	Lenexa, KS Multifamily Hsg. (Meadows Apartments)1		7.950			10/15/2035		1,178,574
	4,372,272	Olathe, KS Tax Increment (Gateway)4		5.000			03/01/2026		2,265,536
	2,442,651	Olathe, KS Transportation Devel. District (Gateway)4		5.000			12/01/2028		978,184
									4,477,329
	Kentucky—0.3%
	2,315,000	Kuttawa, KY (1st Mtg.-GF/Kentucky)1		6.750			03/01/2029		2,316,482
	14,000,000	KY EDFA (Baptist Healthcare System)5		5.375			08/15/2024		15,951,600
	1,250,000	KY EDFA (Masonic Home Independent Living II)1		7.250			05/15/2041		1,404,863
	1,000,000	KY EDFA (Masonic Home Independent Living II)1		7.375			05/15/2046		1,133,500
									20,806,445
	Louisiana—1.3%
	175,000	Caddo Parish, LA Industrial Devel. Board (Pennzoil Products Company)1		5.600			12/01/2028		175,326
	20,000	De Soto Parish, LA Environmental Improvement (International Paper Company)1		5.600			11/01/2022		20,061
	1,200,000	Juban Park, LA Community Devel. District Special Assessment2		5.150			10/01/2014		396,060
	3,535,000	LA CDA (Eunice Student Hsg. Foundation)		7.375			09/01/2033		2,932,459
	11,415,000	LA HFA (La Chateau)1		7.250			09/01/2039		12,333,565
	895,000	LA Local Government EF&CD Authority (Cypress Apartments)1		8.000			04/20/2028		865,402
	415,000	LA Local Government EF&CD Authority (Sharlo Apartments)		8.000			06/20/2028		403,708
	5,350,000	LA Public Facilities Authority (Progressive Healthcare)		6.375			10/01/2028		5,202,394
	65,120,000	LA Tobacco Settlement Financing Corp. (TASC)1		5.875			05/15/2039		66,421,749
	7,400,000	Lakeshore Villages, LA Master Community Devel. District4		5.250			07/01/2017		2,960,814
	60,000	New Orleans, LA Sewage Service1		5.400			06/01/2017		60,170
									91,771,708

47 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Maine—0.3%
	$       2,000,000	ME H&HEFA (Maine General Medical Center)1		6.750	%		07/01/2041	$	2,337,840
	10,000	North Berwick, ME (Hussey Seating Company)		7.000			12/01/2013		10,026
	4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)1		6.625			07/01/2020		4,802,064
	12,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)1		6.875			10/01/2026		12,270,765
									19,420,695
	Maryland—0.3%
	6,704,000	Brunswick, MD Special Obligation (Brunswick Crossing)1		5.500			07/01/2036		5,917,688
	5,135,000	MD EDC Student Hsg. (Bowie State University)1		6.000			06/01/2023		5,151,432
	400,000	MD EDC Student Hsg. (University of Maryland)1		5.625			10/01/2023		306,772
	8,500,000	MD EDC Student Hsg. (University of Maryland)1		5.750			10/01/2033		5,792,070
	600,000	MD H&HEFA (King Farm Presbyterian Community)1		5.300			01/01/2037		559,422
	925,000	MD H&HEFA (Washington Christian Academy)2,10		5.500			07/01/2038		370,000
	2,250,000	Salisbury, MD Special Obligation (Villages at Aydelotte Farm)		5.250			01/01/2037		882,180
									18,979,564
	Massachusetts—1.9%
	1,750,000	MA Devel. Finance Agency (Boston Architectural College)1		5.000			01/01/2027		1,620,850
	1,500,000	MA Devel. Finance Agency (Boston Architectural College)1		5.000			01/01/2037		1,305,495
	720,000	MA Devel. Finance Agency (Eastern Nazarene College)1		5.625			04/01/2019		720,475
	2,630,000	MA Devel. Finance Agency (Eastern Nazarene College)1		5.625			04/01/2029		2,630,395
	6,905,000	MA Devel. Finance Agency (Lasell College)1		6.000			07/01/2041		7,463,615
	1,507,094	MA Devel. Finance Agency (Linden Ponds)		0.435	3		11/15/2056		7,837
	303,005	MA Devel. Finance Agency (Linden Ponds)1		5.500			11/15/2046		189,181
	5,707,785	MA Devel. Finance Agency (Linden Ponds)1		6.250			11/15/2046		4,171,991
	65,000	MA Devel. Finance Agency (May Institute)1		5.750			09/01/2029		65,019
	287,550	MA Devel. Finance Agency (Northern Berkshire Healthcare)		3.184	3		02/15/2043		28,769
	371,250	MA Devel. Finance Agency (Northern Berkshire Healthcare)		6.000			02/15/2043		320,548
	448,200	MA Devel. Finance Agency (Northern Berkshire Healthcare)		35.007	3		02/15/2043		4
	225,000	MA Devel. Finance Agency (Regis College)1		5.250			10/01/2018		225,054
	1,000,000	MA Devel. Finance Agency (VOA Concord)1		5.200			11/01/2041		936,140

48 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Massachusetts Continued
	$   18,415,000	MA Educational Financing Authority, Series H5		6.350	%		01/01/2030	$	20,602,879
	35,000	MA H&EFA (Holyoke Hospital)1		6.500			07/01/2015		34,952
	3,005,000	MA HFA (Rental Mtg.)1		5.250			01/01/2046		3,024,803
	50,080,000	MA HFA, Series A5		5.250			07/01/2025		51,225,277
	9,980,000	MA HFA, Series A5		5.300			06/01/2049		10,398,650
	17,790,000	MA HFA, Series C5		5.350			12/01/2042		19,108,239
	8,015,000	MA HFA, Series C5		5.400			12/01/2049		8,284,305
	50,000	MA Port Authority (Delta Air Lines)		5.000			01/01/2027		45,805
									132,410,283
	Michigan—4.0%
	2,900,000	Detroit, MI City School District1		5.000			05/01/2028		3,311,916
	1,720,000	Detroit, MI City School District1		5.000			05/01/2031		1,942,860
	10,100,000	Detroit, MI City School District5		6.000			05/01/2029		12,555,007
	100,000	Detroit, MI GO		5.000			04/01/2014		98,150
	5,850,000	Detroit, MI GO		5.000			04/01/2021		5,371,353
	225,000	Detroit, MI GO		5.250			04/01/2014		221,731
	2,600,000	Detroit, MI GO		5.250			04/01/2016		2,519,452
	350,000	Detroit, MI GO		5.250			04/01/2017		336,602
	1,000,000	Detroit, MI GO		5.250			04/01/2020		940,600
	2,110,000	Detroit, MI GO		5.250			04/01/2020		1,968,693
	2,210,000	Detroit, MI GO		5.250			04/01/2021		2,065,731
	1,330,000	Detroit, MI GO		5.250			04/01/2022		1,231,274
	100,000	Detroit, MI GO		5.250			04/01/2023		91,307
	10,000,000	Detroit, MI GO1		5.250			11/01/2035		10,999,500
	40,000	Detroit, MI GO		5.375			04/01/2015		39,211
	2,980,000	Detroit, MI Local Devel. Finance Authority1		6.700			05/01/2021		2,965,994
	1,890,000	Detroit, MI Local Devel. Finance Authority1		6.850			05/01/2021		1,875,050
	425,000	Detroit, MI Local Devel. Finance Authority (Chrysler Corp.)1		5.375			05/01/2018		411,800
	10,800,000	Detroit, MI Water and Sewerage Dept.1		5.000			07/01/2032		11,382,444
	23,500,000	Detroit, MI Water and Sewerage Dept.1		5.250			07/01/2039		24,829,160
	720,000	East Lansing, MI Economic Corp. (Burcham Hills)		5.250			07/01/2037		720,490
	500,000	Kalamazoo, MI EDC (Heritage Community)		5.500			05/15/2036		477,625
	440,000	Macomb, MI Public Academy		6.750			05/01/2037		438,104
	1,400,000	MI Finance Authority (Old Redford Public School Academy)1		5.900			12/01/2030		1,437,856
	1,400,000	MI Finance Authority (Old Redford Public School Academy)1		6.500			12/01/2040		1,477,140
	25,000,000	MI Finance Authority (Trinity Health Corp.)5		5.000			12/01/2039		27,742,000

49 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Michigan Continued
	$     10,000,000	MI Finance Authority (Trinity Health Corp.)1		5.000	%		12/01/2039	$	11,096,800
	13,320,000	MI Hospital Finance Authority (McLaren Health Care Corp.)5		5.000			08/01/2035		14,524,661
	2,900,000	MI Hospital Finance Authority (Oakwood Obligated Group)1		5.000			07/15/2037		3,051,119
	2,810,000	MI Hsg. Devel. Authority (Waverly Lansing)1		5.500			02/20/2043		2,923,412
	900,000	MI Public Educational Facilities Authority (American Montessori)		6.500			12/01/2037		900,297
	1,400,000	MI Public Educational Facilities Authority (Old Redford Academy)1		6.000			12/01/2035		1,412,880
	1,389,000	MI Strategic Fund Limited Obligation (Wolverine Human Services)1		7.875			08/31/2028		1,390,833
	3,700,000	MI Strategic Fund Solid Waste (Genesee Power Station)		7.500			01/01/2021		3,699,556
	429,990,000	MI Tobacco Settlement Finance Authority		7.294	3		06/01/2052		6,110,158
	3,048,780,000	MI Tobacco Settlement Finance Authority		8.877	3		06/01/2058		18,749,997
	1,625,000	Pontiac, MI City School District1		4.500			05/01/2020		1,428,960
	14,895,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)1		5.000			12/01/2034		15,143,002
	52,930,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)5		5.000			12/01/2029		55,431,357
	10,000,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)5		5.000			12/01/2034		10,440,620
	14,215,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)		6.000			12/01/2029		12,898,122
									276,652,824
	Minnesota—0.8%
	3,000,000	Columbia Heights, MN Multifamily & Health Care Facilities (Crest View Corp.)		5.700			07/01/2042		2,246,610
	1,510,000	Eveleth, MN Multifamily (Manor House Woodland)		5.500			10/01/2025		1,372,635
	2,830,000	Eveleth, MN Multifamily (Manor House Woodland)		5.700			10/01/2036		2,456,270
	1,000,000	Falcon Heights, MN (Kaleidoscope Charter School)		6.000			11/01/2037		1,004,860
	525,000	International Falls, MN Pollution Control (Boise Cascade Corp.)1		5.500			04/01/2023		506,893
	6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)1		6.850			12/01/2029		6,371,210
	1,750,000	Lake Crystal, MN Hsg. (Ecumen-Second Century)1		6.250			09/01/2040		1,896,318
	14,680,000	Lamberton, MN Solid Waste (Highwater Ethanol)		8.500			12/01/2022		11,078,996
	730,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)1		5.400			04/01/2028		681,630

50 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Minnesota Continued
	$       5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)1		5.500	%		04/01/2042	$	4,775,615
	500,000	Minneapolis, MN Tax Increment (Ivy Tower)		5.500			02/01/2022		477,570
	1,000,000	Minneapolis, MN Tax Increment (Ivy Tower)		5.700			02/01/2029		907,540
	900,000	New Hope, MN Hsg. & Health Care Facilities (Minnesota Masonic Home North Ridge)1		5.900			03/01/2019		900,900
	2,100,000	Northwest MN Multi-County Hsg. and Redevel. Authority		5.450			07/01/2041		1,934,142
	500,000	Pine City, MN Health Care & Hsg. (North Branch)1		6.125			10/20/2047		507,385
	3,700,000	Richfield, MN Senior Hsg. (Richfield Senior Hsg.)		6.625			12/01/2039		3,518,626
	830,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)1		5.375			08/01/2021		854,477
	790,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)1		5.625			02/01/2031		798,295
	1,645,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)1		7.000			09/15/2037		1,597,558
	1,840,950	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)1		5.630			10/01/2033		1,878,579
	3,000,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)1		6.250			03/01/2029		3,101,580
	400,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)1		5.750			09/01/2026		405,780
	650,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)1		6.000			09/01/2036		659,100
	1,700,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)1		6.800			03/01/2029		1,701,139
	1,200,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)1		7.000			03/01/2029		1,200,996
	705,000	St. Paul, MN Port Authority (Great Northern)1		6.000			03/01/2030		715,371
	522,551	St. Paul, MN Port Authority Parking Revenue (4th Parking Ramp)2		8.000			12/01/2027		136,694
	1,170,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)1		6.000			02/01/2019		1,036,351
									54,723,120
	Mississippi—0.2%
	175,000	Jackson, MS Hsg. Authority (Elton Park Apartments)1		5.400			04/01/2039		175,158
	2,790,000	Meridian, MS Tax Increment (Meridian Crossroads)1		8.750			12/01/2024		3,061,634
	3,885,000	MS Business Finance Corp. (Intrinergy Wiggins)		8.000			01/01/2023		3,645,024
	1,395,000	Ridgeland, MS Tax Increment (Colony Park)1		5.250			10/01/2027		1,529,492
	1,755,000	Ridgeland, MS Tax Increment (Colony Park)1		5.375			10/01/2028		1,929,780

