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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-5867

Oppenheimer Multi-State Municipal Trust

(Exact name of registrant as specified in charter)

6803 South Tucson Way,

Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

225 Liberty Street,

New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: 1/30/2015

Item 1.

Reports to Stockholders.

LOGO


Table of Contents

Fund Performance Discussion			3

Top Holdings and Allocations			13

Fund Expenses			17

Statement of Investments			19

Statement of Assets and Liabilities			26

Statement of Operations			28

Statements of Changes in Net Assets			29

Statement of Cash Flows			30

Financial Highlights			31

Notes to Financial Statements			37

Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements			54

Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments			57

Trustees and Officers			58

Privacy Policy Notice			59

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 1/30/15*



	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Barclays Municipal Bond Index
6-Month	6.31%	1.26%	4.52%
1-Year	14.91	9.45	8.86
5-Year	6.08	5.05	5.42
10-Year	4.20	3.69	4.82

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns for periods of less than one year are not annualized. 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).

Oppenheimer Rochester is using social media to provide timely information related to muni market developments at www.twitter.com/RochesterFunds.

*January 30, 2015, was the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes to Financial Statements. Index returns are calculated through January 31, 2015.

2 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Fund Performance Discussion

While interest rates continued to hover at low levels, Oppenheimer Rochester New Jersey Municipal Fund once again generated high levels of tax-free income and a competitive, yield-driven total return for the 6 months ended January 30, 2015, the last business day of this reporting period. The Fund’s Class A shares provided a distribution yield of 5.17% at net asset value (NAV) at the end of this reporting period. For New Jersey residents in the top 2015 bracket for federal and state income taxes, a taxable investment with a January 2015 yield of less than 7.36% would not have delivered as much after-tax income as the Class A shares of this Fund. At 6.31% as of January 30, 2015, the 6-month cumulative total return at NAV for this Fund’s Class A shares exceeded the Barclays Municipal Bond Index, its benchmark, by 179 basis points.

MARKET OVERVIEW

Overall, the muni market rallied during the 6 months ended January 31, 2015, thanks in part to positive reports from the Federal Reserve.

It came as no surprise to Fed watchers that the Federal Open Market Committee (FOMC) voted in October 2014 to end quantitative easing the next month.

Considered by many to be the largest intervention in the Fed’s history, the program was initiated in 2008 to stimulate the economy by adding billions to its

holdings of mortgage-backed and Treasury securities. According to a statement released January 28, 2015, the FOMC observed economic activity expanding at a solid pace with strong job gains, a lower unemployment rate, and moderate increases in household spending and business fixed investments. However, a range of labor market indicators suggested that labor resources continued to be underutilized and the recovery in the housing sector remained slow.

The committee’s concerns about falling


YIELDS & DISTRIBUTIONS FOR CLASS A SHARES

Dividend Yield w/o sales charge		5.17	%

Dividend Yield with sales charge		4.92

Standardized Yield		3.77

Taxable Equivalent Yield		7.36

Last distribution (1/27/15)	$	0.043

Total distributions (8/1/14 to 1/31/15)	$	0.258

Endnotes for this discussion begin on page 14 of this report

3 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

energy prices, among other factors, played into its decision to maintain its policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities and rolling over maturing Treasury securities at auction.

The January statement was similar to the one issued in December 2014: In both, the FOMC said it could be “patient” about normalizing its stance on monetary policy, especially if projected inflation continued to run below the committee’s longer-run goal of 2%. The Fed’s long-standing assurance had been that it planned to keep the Fed Funds target rate at its current level “for a considerable time” after the end of its bond-buying program.

At a press conference following the December 2014 meeting, Fed Chair Janet Yellen said it would be unlikely for policymakers to consider an increase in the Fed’s benchmark short-term rate before its April meeting. When the January statement also referred to a patient approach, some economists concluded that rates were not likely to move until June 2015, at the earliest.

Given the current Fed Funds rate, the only plausible change would be an increase. We remind investors that a change in the Fed Funds rate does not automatically translate into a change in longer-term interest rates, which are determined by the marketplace.

The Fund’s investment team will continue to search for value in the muni market as it seeks to produce competitive levels of tax-free income amid stable or changing market conditions.

As of January 30, 2015, the average yield on 30-year, AAA-rated muni bonds was 2.76%, down 68 basis points from July 31, 2014. The average yield on 10-year, AAA-rated muni bonds was 1.82% on January 30, 2015, down 40 basis points from the July 2014 date, and the average yield on 1-year, AAA-rated muni bonds was 0.19%, down 4 basis points from the July 2014 date.

Analysts at the nation’s leading credit rating agencies remained focused this reporting period on developments in New Jersey and its municipalities, and their work led to an assortment of downgrades. In September 2014, Fitch Ratings and Standard & Poor’s each downgraded the state’s general obligation (G.O.) debt to A, from A-plus, with negative and stable outlooks, respectively. Moody’s Investors Services maintained an A1 rating with a negative outlook for the state. Among the challenges the analysts cited were the state’s ongoing concerns about unfunded pension liabilities.

Problems continued to plague Atlantic City, New Jersey’s gaming capital. The city has seen four casinos close and more than 8,000 people lose their jobs over the year. To help dig the financially strapped Atlantic City out of what he called “an enormous

4 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

hole,” New Jersey’s Governor Chris Christie signed an executive order in January 2015 to install an emergency management team. Gov. Christie tapped Kevin Lavin, a corporate restructuring attorney from FTI Consulting, and Kevyn Orr, a former corporate bankruptcy lawyer who was Detroit’s emergency manager during its recent Chapter 9 bankruptcy process, to overhaul the operations and finances of the struggling Atlantic City government.

The city of Newark was also under increasing financial stress during this reporting period. In 2014, Newark’s officials disclosed that because of a property tax collection shortfall and state budget regulations, they needed to find a way to come up with more than $93 million in additional revenue to pay its bills. By turning financial control of Newark’s city government over to the state government, the state was able to offer significant aid in property tax relief, transitional aid, and grants. Moody’s identified this action as a credit positive for Newark.

In early December 2014, the board of commissioners of the Port Authority of New York and New Jersey adopted a 2015 budget designed to keep operating expenses flat while addressing capital needs. The fiscal plan included a $2.9 billion operating budget, a $3.6 billion capital budget, and a spending budget of $1.3 billion for debt service. The $2.9 billion operating budget, which mimics the current 2014 spending plan, also includes $108

million for the World Trade Center (WTC) site. Per Port Authority officials, the WTC site expenses are expected to be offset by $120 million in incremental revenue received from tenants of One World Trade Center.

In late December, Andrew Cuomo, New York’s governor, and Gov. Christie endorsed the Port Authority panel’s recommend-ations, which included reorganizing management and concentrating on its core mission of transportation rather than side ventures in real estate. After previously killing a $12.4 billion tunnel that would have doubled commuter capacity from New Jersey to Manhattan, Gov. Christie endorsed another rail expansion this reporting period as part of a plan to remake the Port Authority.

Successful investors, we have found, maintain a long-term perspective regardless of the specific developments associated with any given reporting period. To maximize the benefits that municipal bond funds seek to provide, many investors reinvest their dividends and allow the income generated from their investments to compound over time.

FUND PERFORMANCE

Oppenheimer Rochester New Jersey Municipal Fund held more than 210 securities as of January 30, 2015. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult

5 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

and costly to replicate in an individual portfolio.

The Fund’s dividend trend this reporting period demonstrates the power a yield-driven approach can have amid challenging market conditions. This Fund’s Class A dividend remained steady at 4.3 cents per share for most of this reporting period. However, on January 28, 2015, the Fund began accruing for a dividend of 4.1 cents per Class A share, a change necessitated by the persistence of low interest rates. In all, the Fund distributed 25.8 cents per Class A share this reporting period.

As of January 30, 2015, the Fund was invested in the hospital/healthcare sector, which represented 20.1% of total assets (20.2% of net assets). Our holdings in this sector, including one bond in Puerto Rico, consist of securities across the credit spectrum, but most are investment grade.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 18.7% of the Fund’s total assets (18.8% of net assets) at the end of this reporting period. Puerto Rico’s “tobacco bonds” are excluded from this figure, as they are backed by proceeds from the Master Settlement Agreement (MSA) and included in this Fund’s tobacco holdings, as discussed later in this report.

The Fund’s holdings include G.O. debt and securities from many different sectors. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things.

Expanding on the fiscal discipline that was the hallmark of Luis Fortuño, his predecessor, first-time Governor Alejandro García Padilla has strengthened the island’s balance sheet, cut the government payrolls, enacted comprehensive pension reforms, and raised revenues via tax rate changes and improved enforcement.

In late June 2014, news about the Commonwealth��s first balanced general fund budget in more than 20 years was overshadowed by Gov. Padilla’s decision to sign the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”), allowing Puerto Rico’s public corporations – PREPA (the electric utility authority), PRASA (the aqueduct and sewer authority) and PRHTA (the highway authority) – to restructure their debt. Based on our concerns that this law could be used to lessen the authorities’ debt-service payments to their creditors, we quickly filed a lawsuit in federal court in Puerto Rico, challenging the Act’s constitutional validity of the Recovery Act.

6 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

The Rochester Portfolio Management Team

LOGO

February 2015 Update: Shortly after this reporting period ended, a federal judge ruled that the Recovery Act violates the United States Constitution and is therefore invalid. The Commonwealth and PREPA have appealed the court’s ruling.

securities and prices were rallying late in this reporting period. Investors should note that deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rico bonds and the performance of the Oppenheimer Rochester municipal funds that hold them, including this Fund.

Our investment team is determined to protect our shareholders’ best interest and enforce all bond covenants that have been negotiated. We will also continue to

7 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

The Rochester Credit Research Team

8 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

monitor credit rating changes and other developments related to our Puerto Rico holdings closely and will post information on our website (oppenheimerfunds.com) and on our Twitter feed (twitter.com/RochesterFunds). We encourage investors to contact their financial advisors for the latest information, as the situation remains quite fluid.

Given the degree to which Oppenheimer Rochester funds have been cited in news coverage about the economic and fiscal challenges facing Puerto Rico, we feel compelled to remind investors that all fund investments are actively managed. Our team is responsive to the dynamics of the market and may choose to adjust trading strategies in the interest of maximizing the potential benefits to our shareholders.

Further, while we remain committed to keeping investors informed about our basic investing strategies, we do not provide comment about near-term trading strategies as we believe doing so might allow other market participants to impair our team’s ability to deliver shareholder value.

Municipal bonds backed by proceeds from the tobacco MSA, the national litigation settlement with U.S. tobacco manufacturers, represented 10.0% of the Fund’s total assets (10.0% of net assets) at the end of this reporting period.

We believe the securities we hold in this sector are fundamentally sound credits, and we like that “tobacco bonds” can provide tax-exempt income for investors as well as benefits to the issuing states and territories. Our long-term view of the sector remains bullish and, given attractive valuations, we believe that it is likely we will continue to hold a greater percentage of tobacco bonds in our portfolios than our peers. As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full.

G.O. securities, which are backed by the full faith and taxing authority of state and local governments, comprised 7.9% of total assets (7.9% of net assets) as of January 30, 2015. The Fund’s holdings in this sector include bonds issued in various New Jersey municipalities, as well as the Commonwealth of Puerto Rico and the Northern Mariana Islands. Most of the G.O.s issued in Puerto Rico are insured.

Nearly all of the sales tax revenue bonds held by the Fund this reporting period were issued in Puerto Rico. In all, this sector represented 6.9% of the Fund’s total assets (7.0% of net assets) as of January 30, 2015, and included bonds issued in various U.S municipalities. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenue.

As of January 30, 2015, 6.7% of the Fund’s total assets (6.8% net assets) were invested

9 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

in the student loans sector. Bonds in this sector provide a service to students, families, schools, and educators through municipal public-purpose entities with the mission of increasing postsecondary education access, affordability and success.

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 projects whose construction they finance. Of the Fund’s total assets on January 30, 2015, 6.3% (6.4% net assets) were invested in the marine/aviation facilities sector.

The Fund continued to be invested in the highways and commuter facilities sector this reporting period, which represented 5.4% of total assets (5.4% net assets) as of January 30, 2015. The bonds in this sector, including some issued in Puerto Rico, are used to build and maintain roadways and highway amenities.

Transportation Infrastructure bonds constituted 4.7% of the Fund’s total assets (4.7% net assets) as of January 30, 2015. This type of financing supports the construction of critical projects such as rail, bridges, ports, and public buildings.