51 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Mississippi Continued
	$     16,410,000	Stonebridge, MS Public Improvement District Special Assessment2		7.500	%		10/01/2042	$	3,932,657
	175,000	Warren County, MS Environmental Improvement (International Paper Company)1		6.250			09/01/2023		175,628
									14,449,373
	Missouri—1.5%
	250,000	Belton, MO Tax Increment (Belton Town Center)1		5.500			03/01/2020		251,680
	400,000	Belton, MO Tax Increment (Belton Town Center)1		5.625			03/01/2025		390,304
	500,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2016		451,610
	500,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2017		439,100
	730,000	Branson Hills, MO Infrastructure Facilities		5.500			04/01/2022		579,686
	750,000	Branson Hills, MO Infrastructure Facilities		5.500			04/01/2027		538,905
	4,900,000	Branson, MO Commerce Park Community Improvement District		5.750			06/01/2026		4,537,988
	2,485,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		2,388,930
	13,000,000	Branson, MO IDA (Branson Hills Redevel.)		7.050			05/01/2027		13,038,740
	1,460,000	Branson, MO IDA (Branson Landing)		5.250			06/01/2021		1,399,147
	2,470,000	Branson, MO IDA (Branson Landing)		5.500			06/01/2029		2,259,334
	23,700,000	Branson, MO IDA (Branson Shoppe Redevel.)1		5.950			11/01/2029		23,001,798
	570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)		6.125			12/01/2036		469,731
	1,215,000	Chillicothe, MO Tax Increment (South U.S. 65)1		5.500			04/01/2021		1,115,698
	1,100,000	Chillicothe, MO Tax Increment (South U.S. 65)1		5.625			04/01/2027		1,073,644
	1,250,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)1		5.000			11/01/2023		1,252,538
	500,000	Kansas City, MO IDA (Plaza Library)1		5.900			03/01/2024		509,260
	1,292,000	Kansas City, MO IDA (West Paseo)1		6.750			07/01/2036		1,299,959
	3,750,000	Kansas City, MO Tax Increment (Briarcliff West)1		5.400			06/01/2024		3,663,263
	1,400,000	Kansas City, MO Tax Increment (Shoal Creek Parkway)1		6.500			06/01/2025		1,457,960
	1,400,000	Lees Summit, MO IDA (Kensington Farms)1		5.500			03/01/2021		1,394,260
	750,000	Lees Summit, MO IDA (Kensington Farms)1		5.750			03/01/2029		713,063
	2,365,000	Liberty, MO Tax Increment (Liberty Triangle)1		5.875			10/01/2029		2,374,697
	3,105,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2026		1,642,079
	3,825,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2036		1,878,152
	2,405,000	MO Enright Arlington Community Improvement District		5.400			03/01/2026		2,174,601
	1,705,000	MO Good Shepard Nursing Home District1		5.900			08/15/2023		1,706,176

52 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Missouri Continued
	$          230,000	MO Grindstone Plaza Transportation Devel. District		5.250	%		10/01/2021	$	201,098
	400,000	MO Grindstone Plaza Transportation Devel. District		5.400			10/01/2026		328,332
	115,000	MO Grindstone Plaza Transportation Devel. District		5.550			10/01/2036		85,252
	3,915,000	MO HDC (Mansion Apartments Phase II)		6.170			04/01/2032		3,726,493
	755,000	Northwoods, MO Transportation Devel. District		5.850			02/01/2031		680,867
	2,000,000	St. Joseph, MO IDA (Shoppes at North Village)1		5.500			11/01/2027		2,005,260
	4,580,000	St. Louis, MO IDA (Railway Exchange Building Redevel.)1		8.000			04/01/2033		4,583,756
	2,442,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)		6.000			08/21/2026		2,246,103
	2,034,000	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		1,764,312
	1,660,000	St. Louis, MO Tax Increment (Printers Lofts)4		6.000			08/21/2026		1,190,320
	3,043,000	St. Louis, MO Tax Increment (Security Building Redevel.)		6.300			04/01/2027		2,916,411
	2,386,000	St. Louis, MO Tax Increment (Washington East Condominiums)1		5.500			01/20/2028		2,123,301
	1,600,000	St. Louis, MO Tax Increment (Washington East Condominiums)1		5.500			01/20/2028		1,388,992
	1,108,000	St. Louis, MO Tax Increment Financing, Series A		5.500			09/02/2028		953,789
	1,865,000	Stone Canyon, MO Improvement District (Infrastructure)		5.700			04/01/2022		1,324,206
	975,000	Stone Canyon, MO Improvement District (Infrastructure)		5.750			04/01/2027		614,279
	75,000	Suemandy, MO Mid-Rivers Community Improvement District1		7.000			10/01/2019		82,186
	2,225,000	Suemandy, MO Mid-Rivers Community Improvement District1		7.500			10/01/2029		2,402,066
									100,619,326
	Montana—0.1%
	5,935,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)1		0.000	7		09/01/2031		4,888,660
	1,125,000	MT Facilities Finance Authority (St. John’s Lutheran)1		6.000			05/15/2025		1,174,725
	1,650,000	MT Facilities Finance Authority (St. John’s Lutheran)1		6.125			05/15/2036		1,702,701
									7,766,086
	Multi States—0.1%
	8,000,000	Munimae TE Bond Subsidiary1		5.900			11/29/2049		4,559,920

53 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Nebraska—0.9%
	$       1,120,000	Beatrice, NE Community Redevel. Authority (Beatrice Biodiesel)		6.625	%		12/01/2021	$	649,141
	20,000,000	Douglas County, NE Hospital Authority (Methodist Health System)5		5.750			11/01/2048		22,480,088
	1,250,000	Mead Village, NE Tax Increment (Biofuels-Mead)1		5.750			01/01/2022		558,050
	17,500,000	NE Central Plains Gas Energy1		5.000			09/01/2032		18,427,150
	2,400,000	NE Educational Facilities Authority (Midland Lutheran College)1		5.600			09/15/2029		1,959,144
	6,960,000	Santee Sioux Nation, NE Tribal Health Care (Indian Health Service)1		8.750			10/01/2020		7,499,470
	45,745,000	Saunders County, NE Individual Devel. (Mead Biofuels)2		7.000			12/01/2026		9,032,808
									60,605,851
	Nevada—0.1%
	1,000,000	Clark County, NV Improvement District1		5.000			02/01/2026		844,190
	770,000	Clark County, NV Improvement District1		5.050			02/01/2031		612,319
	10,000,000	Director of the State of NV Dept. of Business & Industry (Las Ventanas Retirement)2		7.000			11/15/2034		5,310,300
	100,000	Las Vegas, NV Paiute Tribe, Series A1		6.625			11/01/2017		97,678
	120,000	Mesquite, NV Special Improvement District (Canyon Creek)1		5.400			08/01/2020		101,192
	470,000	Mesquite, NV Special Improvement District (Canyon Creek)1		5.500			08/01/2025		349,807
	1,780,000	Mesquite, NV Special Improvement District No. 07-01 (Anthem at Mesquite)1		6.150			08/01/2037		1,612,235
									8,927,721
	New Hampshire—0.1%
	1,780,000	NH Business Finance Authority (Air Cargo at Pease)4		6.750			04/01/2024		902,015
	70,000	NH Business Finance Authority (Connecticut Light & Power Company)1		5.850			12/01/2022		70,533
	1,500,000	NH Business Finance Authority (Huggins Hospital)1		6.875			10/01/2039		1,650,000
	4,620,000	NH H&EFA (Franklin Pierce College)1		6.050			10/01/2034		4,653,957
	515,000	NH HE&HFA (Franklin Pierce College)1		5.300			10/01/2028		501,332
									7,777,837
	New Jersey—7.6%
	32,910,000	NJ EDA (Continental Airlines)1		6.250			09/15/2019		33,042,627
	26,685,000	NJ EDA (Continental Airlines)1		6.250			09/15/2029		26,792,541
	11,385,000	NJ EDA (Continental Airlines)1		6.400			09/15/2023		11,432,134
	25,935,000	NJ EDA (Continental Airlines)1		7.000			11/15/2030		26,034,331

54 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	$	16,984,804
	16,500,000	NJ EDA (Continental Airlines)1		9.000			06/01/2033		17,426,970
	865,164	NJ EDA (Empowerment Zone-Cumberland)2		7.750			03/01/2021		8,643
	7,490,000	NJ EDA (Engel Burman at Woodcliff Lake)1		8.000			05/01/2044		8,217,129
	7,505,000	NJ EDA (Engel Burman at Woodcliff Lake)1		8.000			05/01/2044		8,233,585
	7,505,000	NJ EDA (Engel Burman at Woodcliff Lake)6		8.000			05/01/2044		8,233,585
	11,000,000	NJ EDA (GMT Realty)		6.875			01/01/2037		11,169,070
	10,360,000	NJ EDA (School Facilities)5		5.000			09/01/2024		12,259,810
	10,000	NJ EDA (The Presbyterian Home at Montgomery)1		6.375			11/01/2031		9,998
	2,040,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2014		2,041,040
	8,450,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2027		7,819,968
	160,440,000	NJ Tobacco Settlement Financing Corp.		4.750			06/01/2034		129,195,914
	96,125,000	NJ Tobacco Settlement Financing Corp.5		5.000			06/01/2029		88,296,409
	115,435,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2041		94,279,228
	10,000,000	NJ Transportation Trust Fund Authority5		5.000			12/15/2023		12,358,279
	2,000,000	NJ Transportation Trust Fund Authority1		6.000			06/15/2035		2,470,400
	210,000	Weehawken Township, NJ GO1		6.000			08/01/2021		232,901
	210,000	Weehawken Township, NJ GO1		6.000			08/01/2022		229,786
	260,000	Weehawken Township, NJ GO1		6.000			08/01/2023		281,962
	260,000	Weehawken Township, NJ GO1		6.000			08/01/2024		280,704
	235,000	Weehawken Township, NJ GO1		6.000			08/01/2025		252,583
									517,584,401
	New Mexico—0.3%
	336,000	Dona Ana County, NM Multifamily (Montana Meadows Apartments)1		8.500			12/01/2015		337,878
	4,700,000	Eldorado, NM Area Water and Sanitation District1		6.000			02/01/2025		4,659,298
	3,500,000	Farmington, NM Pollution Control (Public Service Company of New Mexico)1		6.250			06/01/2040		3,905,230
	775,000	Mariposa East, NM Public Improvement District		5.500			09/01/2016		780,588
	500,000	Mariposa East, NM Public Improvement District		5.750			09/01/2021		475,860
	875,000	Montecito Estates, NM Public Improvement District1		7.000			10/01/2037		901,556
	175,000	NM Regional Hsg. Authority (Wildewood Apartments)1		8.750			12/01/2020		175,352
	1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,958,052
	4,690,000	Saltillo, NM Improvement District1		7.625			10/01/2037		4,744,685