As of January 30, 2015, 4.4% of the Fund’s total assets (4.4% of net assets) continued to be invested in the higher education sector. The investment-grade bonds we

hold in this sector, including some issued in Puerto Rico, 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.

The Fund remained invested in the adult living facilities sector, which represented 3.6% of the Fund’s total assets (3.7% net assets) as of January 30, 2015. These bonds, which finance various projects at senior living centers, tend to outperform in densely populated geographies with strong real estate values and in more rural areas with stable home prices.

During this reporting period, the Fund maintained an investment 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” continued to provide high levels of income to funds across the industry during this reporting period, which was characterized by rising prices among high-grade municipal securities. We continue to believe that “inverse floaters” are an essential element of this Fund’s portfolio because they can produce attractive yields under certain market conditions.

10 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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 fixed-income investors through interest rate and economic cycles.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds and has consistently used a time-tested, value-oriented and security-specific approach to fund management. We know that market conditions can and do fluctuate, but we do not waver in our belief in the power of tax-free yield to help investors achieve their long-term objectives.

This Fund invests primarily in investment-grade municipal securities. It may invest up to 25% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase as is the credit quality of the securities. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings. As of January 30, 2015, market movements or rating changes of municipal bonds, notably the Fund’s investments in Puerto Rico paper, caused the Fund’s below-investment-grade holdings to exceed this threshold. As a result, no further purchases of below- investment-grade bonds will be made until the Fund’s holdings of these types of bonds is once again below 25% of total assets.

Our team continually searches for bonds that we believe are undervalued and can provide a meaningful level of tax-free income until maturity. Rather than making allocation shifts based on expected market conditions, we search the marketplace for what we believe to be the best values for generating income. It remains important to note that we do not manage our funds based on predictions of interest rate changes.

Instead, our investment approach involves scouring the market for municipal securities that meet our stringent credit criteria and buying bonds that we believe will deliver above-average yields relative to peer funds. We focus on identifying inefficiencies in market pricing that can lead to investment advantages. We seek to maintain a thoughtful mix of industry sectors, maturities and credit ratings in this Fund’s portfolio.

The Rochester team also prospects for yield-enhancing opportunities in the secondary market, often picking up odd lots that we believe can add significant incremental yield to our portfolios. We will also look for non-rated issues with solid credit qualities, which we believe can often help enhance a fund’s tax-free yield. Investors should note that non-rated or unrated securities may or may not be the equivalent of investment grade securities.

11 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

The Rochester Way, we believe,

distinguishes our approach to municipal

investing from those of our competitors.

LOGO

Daniel G. Loughran,

Senior Vice President, Senior Portfolio Manager and

Team Leader, on behalf of the rest of the Rochester

portfolio management team: Scott S. Cottier, Troy E. Willis,

Mark R. DeMitry, Michael L. Camarella,

Charles S. Pulire and Elizabeth S. Mossow.

12 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES*


Hospital/Healthcare			20.1%
Tobacco Master Settlement Agreement			10.1
General Obligation			7.9
Sales Tax Revenue			6.9
Student Loans			6.7
Marine/Aviation Facilities			6.3
Highways/Commuter Facilities			5.4
Transportation Infrastructure			4.7
Higher Education			4.4
Adult Living Facilities			3.6

Portfolio holdings are subject to change. Percentages are as of January 30, 2015, and are based on total assets.

CREDIT ALLOCATION*


	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		0.0%		0.0%		0.0%
AA		18.5		0.0		18.5
A		19.4		0.0		19.4
BBB		31.1		1.9		33.0
BB or lower		19.0		10.1		29.1
Total		88.0%		12.0%		100.0%

The percentages above are based on the market value of the securities as of January 30, 2015, and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories—AAA, AA, A and BBB—are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

*January 30, 2015, was the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes to Financial Statements.

13 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Performance

DISTRIBUTION YIELDS

As of 1/30/15


	Without Sales Charge	With Sales Charge
Class A	5.17%	4.92%
Class B	4.48	N/A
Class C	4.50	N/A
Class Y	5.30	N/A


STANDARDIZED YIELDS		TAXABLE EQUIVALENT YIELDS

For the 30 Days Ended 1/31/15		As of 1/31/15
Class A	3.77%	Class A	7.36%
Class B	3.19	Class B	6.23
Class C	3.21	Class C	6.27
Class Y	4.11	Class Y	8.03

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 1/30/15


	Inception Date	6-Month	1-Year	5-Year	10-Year	Since Inception
Class A (ONJAX)	3/1/94	6.31%	14.91%	6.08%	4.20%	4.94%
Class B (ONJBX)	3/1/94	5.89	14.07	5.20	3.69	4.72
Class C (ONJCX)	8/29/95	5.90	14.04	5.27	3.40	4.30
Class Y (ONJYX)	11/29/10	6.27	14.95	N/A	N/A	6.31

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 1/30/15


	Inception Date	6-Month	1-Year	5-Year	10-Year	Since Inception
Class A (ONJAX)	3/1/94	1.26%	9.45%	5.05%	3.69%	4.70%
Class B (ONJBX)	3/1/94	0.89	9.07	4.87	3.69	4.72
Class C (ONJCX)	8/29/95	4.90	13.04	5.27	3.40	4.30
Class Y (ONJYX)	11/29/10	6.27	14.95	N/A	N/A	6.31

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 investments. Returns for periods of less than one year are not annualized. 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

14 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C, the contingent deferred sales charge of 1% 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. January 30, 2015, was the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes to Financial Statements. Index returns are calculated through January 31, 2015.

The Fund’s performance is compared to the performance of the Barclays Municipal Bond Index, an unmanaged index of a broad range of investment-grade municipal bonds that is a measure of the general municipal bond market. Indices are unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.043 for the 27-day accrual period ended January 27, 2015. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on January 27, 2015; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of $0.0373, $0.0374 and $0.0441, respectively, for the 27-day accrual period ended January 27, 2015, and on the corresponding net asset values on that date.

Standardized yield is based on the Fund’s net investment income for the 30-day period ended January 31, 2015, and either that date’s maximum offering price (for Class A shares) or net asset value (for the other classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.

Taxable equivalent yield is based on the standardized yield and the 2015 top federal and New Jersey tax rate of 48.8%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

The average yields for AAA-rated municipal securities are provided by Municipal Market Advisors (MMA) and are based on its benchmark of general obligation bonds structured with a 5% coupon. The MMA 5% benchmark is constructed using yields from the leading underwriters, who represent a significant percentage of the primary activity of the top 10 underwriters and therefore the total issuance.

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

15 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

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. or its affiliates.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency and involve investment risks, including the possible loss of the principal amount invested.

16 OPPENHEIMER ROCHESTER 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 January 30, 2015.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended January 30, 2015” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

17 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Actual	Beginning Account Value August 1, 2014	Ending Account Value January 30, 2015	Expenses Paid During 6 Months Ended January 30, 2015
Class A	$ 1,000.00	$ 1,063.10	$ 6.02
Class B	1,000.00	1,058.90	10.01
Class C	1,000.00	1,059.00	9.96
Class Y	1,000.00	1,062.70	5.29

Hypothetical (5% return before expenses)
Class A	1,000.00	1,019.25	5.89
Class B	1,000.00	1,015.39	9.80
Class C	1,000.00	1,015.44	9.75
Class Y	1,000.00	1,019.95	5.18

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended January 30, 2015 are as follows:

18 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


STATEMENT OF INVESTMENTS January 30, 2015* Unaudited


Principal Amount			Coupon		Maturity		Value

	Municipal Bonds and Notes—105.3%
	New Jersey—72.1%
	$40,000	Atlantic City, NJ GO¹		5.000%		12/01/2024	$	38,493

	3,020,000	Bayonne, NJ Parking Authority (City Parking)¹		5.000		06/15/2027		3,043,677

	6,065,000	Bayonne, NJ Redevel. Agency¹		7.625		04/01/2038		7,020,965

	10,000	Bergen County, NJ HDC¹		6.750		10/01/2018		10,039

	35,000	Bergen County, NJ Improvement Authority (Community Action Program)¹		5.250		12/01/2034		35,130

	25,000	Camden County, NJ Improvement Authority¹		5.000		09/01/2018		25,691

	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000		02/15/2034		1,141,610

	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000		02/15/2033		1,143,290

	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)¹		5.000		02/15/2035		1,139,080

	1,665,000	Casino Reinvestment Devel. Authority of NJ¹		5.250		01/01/2024		1,702,429

	2,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.000		11/01/2031		2,265,400

	3,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.250		11/01/2039		3,348,990

	60,000	Casino Reinvestment Devel. Authority of NJ¹		5.250		06/01/2017		60,843

	3,000,000	Casino Reinvestment Devel. Authority of NJ¹		5.250		11/01/2044		3,341,220

	175,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)¹		5.250		01/01/2018		179,091

	160,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)¹		5.250		01/01/2022		163,672

	185,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)¹		5.000		01/01/2025		189,105

	150,000	Essex County, NJ Improvement Authority (Newark)¹		5.125		04/01/2029		150,189

	250,000	Essex County, NJ Improvement Authority (Newark)¹		6.250		11/01/2030		287,915

	20,000	Essex County, NJ Improvement Authority (Sportsplex)¹		5.625		10/01/2023		20,053

	105,000	Essex County, NJ Improvement Authority (Sportsplex)¹		5.625		10/01/2027		105,234

	265,000	Florence Township, NJ Fire District No. 1¹		5.125		07/15/2028		270,785

	1,000,000	Hudson County, NJ Improvement Authority¹		6.000		01/01/2040		1,164,570

	1,500,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.000		06/01/2035		1,695,900

	2,655,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.500		06/01/2041		3,143,547

	1,250,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)¹		5.000		06/01/2038		1,409,375

	120,000	Lodie, NJ Board of Education COP¹		5.700		09/15/2021		120,336

	2,535,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.000		01/01/2032		1,961,279

	1,100,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.125		01/01/2037		855,294

	500,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.000		01/01/2020		394,350

	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)		5.500		09/01/2030		20,078

	20,000	Mount Holly, NJ Municipal Utilities Authority		5.000		12/01/2016		20,081

	30,000	Neptune City, NJ Hsg. Authority¹		6.000		04/01/2019		30,075

	605,000	New Brunswick, NJ Parking Authority		5.000		09/01/2029		702,115

19 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity			Value
	New Jersey (Continued)
	$445,000	New Brunswick, NJ Parking Authority		5.000	%		09/01/2027		$	519,756
	50,000	Newark, NJ Hsg. Authority (Lock Street Urban Renewal Partnership)¹		6.400			01/20/2034			50,116
	315,000	Newark, NJ Hsg. Authority (Port Newark Marine Terminal Rental)¹		5.000			01/01/2032			379,884
	2,875,000	Newark, NJ Hsg. Authority (South Ward Police Facility)¹		6.750			12/01/2038			3,493,240
	750,000	NJ EDA		5.000			06/15/2029			844,860
	2,095,000	NJ EDA		5.000			06/15/2028			2,364,794
	530,000	NJ EDA (Cadbury at Cherry Hill)¹		5.500			07/01/2018			516,554
	25,000	NJ EDA (Cadbury at Cherry Hill)¹		5.500			07/01/2028			21,419
	3,100,000	NJ EDA (Cranes Mill)¹		5.100			06/01/2027			3,141,912
	145,000	NJ EDA (Dept. of Human Services)¹		6.250			07/01/2024			145,425
	1,525,000	NJ EDA (Drew University)¹		5.250			07/01/2021			1,768,375
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044			2,184,680
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044			2,184,680
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)¹		8.000			05/01/2044			2,184,680
	6,000,000	NJ EDA (GMT Realty)¹		6.875			01/01/2037			6,066,480
	17,160,000	NJ EDA (Hamilton Care)¹		6.650			11/01/2037	��		17,918,472
	3,050,000	NJ EDA (Harrogate)¹		5.875			12/01/2026			3,053,019
	10,000	NJ EDA (Hillcrest Health Service)		7.250	²		01/01/2018			9,391
	4,135,000	NJ EDA (Kapkowski Road Landfill)¹		6.500			04/01/2031			5,160,935
	90,000	NJ EDA (Liberty State Park Lease Rental)		5.750			03/15/2022			90,392
	25,000	NJ EDA (Liberty State Park)		5.700			03/15/2016			25,114
	90,000	NJ EDA (Metromall Urban Renewal)¹		6.500			04/01/2031			90,162
	1,000,000	NJ EDA (Motor Vehicle Surcharges)¹		5.250			07/01/2017			1,019,030
	100,000	NJ EDA (Motor Vehicle Surcharges)¹		5.000			07/01/2023			101,610
	450,000	NJ EDA (Motor Vehicle Surcharges)¹		5.250			07/01/2031			458,564
	10,000	NJ EDA (Motor Vehicle Surcharges)¹		5.250			07/01/2033			10,190
	20,000	NJ EDA (Motor Vehicle Surcharges)¹		5.000			07/01/2034			20,322
	2,500,000	NJ EDA (MSU Student Hsg.)¹		5.750			06/01/2031			2,814,250
	20,000	NJ EDA (Municipal Rehabilitation)		5.000			04/01/2028			20,072
	4,350,000	NJ EDA (New Jersey American Water Company)¹		5.700			10/01/2039			5,078,886
	5,320,000	NJ EDA (New Jersey American Water Company)¹		5.600			11/01/2034			6,117,308
	30,000	NJ EDA (New Jersey Transit Corp.)¹		5.750			12/15/2017			30,098
	145,000	NJ EDA (New Jersey Transit Corp.)¹		5.750			12/15/2017			145,474
	800,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2027			840,352
	1,400,000	NJ EDA (Newark Downtown District Management Corp.)¹		5.125			06/15/2037			1,458,170
	650,000	NJ EDA (Paterson Charter School Science & Technology)		6.000			07/01/2032			673,056
	1,900,000	NJ EDA (Paterson Charter School Science & Technology)		6.100			07/01/2044			1,950,863
	1,500,000	NJ EDA (Paterson Charter School)¹		5.000			07/01/2032			1,429,485
	2,500,000	NJ EDA (Paterson Charter School)¹		5.300			07/01/2044			2,371,650
	850,000	NJ EDA (Rutgers University)¹		5.000			06/15/2038			999,124
	3,690,000	NJ EDA (School Facilities Construction)¹		5.000			03/01/2030			4,137,486
	2,000,000	NJ EDA (School Facilities Construction)¹		5.000			03/01/2027			2,275,580

20 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$1,000,000	NJ EDA (School Facilities)¹		5.250	%		09/01/2026	$	1,138,790
	25,000	NJ EDA (St. Barnabas Medical Center)		7.153	²		07/01/2020		22,098
	50,000	NJ EDA (St. Barnabas Medical Center)		6.750	²		07/01/2018		47,370
	65,000	NJ EDA (St. Barnabas Medical Center)		6.833	²		07/01/2021		55,102
	110,000	NJ EDA (State Office Buildings)¹		5.000			06/15/2020		111,960
	2,200,000	NJ EDA (Team Academy Charter School)¹		6.000			10/01/2043		2,539,394
	10,000,000	NJ EDA (The Goethals Bridge Replacement)¹		5.375			01/01/2043		11,278,500
	1,500,000	NJ EDA (UMM Energy Partners)		5.000			06/15/2037		1,593,630
	1,250,000	NJ EDA (UMM Energy Partners)		5.125			06/15/2043		1,330,775
	890,000	NJ EDA (United Water New Jersey)		5.500			07/01/2039		893,489
	330,000	NJ EDA (United Water New Jersey)¹		5.000			11/01/2028		330,564
	3,500,000	NJ EDA Retirement Community (Seabrook Village)¹		5.250			11/15/2026		3,626,280
	100,000	NJ Educational Facilities Authority (Dorm Safety)		5.000			03/01/2016		100,400
	200,000	NJ Educational Facilities Authority (Dorm Safety)¹		5.000			03/01/2015		200,822
	2,735,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.000			07/01/2033		2,933,205
	875,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.250			07/01/2027		945,114
	3,130,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.250			07/01/2037		3,362,152
	1,000,000	NJ Educational Facilities Authority (Georgian Court University)¹		5.000			07/01/2027		1,071,570
	120,000	NJ Educational Facilities Authority (Kean University)¹		5.250			09/01/2029		137,270
	40,000	NJ Educational Facilities Authority (Kean University)¹		5.000			07/01/2018		40,161
	30,000	NJ Educational Facilities Authority (Kean University)		5.000			07/01/2021		30,119
	5,000	NJ Educational Facilities Authority (Public Library)		5.000			09/01/2022		5,020
	1,000,000	NJ Educational Facilities Authority (Rider University)		5.000			07/01/2037		1,102,460
	15,000	NJ Educational Facilities Authority (Stevens Institute of Technology)¹		5.000			07/01/2028		15,053
	5,000	NJ Educational Facilities Authority (Stevens Institute of Technology)¹		5.000			07/01/2018		5,378
	2,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)¹		5.625			07/01/2032		2,347,140
	3,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)¹		5.000			07/01/2044		3,440,040
	7,085,000	NJ Health Care Facilities Financing Authority (Catholic Health East)¹		5.000			11/15/2033		8,203,934
	1,000,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)¹		5.375			11/01/2036		824,540
	750,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)¹		5.300			11/01/2026		682,493
	1,010,000	NJ Health Care Facilities Financing Authority (Holy Name Hospital)¹		5.000			07/01/2036		1,039,765
	295,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)¹		5.250			10/01/2038		319,866
	2,480,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)¹		5.750			10/01/2031		2,879,330
	1,500,000	NJ Health Care Facilities Financing Authority (Kennedy Health System)		5.000			07/01/2031		1,707,285
	9,830,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)¹		7.250			07/01/2027		9,845,138

21 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$2,030,000	NJ Health Care Facilities Financing Authority (RWJ University Hospital)¹		5.000	%		07/01/2035	$	2,042,687
	15,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp.)		6.621	²		07/01/2017		14,558
	37,955,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp./St. Barnabas Medical Center Obligated Group)		6.250	²		07/01/2030		17,991,809
	10,000,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)¹		6.625			07/01/2038		11,301,500
	1,960,000	NJ Health Care Facilities Financing Authority (St. Luke’s Warren Hospital)		5.000			08/15/2034		2,224,188
	5,380,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)¹		5.250			07/01/2030		5,794,852
	6,400,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)¹		5.250			07/01/2023		6,922,752
	125,000	NJ Health Care Facilities Financing Authority (Virtua Health Obligated Group)¹		5.750			07/01/2033		145,075
	3,160,000	NJ Higher Education Assistance Authority¹		5.500			12/01/2025		3,616,841
	100,000	NJ Higher Education Assistance Authority¹		5.750			12/01/2029		113,830
	26,580,000	NJ Higher Education Student Assistance Authority (Student Loans)¹		6.125			06/01/2030		29,232,418
	15,000	NJ Hsg. & Mtg. Finance Agency¹		5.400			11/01/2016		15,228
	570,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)¹		5.000			11/01/2036		579,622
	2,580,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)³		5.000			10/01/2037		2,620,712
	4,010,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)³		4.625			10/01/2027		4,148,706
	245,000	NJ Hsg. & Mtg. Finance Agency, Series AA¹		6.150			10/01/2023		264,879
	165,000	NJ Hsg. & Mtg. Finance Agency, Series AA¹		6.375			10/01/2028		171,767
	45,000	NJ Hsg. & Mtg. Finance Agency, Series AA¹		6.500			10/01/2038		46,819
	100,000	NJ South Jersey Port Corp.¹		5.250			01/01/2030		100,206
	20,000	NJ Sports & Expositions Authority¹		5.250			09/01/2015		20,085
	17,080,000	NJ Tobacco Settlement Financing Corp.¹		5.000			06/01/2041		13,849,830
	1,625,000	NJ Transportation Trust Fund Authority¹		5.000			06/15/2038		1,783,275
	4,500,000	NJ Transportation Trust Fund Authority¹		6.000			06/15/2035		5,535,360
	5,000,000	NJ Transportation Trust Fund Authority¹		5.500			06/15/2041		5,770,400
	10,000,000	NJ Transportation Trust Fund Authority¹		5.875			12/15/2038		11,746,000
	5,000,000	NJ Turnpike Authority¹		5.000			01/01/2038		5,728,600
	200,000	Passaic Valley, NJ Sewage Commissioners		5.000			12/01/2022		200,748
	100,000	Passaic Valley, NJ Sewage Commissioners		5.000			12/01/2023		100,374
	10,500,000	Port Authority NY/NJ, 143rd Series³		5.000			10/01/2030		10,902,465
	6,330,000	Rutgers State University NJ³		5.000			05/01/2029		7,618,336
	5,380,000	Rutgers State University NJ³		5.000			05/01/2030		6,448,145
	4,000,000	Rutgers State University NJ³		5.000			05/01/2038		4,692,520
	3,650,000	South Jersey, NJ Transportation Authority¹		5.000			11/01/2039		4,092,490
	45,000	Union County, NJ Improvement Authority (Linden Airport)		5.000			03/01/2028		45,156

22 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
$40,000	West Milford, NJ Township (Municipal Utilities Authority)¹		5.375	%		08/01/2031	$	40,057
								351,494,308
New York—4.3%
5,100,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.500			12/01/2028		5,339,802
2,679,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022		2,694,806
8,685,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		8,712,705
2,505,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		2,505,251
1,725,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2027		1,773,076
								21,025,640
U.S. Possessions—28.9%
10,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		11,232
125,000	Guam Power Authority, Series A		5.000			10/01/2024		151,611
250,000	Guam Power Authority, Series A		5.000			10/01/2030		294,127
125,000	Guam Power Authority, Series A		5.000			10/01/2023		151,586
180,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2017		182,689
3,945,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2030		3,563,755
1,040,000	Northern Mariana Islands Ports Authority, Series A¹		5.500			03/15/2031		966,368
2,475,000	Northern Mariana Islands Ports Authority, Series A¹		6.250			03/15/2028		2,250,864
2,525,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		1,825,954
1,000,000	Puerto Rico Aqueduct & Sewer Authority		6.125			07/01/2024		771,840
6,350,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		4,504,881
1,355,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		959,001
15,495,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		15,245,685
18,300,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		18,194,043
170,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		170,246
26,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.016	²		05/15/2055		781,560
5,000,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2029		3,746,500
3,205,000	Puerto Rico Commonwealth GO¹		5.750			07/01/2041		2,257,698
2,150,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2037		1,477,050
2,795,000	Puerto Rico Commonwealth GO		5.500			07/01/2039		1,944,426
6,085,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2039		4,393,187
8,350,000	Puerto Rico Commonwealth GO¹		5.750			07/01/2036		5,965,491
3,000,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2040		2,191,920
1,990,000	Puerto Rico Electric Power Authority, Series A⁴		5.000			07/01/2042		1,022,422
3,000,000	Puerto Rico Electric Power Authority, Series A⁴		7.000			07/01/2043		1,540,350
45,000	Puerto Rico Electric Power Authority, Series A⁴		5.050			07/01/2042		23,120
1,700,000	Puerto Rico Electric Power Authority, Series A⁴		5.000			07/01/2029		873,103
5,000,000	Puerto Rico Electric Power Authority, Series AAA⁴		5.250			07/01/2030		2,567,850
3,000,000	Puerto Rico Electric Power Authority, Series AAA⁴		5.250			07/01/2028		1,540,560
550,000	Puerto Rico Electric Power Authority, Series AAA⁴		5.250			07/01/2031		282,486
50,000	Puerto Rico Electric Power Authority, Series CCC⁴		5.000			07/01/2021		25,661
90,000	Puerto Rico Electric Power Authority, Series CCC⁴		5.000			07/01/2025		46,206
80,000	Puerto Rico Electric Power Authority, Series TT⁴		5.000			07/01/2037		41,102
100,000	Puerto Rico Electric Power Authority, Series TT⁴		5.000			07/01/2023		51,332
395,000	Puerto Rico Electric Power Authority, Series XX⁴		5.250			07/01/2035		202,908