55 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	New Mexico Continued
	$       1,000,000	Ventana West, NM Public Improvement District Special Levy1		6.875	%		08/01/2033	$	1,015,140
									18,953,639
	New York—6.9%
	3,000,000	Albany, NY IDA (New Covenant Charter School)2		7.000			05/01/2035		674,970
	1,785,000	Dutchess County, NY IDA (St. Francis Hospital)		7.500			03/01/2029		1,839,907
	17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		6.656	3		06/01/2055		188,859
	1,250,000	Huntington, NY Hsg. Authority (GJSR)1		6.000			05/01/2039		1,250,863
	1,000,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2030		1,124,560
	1,000,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2027		672,240
	412,100,000	NY Counties Tobacco Trust V		7.151	3		06/01/2060		2,101,710
	500,000,000	NY Counties Tobacco Trust V		7.836	3		06/01/2060		2,550,000
	37,380,000	NY Liberty Devel. Corp. (Bank of America Tower)5,11		5.125			01/15/2044		41,566,371
	8,765,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.707	12		04/01/2036		9,926,012
	31,835,000	NYC IDA (American Airlines)2		6.900			08/01/2024		20,751,326
	8,870,000	NYC IDA (American Airlines)		7.500			08/01/2016		9,363,349
	42,500,000	NYC IDA (American Airlines)		7.625			08/01/2025		44,868,100
	37,000,000	NYC IDA (American Airlines)		7.750			08/01/2031		39,459,020
	7,200,000	NYC IDA (American Airlines)		8.000			08/01/2028		7,678,368
	2,995,000	NYC IDA (American Airlines)		8.500			08/01/2028		3,099,196
	19,450,000	NYC IDA (British Airways)1		7.625			12/01/2032		19,993,044
	5,475,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.650			10/01/2028		4,780,058
	5,020,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.750			10/01/2036		4,257,010
	8,605,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200			10/01/2022		8,187,141
	12,955,000	NYC Municipal Water Finance Authority5		5.750			06/15/2040		15,637,720
	14,575,000	NYC Transitional Finance Authority5		5.000			02/01/2031		17,124,021
	18,130,000	NYC Transitional Finance Authority5		5.000			02/01/2035		20,913,680
	25,000,000	NYC Transitional Finance Authority (Building Aid)1		5.250			07/15/2037		29,058,000
	2,200,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000			05/01/2041		2,416,304
	31,295,000	NYS DA (Personal Income Tax)1		5.000			03/15/2036		34,039,572
	22,200,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		23,886,978

56 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$            75,000	NYS DA (State Personal Income Tax Authority)1		5.000	%		03/15/2035	$	81,653
	31,750,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750			11/15/2051		37,634,545
	200,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		200,046
	4,000,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		4,000,080
	25,000,000	Port Authority NY/NJ, 166th Series5		5.250			07/15/2036		29,510,750
	6,600,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2036		6,672,666
	7,530,000	Westchester County, NY IDA (EBC White Plains)1		8.000			11/01/2043		8,371,779
	7,530,000	Westchester County, NY IDA (EBC White Plains)1		8.000			11/01/2043		8,371,779
	7,530,000	Westchester County, NY IDA (EBC White Plains)1		8.000			11/01/2043		8,371,779
	2,600,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-C		6.200			03/01/2020		2,602,184
									473,225,640
	North Carolina—1.0%
	48,200,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)		5.600			07/01/2027		44,050,462
	12,005,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)		7.750			02/01/2028		12,024,328
	4,380,000	Gaston, NC IFPCFA (National Gypsum)		5.750			08/01/2035		3,976,164
	1,500,000	NC Medical Care Commission (AHACHC)1		5.800			10/01/2034		1,589,745
	1,650,000	NC Medical Care Commission (Whitestone)1		7.750			03/01/2031		1,894,497
	4,725,000	NC Medical Care Commission (Whitestone)1		7.750			03/01/2041		5,371,569
									68,906,765
	North Dakota—0.1%
	500,000	Burleigh County, ND Nursing Home (Baptist Home)		6.200			07/01/2032		504,090
	1,000,000	Cando, ND Nursing Facility (Towner County Medical Center)		7.125			08/01/2022		1,001,020
	85,000	Cass County, ND Industrial Devel. Revenue (Fraser Ltd.)1		7.000			11/01/2015		83,857
	2,670,000	Richland County, ND Hsg. (Birchwood Properties)		6.750			05/01/2029		2,241,545
									3,830,512
	Ohio—5.0%
	9,950,000	Allen County, OH Hospital Facilities (Catholic Healthcare)1		5.000			06/01/2038		10,776,447
	5,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.125			06/01/2024		4,196,550
	25,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.750			06/01/2034		20,355,500
	11,245,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.875			06/01/2030		9,337,511

57 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Ohio Continued
	$     56,910,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.875	%		06/01/2047	$	46,227,424
	1,542,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		6.000			06/01/2042		1,286,660
	13,385,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		6.500			06/01/2047		11,915,059
	2,347,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.504	3		06/01/2052		33,022,290
	1,315,000	Butler County, OH Hsg. (Anthony Wayne Apartments)		6.500			09/01/2030		1,010,499
	4,495,000	Centerville, OH Health Care (Bethany Lutheran Village)1		6.000			11/01/2038		4,660,011
	19,805,000	Cleveland, OH Airport (Continental Airlines)		5.700			12/01/2019		19,809,159
	1,500,000	Cleveland-Cuyahoga County, OH Port Authority (St. Clarence)1		6.250			05/01/2038		1,442,370
	500,000	Columbus-Franklin County, OH Finance Authority, Series A1		6.000			05/15/2035		517,545
	10,425,000	Cuyahoga County, OH Hospital Facilities (CSAHS-UHHS-Cuyahoga/Canton Obligated Group)1		7.500			01/01/2030		10,440,221
	32,500,000	Gallia County, OH Hospital Facilities (Holzer/HHlthS/HMCG/HMCJ Obligated Group)		8.000			07/01/2042		36,373,350
	7,500,000	Grove City, OH Tax Increment Financing1		5.375			12/01/2031		7,546,875
	1,450,000	Hancock County, OH Hospital (BVRHC/BVHF Obligated Group)1		6.250			12/01/2034		1,710,188
	4,200,000	Hickory Chase, OH Community Authority Infrastructure Improvement2		7.000			12/01/2038		2,727,606
	125,000	Lake County, OH Hospital Facilities (Lake Hospital System)1		5.750			08/15/2038		133,281
	685,000	Lorain County, OH Port Authority (Alumalloy LLC)1		6.000			11/15/2025		660,641
	5,500,000	Miami University, OH1		5.000			09/01/2036		6,333,360
	10,000,000	Montgomery County, OH (Miami Valley Hospital)5		5.750			11/15/2023		12,245,400
	11,410,000	OH Air Quality Devel. Authority (Fostoria Ethanol)		8.500			02/01/2020		8,298,379
	11,690,000	OH Air Quality Devel. Authority (Marion Ethanol)		8.500			02/01/2020		8,502,020
	50,000	OH Environmental Facilities (Ford Motor Company)1		5.750			04/01/2035		51,729
	2,250,000	OH Higher Education Facility Commission (Ashland University)1		6.250			09/01/2024		2,408,783
	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)10		7.250			08/01/2034		12,358,810

58 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Ohio Continued
	$     14,000,000	OH Solid Waste Disposal (General Motors Corp.)2		6.300	%		12/01/2032	$	140
	14,515,000	OH Solid Waste Disposal (USG Corp.)		5.600			08/01/2032		13,415,198
	32,620,000	OH Solid Waste Disposal (USG Corp.)		5.650			03/01/2033		30,297,456
	6,640,000	OH Solid Waste Disposal (USG Corp.)		6.050			08/01/2034		6,466,895
	2,215,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)4		6.300			02/15/2024		1,335,689
	2,500,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)4		6.400			02/15/2034		1,507,775
	4,100,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)1		5.750			12/01/2032		4,308,321
	3,000,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)1		6.000			12/01/2042		3,174,990
	1,955,000	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)		5.400			11/01/2036		1,085,005
	3,415,000	Warren County, OH Port Authority (Corridor 75 Park)		7.500			12/01/2034		3,509,425
									339,448,562
	Oklahoma—1.3%
	1,700,000	Ardmore, OK Devel. Authority (Airpark Increment District)		5.750			11/01/2022		1,738,692
	1,500,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)		6.625			10/01/2037		1,531,635
	5,000,000	Grady County, OK Criminal Justice Authority1		7.000			11/01/2041		5,181,950
	50,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)1		6.500			09/01/2026		50,125
	1,500,000	Oklahoma City, OK Industrial & Cultural Facilities (Aero Obligated Group)1		6.750			01/01/2023		1,449,720
	2,850,000	Oklahoma County, OK Finance Authority (Var-Sail Assoc.)1		5.250			12/01/2041		3,027,099
	63,795,000	Tulsa, OK Municipal Airport Trust (American Airlines)2		7.750			06/01/2035		73,257,074
									86,236,295
	Oregon—0.1%
	15,000	Lane County, OR Hsg. Authority & Community Services (Firewood)1		6.600			11/01/2015		15,040
	795,000	OR Facilities Authority (Concordia University)1		6.125			09/01/2030		862,631
	2,225,000	OR Facilities Authority (Student Housing-Ashland)1		5.000			07/01/2044		2,393,321
	1,300,000	Salem, OR Hospital Finance Authority (Capital Manor)1		6.000			05/15/2042		1,394,341
	1,300,000	Salem, OR Hospital Finance Authority (Capital Manor)1		6.000			05/15/2047		1,394,341

59 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Oregon Continued
	$          510,000	Western Generation, OR Agency Cogeneration (Wauna Cogeneration)1		5.000	%		01/01/2021	$	509,148
									6,568,822
	Pennsylvania—1.1%
	1,500,000	Chester County, PA H&EFA (Chester County Hospital)1		6.750			07/01/2031		1,501,545
	1,300,000	Luzerne County, PA IDA1		7.500			12/15/2019		1,352,312
	500,000	Luzerne County, PA IDA1		7.750			12/15/2027		525,885
	24,937,498	PA EDFA (Bionol Clearfield)2		8.500			07/15/2015		2,488,264
	5,000,000	PA EDFA (National Gypsum Company)		6.250			11/01/2027		4,936,600
	2,100,000	PA EDFA (Northampton Generating)2		6.500			01/01/2013		1,326,759
	10,950,000	PA EDFA (Northampton Generating)2		6.600			01/01/2019		7,013,256
	16,000,000	PA EDFA (USG Corp.)		6.000			06/01/2031		15,524,800
	11,500,000	PA Geisinger Authority Health System, Series A5		5.250			06/01/2039		12,820,430
	2,700,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875			11/15/2016		2,702,565
	3,500,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875			11/15/2021		3,502,065
	4,000,000	PA HEFA (Shippensburg University)1		6.250			10/01/2043		4,482,440
	2,000,000	Philadelphia, PA GO1		6.000			08/01/2036		2,356,180
	2,000,000	Philadelphia, PA GO1		6.500			08/01/2041		2,446,000
	3,350,000	Philadelphia, PA H&HEFA (Temple University Health System)1		5.625			07/01/2036		3,518,673
	4,500,000	Philadelphia, PA H&HEFA (Temple University Health System)1		5.625			07/01/2042		4,715,775
	6,000,000	York, PA GO1		7.250			11/15/2041		6,978,180
									78,191,729
	Rhode Island—1.6%
	45,000,000	Central Falls, RI Detention Facility		7.250			07/15/2035		38,875,950
	45,000	RI Health & Educational Building Corp. (Roger Williams General Hospital)1		5.500			07/01/2018		44,440
	20,000	RI Health & Educational Building Corp. (Roger Williams Medical Center)1		5.500			07/01/2028		18,349
	11,430,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)5		5.200			10/01/2047		11,852,005
	52,090,000	RI Tobacco Settlement Financing Corp. (TASC)		6.125	3		06/01/2052		664,668
	27,875,000	RI Tobacco Settlement Financing Corp. (TASC)1		6.250			06/01/2042		28,292,846
	42,825,000	RI Tobacco Settlement Financing Corp. (TASC)		7.868	3		06/01/2052		452,660
	25,605,000	RI Tobacco Settlement Financing Corp. (TASC), Series A1		6.125			06/01/2032		25,860,794
									106,061,712

60 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	South Carolina—0.6%
	$       1,375,000	Allendale County, SC School District Energy Savings Special Obligation1		8.500	%		12/01/2018	$	1,486,595
	15,000	Georgetown County, SC Environmental Improvement (International Paper Company)1		6.250			09/01/2023		15,054
	6,988,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)		7.750			11/01/2039		6,552,717
	800,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)		5.250			11/01/2026		724,056
	2,000,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)		5.300			11/01/2035		1,720,880
	16,196,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)1		6.200			11/01/2036		15,011,101
	200,000	SC Connector 2000 Assoc. Toll Road, Series B		6.300	3		01/01/2026		7,100
	7,620,000	SC Connector 2000 Assoc. Toll Road, Series B		6.453	3		01/01/2020		266,624
	8,500,000	SC Connector 2000 Assoc. Toll Road, Series B		6.621	3		01/01/2024		301,750
	50,000	SC Jobs-EDA (JDAM/LH/Franke Home/LS Obligated Group)1		5.650			05/01/2018		50,070
	1,400,000	SC Jobs-EDA (Palmetto Health)1		5.750			08/01/2039		1,562,316
	10,000,000	SC Public Service Authority1		5.000			12/01/2036		11,403,000
									39,101,263
	South Dakota—0.5%
	1,000,000	Lower Brule, SD Sioux Tribe, Series B1		5.500			05/01/2019		858,140
	33,765,000	SD Educational Enhancement Funding Corp. Tobacco Settlement1		6.500			06/01/2032		34,946,437
	1,425,000	Turner County, SD Tax Increment1		5.000			12/15/2026		1,304,360
									37,108,937
	Tennessee—0.2%
	1,760,000	Johnson City, TN H&EFB (Mountain States Health Alliance)1		5.500			07/01/2036		1,860,971
	8,890,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)		5.750			04/01/2042		6,281,941
	215,000	Memphis-Shelby County, TN Airport Authority (Express Airlines)		6.125			12/01/2016		203,676
	7,870,000	Metropolitan Knoxville, TN Airport Authority (Northwest Airlines)		8.000			04/01/2032		7,906,202
	485,000	Shelby County, TN HE&HF (Lapaloma Apartments)		7.750			12/01/2029		417,095
									16,669,885
	Texas—14.6%
	230,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)		7.750			12/01/2028		207,952

61 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Texas Continued
	$            80,000	Bexar County, TX HFC (American Opportunity Hsg.)		7.500	%		01/01/2013	$	78,563
	980,000	Bexar County, TX HFC (American Opportunity Hsg.)		8.000			01/01/2031		669,095
	1,130,000	Bexar County, TX HFC (American Opportunity Hsg.-Nob Hill Apartments)2		8.500			06/01/2031		338,887
	970,000	Bexar County, TX HFC (Doral Club)1		8.750			10/01/2036		744,543
	200,000	Bexar County, TX HFC (Honey Creek LLC)2		8.000			04/01/2030		88,008
	100,000	Bexar County, TX HFC (Honey Creek LLC)2		9.000			04/01/2030		19,753
	1,460,000	Bexar County, TX HFC (Perrin Square)2		9.750			11/20/2031		291,985
	41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.000			03/01/2041		3,517,146
	13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.400			05/01/2029		1,317,195
	2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.300			07/01/2032		234,430
	2,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750	8		09/01/2034		1,508,980
	14,080,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			04/01/2038		10,623,219
	11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			10/01/2038		1,143,256
	10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			03/01/2032		1,079,100
	28,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			04/01/2033		3,029,649
	16,530,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)1		7.000			11/01/2039		19,227,861
	190,000	Cass County, TX IDC (International Paper Company)1		6.600			03/15/2024		190,737
	6,880,000	Central TX Regional Mobility Authority1		6.250			01/01/2046		7,998,138
	750,000	Clifton, TX Higher Education Finance Corp. (Idea Public Schools)1		5.750			08/15/2041		831,315
	3,875,000	Dallas-Fort Worth, TX International Airport5		5.000			11/01/2035		3,878,510
	5,000	Dallas-Fort Worth, TX International Airport1		5.750			11/01/2030		5,011
	305,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)2		8.250			11/01/2036		198,869
	22,100,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.2		9.000			05/01/2029		10,291,086
	40,945,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.2		9.125			05/01/2029		19,079,142
	2,115,000	Danbury, TX Higher Education Finance Corp. (Island Foundation)		6.250			02/15/2036		2,074,096

62 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Texas Continued
	$          240,000	Decatur, TX Hospital Authority (Wise Regional Health System)1		5.625	%		09/01/2013	$	249,780
	22,950,000	Donna, TX GO1		6.250			02/15/2037		21,864,465
	50,000	Gainesville, TX Hsg. Authority1		6.800			12/01/2020		50,008
	935,000	Grapevine, TX IDC (Air Cargo)		6.500			01/01/2024		935,739
	25,000	Gulf Coast, TX IDA (Citgo Petroleum Corp.)1		7.500			05/01/2025		25,119
	11,238,709	Gulf Coast, TX IDA (Microgy Holdings)2		7.000			12/01/2036		106,880
	20,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)1		8.000			04/01/2028		20,034
	3,225,000	Harris County, TX Cultural Education Facilities Finance Corp. (Space Center Houston)1		7.000			08/15/2028		3,510,380
	1,510,000	Harris County, TX HFC (Copperwood Ranch Apartments)1		5.450			12/01/2023		1,520,781
	1,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)1		5.625			11/01/2026		1,775,743
	2,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)1		5.750			11/01/2036		2,761,028
	2,000,000	HFDC of Central TX (Lutheran Social Services of the South)		6.875			02/15/2032		2,034,680
	7,940,000	Houston, TX Airport Special Facilities (Continental Airlines)1		5.700			07/15/2029		7,898,791
	7,290,000	Houston, TX Airport Special Facilities (Continental Airlines)1		5.700			07/15/2029		7,252,165
	12,740,000	Houston, TX Airport Special Facilities (Continental Airlines)1		6.125			07/15/2017		12,720,763
	20,245,000	Houston, TX Airport Special Facilities (Continental Airlines)		6.125			07/15/2027		20,243,178
	18,755,000	Houston, TX Airport Special Facilities (Continental Airlines)		6.125			07/15/2027		18,753,312
	100,000	Houston, TX Airport Special Facilities (Continental Airlines)1		7.000			07/01/2029		100,431
	3,520,000	Houston, TX Airport Special Facilities (Continental Airlines)		7.375			07/01/2022		3,535,206
	2,000,000	Houston, TX Airport System1		5.000			07/01/2024		2,288,140
	1,210,000	Houston, TX Airport System1		5.000			07/01/2025		1,376,762
	555,000	Houston, TX Airport System1		5.000			07/01/2026		626,667
	815,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)1		6.500			05/15/2031		984,153
	500,000	Houston, TX Higher Education Finance Corp. (Ninos)1		6.000			08/15/2036		519,340
	750,000	Houston, TX Higher Education Finance Corp. (Ninos)1		6.000			08/15/2041		773,588
	440,000	Houston, TX IDC (Air Cargo)		6.375			01/01/2023		440,343

63 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Texas Continued
	$     11,400,000	Houston, TX Utility System1		5.000	%		11/15/2033	$	13,220,466
	10,000,000	La Vernia, TX Higher Education Finance Corp.1		7.125			02/15/2038		11,468,300
	1,945,000	Lubbock, TX HFC (Las Colinas Quail Creek Apartments)1		6.000			07/01/2032		1,804,396
	1,800,000	Maverick County, TX GO COP		8.750			03/01/2034		1,812,924
	6,110,000	Maverick County, TX GO COP		8.750			03/01/2034		6,153,870
	610,000	Midlothian, TX Devel. Authority Tax Increment1		5.125			11/15/2026		612,050
	750,000	Newark, TX Cultural Education Facilities Finance Corp.1		7.250			08/15/2021		801,518
	3,855,000	Newark, TX Cultural Education Facilities Finance Corp.1		8.250			08/15/2031		4,169,221
	8,605,000	Newark, TX Cultural Education Facilities Finance Corp.1		8.500			08/15/2041		9,333,930
	1,600,000	North Central TX HFC (Village Kaufman Apartments)1		6.150			01/01/2043		1,623,872
	38,000,000	North Central TX HFDC (Children’s Medical Center)5		5.750			08/15/2039		43,305,560
	55,610,000	North TX Tollway Authority5		5.500			09/01/2041		66,176,456
	16,000,000	North TX Tollway Authority1		5.750			01/01/2048		18,321,920
	5,920,000	North TX Tollway Authority1		5.750			01/01/2048		6,779,110
	2,130,000	Sabine Neches, TX HFC (Fox Run Apartments)1		6.150			01/01/2043		2,146,508
	3,895,835	Sabine Neches, TX HFC (Single Family Mtg.)5		5.430	8		12/01/2039		4,273,994
	4,100,000	Sabine River, TX Authority Pollution Control (TXU Electric Company)		6.150			08/01/2022		411,025
	1,800,000	Sabine River, TX Authority Pollution Control (TXU Electric Company)		6.450			06/01/2021		180,108
	10,000,000	San Jacinto, TX Community College District5		5.125			02/15/2038		11,012,500
	5,510,000	Springhill, TX Courtland Heights Public Facility Corp.		5.850			12/01/2028		3,457,635
	14,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)5		5.750			11/15/2024		16,540,860
	34,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)5		6.250			11/15/2029		40,170,660
	3,810,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)1		5.750			11/15/2037		3,933,901
	13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)5		5.000			12/01/2033		14,877,135
	27,525,000	Travis County, TX HFDC (Longhorn Village)		7.125			01/01/2046		28,866,293
	1,600,000	Travis County, TX HFDC (Querencia Barton Creek)1		5.650			11/15/2035		1,609,648
	2,495,000	Trinity, TX River Authority (TXU Energy Company)		6.250			05/01/2028		249,650

64 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Texas Continued
	$     20,500,000	Trophy Club, TX Public Improvement (Highlands Trophy Club)1		7.750	%		10/01/2037	$	20,927,630
	6,170,000	TX Affordable Hsg. Corp. (South Texas Affordable Properties Corp.)2		8.000			03/01/2032		617,062
	34,600,000	TX Angelina & Neches River Authority (Aspen Power)		6.500			11/01/2029		29,998,200
	250,000	TX Angelina & Neches River Authority Waste Disposal (Temple-Inland)1		6.950			05/01/2023		258,518
	11,000,000	TX GO (College Student Loan)1		5.000			08/01/2036		12,505,460
	321,760,000	TX Municipal Gas Acquisition & Supply Corp.5		6.250			12/15/2026		391,449,540
	1,000,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250			12/15/2026		1,216,590
	1,600,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)1		6.250			09/01/2036		1,627,360
	635,000	TX Student Hsg. Corp. (University of North Texas)1		6.750			07/01/2021		523,418
	200,000	TX Student Hsg. Corp. (University of North Texas)1		6.850			07/01/2031		155,196
	13,210,000	TX Turnpike Authority (Central TX Turnpike System)1		5.500			08/15/2039		13,314,227
	2,115,000	Vintage Township, TX Public Facilities Corp.1		7.375			10/01/2038		2,162,143
	638,000	Vintage Township, TX Public Facilities Corp.1		7.375			10/01/2038		652,221
	2,920,000	Wise County, TX (Parket County Junior College District)1		7.500			08/15/2025		3,245,755
	4,615,000	Wise County, TX (Parket County Junior College District)1		7.750			08/15/2028		5,170,277
									998,171,109
	U.S. Possessions—6.9%
	11,700,000	Guam Government Business Privilege1		5.125			01/01/2042		13,010,283
	1,300,000	Guam Government Business Privilege1		5.250			01/01/2036		1,459,497
	1,500,000	Guam Government Department of Education COP (John F. Kennedy High School)1		6.625			12/01/2030		1,634,670
	2,200,000	Guam Government Department of Education COP (John F. Kennedy High School)1		6.875			12/01/2040		2,411,684
	500,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		500,530
	34,365,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2042		35,231,342
	26,550,000	Puerto Rico Aqueduct & Sewer Authority1		5.750			07/01/2037		28,574,703
	23,000,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2047		25,204,090
	1,430,000	Puerto Rico Commonwealth GO1		5.000			07/01/2041		1,447,232
	72,305,000	Puerto Rico Commonwealth GO1		5.500			07/01/2039		76,346,126
	11,540,000	Puerto Rico Commonwealth GO1		5.750			07/01/2036		12,400,769
	4,650,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037		5,323,553