23 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$750,000	Puerto Rico Highway & Transportation Authority¹		5.750	%		07/01/2020	$	583,740
3,000,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250			07/01/2038		2,863,050
3,000,000	Puerto Rico Infrastructure		7.050	²		07/01/2042		333,420
4,750,000	Puerto Rico Infrastructure¹		5.000			07/01/2037		3,010,740
2,610,000	Puerto Rico Infrastructure¹		5.000			07/01/2041		1,624,203
575,000	Puerto Rico Infrastructure¹		5.000			07/01/2027		363,337
975,000	Puerto Rico Infrastructure		7.000	²		07/01/2035		252,603
400,000	Puerto Rico Infrastructure (Mepsi Campus)¹		6.500			10/01/2037		241,276
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			04/01/2027		86,824
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		80,254
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		82,907
930,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		729,938
175,000	Puerto Rico ITEMECF (Cogeneration Facilities)¹		6.625			06/01/2026		171,451
1,000,000	Puerto Rico ITEMECF (Polytechnic University)¹		5.000			08/01/2032		808,630
2,000,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2020		2,001,140
200,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2025		152,424
305,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2033		211,383
1,000,000	Puerto Rico Public Buildings Authority¹		5.625			07/01/2039		693,370
1,000,000	Puerto Rico Public Buildings Authority¹		6.000			07/01/2028		1,020,170
5,000,000	Puerto Rico Public Buildings Authority		5.250			07/01/2042		3,359,900
1,530,000	Puerto Rico Public Buildings Authority, Series D¹		5.250			07/01/2036		1,049,014
6,800,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.500			08/01/2044		5,263,336
9,850,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.375			08/01/2039		6,934,105
10,935,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.500			08/01/2042		7,688,945
325,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.375			08/01/2039		253,360
2,500,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.500			08/01/2021		2,238,650
4,850,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.500			08/01/2022		4,259,222
5,235,000	Puerto Rico Sales Tax Financing Corp., Series B¹		6.000			08/01/2026		2,812,713
14,000,000	Puerto Rico Sales Tax Financing Corp., Series C³		5.750			08/01/2057		11,105,920
1,100,000	V.I. Tobacco Settlement Financing Corp.		6.500	²		05/15/2035		140,580
3,100,000	V.I. Tobacco Settlement Financing Corp.		7.625	²		05/15/2035		304,730
2,050,000	V.I. Tobacco Settlement Financing Corp.		6.875	²		05/15/2035		247,271
								141,187,420
Total Investments, at Value (Cost $516,304,837)—105.3%								513,707,368
Net Other Assets (Liabilities)—(5.3)								(25,973,014	)
Net Assets—100.0%							$	487,734,354

Footnotes to Statement of Investments

* January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 8 of the accompanying Notes.

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

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 4 of the accompanying Notes.

24 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Footnotes to Statement of Investments (Continued)

4. Subject to a forbearance agreement. Rate shown is the original contractual interest rate. See Note 4 of the accompanying Notes.

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


COP		Certificates of Participation
EDA		Economic Devel. Authority
GO		General Obligation
HDC		Housing Devel. Corp.
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK		John Fitzgerald Kennedy
LIFERS		Long Inverse Floating Exempt Receipts
MSU		Montclair State University
NY/NJ		New York/New Jersey
ROLs		Reset Option Longs
RWJ		Robert Wood Johnson
TASC		Tobacco Settlement Asset-Backed Bonds
V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

25 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


STATEMENT OF ASSETS AND LIABILITIES January 30, 2015¹ Unaudited


Assets
Investments, at value (cost $516,304,837)—see accompanying statement of investments	$	513,707,368

Cash		429,974

Receivables and other assets:
Interest		6,058,267
Shares of beneficial interest sold		474,397
Other		108,657

Total assets		520,778,663
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		29,950,000
Payable for borrowings (See Note 8)		2,100,000
Shares of beneficial interest redeemed		394,493
Dividends		341,237
Trustees’ compensation		83,184
Distribution and service plan fees		60,387
Shareholder communications		4,415
Interest expense on borrowings		816
Other		109,777

Total liabilities		33,044,309
Net Assets	$ 487,734,354


Composition of Net Assets
Paid-in capital	$	644,636,124

Accumulated net investment income		3,854,262

Accumulated net realized loss on investments		(158,158,563	)

Net unrealized depreciation on investments		(2,597,469	)

Net Assets	$	487,734,354

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

26 OPPENHEIMER ROCHESTER 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 $310,935,307 and 31,045,292 shares of beneficial interest outstanding)	$	10.02
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	10.52


Class B Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $5,791,179 and 576,782 shares of beneficial interest outstanding)	$	10.04


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $145,610,022 and 14,522,197 shares of beneficial interest outstanding)	$	10.03


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $25,397,846 and 2,533,603 shares of beneficial interest outstanding)	$	10.02

See accompanying Notes to Financial Statements.

27 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


STATEMENT OF OPERATIONS For the Six Months Ended January 30, 2015¹ Unaudited


Investment Income
Interest	$	14,930,088
Expenses
Management fees		1,354,839

Distribution and service plan fees:
Class A		231,526
Class B		27,386
Class C		655,556

Transfer and shareholder servicing agent fees:
Class A		157,280
Class B		3,044
Class C		72,885
Class Y		12,416

Shareholder communications:
Class A		6,900
Class B		455
Class C		3,855
Class Y		499

Borrowing fees		486,144

Legal, auditing and other professional fees		218,379

Interest expense and fees on short-term floating rate notes issued (See Note 4)		137,154

Interest expense on borrowings		6,058

Trustees’ compensation		3,817

Custodian fees and expenses		1,921

Other		4,643

Total expenses		3,384,757

Net Investment Income		11,545,331
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(3,235,927	)

Net change in unrealized appreciation/depreciation on investments		20,503,383

Net Increase in Net Assets Resulting from Operations	$	28,812,787

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

28 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended January 30, 2015¹ (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income	$	11,545,331		$	27,080,399
Net realized loss		(3,235,927	)		(36,313,172	)
Net change in unrealized appreciation/depreciation		20,503,383			36,245,859
Net increase in net assets resulting from operations		28,812,787			27,013,086
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(7,977,918	)		(17,961,148	)
Class B		(130,360	)		(365,538	)
Class C		(3,144,236	)		(7,139,284	)
Class Y		(646,425	)		(1,182,464	)
		(11,898,939	)		(26,648,434	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(6,055,537	)		(62,414,978	)
Class B		(772,250	)		(3,925,573	)
Class C		(1,575,306	)		(31,680,313	)
Class Y		704,448			550,178
		(7,698,645	)		(97,470,686	)
Net Assets
Total increase (decrease)		9,215,203			(97,106,034	)
Beginning of period		478,519,151			575,625,185
End of period (including accumulated net investment income of $3,854,262 and $4,207,870, respectively)	$	487,734,354		$	478,519,151

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

29 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


STATEMENT OF CASH FLOWS For the Six Months Ended January 30, 2015¹ Unaudited


Cash Flows from Operating Activities
Net increase in net assets from operations	$	28,812,787
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(29,825,568	)
Proceeds from disposition of investment securities		65,654,412
Short-term investment securities, net		(8,418,727	)
Premium amortization		1,078,609
Discount accretion		(1,022,669	)
Net realized loss on investments		3,235,927
Net change in unrealized appreciation/depreciation on investments		(20,503,383	)
Change in assets:
Decrease in other assets		133,610
Decrease in interest receivable		141,951
Change in liabilities:
Decrease in other liabilities		(9,786	)
Decrease in payable for securities purchased		(55,784	)
Net cash provided by operating activities		39,221,379
Cash Flows from Financing Activities
Proceeds from borrowings		63,300,000
Payments on borrowings		(70,600,000	)
Payments on short-term floating rate notes issued		(11,025,000	)
Proceeds from shares sold		37,988,357
Payments on shares redeemed		(56,920,687	)
Cash distributions paid		(2,253,713	)
Net cash used in financing activities		(39,511,043	)
Net decrease in cash		(289,664	)
Cash, beginning balance		719,638
Cash, ending balance	$	429,974

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $9,826,318.

Cash paid for interest on borrowings—$6,246.

Cash paid for interest on short-term floating rate notes issued—$137,154.

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

30 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


FINANCIAL HIGHLIGHTS


Class A	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011¹		Year Ended July 30, 2010¹
Per Share Operating Data
Net asset value, beginning of period	$	9.67	$	9.60	$	10.68	$	9.75	$	10.14	$	8.63
Income (loss) from investment operations:
Net investment income²		0.25		0.52		0.50		0.54		0.64		0.64
Net realized and unrealized gain (loss)		0.36		0.07		(1.05)		1.00		(0.41)		1.45
Total from investment operations		0.61		0.59		(0.55)		1.54		0.23		2.09
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.52)		(0.53)		(0.61)		(0.62)		(0.58)
Net asset value, end of period	$	10.02	$	9.67	$	9.60	$	10.68	$	9.75	$	10.14



Total Return, at Net Asset Value³		6.31%		6.40%		(5.43)%		16.21%		2.46%		24.58%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	310,935	$	306,172	$	368,177	$	421,443	$	359,697	$	415,729
Average net assets (in thousands)	$	310,346	$	326,496	$	425,664	$	385,776	$	377,127	$	409,744
Ratios to average net assets:⁴
Net investment income		4.95%		5.58%		4.80%		5.31%		6.62%		6.54%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.90%		0.83%		0.76%		0.76%		0.77%		0.75%
Interest and fees from borrowings		0.20%		0.15%		0.11%		0.08%		0.10%		0.25%
Interest and fees on short-term floating rate notes issued⁵		0.06%		0 .08%		0.06%		0.11%		0.19%		0.24%
Total expenses		1.16%		1 .06%		0.93%		0.95%		1.06%		1.24%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.16%		1.06%		0.91%		0.93%		1.05%		1.23%
Portfolio turnover rate		6%		30%		24%		18%		15%		17%

31 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


FINANCIAL HIGHLIGHTS Continued

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods. See Note 2 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

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.

32 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Class B	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011¹		Year Ended July 30, 2010¹

Per Share Operating Data
Net asset value, beginning of period	$	9.69	$	9.62	$	10.70	$	9.77	$	10.15	$	8.65

Income (loss) from investment operations:
Net investment income²		0.21		0.45		0.42		0.46		0.56		0.56
Net realized and unrealized gain (loss)		0.36		0.06		(1.06)		0.99		(0.40)		1.44

Total from investment operations		0.57		0.51		(0.64)		1.45		0.16		2.00

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.44)		(0.44)		(0.52)		(0.54)		(0.50)

Net asset value, end of period	$	10.04	$	9.69	$	9.62	$	10.70	$	9.77	$	10.15



Total Return, at Net Asset Value³		5.89%		5.55%		(6.24)%		15.20%		1.71%		23.39%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,791	$	6,351	$	10,331	$	18,879	$	23,305	$	35,276

Average net assets (in thousands)	$	6,005	$	7,822	$	15,007	$	20,307	$	28,889	$	37,923

Ratios to average net assets:⁴
Net investment income		4.19%		4.81%		3.96%		4.50%		5.78%		5.71%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.67%		1.63%		1.61%		1.61%		1.61%		1.59%
Interest and fees from borrowings		0.20%		0.15%		0.11%		0.08%		0.10%		0.25%
Interest and fees on short-term floating rate notes issued⁵		0.06%		0.08%		0.06%		0.11%		0.19%		0.24%

Total expenses		1.93%		1.86%		1.78%		1.80%		1.90%		2.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.93%		1.86%		1.76%		1.78%		1.89%		2.07%

Portfolio turnover rate		6%		30%		24%		18%		15%		17%

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods. See Note 2 of the accompanying Notes.

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

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.

33 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


FINANCIAL HIGHLIGHTS Continued


Class C	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011¹		Year Ended July 30, 2010¹

Per Share Operating Data
Net asset value, beginning of period	$	9.68	$	9.61	$	10.69	$	9.76	$	10.14	$	8.64

Income (loss) from investment operations:
Net investment income²		0.21		0.45		0.42		0.46		0.57		0.57
Net realized and unrealized gain (loss)		0.36		0.06		(1.05)		1.00		(0.41)		1.43

Total from investment operations		0.57		0.51		(0.63)		1.46		0.16		2.00

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.44)		(0.45)		(0.53)		(0.54)		(0.50)

Net asset value, end of period	$	10.03	$	9.68	$	9.61	$	10.69	$	9.76	$	10.14



Total Return, at Net Asset Value³		5.90%		5.60%		(6.15)%		15.32%		1.79%		23.50%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	145,610	$	142,154	$	173,766	$	187,934	$	159,119	$	183,496

Average net assets (in thousands)	$	143,817	$	150,721	$	194,185	$	169,315	$	166,762	$	177,507

Ratios to average net assets:⁴
Net investment income		4.19%		4.83%		4.04%		4 .55%		5.85%		5.77%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.66%		1.59%		1.52%		1.52%		1.54%		1.51%
Interest and fees from borrowings		0.20%		0.15%		0.11%		0.08%		0.10%		0.25%
Interest and fees on short-term floating rate notes issued⁵		0.06%		0.08%		0.06%		0.11%		0.19%		0.24%

Total expenses		1.92%		1.82%		1.69%		1.71%		1.83%		2.00%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.92%		1.82%		1.67%		1.69%		1.82%		1.99%


Portfolio turnover rate		6%		30%		24%		18%		15%		17%

34 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods. See Note 2 of the accompanying Notes.

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

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.

35 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


FINANCIAL HIGHLIGHTS Continued


Class Y	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Period Ended July 29, 2011²
Per Share Operating Data
Net asset value, beginning of period	$	9.68	$	9.60	$	10.69	$	9.76	$	9.86
Income (loss) from investment operations:
Net investment income³		0.25		0.54		0.52		0.55		0.41
Net realized and unrealized gain (loss)		0.36		0.07		(1.07)		1.00		(0.10)
Total from investment operations		0.61		0.61		(0.55)		1.55		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.27)		(0.53)		(0.54)		(0.62)		(0.41)
Net asset value, end of period	$	10.02	$	9.68	$	9.60	$	10.69	$	9.76


Total Return, at Net Asset Value⁴		6.27%		6.66%		(5.40)%		16.34%		3.48%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	25,398	$	23,842	$	23,351	$	23,882	$	9,232
Average net assets (in thousands)	$	24,513	$	20,998	$	25,821	$	15,130	$	4,339
Ratios to average net assets:⁵
Net investment income		5.08%		5.71%		4.94%		5.33%		6.48%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.76%		0.69%		0.62%		0.63%		0.62%
Interest and fees from borrowings		0.20%		0.15%		0.11%		0.08%		0.10%
Interest and fees on short-term floating rate notes issued⁶		0.06%		0.08%		0.06%		0.11%		0.19%
Total expenses		1.02%		0.92%		0.79%		0.82%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.02%		0.92%		0.77%		0.80%		0.90%
Portfolio turnover rate		6%		30%		24%		18%		15%

1. January 30, 2015 and July 29, 2011 represent the last business days of the Fund’s reporting periods. See Note 2 of the accompanying Notes.

2. For the period from November 29, 2010 (inception of offering) to July 29, 2011.

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

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

5. Annualized for periods less than one full year.

6. 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.

36 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS January 30, 2015 Unaudited

1. Organization

Oppenheimer Rochester New Jersey Municipal Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OFI (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

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 are 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.

2. Significant Accounting Policies

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

Semiannual and Annual Periods. The last day of the Fund’s semiannual and annual periods 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.

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.

37 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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

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

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended July 31, 2014, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended July 31, 2014 capital loss carryforwards are included in the table below. Capital loss

38 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2016	$	1,484,285
2017		18,113,753
2018		22,257,929
No expiration		114,052,988

Total	$	155,908,955

As of January 30, 2015, it is estimated that the capital loss carryforwards would be $41,855,967 expiring by 2018 and $117,288,915 which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended January 30, 2015, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of January 30, 2015 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	$	486,403,814	¹

Gross unrealized appreciation	$	31,532,614
Gross unrealized depreciation		(34,134,333	)

Net unrealized depreciation	$	(2,601,719	)

1. The Federal tax cost of securities does not include cost of $29,905,273, 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 in Note 4.

Use of Estimates. 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.

39 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. 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.

40 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

3. Securities Valuation (Continued)

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 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

41 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 January 30, 2015 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	$	—	$	351,494,308	$	—	$	351,494,308
New York		—		21,025,640		—		21,025,640
U.S. Possessions		—		141,187,420		—		141,187,420

Total Assets	$	—	$	513,707,368	$	—	$	513,707,368

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

4. Investments and Risks

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

42 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

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 trust (the “Trust”). 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 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.

43 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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, relative to the par value of the underlying municipal bond. 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) 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

44 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

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 January 30, 2015, the Fund’s maximum exposure under such agreements is estimated at $7,000,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to 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 January 30, 2015, municipal bond holdings with a value of $47,536,804 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $29,950,000 in short-term floating rate securities issued and outstanding at that date.

At January 30, 2015, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

45 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)


Principal Amount	Inverse Floater¹	Coupon Rate²		Maturity Date		Value
$ 2,005,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) ROLs		7.330%		10/1/27	$	2,143,706
1,290,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) ROLs		7.980		10/1/37		1,330,712
2,625,000	Port Authority NY/NJ, 143rd Series ROLs		15.515		10/1/30		3,027,465
7,000,000	Puerto Rico Sales Tax Financing Corp. LIFERS³		9.446		8/1/57		4,105,920
1,000,000	Rutgers State University NJ LIFERS		18.269		5/1/38		1,692,520
1,585,000	Rutgers State University NJ LIFERS		18.241		5/1/29		2,873,336
1,345,000	Rutgers State University NJ LIFERS		18.269		5/1/30		2,413,145

						$	17,586,804

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 $29,950,000 or 5.75% of its total assets as of January 30, 2015.

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. There were no securities not accruing interest as of January 30, 2015.

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 January 30, 2015, securities with an aggregate market value of $8,217,100, representing 1.68% of the Fund’s net assets, were subject to these forbearance agreements.

46 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

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.

5. Shares of Beneficial Interest

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


	Six Months Ended January 30, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount

Class A
Sold		2,013,313		$	19,902,563			4,831,911		$	45,374,472
Dividends and/or distributions reinvested		679,212			6,728,401			1,594,449			14,986,662
Redeemed		(3,306,265	)		(32,686,501	)		(13,134,106	)		(122,776,112)

Net decrease		(613,740	)	$	(6,055,537	)		(6,707,746	)	$	(62,414,978)



Class B
Sold		3,676		$	36,738			22,237		$	210,890
Dividends and/or distributions reinvested		11,223			111,421			32,070			301,746
Redeemed		(93,281	)		(920,409	)		(473,491	)		(4,438,209)

Net decrease		(78,382	)	$	(772,250	)		(419,184	)	$	(3,925,573)



Class C
Sold		1,010,985		$	10,025,191			1,293,000		$	12,097,191
Dividends and/or distributions reinvested		251,308			2,492,189			587,480			5,528,467
Redeemed		(1,423,172	)		(14,092,686	)		(5,286,801	)		(49,305,971)

Net decrease		(160,879	)	$	(1,575,306	)		(3,406,321	)	$	(31,680,313)



Class Y
Sold		841,210		$	8,312,315			1,013,897		$	9,661,643
Dividends and/or distributions reinvested		49,859			494,307			94,977			894,210
Redeemed		(820,629	)		(8,102,174	)		(1,077,140	)		(10,005,675)

Net increase		70,440		$	704,448			31,734		$	550,178

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended January 30, 2015 were as follows:


	Purchases		Sales

Investment securities		$29,825,568		$65,654,412

47 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. 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

The Fund’s management fee for the fiscal six months ended January 30, 2015 was 0.55% of average annual net assets before any applicable waivers.

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

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

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

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended January 30, 2015, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

48 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

7. Fees and Other Transactions with Affiliates (Continued)


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		5,096
Accumulated Liability as of January 30, 2015		40,392

The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the 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.

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.15% 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 pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.15% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees vote annually to approve its continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

49 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Fees and Other Transactions with Affiliates (Continued)

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

Six Months 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

January 30, 2015

$34,512

$5,610

$5,879

$3,104

8. Borrowings and Other Financing

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 4. 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 4 (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.

50 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

8. Borrowings and Other Financing (Continued)

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 (0.1741% as of January 30, 2015). 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 six months ended January 30, 2015 equal 0.13% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of January 30, 2015, the Fund had borrowings outstanding at an interest rate of 0.1741%. Details of the borrowings for the six months ended January 30, 2015 are as follows:


Average Daily Loan Balance	$	7,605,435
Average Daily Interest Rate		0.156	%
Fees Paid	$	436,059
Interest Paid	$	6,246

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

51 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Borrowings and Other Financing (Continued)

interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the six months ended January 30, 2015 are included in expenses on the Fund’s Statement of Operations and equal 0.07% 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 each Wednesday 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 six months ended January 30, 2015.

Details of reverse repurchase agreement transactions for the six months ended January 30, 2015 are as follows:


Fees Paid		$	145,409

9. Pending Litigation

In 2009, seven class action lawsuits were filed in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds – including the Fund – advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities laws and alleged, 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 sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. In March 2014, the parties – including the Fund – in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. In July 2014, the court entered an order and final judgment approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal Fund (the “California Fund Suit”). OFI believes the California Fund Suit is without legal merit and is defending the suit vigorously. While it is premature to render any opinion as to the outcome in the California Fund Suit, or whether

52 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

9. Pending Litigation (Continued)

any costs that OFI may bear in defending the California Fund Suit might not be reimbursed by insurance, OFI believes the California Fund Suit should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of the California Fund Suit should not have any material effect on the operations of any of the Oppenheimer funds.

53 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT

ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Agreements. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

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

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

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

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Sub-Adviser’s advisory, administrative, accounting, legal, compliance

54 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

Investment Performance of the Adviser and the Fund. Throughout the year, the Adviser provided information on the investment performance of the Fund, including comparative performance information. The Board also reviewed information, prepared by the Adviser and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail funds in the New Jersey Municipal category. The Board noted that the Fund’s five-year performance was better than its category median although its one-year, three-year, and ten-year performance was below its category median.

Costs of Services by the Adviser. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load New Jersey Municipal funds with comparable asset levels and distribution features. The Fund’s contractual management fees were higher than its peer group median and category median. The Fund’s total expenses were lower than its peer group median and category median.

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

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

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the

55 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT

ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2015. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

56 OPPENHEIMER ROCHESTER 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 www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. 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.

57 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


Trustees and Officers		Brian F. Wruble, Chairman of the Board of Trustees and Trustee David K. Downes, Trustee Matthew P. Fink, Trustee Edmund P. Giambastiani, Jr., Trustee Elizabeth Krentzman, Trustee Mary F. Miller, Trustee Joel W. Motley, Trustee Joanne Pace, Trustee Daniel Vandivort, Trustee Peter I. Wold, Trustee William F. Glavin, Jr., Trustee Daniel G. Loughran, Vice President Scott S. Cottier, Vice President Troy E. Willis, Vice President Mark R. DeMitry, Vice President Michael L. Camarella, Vice President Charles S. Pulire, Vice President Richard Stein, Vice President Arthur P. Steinmetz, President and Principal Executive Officer Arthur S. Gabinet, Secretary and Chief Legal Officer Jennifer Sexton, Vice President and Chief Business Officer Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

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

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

58 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


PRIVACY POLICY NOTICE

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

Information Sources

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

•

Applications or other forms

•

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

•

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

•

Your transactions with us, our affiliates or others

•

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

•

When you set up challenge questions to reset your password online

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

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

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

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

Protection of Information

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

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest 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.

59 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


PRIVACY POLICY NOTICE Continued

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

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

•

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

•

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

•

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2014. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, 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).

60 OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND


		A Better Website for Investors We redesigned the OppenheimerFunds investor site to help you find the information and services you need — quickly. Visit oppenheimerfunds.com/investors to see how well the new site will work for you. You can also visit our website for 24-hour access to account information and transactions or call us at 800 CALL OPP (800 225 5677) for 24-hour automated information and automated transactions. Representatives are also available Mon–Fri 8am–8pm ET.
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		Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2015 OppenheimerFunds Distributor, Inc. All rights reserved. RS0395.001.0115 March 23, 2015

LOGO

Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			12

Fund Expenses			16

Statement of Investments			18

Statement of Assets and Liabilities			29

Statement of Operations			31

Statements of Changes in Net Assets			32

Statement of Cash Flows			33

Financial Highlights			34

Notes to Financial Statements			38

Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements			55

Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments			58

Trustees and Officers			59

Privacy Policy Notice			60

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 1/30/15*


	Class A Shares of the Fund
	Without Sales Charge		With Sales Charge	Barclays Municipal Bond Index
6-Month		7.32%	2.22%	4.52%
1-Year		13.50	8.11	8.86
5-Year		6.52	5.49	5.42
10-Year		4.36	3.85	4.82

Oppenheimer Rochester is using social media to provide timely information related to muni market developments at www.twitter.com/RochesterFunds.