65 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions Continued
	$       3,000,000	Puerto Rico Commonwealth GO1		6.500	%		07/01/2040	$	3,504,990
	10,000,000	Puerto Rico Commonwealth GO1		6.500			07/01/2040		11,683,300
	4,430,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2026		4,854,394
	3,700,000	Puerto Rico Highway & Transportation Authority1		5.250			07/01/2035		4,046,579
	6,415,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		6,716,377
	605,000	Puerto Rico Highway & Transportation Authority, Series H1		5.450			07/01/2035		636,521
	500,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		502,010
	3,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1		6.000			07/01/2033		3,411,210
	34,600,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2042		35,390,610
	36,500,000	Puerto Rico Public Finance Corp., Series B1		5.500			08/01/2031		39,982,830
	9,560,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.250			08/01/2027		10,905,761
	37,610,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.250			08/01/2057		40,000,729
	16,820,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.500			08/01/2042		18,152,649
	12,005,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.750			08/01/2037		13,451,603
	25,000,000	Puerto Rico Sales Tax Financing Corp., Series A-11		5.250			08/01/2043		26,689,750
	15,890,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.250			08/01/2041		16,941,441
	17,000,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.750			08/01/2057		18,964,350
	10,175,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2039		11,687,921
									471,067,504
	Utah—0.2%
	6,350,000	UT Charter School Finance Authority (Hawthorn Academy)1		8.250			07/15/2046		7,017,830
	750,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)1		6.300			07/15/2032		784,155
	1,640,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)1		6.550			07/15/2042		1,711,930
	1,595,000	UT HFA (RHA Community Service of Utah)1		6.875			07/01/2027		1,596,659
	1,315,000	Utah County, UT Charter School (Lincoln Academy)		5.875			06/15/2037		1,223,358
	825,000	Utah County, UT Charter School (Renaissance Academy)1		5.625			07/15/2037		802,874
	4,400,000	West Valley City, UT Sewer (East Hollywood High School)		5.625			06/15/2037		3,859,504
									16,996,310
	Vermont—0.0%
	280,000	Burlington, VT Electric1		5.500			07/01/2029		318,772
	315,000	Burlington, VT Electric1		5.625			07/01/2030		359,532

66 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount				Coupon			Maturity		Value
	Vermont Continued
	$          460,000		Burlington, VT Electric1		5.750	%		07/01/2031	$	526,355
	1,929,102	��	VT Educational & Health Buildings Financing Agency (Marlboro College)1		2.779			04/01/2019		1,871,750
										3,076,409
	Virginia—1.1%
	1,875,000		Celebrate, VA North Community Devel. Authority Special Assessment		6.750			03/01/2034		1,319,588
	14,700,000		Farms New Kent, VA Community Devel. Authority Special Assessment		5.125			03/01/2036		9,237,333
	9,200,000		Farms New Kent, VA Community Devel. Authority Special Assessment		5.450			03/01/2036		5,775,668
	3,206,000		Farms New Kent, VA Community Devel. Authority Special Assessment		5.800			03/01/2036		1,921,901
	4,000,000		Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2027		2,322,720
	3,000,000		New Port, VA CDA		5.600			09/01/2036		1,801,980
	2,050,000		Norfolk, VA EDA, Series A		6.000			11/01/2036		1,594,818
	410,000		Norfolk, VA Redevel. & Hsg. Authority (First Mtg.-Retirement Community)		6.125			01/01/2035		411,304
	21,446,000		Peninsula, VA Town Center Community Devel. Authority Special Obligation1		6.450			09/01/2037		22,776,295
	5,100,000		VA Celebrate South CDA Special Assessment		6.250			03/01/2037		3,164,499
	3,400,000		VA H2O Community Devel. Authority		5.200			09/01/2037		2,058,496
	9,770,000		VA Small Business Financing Authority (Hampton Roads Proton)		9.000			07/01/2039		10,604,065
	228,700,000		VA Tobacco Settlement Authority		7.075	3		06/01/2047		5,321,849
	6,000,000		VA Tobacco Settlement Financing Corp.1		5.200			06/01/2046		4,368,240
	2,500,000		West Point, VA IDA Solid Waste (Chesapeake Corp.)2		6.375			03/01/2019		150
										72,678,906
	Washington—2.7%
	25,000		King County, WA Hsg. Authority (Cascadian Apartments)1		6.800			07/01/2019		25,318
	10,000		King County, WA Hsg. Authority (Kona Village)1		6.700			01/01/2020		10,008
	125,000		King County, WA Hsg. Authority (Southwood Square Apartments)1		6.100			10/01/2021		125,050
	725,000		King County, WA Hsg. Authority (Southwood Square Apartments)1		6.200			10/01/2031		725,065
	20,000		King County, WA Hsg. Authority (Woodridge Park)1		6.250			05/01/2015		20,172
	50,000		King County, WA Hsg. Authority (Woodridge Park)1		6.350			05/01/2025		50,334

67 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Principal Amount			Coupon			Maturity		Value
	Washington Continued
	$       1,680,000	Kitsap County, WA Consolidated Hsg. Authority1		5.500	%		06/01/2027	$	1,563,761
	2,350,000	Kitsap County, WA Consolidated Hsg. Authority1		5.600			06/01/2037		2,189,143
	50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)1		6.100			10/01/2031		46,834
	36,900,000	Port of Seattle, WA5		5.000			10/01/2032		39,193,925
	5,000,000	Port of Seattle, WA Special Facility (Northwest Airlines)		7.125			04/01/2020		5,000,300
	8,200,000	Port of Seattle, WA Special Facility (Northwest Airlines)		7.250			04/01/2030		8,200,410
	2,305,000	Snohomish County, WA Hsg. Authority (Westwood Crossing Apartments)1		5.250			05/01/2037		2,018,996
	100,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)1		5.100			09/01/2015		99,585
	1,675,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)1		5.600			09/01/2025		1,604,516
	1,250,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)1		5.750			09/01/2030		1,186,675
	1,500,000	Tes Properties, WA5		5.500			12/01/2029		1,719,600
	12,000,000	Tes Properties, WA5		5.625			12/01/2038		13,603,560
	18,075,000	WA Health Care Facilities Authority (Catholic Health Initiatives)1		6.375			10/01/2036		21,654,031
	19,500,000	WA Health Care Facilities Authority (Peacehealth)5		5.000			11/01/2018		22,830,405
	17,410,000	WA Health Care Facilities Authority (Peacehealth)5		5.000			11/01/2028		18,935,818
	15,000,000	WA Health Care Facilities Authority (Seattle Childrens Hospital)5		5.625			10/01/2038		17,121,600
	10,860,000	WA Kalispel Tribe Indians Priority District1		6.750			01/01/2038		9,489,142
	14,285,000	WA Tobacco Settlement Authority (TASC)1		6.625			06/01/2032		14,834,258
									182,248,506
	West Virginia—0.6%
	3,000,000	Brooke County, WV (Bethany College)1		6.500			10/01/2031		3,459,030
	4,500,000	Brooke County, WV (Bethany College)1		6.750			10/01/2037		5,187,510
	13,435,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000			06/01/2028		12,997,422
	1,840,000	Harrison County, WV Tax Increment (Charles Pointe)1		7.000			06/01/2035		1,852,843
	13,710,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000			06/01/2035		12,752,905
	3,045,000	WV Hospital Finance Authority (UTD Health System)1		5.500			06/01/2039		3,347,064
									39,596,774

68 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	Wisconsin—0.5%
	$         560,000	Milwaukee, WI (Aero Milwaukee)		6.500	%		01/01/2025	$	560,454
	1,195,000	Milwaukee, WI (Air Cargo)1		7.500			01/01/2025		1,195,777
	3,970,000	Necedah, WI Community Devel. Authority Exempt Facility (Castle Rock Renewable Fuels)		7.500			03/01/2018		2,863,482
	1,750,000	Sokaogon, WI Chippewa Community (Gaming)2		7.000			01/01/2026		787,220
	1,800,000	Sokaogon, WI Chippewa Community (Gaming)2		8.250			01/01/2017		809,712
	3,000,000	WI H&EFA (AE Nursing Centers)		7.250			06/01/2038		3,230,790
	10,000,000	WI H&EFA (AHCG/SVH/SVE Obligated Group)5		5.000			11/15/2033		11,103,200
	750,000	WI H&EFA (Beloit College)1		6.125			06/01/2035		846,008
	2,015,000	WI H&EFA (Beloit College)1		6.125			06/01/2039		2,265,223
	1,000,000	WI H&EFA (Eastcastle Place)		6.125			12/01/2034		556,030
	7,335,000	WI H&EFA (Wellington Homes)		6.750			09/01/2037		7,530,551
	2,385,000	WI H&EFA (Wisconsin Illinois Senior Hsg.)		5.800			08/01/2029		2,406,083
	660,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)1		7.000			07/01/2031		726,634
	1,325,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)1		5.750			07/15/2032		1,350,096
	845,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)1		6.000			07/15/2042		852,529
									37,083,789
	Total Municipal Bonds and Notes (Cost $8,766,768,004)								8,122,445,573
	Corporate Bonds and Notes—0.1%
	10,231,044	Delta Air Lines, Inc., Sr. Unsec. Nts.13 (Cost $10,128,735)		8.000			12/01/2015		9,992,968
Shares
	Common Stocks—0.0%
	1,111	Converted Organics, Inc.13,14							3
	7,679	Delta Air Lines, Inc.13,14							74,102
	59,830	General Motors Co.13,14							1,179,249
	Total Common Stocks (Cost $9,860,298)								1,253,354
	Preferred Stocks—0.0%
	9,486	Converted Organics, Inc., Series A13,14 (Cost $9,486,000)							6

69 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

Units			Strike Price		Expiration		Value
	Rights, Warrants, and Certificates—0.0%
	54,392	General Motors Co. Wts.13,14	$	10.000		07/10/2016	$	600,488
	54,392	General Motors Co. Wts.13,14		18.330		07/10/2019		366,602
	Total Rights, Warrants, and Certificates (Cost $7,679,687)							967,090
	Total Investments, at Value (Cost $8,803,922,724)—119.0%							8,134,658,991
	Liabilities in Excess of Other Assets—(19.0)							(1,301,447,793	)
	Net Assets—100.0%						$	6,833,211,198

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 7 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 with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after July 31, 2012. See Note 1 of the accompanying Notes.

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

9. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $2,365,380 or 0.03% of the Fund’s net assets as of July 31, 2012.

10. Subject to a forbearance agreement. Rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

11. Restricted security. The aggregate value of restricted securities as of July 31, 2012 was $41,566,566, which represents 0.61% of the Fund’s net assets. See Note 6 of the accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation
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		37,403,862		41,566,371		4,162,509
			$	37,403,862	$	41,566,566	$	4,162,704

12. Represents the current interest rate for an inverse floating rate security. See Note 1 of the accompanying Notes.

13. Received as a result of a corporate action.

14. Non-income producing security.

70 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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

ABH	Adventist Bolingbrook Hospital
ACMC	Advocate Condell Medical Center
AE	American Eagle
AGH	Adventist Glenoaks Hospital
AH	Ascension Health
AHACHC	ARC/HDS Alamance County Housing Corp.
AHCG	Ascension Health Credit Group
AHCN	Advocate Health Care Network
AH&HC	Advocate Health & Hospitals Corp.
AHSGA	Adventist Health System-Georgia
ANSHN	Advocate North Side Health Network
AUS	Allegheny United Hospital
BHI	Baptist Homes of Indiana
BVHF	Blanchard Valley Health Foundation
BVRHC	Blanchard Valley Regional Health Center
CAB	Capital Appreciation Bond
CDA	Communities Devel. Authority
CDHA	Central Dupage Hospital Association
CDHS	Central Dupage Health System
CFGH	Central Florida Group Homes
CLC	Christian Living Communities
CLCSF	Christian Living Communities Stewardship Fund
CMH	Copley Memorial Hospital
COP	Certificates of Participation
CSAHS	The Sisters of Charity of St. Augustine Health System
DA	Dormitory Authority
DRIVERS	Derivative Inverse Tax Exempt Receipts
EBC	Engel Berman Corp.
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.
EDFA	Economic Devel. Finance Authority
EF&CD	Environmental Facilities and Community Devel.
GJSR	Gurwin Jewish Senior Residences
GO	General Obligation
H&EFA	Health and Educational Facilities Authority
H&EFB	Health and Educational Facilities Board
H&HEFA	Hospitals and Higher Education Facilities Authority
HDC	Housing Devel. Corp.
HE&HF	Higher Educational and Housing Facilities
HE&HFA	Higher Education and Health Facilities Authority

HE&HFB	Health Educational and Housing Facility Board
HEFA	Higher Education Facilities Authority
HEFFA	Higher Educational Facilities Finance Authority
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HFDC	Health Facilities Devel. Corp.
HHlthS	Holzer Health Systems
HMCG	Holzer Medical Center-Gallipolis
HMCJ	Holzer Medical Center-Jackson
HUHS	Hahnemann University Hospital System
IDA	Industrial Devel. Agency
IDC	Industrial Devel. Corp.
IFPCFA	Industrial Facilities and Pollution Control Financing Authority
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JDAM	Julia Dyckman Andrus Memorial
JFK	John Fitzgerald Kennedy
JGCCF	Jewish Geriatric & Convalescent Center Foundation
KGC	Kuakini Geriatric Care
KHS	Kuakini Health System
KMC	Kuakini Medical Center
KSS	Kuakini Support Services
L.I.	Long Island
LH	Lowman Home
LS	Lutheran Services
MCP	Medical College Of Pennsylvania
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
NH	Northgate Housing
NTH	North Terrace Housing
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PHC	Piedmont Healthcare
PHF	Piedmont Hospital Foundation
RCF	Rush-Copley Foundation
RCMC	Rush-Copley Medical Center
RHA	Resource Healthcare of America
RITES	Residual Interest Tax Exempt Securities
RUMC	Rush University Medical Center
Res Rec	Resource Recovery Facility
ROLs	Residual Option Longs
SJHCN	St. Joseph Home Care Network
SJHE	St. Joseph Hospital of Eureka
SJHO	St. Joseph Hospital of Orange
SJHS	St. Joseph Health System
SVE	St. Vincent’s East

71 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS    Continued

SVH	Saint Vincent’s Hospital
TASC	Tobacco Settlement Asset-Backed Bonds
TYW	The YMCA of Wichita
UHHS	University Hospitals Health System

VH	Village Housing
VS	Village Shalom
VSCF	Village Shalom Charitable Foundation

See accompanying Notes to Financial Statements.