*January 30, 2015, was the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes to Financial Statements. Index returns are calculated through January 31, 2015.

2 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Fund Performance Discussion

While interest rates continued to hover at low levels, Oppenheimer Rochester Pennsylvania Municipal Fund once again generated high levels of tax-free income and a competitive, yield-driven total return for the 6 months ended January 30, 2015, the last business day of this reporting period. The Fund’s Class A shares provided a distribution yield of 5.68% at net asset value (NAV) at the end of this reporting period. For Pennsylvania residents in the top 2015 bracket for federal and state income taxes, a taxable investment with a January 2015 yield of less than 9.41% would not have delivered as much after-tax income as the Class A shares of this Fund. At 7.32% as of January 30, 2015, the 6-month cumulative total return at NAV for this Fund’s Class A shares exceeded the Barclays Municipal Bond Index, its benchmark, by 280 basis points.

MARKET OVERVIEW

Overall, the muni market rallied during the 6 months ended January 31, 2015, thanks in part to positive reports from the Federal Reserve.

It came as no surprise to Fed watchers that the Federal Open Market Committee (FOMC) voted in October 2014 to end quantitative easing the next month.

Considered by many to be the largest intervention in the Fed’s history, the program was initiated in 2008 to stimulate the economy by adding billions to its holdings of

mortgage-backed and Treasury securities. According to a statement released January 28, 2015, the FOMC observed economic activity expanding at a solid pace with strong job gains, a lower unemployment rate, and moderate increases in household spending and business fixed investments. However, a range of labor market indicators suggested that labor resources continued to be underutilized and the recovery in the housing sector remained slow.

The committee’s concerns about falling energy prices, among other factors, played into its



YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		5.68	%
Dividend Yield with sales charge		5.41
Standardized Yield		5.15
Taxable Equivalent Yield		9.41
Last distribution (1/27/15)	$	0.051
Total distributions (8/1/14 to 1/31/15)	$	0.306
Endnotes for this discussion begin on page 12 of this report

3 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

decision to maintain its policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities and rolling over maturing Treasury securities at auction.

The Fund’s investment team will continue to search for value in the muni market as it seeks to produce competitive levels of tax-free

income amid stable or changing market conditions.

Pennsylvania elected Tom Wolf as its new governor in November 2014, a result that signaled the electorate’s discontent with the economy and the leadership of the incumbent, Tom Corbett. Gov. Wolf promptly declined to take a salary and benefits.

He inherited the $29 billion fiscal 2015 budget, which was passed in July 2014 and 2.2% larger than the fiscal 2014 budget. The new spending plan called for increased funding for education and early childhood development. The Commonwealth of Pennsylvania faces a budget deficit of nearly $2 billion but has growing unfunded pension liabilities and no reserve funds. However there are some bright spots with revenue collections at $109 million above estimates in the first 5 months of the current fiscal year, and unemployment decreasing to 5.4%, a 6-year low.

Concerns about Pennsylvania’s public pensions persisted, despite various proposals to rein in costs. Governor Wolf says he is

4 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

opposed to changing the current benefits structure and would like to give a 2010 state law for debt refinancing more time to work. Suggested solutions by various legislators include privatizing the state liquor stores, placing a severance tax on Marcellus shale natural gas or providing new state hires to a 401(k) program.

The nation’s leading credit rating agencies have cited Pennsylvania’s pension headaches in recent downgrades. Standard & Poor’s downgraded Pennsylvania’s general obligation (G.O.) debt three times this reporting period, bringing Pennsylvania’s rating to AA-minus by the end of the reporting period. Fitch Ratings also downgraded the G.O. debt to AA-minus, while Moody’s Investors Service downgraded the debt to Aa3.

Legislators agreed to limit how long a distressed municipality could be afforded protection under Act 47, a state-sponsored workout program that is generally good for bondholders. According to The Bond Buyer, 27 communities have had Act 47 protection, but only 7 have exited the program and 14 have been in the program for more than 10 years.

In Harrisburg, a former Act 47 municipality, Mayor Eric Papenfuse signed a restructuring agreement in January 2015 for debt related to the Verizon Tower, 12-story downtown building that will be leased for use by more than 800 Department of General Services workers. The settlement is expected to reduce

the city’s total debt-service payments to about $18 million.

FUND PERFORMANCE

Oppenheimer Rochester Pennsylvania Municipal Fund held more than 300 securities as of January 30, 2015. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

The Class A shares had a distribution yield of 5.68% at NAV as of January 30, 2015. As long-time investors know, yields on fixed-income funds rise when share prices fall, and yields have historically contributed the lion’s share of the long-term total returns generated by bonds.

The Fund’s monthly dividend was a steady 5.1 cents per Class A share throughout this reporting period. This trend shows the positive impact a yield-driven approach can have, even in a low-interest-rate environment. In all, the Fund distributed 30.6 cents per Class A share this reporting period.

5 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (MSA), the national litigation settlement with U.S. tobacco manufacturers, represented 22.0% of the Fund’s total assets (22.0% of net assets) at the end of this reporting period.

As of January 30, 2015, 14.3% of the Fund’s total assets (14.3% of net assets) continued to be invested in the higher education sector. 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. Our holdings include bonds issued in Puerto Rico.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 14.2% of the Fund’s total assets (14.2% of net assets) at the end of this reporting period. Puerto Rico’s “tobacco bonds” are excluded from this figure, as they are backed by

proceeds from the MSA and included in this Fund’s tobacco holdings, as discussed earlier in this report.

The Fund’s holdings, some of which are insured, include G.O. debt and securities from many different sectors. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things.

In late June 2014, news about the Commonwealth’s first balanced general fund budget in more than 20 years was overshadowed by Gov. Padilla’s decision to sign the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”), allowing Puerto Rico’s public corporations – PREPA (the electric utility authority), PRASA (the aqueduct and sewer authority) and PRHTA (the highway authority) – to restructure their debt. Based on our concerns that this law could be used to lessen the authorities’ debt-service payments to their creditors, we quickly filed a lawsuit in federal court in Puerto Rico, challenging the constitutional validity of the Recovery Act.

6 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

LOGO

of 2014 and prices were rallying late in this reporting period. Investors should note that deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rico bonds and the performance of the Oppenheimer Rochester municipal funds that hold them, including this Fund.

7 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

LOGO

8 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

our Puerto Rico holdings closely and will post information on our website (oppenheimerfunds.com) and on our Twitter feed (twitter.com/ RochesterFunds). We encourage investors to contact their financial advisors for the latest information, as the situation remains quite fluid.

The Fund was invested in the hospital/healthcare sector as of January 30, 2015, which represented 9.4% of its total assets (9.4% of net assets). Our holdings in this sector consist of securities across the credit spectrum including bonds issued in Puerto Rico.

As of January 30, 2015, the Fund’s investments in the student housing sector represented 6.7% of the Fund’s total assets

(6.8% of net assets). We like that the nation’s colleges and universities have a reliable student population, giving this sector a clear sense of its revenue stream.

G.O. securities, which are backed by the full faith and taxing authority of state and local governments, comprised 6.6% of the Fund’s total assets (6.6% of net assets) as of January 30, 2015 and included some securities issued in Puerto Rico and the Northern Mariana Islands.

The Fund’s holdings in the sales tax revenue sector represented 5.5% of the Fund’s total assets (5.5% of net assets) as of January 30, 2015, and all were issued in Puerto Rico. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenue.

Our approach to municipal bond investing is flexible and responsive to market conditions.

9 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment goals 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 fixed-income investors through interest rate and economic cycles.

INVESTMENT STRATEGY

grade bonds will be made until the Fund’s holdings of these types of bonds is once again below 25% of total assets.

10 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

The Rochester Way, we believe, distinguishes our approach to municipal investing from those of our competitors.

Senior Vice President, Senior Portfolio Manager and Team Leader, on behalf of the rest of the Rochester portfolio management team: Scott S. Cottier, Troy E. Willis, Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.

11 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Top Holdings and Allocations


TOP TEN CATEGORIES*
Tobacco Master Settlement Agreement		22.0%
Higher Education		14.3
Hospital/Healthcare		9.4
Housing-Student		6.7
General Obligation		6.6
Sales Tax Revenue		5.5
Education		5.1
Electric Utilities		3.9
Adult Living Facilities		3.2
Tax Increment Financing		3.1

Portfolio holdings are subject to change. Percentages are as of January 30, 2015, and are based on total assets.

CREDIT ALLOCATION*


	NRSRO- Rated			Sub- Adviser- Rated			Total
AAA		0.0	%		0.3	%		0.3%
AA		10.6			1.2			11.8
A		11.6			0.0			11.6
BBB		43.0			7.1			50.1
BB or lower		19.6			6.6			26.2
Total		84.8	%		15.2	%		100.0%

* January 30, 2015, was the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes to Financial Statements.

12 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Performance


DISTRIBUTION YIELDS
As of 1/30/15
	Without Sales Charge	With Sales Charge
Class A	5.68%	5.41%
Class B	5.01	N/A
Class C	5.03	N/A
Class Y	5.81	N/A


STANDARDIZED YIELDS
For the 30 Days Ended 1/31/15
Class A		5.15%
Class B		4.65
Class C		4.66
Class Y		5.56


TAXABLE EQUIVALENT YIELDS
As of 1/31/15
Class A		9.41%
Class B		8.50
Class C		8.52
Class Y		10.16

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 1/30/15


	Inception Date		6-Month		1-Year		5-Year		10-Year		Since Inception
Class A (OPATX)		9/18/89		7.32%		13.50%		6.52%		4.36%	5.78%
Class B (OPABX)		5/3/93		6.91		12.67		5.66		3.87	4.95
Class C (OPACX)		8/29/95		6.83		12.58		5.71		3.56	4.51
Class Y (OPAYX)		11/29/10		7.39		13.66		N/A		N/A	6.51
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 1/30/15
	Inception Date		6-Month		1-Year		5-Year		10-Year		Since Inception
Class A (OPATX)		9/18/89		2.22%		8.11%		5.49%		3.85%	5.58%
Class B (OPABX)		5/3/93		1.91		7.67		5.33		3.87	4.95
Class C (OPACX)		8/29/95		5.83		11.58		5.71		3.56	4.51
Class Y (OPAYX)		11/29/10		7.39		13.66		N/A		N/A	6.51

13 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C, the contingent deferred sales charge of 1% 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. January 30, 2015, was the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes to Financial Statements. Index returns are calculated through January 31, 2015.

Distribution yields for Class A shares are based on dividends of $0.051 for the 27-day accrual period ended January 27, 2015. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on January 27, 2015; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of $0.0450, $0.0450 and $0.0522, respectively, for the 27-day accrual period ended January 27, 2015, and on the corresponding net asset values on that date.

Taxable equivalent yield is based on the standardized yield and the 2015 top federal and Pennsylvania tax rate of 45.3%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

14 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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.

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. or its affiliates.

15 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended January 30, 2015.

16 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Actual	Beginning Account Value August 1, 2014		Ending Account Value January 30, 2015		Expenses Paid During 6 Months Ended January 30, 2015
Class A	$	1,000.00	$	1,073.20	$	5.00
Class B		1,000.00		1,069.10		8.96
Class C		1,000.00		1,068.30		8.90
Class Y		1,000.00		1,073.90		4.22

Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.26		4.87
Class B		1,000.00		1,016.44		8.73
Class C		1,000.00		1,016.50		8.68
Class Y		1,000.00		1,021.01		4.11


Class	Expense Ratios
Class A		0.96%
Class B		1.72
Class C		1.71
Class Y		0.81

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.

17 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



STATEMENT OF INVESTMENTS January 30, 2015* Unaudited


Principal Amount			Coupon			Maturity		Value

	Municipal Bonds and Notes—107.1%
	Pennsylvania—70.0%
	$1,125,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)		5.125	%		05/01/2029	$	1,131,401

	80,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)		5.125			05/01/2025		80,580

	160,000	Allegheny County, PA HDA (UPMC Health System)		5.500			08/15/2034		185,326

	35,000	Allegheny County, PA HDA (UPMC Health System)		5.375			08/15/2029		40,580

	1,125,000	Allegheny County, PA HEBA (Carlow University)		6.750			11/01/2031		1,323,506

	1,310,000	Allegheny County, PA HEBA (Carlow University)		6.000			11/01/2021		1,484,309

	1,000,000	Allegheny County, PA HEBA (Chatham University)		5.000			09/01/2035		1,095,660

	15,000	Allegheny County, PA HEBA (Robert Morris University)		6.000			05/01/2028		17,908

	2,000,000	Allegheny County, PA HEBA (Robert Morris University)		6.000			10/15/2038		2,222,940

	2,500,000	Allegheny County, PA HEBA (Robert Morris University)		5.900			10/15/2028		2,778,775

	3,650,000	Allegheny County, PA HEBA (Robert Morris University)		5.750			10/15/2040		4,038,141

	2,250,000	Allegheny County, PA HEBA (Robert Morris University)		5.500			10/15/2030		2,482,470

	10,000	Allegheny County, PA IDA (ARC Allegheny Foundation)		5.000			12/01/2028		9,701

	1,200,000	Allegheny County, PA IDA (Propel Charter School-East)		6.375			08/15/2035		1,323,768

	1,000,000	Allegheny County, PA IDA (Propel Charter School-Montour)		6.750			08/15/2035		1,120,040

	1,500,000	Allegheny County, PA IDA (Propel Charter School-Sunrise)		6.000			07/15/2038		1,568,715

	1,225,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.100			09/01/2026		1,246,511

	890,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.125			09/01/2031		903,359

	1,000,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.000			09/01/2021		1,025,490

	400,000	Allegheny County, PA IDA (School Facility Devel.)		5.900			08/15/2026		434,864

	16,750,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.600			07/01/2023		17,048,485

	1,660,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)		5.950			01/20/2043		1,756,048

	30,000	Allegheny County, PA Residential Finance Authority (Cambridge Square Apartments)		4.250			01/15/2017		30,938

	1,290,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)		6.100			01/20/2043		1,369,967

	1,660,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)		6.160			01/20/2043		1,765,642

	13,000,000	Berks County, PA Municipal Authority (Reading Hospital & Medical Center)¹		5.500			11/01/2031		15,194,010

	1,750,000	Bethlehem, PA GO		6.500			12/01/2032		2,133,687

	1,000,000	Bucks County, PA IDA (Lutheran Community Telford Center)		5.750			01/01/2027		1,026,770

18 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value

	Pennsylvania (Continued)

	$2,000,000	Butler County, PA Hospital Authority (Butler Health System)		7.250	%		07/01/2039	$	2,392,780

	1,760,000	Butler County, PA IDA (Greenview Gardens Apartments)		6.250			07/01/2033		1,816,918

	800,000	Butler County, PA IDA (Greenview Gardens Apartments)		6.000			07/01/2023		828,672

	2,865,000	Cambridge, PA Area Joint Authority		6.000			12/01/2037		3,124,368

	950,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)		6.250			11/15/2041		1,130,348

	2,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)		7.000			11/15/2046		2,474,660

	30,000	Charleroi, PA Area School Authority		6.000			10/01/2017		30,145

	2,000,000	Chester County, PA H&EFA (Immaculata University)		7.000			11/01/2041		2,393,480

	23,915,000	Chester County, PA IDA (Aqua Pennsylvania)¹		5.000			02/01/2041		24,857,997

	1,000,000	Chester County, PA IDA (West Chester University Student Hsg.)		5.000			08/01/2035		1,086,840

	1,000,000	Clairton, PA Municipal Authority		5.000			12/01/2037		1,107,760

	1,310,000	Clarion County, PA IDA (Clarion University Foundation)		5.000			07/01/2034		1,427,153

	1,220,000	Clarion County, PA IDA (Clarion University Foundation)		5.000			07/01/2024		1,367,998

	2,430,000	Clarion County, PA IDA (Clarion University of Pennsylvania Hsg.)		5.000			07/01/2029		2,661,385

	3,500,000	Clarion County, PA IDA (Clarion University of Pennsylvania Hsg.)		5.000			07/01/2033		3,775,695

	2,500,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries)		6.250			01/01/2024		2,851,400

	1,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)		5.000			01/01/2027		1,034,640

	950,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)		5.000			12/01/2021		964,886

	6,605,000	Delaware County, PA Authority (Cabrini College)		5.500			07/01/2024		6,617,219

	3,965,000	Delaware County, PA Authority (Eastern University)		5.250			10/01/2032		4,387,828

	6,385,000	Delaware County, PA Authority (Eastern University)		5.000			10/01/2027		7,031,737

	100,000	Delaware County, PA Authority (MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group)		5.375			11/15/2023		100,437

	650,000	Delaware County, PA Authority (Neumann College)		6.250			10/01/2038		660,354

	1,160,000	Delaware County, PA Authority (Neumann College)		6.000			10/01/2025		1,336,158

	280,000	Delaware County, PA Authority (Neumann College)		6.000			10/01/2030		318,548

	1,000,000	Delaware County, PA Authority (Neumann College)		6.125			10/01/2034		1,140,540

	1,250,000	Delaware County, PA Authority (Neumann University)		5.250			10/01/2031		1,364,237

	1,150,000	Delaware County, PA Authority (Neumann University)		5.000			10/01/2025		1,254,477

	18,705,000	Delaware County, PA IDA (Aqua Pennsylvania)¹		5.000			11/01/2038		19,236,024

	4,160,000	Delaware County, PA IDA (Naamans Creek)		7.000			12/01/2036		4,391,504

	1,000,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000			07/01/2030		1,098,190

	1,250,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000			07/01/2035		1,351,075

19 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	Pennsylvania (Continued)

	$16,900,000	Emmaus, PA General Authority		0.100	%²		12/01/2028	$	16,900,000

	3,945,000	Erie County, PA Hospital Authority (St. Vincent’s Health)		7.000			07/01/2027		4,259,022

	2,565,000	Erie, PA Higher Education Building Authority (Gannon University)		5.500			05/01/2040		2,841,481

	1,000,000	Erie, PA Higher Education Building Authority (Gannon University)		5.375			05/01/2030		1,098,760

	7,840,000	Erie, PA Higher Education Building Authority (Gannon University)		5.000			05/01/2038		8,705,850

	3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)		5.500			03/15/2038		3,326,700

	720,000	Erie-Western PA Port Authority		5.125			06/15/2016		721,742

	3,265,000	Fayette County, PA Redevel. Authority (Fayette Crossing)		7.000			09/01/2019		3,503,247

	550,000	Harrisburg, PA Authority		5.000			07/15/2024		551,260

	165,000	Harrisburg, PA Authority		5.000			07/15/2023		165,406

	6,575,000	Harrisburg, PA Authority		5.000			07/15/2021		6,594,396

	210,000	Harrisburg, PA GO		9.601	³		03/15/2015		209,213

	50,000	Harrisburg, PA GO		9.614	³		09/15/2016		47,479

	10,000	Harrisburg, PA GO		9.600	³		09/15/2015		9,815

	150,000	Harrisburg, PA GO		10.085	³		03/15/2015		149,438

	40,000	Harrisburg, PA GO		9.600	³		03/15/2016		38,592

	70,000	Harrisburg, PA GO		9.727	³		09/15/2015		68,705

	335,000	Harrisburg, PA Water System		5.000			07/15/2023		335,824

	6,505,000	Horsham, PA Industrial and Commercial Devel. Authority (Pennsylvania LTC)		6.000			12/01/2037		6,953,064

	295,000	Jeanette, PA GO		5.000			04/01/2018		296,097

	2,100,000	Lackawanna County, PA GO		6.000			09/15/2032		2,490,999

	12,565,000	Lawrence County, PA IDA (Shenango Presbyterian Center)		5.625			11/15/2037		12,830,498

	1,807,494	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		1,265,246

	3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		2,520,000

	2,747,774	Lehigh County, PA GPA (Kidspeace)		0.000	⁴		02/01/2044		405,297

	2,721,970	Lehigh County, PA GPA (Kidspeace)⁵		7.500			02/01/2044		27

	3,606,455	Lehigh County, PA GPA (Kidspeace/KC/KNCONY/KCH/KMAKNC/KNCONM / IRSch Obligated Group)⁶		7.500			02/01/2044		3,547,850

	4,700,000	Lehigh Northampton, PA Airport Authority		6.000			05/15/2030		4,707,097

	150,000	Luzerne County, PA Flood Protection Authority		5.000			01/15/2018		150,384

	100,000	Luzerne County, PA Flood Protection Authority		5.000			01/15/2023		100,141

	5,000,000	Luzerne County, PA IDA		7.750			12/15/2027		5,250,450

	3,720,000	Lycoming County, PA Authority (Pennsylvania College of Technology)		5.000			05/01/2032		4,165,507

	11,060,000	Mifflin County, PA Hospital Authority (Lewiston Hospital/Lewiston Healthcare Foundation Obligated Group)		5.125			07/01/2030		11,962,275

	1,000,000	Millcreek, PA Richland Joint Authority		5.500			08/01/2037		1,120,290

	1,390,000	Millcreek, PA Richland Joint Authority		5.500			08/01/2037		1,468,021

20 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value

	Pennsylvania (Continued)

	$855,000	Millcreek, PA Richland Joint Authority		5.375	%		08/01/2027	$	955,197

	595,000	Millcreek, PA Richland Joint Authority		5.250			08/01/2022		639,107

	20,915,000	Montgomery County, PA IDA¹		5.375			08/01/2038		24,468,027

	300,000	Montgomery County, PA IDA (Philadelphia Presbyterian Homes)		6.500			12/01/2025		360,645

	2,890,000	Montgomery County, PA IDA (Wordsworth Academy)		8.000			09/01/2024		2,891,127

	2,860,000	Northampton County, PA General Purpose Authority (Moravian College)		5.000			07/01/2031		3,151,863

	1,275,000	Northampton County, PA IDA (Morningstar Senior Living)		5.000			07/01/2032		1,357,799

	1,500,000	Northampton County, PA IDA (Morningstar Senior Living)		5.000			07/01/2027		1,621,425

	14,826,610	Northampton County, PA IDA (Northampton Generating)⁹		5.000			12/31/2023		13,607,714

	3,415,000	Northumberland County, PA IDA (NHS Youth Services)		7.750			02/15/2029		1,867,220

	1,205,000	Northumberland County, PA IDA (NHS Youth Services)		5.500			02/15/2033		914,209

	1,575,000	Northumberland County, PA IDA (NHS Youth Services)		7.500			02/15/2029		839,302

	16,000,000	PA Commonwealth Financing Authority¹		5.000			06/01/2032		18,389,120

	39,737,908	PA EDFA (Bionol Clearfield)⁷		8.500			07/01/2015		1,750,852

	35,000	PA EDFA (Fayette Thermal)		5.500			12/01/2021		35,018

	255,000	PA EDFA (Fayette Thermal)		5.250			12/01/2016		255,150

	3,000,000	PA EDFA (Forum)		5.000			03/01/2029		3,473,670

	3,000,000	PA EDFA (Philadelphia Biosolids Facility)		6.250			01/01/2032		3,351,090

	2,950,000	PA EDFA (US Airways Group)		8.000			05/01/2029		3,537,817

	1,025,000	PA HEFA (Assoc. of Independent Colleges & Universities)		5.125			05/01/2032		1,064,340

	100,000	PA HEFA (California University of Pennsylvania Student Assoc.)		5.000			07/01/2028		100,052

	170,000	PA HEFA (California University of Pennsylvania Student Assoc.)		6.750			09/01/2020		170,476

	3,115,000	PA HEFA (California University of Pennsylvania Student Assoc.)		6.750			09/01/2032		3,123,597

	55,000	PA HEFA (California University of Pennsylvania Student Assoc.)		6.800			09/01/2025		55,133

	1,245,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.000			11/01/2027		1,367,832

	535,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.000			11/01/2042		572,418

	175,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.750			04/15/2034		175,296

	10,000	PA HEFA (Drexel University College of Medicine)		5.000			05/01/2037		10,906

	3,500,000	PA HEFA (Edinboro University Foundation)		6.000			07/01/2043		3,878,105

	6,285,000	PA HEFA (Edinboro University Foundation)		5.750			07/01/2028		6,710,117

	3,000,000	PA HEFA (Edinboro University Foundation)		5.800			07/01/2030		3,299,550

	8,225,000	PA HEFA (Edinboro University Foundation)		6.000			07/01/2042		8,805,932

	9,000,000	PA HEFA (Edinboro University Foundation)		5.875			07/01/2038		9,617,760

	4,000,000	PA HEFA (Elizabethtown College)		5.000			12/15/2027		4,201,600

21 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount				Coupon			Maturity		Value