72 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES    July 31, 2012

Assets
Investments, at value (cost $8,803,922,724)—see accompanying statement of investments	$	8,134,658,991
Cash		737,940
Receivables and other assets:
Interest		110,434,780
Investments sold		21,742,745
Shares of beneficial interest sold		21,649,494
Other		2,724,287
Total assets		8,291,948,237
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		1,270,215,000
Payable on borrowings (See Note 7)		140,000,000
Investments purchased (including $18,319,066 purchased on a when-issued or delayed delivery basis)		27,302,272
Shares of beneficial interest redeemed		11,360,724
Dividends		7,195,835
Trustees’ compensation		765,219
Distribution and service plan fees		758,998
Transfer and shareholder servicing agent fees		276,414
Shareholder communications		108,688
Interest expense on borrowings and reverse repurchase agreements		34,743
Other		719,146
Total liabilities		1,458,737,039
Net Assets	$	6,833,211,198
Composition of Net Assets
Paid-in capital	$	9,991,733,414
Accumulated net investment income		15,146,585
Accumulated net realized loss on investments		(2,504,405,068	)
Net unrealized depreciation on investments		(669,263,733	)
Net Assets	$	6,833,211,198

73 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 $4,463,155,651 and 594,864,790 shares of beneficial interest outstanding)	$	7.50
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	7.87
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $161,197,405 and 21,403,875 shares of beneficial interest outstanding)	$	7.53
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,691,778,140 and 226,126,850 shares of beneficial interest outstanding)	$	7.48
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $517,080,002 and 68,974,266 shares of beneficial interest outstanding)	$	7.50

See accompanying Notes to Financial Statements.

74 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF OPERATIONS    For the Year Ended July 31, 2012

Investment Income
Interest	$	486,454,792
Other income		2,522
Total investment income		486,457,314
Expenses
Management fees		22,514,845
Distribution and service plan fees:
Class A		5,961,008
Class B		1,407,559
Class C		13,811,968
Transfer and shareholder servicing agent fees:
Class A		2,017,580
Class B		207,092
Class C		1,041,500
Class Y		170,778
Shareholder communications:
Class A		151,177
Class B		13,283
Class C		75,574
Class Y		13,974
Interest expense and fees on short-term floating rate notes issued (See Note 1)		18,416,410
Borrowing fees and reverse repurchase agreement fees		6,961,423
Interest expense on borrowings and reverse repurchase agreements		175,756
Trustees’ compensation		136,510
Custodian fees and expenses		64,926
Administration service fees		1,500
Other		3,789,709
Total expenses		76,932,572
Less waivers and reimbursements of expenses		(88,701	)
Net expenses		76,843,871
Net Investment Income		409,613,443
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(219,526,293	)
Net change in unrealized appreciation/depreciation on investments		745,187,448
Net Increase in Net Assets Resulting from Operations	$	935,274,598

See accompanying Notes to Financial Statements.

75 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS    

	Year Ended July 31, 2012			Year Ended July 29, 20111
Operations
Net investment income	$	409,613,443		$	464,306,482
Net realized loss		(219,526,293	)		(713,965,519	)
Net change in unrealized appreciation/depreciation		745,187,448			452,559,457
Net increase in net assets resulting from operations		935,274,598			202,900,420
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(294,568,141	)		(335,370,538	)
Class B		(10,167,728	)		(13,440,285	)
Class C		(101,413,463	)		(113,380,710	)
Class Y		(25,454,773	)		(3,413,910	)
		(431,604,105	)		(465,605,443	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		164,925,625			(493,023,518	)
Class B		(13,872,549	)		(55,101,037	)
Class C		85,266,098			(173,696,335	)
Class Y		309,823,565			164,319,295
		546,142,739			(557,501,595	)
Net Assets
Total increase (decrease)		1,049,813,232			(820,206,618	)
Beginning of period		5,783,397,966			6,603,604,584
End of period (including accumulated net investment income of $15,146,585 and $28,299,739, respectively)	$	6,833,211,198		$	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.

See accompanying Notes to Financial Statements.

76 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF CASH FLOWS    For the Year Ended July 31, 2012

Cash Flows from Operating Activities
Net increase in net assets from operations	$	935,274,598
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(1,253,191,697	)
Proceeds from disposition of investment securities		798,278,237
Short-term investment securities, net		(16,187,955	)
Premium amortization		5,065,374
Discount accretion		(62,388,870	)
Net realized loss on investments		219,526,293
Net change in unrealized appreciation/depreciation on investments		(745,187,448	)
Change in assets:
Increase in other assets		(1,216,971	)
Increase in interest receivable		(7,943,426	)
Increase in receivable for securities sold		(18,528,714	)
Change in liabilities:
Increase in payable for securities purchased		23,133,289
Increase in other liabilities		227,844
Net cash used in operating activities		(123,139,446	)
Cash Flows from Financing Activities
Proceeds from borrowings		1,214,900,000
Payments on borrowings		(1,118,400,000	)
Payments on short-term floating rate notes issued		(58,910,000	)
Payments on reverse repurchase agreements		(10,000,000	)
Proceeds from shares sold		1,851,028,325
Payments on shares redeemed		(1,640,884,820	)
Cash distributions paid		(114,580,572	)
Net cash provided by financing activities		123,152,933
Net increase in cash		13,487
Cash, beginning balance		724,453
Cash, ending balance	$	737,940

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $316,542,768.

Cash paid for interest on borrowings and reverse repurchase agreements—$150,162.

Cash paid for interest on short-term floating rate notes issued—$18,416,410.

See accompanying Notes to Financial Statements.

77 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS    

	Year Ended July 31,			Year Ended July 29,			Year Ended July 30,			Year Ended July 31,
Class A	2012			20111			20101			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	6.92		$	7.17		$	5.90		$	8.89		$	12.43
Income (loss) from investment operations:
Net investment income2		.50			.55			.57			.62			.70
Net realized and unrealized gain (loss)		.60			(.25	)		1.25			(2.98	)		(3.57	)
Total from investment operations		1.10			.30			1.82			(2.36	)		(2.87	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.52	)		(.55	)		(.55	)		(.63	)		(.67	)
Net asset value, end of period	$	7.50		$	6.92		$	7.17		$	5.90		$	8.89
Total Return, at Net Asset Value3		16.63	%		4.65	%		31.39	%		(26.44	)%		(23.62	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$4,463,156			$3,969,090			$4,651,798			$3,408,946			$4,503,510
Average net assets (in thousands)		$4,001,353			$4,149,509			$4,393,199			$3,338,722			$4,903,394
Ratios to average net assets:4
Net investment income		7.00	%		8.07	%		8.04	%		9.89	%		6.70	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings and reverse repurchase agreements		0.64	%		0.64	%		0.59	%		0.62	%		0.57	%
Interest and fees from borrowings and reverse repurchase agreements		0.12	%		0.11	%		0.27	%		1.01	%		0.22	%
Interest and fees on short-term floating rate notes issued5		0.31	%		0.35	%		0.39	%		1.34	%		1.25	%
Total expenses		1.07	%		1.10	%		1.25	%		2.97	%		2.04	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.07	%		1.10	%		1.25	%		2.97	%		2.04	%
Portfolio turnover rate		11	%		18	%		16	%		20	%		37	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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.

78 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

	Year Ended July 31,			Year Ended July 29,			Year Ended July 30,			Year Ended July 31,
Class B	2012			20111			20101			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	6.94		$	7.19		$	5.92		$	8.91		$	12.46
Income (loss) from investment operations:
Net investment income2		.44			.50			.51			.57			.62
Net realized and unrealized gain (loss)		.61			(.26	)		1.25			(2.99	)		(3.58	)
Total from investment operations		1.05			.24			1.76			(2.42	)		(2.96	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.46	)		(.49	)		(.49	)		(.57	)		(.59	)
Net asset value, end of period	$	7.53		$	6.94		$	7.19		$	5.92		$	8.91
Total Return, at Net Asset Value3		15.76	%		3.75	%		30.18	%		(27.02	)%		(24.27	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$161,197			$162,309			$226,466			$212,745			$356,192
Average net assets (in thousands)		$156,216			$186,637			$237,875			$232,793			$458,627
Ratios to average net assets:4
Net investment income		6.17	%		7.21	%		7.23	%		8.99	%		5.86	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings and reverse repurchase agreements		1.48	%		1.49	%		1.46	%	��	1.46	%		1.38	%
Interest and fees from borrowings and reverse repurchase agreements		0.12	%		0.11	%		0.27	%		1.01	%		0.22	%
Interest and fees on short-term floating rate notes issued5		0.31	%		0.35	%		0.39	%		1.34	%		1.25	%
Total expenses		1.91	%		1.95	%		2.12	%		3.81	%		2.85	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.91	%		1.95	%		2.12	%		3.81	%		2.85	%
Portfolio turnover rate		11	%		18	%		16	%		20	%		37	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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.

79 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS    Continued

	Year Ended July 31,			Year Ended July 29,			Year Ended July 30,			Year Ended July 31,
Class C	2012			20111			20101			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	6.90		$	7.15		$	5.89		$	8.87		$	12.41
Income (loss) from investment operations:
Net investment income2		.44			.50			.51			.57			.62
Net realized and unrealized gain (loss)		.61			(.25	)		1.25			(2.97	)		(3.57	)
Total from investment operations		1.05			.25			1.76			(2.40	)		(2.95	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.47	)		(.50	)		(.50	)		(.58	)		(.59	)
Net asset value, end of period	$	7.48		$	6.90		$	7.15		$	5.89		$	8.87
Total Return, at Net Asset Value3		15.80	%		3.86	%		30.27	%		(26.98	)%		(24.26	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,691,778			$1,479,323			$1,725,341			$1,254,144			$1,658,830
Average net assets (in thousands)		$1,533,562			$1,545,519			$1,617,761			$1,215,913			$1,800,637
Ratios to average net assets:4
Net investment income		6.23	%		7.30	%		7.26	%		9.09	%		5.93	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings and reverse repurchase agreements		1.41	%		1.41	%		1.37	%		1.40	%		1.34	%
Interest and fees from borrowings and reverse repurchase agreements		0.12	%		0.11	%		0.27	%		1.01	%		0.22	%
Interest and fees on short-term floating rate notes issued5		0.31	%		0.35	%		0.39	%		1.34	%		1.25	%
Total expenses		1.84	%		1.87	%		2.03	%		3.75	%		2.81	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.84	%		1.87	%		2.03	%		3.75	%		2.81	%
Portfolio turnover rate		11	%		18	%		16	%		20	%		37	%

1. July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. 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

Class Y	Year Ended July 31, 2012			Period Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	6.91		$	6.90
Income (loss) from investment operations:
Net investment income2		.50			.36
Net realized and unrealized gain		.62			.02
Total from investment operations		1.12			.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.53	)		(.37	)
Net asset value, end of period	$	7.50		$	6.91
Total Return, at Net Asset Value3		16.97	%		6.00	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$517,080			$172,676
Average net assets (in thousands)		$344,746			$62,327
Ratios to average net assets:4
Net investment income		7.05	%		8.02	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings and reverse repurchase agreements		0.49	%		0.48	%
Interest and fees from borrowings and reverse repurchase agreements		0.12	%		0.12	%
Interest and fees on short-term floating rate notes issued5		0.31	%		0.35	%
Total expenses		0.92	%		0.95	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92	%		0.95	%
Portfolio turnover rate		11	%		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 reporting period. 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

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

The Fund offers Class A, Class C and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares will be permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Previous Annual Periods. The last day of certain of the Fund’s prior fiscal years was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the

82 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

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

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the

83 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse

84 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2012, the Fund’s maximum exposure under such agreements is estimated at $998,285,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At July 31, 2012, municipal bond holdings with a value of $2,275,722,545 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $1,270,215,000 in short-term floating rate securities issued and outstanding at that date.

85 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

At July 31, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$    4,400,000	CA GO ROLs3		11.764	%		12/1/36	$	4,715,216
	77,555,000	CA Golden State Tobacco Securitization Corp. ROLs3		6.707			6/1/47		57,046,356
	3,855,000	CA Health Facilities Financing Authority ROLs3		17.693			7/1/39		6,271,777
	5,550,000	CA Health Facilities Financing Authority ROLs3		7.911			11/15/42		6,109,829
	12,000,000	CA Health Facilities Financing Authority ROLs3		8.350			11/15/46		13,472,160
	5,000,000	CA Infrastructure and Economic Devel. (Sanford Cononsortium) RITES		7.822			5/15/40		6,228,100
	2,615,000	Cerritos, CA Community College District DRIVERS		15.754			8/1/33		4,180,025
	16,250,000	Chicago, IL GO ROLs3		8.430			1/1/33		19,411,275
	975,000	Dallas-Fort Worth, TX International Airport ROLs3		14.600			11/1/35		978,510
	11,000,000	Desert, CA Community College District3		11.501			8/1/37		13,779,920
	2,525,000	Detroit, MI City School District ROLs3		18.324			5/1/29		4,980,007
	5,000,000	District of Columbia GO ROLs3		7.864			4/1/43		5,806,200
	2,500,000	District of Columbia GO ROLs3		7.864			4/1/35		3,041,050
	9,265,000	District of Columbia GO ROLs3		7.862			4/1/43		10,758,425
	4,675,000	Douglas County, NE Hospital Authority ROLs3		18.607			11/1/48		7,155,088
	14,530,000	Fulton County, GA Devel. Authority (PHC/Piedmont Hospital/PHF Obligated Group) DRIVERS		7.849			6/15/29		17,572,582
	6,865,000	Fulton County, GA Devel. Authority (PHC/Piedmont Hospital/PHF Obligated Group) DRIVERS		8.283			6/15/37		8,210,952
	1,445,000	Fulton County, GA Devel. Authority (PHC/Piedmont Hospital/PHF Obligated Group) DRIVERS		7.837			6/15/29		1,747,048
	5,000,000	Grossmont, CA Union High School District ROLs3		12.629			8/1/45		7,680,050
	11,750,000	Highlands County, FL Health Facilities Authority ROLs3		8.301			11/15/36		13,397,585
	6,670,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.661			4/1/44		8,934,799
	5,790,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.344			4/1/44		7,586,348
	3,670,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.331			4/1/44		4,807,260
	3,335,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.335			4/1/44		4,368,883
	2,935,000	IL Finance Authority (Advocate Health Care) DRIVERS		12.334			4/1/44		3,844,821
	1,670,000	IL Finance Authority (AH&HC/ANSHN/ACMC/AHCN Obligated Group)		12.318			4/1/44		2,186,949
	6,250,000	IL Finance Authority (CDHS/CDHA Obligated Group) DRIVERS		8.718			11/1/39		7,842,125
	2,500,000	IL Finance Authority (CDHS/CDHA Obligated Group) DRIVERS		8.500			11/1/39		3,083,600
	20,000,000	IL Metropolitan Pier & Exposition Authority ROLs3		8.786			6/15/50		24,862,000
	3,500,000	KY EDFA (Baptist Healthcare System) ROLs3		16.206			8/15/24		5,451,600
	8,500,000	Lakeland, FL Energy System DRIVERS		8.243			10/1/36		13,504,630
	7,985,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) DRIVERS		16.032			5/15/30		11,654,587
	1,250,000	Los Angeles, CA Dept. of Water & Power DRIVERS		14.861			7/1/34		1,865,300
	13,440,000	Los Angeles, CA Unified School District DRIVERS		7.848			7/1/30		15,956,774
	2,750,000	Los Angeles, CA Unified School District ROLs3		14.449			7/1/32		4,142,160
	1,835,000	Los Angeles, CA Unified School District ROLs3		15.029			1/1/34		2,801,898
	2,640,000	Los Angeles, CA Unified School District ROLs3		15.035			1/1/34		4,031,069
	2,190,000	Los Angeles, CA Unified School District ROLs3		14.891			1/1/34		3,343,955
	7,500,000	Los Angeles, CA Unified School District ROLs3		15.109			7/1/32		11,326,500
	6,050,000	MA Educational Financing Authority ROLs3		15.364			1/1/30		7,847,879
	3,750,000	MA HFA ROLs3		10.853			6/1/49		4,168,650
	3,010,000	MA HFA ROLs3		11.090			12/1/49		3,279,305

86 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$    8,895,000	MA HFA ROLs3		8.554	%		12/1/42	$	10,213,239
	16,695,000	MA HFA ROLs3		11.574			7/1/25		17,840,277
	9,775,000	Metropolitan Washington D.C. Airport Authority ROLs3		11.498			10/1/32		11,528,831
	4,035,000	Metropolitan Washington D.C. Airport Authority, Series B DRIVERS		11.180			10/1/34		4,380,840
	12,500,000	MI Finance Authority ROLs3		8.044			12/1/33		15,242,000
	6,660,000	MI Hospital Finance Authority (McLaren Health Care Corp.) DRIVERS		7.779			8/1/35		7,864,661
	5,000,000	Miami-Dade County, FL Aviation ROLs3		11.321			10/1/40		5,832,800
	2,500,000	Miami-Dade County, FL School Board ROLs3		15.770			2/1/27		3,804,000
	2,500,000	Miami-Dade County, FL School Board ROLs3		14.899			2/1/27		3,657,500
	12,500,000	Miami-Dade County, FL School Board ROLs3		16.206			2/1/34		18,323,500
	2,500,000	Montgomery County, OH (Miami Valley Hospital) DRIVERS		17.484			11/15/23		4,745,400
	2,885,000	Newport Beach, CA GO ROLs3		15.042			12/1/24		3,456,576
	3,420,000	NJ EDA ROLs3		11.139			9/1/24		5,319,810
	60,560,000	NJ Tobacco Settlement Financing Corp. ROLs3		5.248			6/1/29		52,731,409
	3,300,000	NJ Transportation Trust Fund Authority ROLs3		11.143			12/15/23		5,658,279
	9,500,000	North Central Texas HFDC (Children’s Medical Center) DRIVERS		17.484			8/15/39		14,805,560
	27,805,000	North TX Tollway Authority ROLs3		8.846			9/1/41		38,371,456
	18,695,000	NY Liberty Devel. Corp. ROLs3		8.200			1/15/44		22,881,371
	3,240,000	NYC Municipal Water Finance Authority ROLs3		18.046			6/15/40		5,922,720
	7,290,000	NYC Transitional Finance Authority ROLs3		7.800			2/1/30		9,839,021
	9,065,000	NYC Transitional Finance Authority ROLs3		7.802			2/1/35		11,848,680
	2,875,000	PA Geisinger Authority Health System, Series A DRIVERS		15.747			6/1/39		4,195,430
	7,720,000	Peralta, CA Community College District DRIVERS		7.847			8/1/35		8,620,461
	3,100,000	Pima County, AZ IDA ROLs3		16.446			7/1/39		4,305,404
	12,500,000	Port Authority NY/NJ, 166th Series DRIVERS		8.283			7/15/36		17,010,750
	11,070,000	Port of Seattle, WA Special Facilities ROLs3		12.601			10/1/32		13,363,925
	3,670,000	Puerto Rico Sales Tax Financing Corp. DRIVERS		12.005			8/1/57		4,369,686
	4,250,000	Puerto Rico Sales Tax Financing Corp. ROLs3		17.136			8/1/57		6,214,350
	8,875,000	Puerto Rico Sales Tax Financing Corp. ROLs3		11.967			8/1/57		10,566,043
	2,870,000	RI Hsg. & Mtg. Finance Corp. ROLs3		15.889			10/1/47		3,292,005
	1,082,000	Sabine Neches, TX HFC (Single Family Mtg.) ROLs		14.095			12/1/39		1,348,994
	9,335,000	San Francisco, CA Bay Area Toll Authority ROLs3		12.109			4/1/47		13,164,590
	2,500,000	San Jacinto, TX Community College District ROLs3		14.884			2/15/38		3,512,500
	3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs3		17.063			11/15/24		6,040,860
	8,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs3		18.806			11/15/29		14,670,660
	6,750,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center) DRIVERS		7.849			12/1/33		8,127,135
	375,000	Tes Properties, WA DRIVERS		16.616			12/1/29		594,600
	3,000,000	Tes Properties, WA DRIVERS		17.050			12/1/38		4,603,560
	107,295,000	TX Municipal Gas Acquisition & Supply Corp. ROLs3		12.336			12/15/26		176,989,540
	4,355,000	WA Health Care Facilities Authority (Peacehealth) DRIVERS		14.451			11/1/28		5,880,818
	5,000,000	WA Health Care Facilities Authority (Seattle Childrens Hospital/Seattle Childrens Healthcare System Obligated Group)		12.992			10/1/38		7,121,600
	4,875,000	WA Health Care Facilities Authority ROLs3		14.689			11/1/18		8,205,405

87 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$    5,670,000	Wayne County, MI Airport Authority ROLs3		11.375	%		12/1/29	$	6,473,552
	3,645,000	Wayne County, MI Airport Authority ROLs3		11.377			12/1/29		4,161,569
	8,335,000	Wayne County, MI Airport Authority ROLs3		11.379			12/1/29		9,516,236
	3,335,000	Wayne County, MI Airport Authority ROLs3		11.376			12/1/34		3,775,620
	1,875,000	Westminster, CA Redevel. Agency Tax Allocation ROLs3		19.256			11/1/39		3,502,425
	3,750,000	Westminster, CA Redevel. Agency Tax Allocation ROLs3		17.513			11/1/45		6,075,450
	5,000,000	WI H&EFA ROLs3		7.914			11/15/33		6,103,200
								$	1,005,507,545

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

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 35% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $1,270,215,000 or 15.32% of its total assets as of July 31, 2012.

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

88 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 31, 2012, 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	$	18,319,066

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 31, 2012 is as follows:

Cost	$	855,332,124
Market Value	$	409,165,262
Market Value as a % of Net Assets		5.99	%

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 31, 2012, securities with an aggregate market value of $15,468,432, representing 0.23% of the Fund’s net assets, were subject to these forbearance agreements. Interest payments of $581,254 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

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

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

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.

89 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Depreciation Based on Cost of Securities and  Other Investments for Federal Income Tax Purposes
$134,854,282	$	—	$	2,472,419,406	$	701,013,397

1. As of July 31, 2012, the Fund had $2,472,419,406 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2014	$	187,364
2016		81,480,187
2017		566,789,505
2018		915,944,693
2019		35,463,515
No expiration		872,554,142
Total	$	2,472,419,406

2. During the fiscal year ended July 31, 2012, the Fund did not utilize any capital loss carryforward.

3. During the fiscal year ended July 29, 2011, 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, 2012. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Increase to Accumulated Net Investment Income		Increase to Accumulated Net Realized Loss on Investments
$2,463,415	$	8,837,508	$	6,374,093

The tax character of distributions paid during the years ended July 31, 2012 and July 31, 2011 was as follows:

	Year Ended July 31, 2012		Year Ended July 31, 2011
Distributions paid from:
Exempt-interest dividends	$	426,627,542	$	461,604,460
Ordinary income		4,976,563		4,000,983
Total	$	431,604,105	$	465,605,443

90 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2012 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	7,478,247,732	1
Gross unrealized appreciation	$	831,972,338
Gross unrealized depreciation		(1,532,985,735	)
Net unrealized depreciation	$	(701,013,397	)

1. The Federal tax cost of securities does not include cost of $1,357,424,656, 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.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2012, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	45,602
Payments Made to Retired Trustees		54,400
Accumulated Liability as of July 31, 2012		399,776

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

91 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

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.

2. 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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are

92 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) 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. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

93 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

2. Securities Valuation Continued

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard Inputs Generally Considered by Third-Party Pricing Vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

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

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

94 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs 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—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 31, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs			Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama		$	—		$	18,436,390		$	—		$	18,436,390
Alaska			—			14,602,226			—			14,602,226
Arizona			—			149,911,826			—			149,911,826
Arkansas			—			4,256,560			—			4,256,560
California			—			1,272,798,560			—			1,272,798,560
Colorado			—			293,436,605			—			293,436,605
Connecticut			—			4,755,442			—			4,755,442
Delaware			—			6,480,746			—			6,480,746
District of Columbia			—			229,841,441			—			229,841,441
Florida			—			841,246,960			—			841,246,960
Georgia			—			86,599,807			—			86,599,807
Hawaii			—			9,316,910			—			9,316,910
Idaho			—			1,944,581			—			1,944,581
Illinois			—			490,331,072			195			490,331,267
Indiana			—			112,934,421			11,642,927			124,577,348
Iowa			—			137,153,353			—			137,153,353
Kansas			—			4,477,329			—			4,477,329
Kentucky			—			20,806,445			—			20,806,445
Louisiana			—			91,771,708			—			91,771,708
Maine			—			19,420,695			—			19,420,695
Maryland			—			18,979,564			—			18,979,564
Massachusetts			—			132,410,283			—			132,410,283
Michigan			—			276,652,824			—			276,652,824
Minnesota			—			54,723,120			—			54,723,120
Mississippi			—			14,449,373			—			14,449,373

95 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

2. Securities Valuation Continued

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs			Value
Municipal Bond and Notes Continued
Missouri		$	—		$	100,619,326		$	—		$	100,619,326
Montana			—			7,766,086			—			7,766,086
Multi States			—			4,559,920			—			4,559,920
Nebraska			—			60,605,851			—			60,605,851
Nevada			—			8,927,721			—			8,927,721
New Hampshire			—			7,777,837			—			7,777,837
New Jersey			—			517,584,401			—			517,584,401
New Mexico			—			18,953,639			—			18,953,639
New York			—			473,225,640			—			473,225,640
North Carolina			—			68,906,765			—			68,906,765
North Dakota			—			3,830,512			—			3,830,512
Ohio			—			339,448,562			—			339,448,562
Oklahoma			—			86,236,295			—			86,236,295
Oregon			—			6,568,822			—			6,568,822
Pennsylvania			—			78,191,729			—			78,191,729
Rhode Island			—			106,061,712			—			106,061,712
South Carolina			—			39,101,263			—			39,101,263
South Dakota			—			37,108,937			—			37,108,937
Tennessee			—			16,669,885			—			16,669,885
Texas			—			998,171,109			—			998,171,109
U.S. Possessions			—			471,067,504			—			471,067,504
Utah			—			16,996,310			—			16,996,310
Vermont			—			3,076,409			—			3,076,409
Virginia			—			72,678,906			—			72,678,906
Washington			—			182,248,506			—			182,248,506
West Virginia			—			39,596,774			—			39,596,774
Wisconsin			—			37,083,789			—			37,083,789
Corporate Bonds and Notes			—			9,992,968			—			9,992,968
Common Stocks			1,253,354			—			—			1,253,354
Preferred Stocks			—			—			6			6
Rights, Warrants, and Certificates			967,090			—			—			967,090
Total Assets		$	2,220,444		$	8,120,795,419		$	11,643,128		$	8,134,658,991

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.

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

96 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

3. Shares of Beneficial Interest

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

	Year Ended July 31, 2012						Year Ended July 29, 20111
	Shares			Amount			Shares			Amount
Class A
Sold		156,963,967		$	1,112,830,969			174,837,734		$	1,189,348,314
Dividends and/or distributions reinvested		30,868,483			218,878,664			29,980,327			204,080,360
Redeemed		(166,936,412	)		(1,166,784,008	)		(279,864,047	)		(1,886,452,192	)
Net increase (decrease)		20,896,038		$	164,925,625			(75,045,986	)	$	(493,023,518	)
Class B
Sold		3,793,692		$	26,995,638			3,931,229		$	27,120,677
Dividends and/or distributions reinvested		1,083,781			7,702,380			1,173,415			8,012,346
Redeemed		(6,862,389	)		(48,570,567	)		(13,208,670	)		(90,234,060	)
Net decrease		(1,984,916	)	$	(13,872,549	)		(8,104,026	)	$	(55,101,037	)
Class C
Sold		41,563,092		$	294,751,702			40,166,268		$	275,191,255
Dividends and/or distributions reinvested		10,213,554			72,200,250			9,982,619			67,768,179
Redeemed		(40,136,991	)		(281,685,854	)		(76,950,092	)		(516,655,769	)
Net increase (decrease)		11,639,655		$	85,266,098			(26,801,205	)	$	(173,696,335	)
Class Y
Sold		60,733,470		$	426,835,262			26,073,100		$	171,623,150
Dividends and/or distributions reinvested		2,486,782			17,761,474			453,856			3,063,279
Redeemed		(19,231,279	)		(134,773,171	)		(1,541,663	)		(10,367,134	)
Net increase		43,988,973		$	309,823,565			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.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2012, were as follows:

	Purchases		Sales
Investment securities	$	1,253,191,697	$	798,278,237

97 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

5. 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.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2012, the Fund paid $3,413,826 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

98 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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, 2012 were as follows:

Class B	$	13,909,147
Class C		38,956,791

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.

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
July 31, 2012	$	1,648,841	$	218,832	$	292,814	$	143,883

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 31, 2012, the Manager reimbursed the Fund $88,701 for legal costs and fees.

OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class; this limit also applied to Class A shares prior to October 1, 2011. Effective October 1, 2011, OFS has voluntarily agreed to limit its fees for Class A shares to 0.30% of average annual net assets of the class.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Restricted Securities

As of July 31, 2012, 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

99 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

6. Restricted Securities Continued

marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

7. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 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 Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. The Agreement’s terms specifically limit individual borrowings of the Fund to $1.0 billion. 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 (0.3384% as of July 31, 2012). 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

100 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

participation in the borrowing facility during the year ended July 31, 2012 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 31, 2012, the Fund had borrowings outstanding at an interest rate of 0.338%. Details of the borrowings for the year ended July 31, 2012 are as follows:

Average Daily Loan Balance	$	59,101,913
Average Daily Interest Rate		0.274	%
Fees Paid	$	6,169,020
Interest Paid	$	135,634

8. Reverse Repurchase Agreements

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

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended July 31, 2012 are included in expenses on the Fund’s Statement of Operations and equal 0.03% of the Fund’s average net assets on an annualized basis.

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

101 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    Continued

8. Reverse Repurchase Agreements Continued

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.

Securities subject to reverse repurchase agreements are separately noted in the Statement of Investments.

Details of reverse repurchase agreement transactions for the year ended July 31, 2012 are as follows:

Average Outstanding Daily Balance	$	382,514
Average Daily Interest Rate		1.688	%
Fees Paid	$	2,081,575
Interest Paid	$	14,528

9. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain 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 securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. 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.

Other class action and individual 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. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class

102 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. 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. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. In June 2012, the court granted appellees’ motion to dismiss the appeal. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

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 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. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. 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.

103 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 (a separate series of the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2012, 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 or periods in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2012, 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 Rochester National Municipals as of July 31, 2012, 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 or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMGLLP

Denver, Colorado

September 19, 2012

104 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

CREDIT ALLOCATION    Unaudited

This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.

The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.

The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, 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.

The credit allocations below are as of July 31, 2012 and are subject to change. The percentages are based on the market value of the Fund’s securities as of July 31, 2012 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.

	NRSRO-Rated			Unrated by a NRSRO; Internally Rated by the Manager			Total
AAA		6.8	%		0.0	%		6.8	%
AA		22.1			0.5			22.6
A		9.6			0.1			9.7
BBB		10.1			5.0			15.1
BB or lower		16.4			29.4			45.8
Total		65.0	%		35.0	%		100.0	%

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FEDERAL INCOME TAX INFORMATION    Unaudited

In early 2012, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2011.

None of the dividends paid by the Fund during the fiscal year ended July 31, 2012 are eligible for the corporate dividend-received deduction. 98.85% 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.

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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.CALL OPP (225.5677), (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.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

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

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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: 69	Director of Community Foundation of the Florida Keys (non-profit) (July 2012-June 2013); Chairman Emeritus and Non-Voting Trustee of The Jackson Laboratory (non-profit) (since August 2011); 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); Chairman (August 2007-July 2011) and Trustee (August 1991-July 2011) of the Board of Trustees of The Jackson Laboratory (non-profit); 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 58 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: 72	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 58 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005,

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David K. Downes, Continued	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.
Matthew P. Fink, Trustee (since 2005) Age: 71	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); 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); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 58 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: 73	Fellow of the Carnegie Corporation (since 2007); Member of the National Academy of Sciences (since 1979); Council on Foreign Relations (since 2002); Foreign Associate of Third World Academy of Sciences (since 2002); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Director of GSI Lumonics Inc. (precision technology products company) (2001-2010); Senior Advisor of The Andrew W. Mellon Foundation (2001-2010); Distinguished Presidential Fellow for International Affairs of the National Academy of Science (2002-2010); 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 58 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: 69	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 58 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: 60	Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); 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 58

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TRUSTEES AND OFFICERS    Unaudited / Continued

Joel W. Motley, Continued	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: 66	Director and Secretary of the Appalachian Mountain Club (non-profit outdoor organization) (since January 2012); Director of Opera House Arts (non-profit arts organization) (since October 2011); Independent Director of the ICI Board of Governors (since October 2011); 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 58 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: 71	Director of C-TASC (bio-statistics services) (2007-2012); 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 58 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: 64	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 58 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.

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OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Glavin, Gabinet 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, Pulire 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) Age: 48	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 (1999-2001). 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) Age: 40	Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Age: 39	Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (2003- 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 (since 2009) Age: 36	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) Age: 36	Vice President of the Manager (since January 2011); Assistant Vice President of the Manager (July 2009-December 2010); Associate Portfolio Manager of the Manager (January 2008-November 2010). 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.
Charles S. Pulire, Vice President (since 2011) Age: 35	Assistant Vice President of the Manager (since December 2010); Research Analyst of the Manager (January 2008-November 2010); Credit Analyst of the Manager (May 2006-February 2008). Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2007) Age: 54	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Manager (since June 2011) and a Vice President of the Manager (1997-May 2011); headed Rochester’s Credit Analysis team (since May 1993).
William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 53	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

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TRUSTEES AND OFFICERS    Unaudited / Continued

William F. Glavin, Jr., Continued	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 63 portfolios as a Trustee/Director and 95 portfolios as an officer in the OppenheimerFunds complex.
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Age: 54	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 (January 2011-January 2012); 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 95 portfolios in the OppenheimerFunds complex.
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 39	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 95 portfolios in the OppenheimerFunds complex.
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 61	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 95 portfolios in the OppenheimerFunds complex.

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Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 52 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) (June 2003-January 2012); 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 95 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.CALL OPP (225.5677).

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OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS 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	KPMGLLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP

^©2012 OppenheimerFunds, Inc. All rights reserved.

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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:

l Applications or other forms

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

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

l Your transactions with us, our affiliates or others

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

l 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.

115 OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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.

l 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.

l 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.

l 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.CALL OPP (225.5677).

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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 $136,300 in fiscal 2012 and $133,600 in fiscal 2011.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $7,500 in fiscal 2012 and $7,857 in fiscal 2011.

The principal accountant for the audit of the registrant’s annual financial statements billed $324,306 in fiscal 2012 and $168,500 in fiscal 2011 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, compliance procedures, and GIPS attestation procedures

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $10,650 in fiscal 2012 and $2,850 in fiscal 2011.

The principal accountant for the audit of the registrant’s annual financial statements billed $317,764 in fiscal 2012 and no such fees in fiscal 2011 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 in fiscal 2012 and no such fees in fiscal 2011.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2012 and no such fees in fiscal 2011 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 fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(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 $660,220 in fiscal 2012 and $179,207 in fiscal 2011 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

1. The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications.  The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort.  The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time

to time and may also consider shareholder recommendations.  The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2. The Committee shall screen candidates for Board membership.  The Committee has not established specific qualifications that it believes must be met by a trustee nominee.  In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules.  The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board.  There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board.  The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders.  Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940.  In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person.  In addition, the individual

customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11.  Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 7/31/2012, 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:	9/11/2012

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:	9/11/2012
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	9/11/2012