	Pennsylvania (Continued)

	$1,300,000	PA HEFA (Gwynedd Mercy College)			5.375	%		05/01/2042	$	1,431,963

	750,000	PA HEFA (Indiana University Foundation)			5.000			07/01/2041		821,393

	2,650,000	PA HEFA (La Salle University)			5.000			05/01/2029		2,992,566

	1,490,000	PA HEFA (Marywood University)			5.125			06/01/2029		1,504,542

	50,000	PA HEFA (Pennsylvania State University)			5.000			03/01/2022		50,201

	250,000	PA HEFA (Philadelphia University)			5.000			06/01/2035		255,895

	1,400,000	PA HEFA (Shippensburg University Student Services)			5.000			10/01/2035		1,491,322

	7,000,000	PA HEFA (Shippensburg University)			6.250			10/01/2043		7,944,230

	3,000,000	PA HEFA (Shippensburg University)			6.000			10/01/2031		3,372,270

	1,750,000	PA HEFA (St. Francis University)			6.000			11/01/2031		1,968,400

	2,250,000	PA HEFA (St. Francis University)			6.250			11/01/2041		2,555,370

	100,000	PA HEFA (Student Association)			6.750			09/01/2023		100,149

	4,515,000	PA HEFA (University of Pennsylvania Health System)			5.750			08/15/2041		5,416,510

	60,000	PA HEFA (University of the Arts)			5.500			03/15/2020		60,128

	1,685,000	PA HEFA (University of the Arts)			5.750			03/15/2030		1,687,477

	3,050,000	PA HEFA (University of the Arts)			5.625			03/15/2025		3,054,575

	1,000,000	PA HEFA (Ursinus College)			5.000			01/01/2029		1,124,110

	1,000,000	PA HEFA (Widener University)			5.000			07/15/2038		1,120,740

	650,000	PA HEFA (Widener University)			5.000			07/15/2026		664,476

	5,000,000	PA Public School Building Authority (Harrisburg Area Community College)			5.000			10/01/2031		5,526,550

	4,000,000	PA Public School Building Authority (School District of Philadelphia)			5.000			04/01/2028		4,527,640

	3,500,000	PA Public School Building Authority (School District of Philadelphia)			5.000			04/01/2027		4,005,505

	3,000,000	PA Public School Building Authority (School District of Philadelphia)			5.000			04/01/2029		3,361,740

	4,540,000	PA Public School Building Authority (School District of Philadelphia)			5.000			04/01/2032		5,041,216

	2,250,000	PA Public School Building Authority (School District of Philadelphia)			5.000			04/01/2031		2,506,005

	1,120,000	PA Southcentral General Authority (Hanover Hospital)			5.000			12/01/2020		1,146,925

	900,000	PA Southcentral General Authority (Hanover Hospital)			5.000			12/01/2027		913,050

	2,310,000	PA Southcentral General Authority (Hanover Hospital)			5.000			12/01/2028		2,342,502

	24,615,000	PA Southcentral General Authority (Wellspan Health Obligated Group)¹			6.000			06/01/2029		28,265,161

	4,000,000	PA Turnpike Commission			0.000	⁴		12/01/2034		4,406,040

	5,000,000	PA Turnpike Commission			0.000	⁴		12/01/2038		5,612,500

	2,000,000	PA Turnpike Commission	��		5.000			12/01/2032		2,342,160

	5,000,000	PA Turnpike Commission			0.000	⁴		12/01/2034		5,395,800

	2,000,000	PA Turnpike Commission			5.000			12/01/2044		2,336,600

	2,000,000	PA Turnpike Commission			5.000			12/01/2030		2,400,700

	1,835,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)			6.500			01/01/2041		2,162,933

	2,000,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)			5.625			01/01/2032		2,336,000

22 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value

	Pennsylvania (Continued)

	$2,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)		6.125	%		03/15/2043	$	2,748,775

	185,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)		6.875			04/01/2034		185,768

	2,000,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)		5.000			04/01/2039		2,044,280

	25,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)		6.750			04/01/2023		25,116

	2,355,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)		5.000			04/01/2033		2,395,129

	450,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		5.875			04/01/2032		482,823

	500,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		6.250			04/01/2042		542,555

	1,000,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)		5.750			11/15/2030		1,059,380

	500,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)		6.375			11/15/2040		543,440

	2,040,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)		5.375			06/15/2030		2,200,956

	4,000,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)		5.625			06/15/2042		4,315,400

	1,000,000	Philadelphia, PA Authority for Industrial Devel. (Marina Bracetti Academy)		7.625			12/15/2041		1,147,140

	2,115,000	Philadelphia, PA Authority for Industrial Devel. (Marina Bracetti Academy)		7.150			12/15/2036		2,371,676

	1,500,000	Philadelphia, PA Authority for Industrial Devel. (New Foundation Charter School)		6.625			12/15/2041		1,684,185

	1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)		6.250			05/01/2033		1,664,338

	1,580,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)		5.125			01/01/2021		1,529,424

	3,090,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		7.000			06/15/2043		3,483,635

	2,000,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		6.750			06/15/2033		2,234,780

	410,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (GIH/PPAM)		5.125			07/01/2016		416,462

	1,785,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Miriam and Robert M. Rieder House)		6.100			07/01/2033		1,796,246

	3,000,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)		5.625			07/01/2035		3,070,200

	10,000	Philadelphia, PA Gas Works		5.000			08/01/2032		10,033

	35,000	Philadelphia, PA Gas Works		5.000			09/01/2033		35,130

	6,260,000	Philadelphia, PA GO		6.500			08/01/2041		7,663,367

	1,005,000	Philadelphia, PA H&HEFA (Centralized Comprehensive Human Services)		7.250			01/01/2021		1,008,457

	250,000	Philadelphia, PA Hsg. Authority		5.000			12/01/2021		253,243

	1,000,000	Philadelphia, PA Municipal Authority		6.500			04/01/2034		1,172,360

	50,000	Philadelphia, PA Parking Authority		5.125			02/15/2018		50,206

	10,000	Philadelphia, PA Parking Authority, Series A		5.000			02/15/2015		10,020

23 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	Pennsylvania (Continued)

	$20,000	Philadelphia, PA Parking Authority, Series A		5.250	%		02/15/2029	$	20,075

	45,000	Philadelphia, PA Redevel. Authority		5.000			04/15/2028		45,208

	1,000,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A		5.625			07/01/2023		1,001,440

	5,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A		5.500			07/01/2035		5,006

	1,500,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A		5.625			07/01/2028		1,501,875

	115,000	Philadelphia, PA Redevel. Authority (Multifamily Hsg.)⁶		5.450			02/01/2023		116,558

	25,000	Philadelphia, PA Redevel. Authority (Neighborhood Transformation)		5.000			04/15/2027		25,122

	4,100,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)		6.250			10/01/2032		4,107,503

	2,385,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)		6.000			10/01/2023		2,389,508

	25,000	Philadelphia, PA Redevel. Authority (Philadelphia Corp. for Aging)		5.250			07/01/2031		25,077

	45,000	Philadelphia, PA School District		6.000			09/01/2038		53,264

	3,340,000	Philadelphia, PA School District		6.000			09/01/2038		3,815,816

	2,830,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)		6.130			01/20/2043		3,011,828

	2,895,000	Reading, PA Hsg. Auth (Goggle Works Apts.)		5.875			06/01/2052		3,127,932

	900,000	Reading, PA Hsg. Auth (Goggle Works Apts.)		5.625			06/01/2042		965,475

	15,000	Schuylkill County, PA IDA (Ascension Health Credit Group)		5.000			11/01/2019		15,059

	55,000	Schuylkill County, PA IDA (Ascension Health Credit Group)		5.000			11/01/2028		55,197

	10,000	Schuylkill County, PA IDA (DOCNHS/BSVHS/WMHS Obligated Group)		5.000			11/01/2028		10,036

	2,000,000	South Fork, PA Municipal Authority (Conemaugh Health System)		5.500			07/01/2029		2,458,200

	4,300,000	Susquehanna, PA Area Regional Airport Authority		6.500			01/01/2038		4,694,267

	7,300,000	Washington County, PA Redevel. Authority (Victory Centre)		5.450			07/01/2035		7,480,310

	10,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)		5.000			03/01/2037		10,264,400

	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)		5.000			03/01/2027		5,321,000

									624,734,707

	U.S. Possessions—37.1%
	700,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		786,226

	185,000	Guam Power Authority, Series A		5.000			10/01/2023		224,348

	235,000	Guam Power Authority, Series A		5.000			10/01/2024		285,029

	420,000	Guam Power Authority, Series A		5.000			10/01/2030		494,134

	1,500,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		5.625			06/01/2047		1,208,640

	38,902,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		7.250	³		06/01/2057		734,470

24 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value

	U.S. Possessions (Continued)

	$3,230,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		5.250	%		06/01/2032	$	3,189,593

	465,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2017		471,947

	855,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		841,217

	1,460,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,327,782

	2,260,000	Northern Mariana Islands Ports Authority, Series A		5.500			03/15/2031		2,099,992

	1,075,000	Northern Mariana Islands Ports Authority, Series A		6.600			03/15/2028		1,098,585

	4,500,000	Puerto Rico Aqueduct & Sewer Authority		6.125			07/01/2024		3,473,280

	810,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		573,683

	1,460,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		1,035,768

	1,005,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		711,289

	5,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2037		3,409,200

	69,645,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		69,241,755

	429,890,000	Puerto Rico Children’s Trust Fund (TASC)		6.534	³		05/15/2050		31,760,273

	136,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.325	³		05/15/2055		4,088,160

	1,817,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	³		05/15/2057		28,163,500

	52,750,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		51,901,252

	3,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2041		2,113,290

	5,000,000	Puerto Rico Commonwealth GO		5.500			07/01/2026		3,707,500

	7,360,000	Puerto Rico Commonwealth GO		5.500			07/01/2039		5,120,205

	9,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2036		6,429,870

	15,000	Puerto Rico Commonwealth GO		6.000			07/01/2027		15,304

	2,000,000	Puerto Rico Commonwealth GO		5.000			07/01/2020		1,614,320

	4,500,000	Puerto Rico Commonwealth GO		8.000			07/01/2035		3,771,540

	790,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		595,889

	2,500,000	Puerto Rico Commonwealth GO		5.375			07/01/2033		1,760,925

	3,000,000	Puerto Rico Commonwealth GO		5.125			07/01/2028		2,135,250

	3,000,000	Puerto Rico Electric Power Authority, Series A⁸		6.750			07/01/2036		1,540,470

	3,325,000	Puerto Rico Electric Power Authority, Series A⁸		5.000			07/01/2042		1,708,319

	4,920,000	Puerto Rico Electric Power Authority, Series A⁸		5.000			07/01/2029		2,526,863

	1,760,000	Puerto Rico Electric Power Authority, Series AAA⁸		5.250			07/01/2030		903,883

	5,540,000	Puerto Rico Electric Power Authority, Series AAA⁸		5.250			07/01/2027		2,844,735

	1,510,000	Puerto Rico Electric Power Authority, Series AAA⁸		5.250			07/01/2025		775,249

	1,435,000	Puerto Rico Electric Power Authority, Series AAA⁸		5.250			07/01/2024		736,686

	3,505,000	Puerto Rico Electric Power Authority, Series AAA⁸		5.250			07/01/2031		1,800,203

	3,000,000	Puerto Rico Electric Power Authority, Series CCC⁸		5.250			07/01/2027		1,540,470

	6,000,000	Puerto Rico Electric Power Authority, Series SS		5.000			07/01/2025		5,982,420

	1,450,000	Puerto Rico Electric Power Authority, Series TT⁸		5.000			07/01/2032		744,778

	1,670,000	Puerto Rico Electric Power Authority, Series WW⁸		5.000			07/01/2028		857,645

	2,445,000	Puerto Rico Electric Power Authority, Series XX⁸		5.250			07/01/2040		1,256,119

	725,000	Puerto Rico Electric Power Authority, Series ZZ⁸		5.000			07/01/2022		372,121

	1,000,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		728,470

	10,000	Puerto Rico Highway & Transportation Authority, Series A		5.000			07/01/2038		5,190

	325,000	Puerto Rico Highway & Transportation Authority, Series H		5.000			07/01/2028		169,345

	700,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2039		497,931

	270,000	Puerto Rico Infrastructure		5.000			07/01/2041		168,021

	1,750,000	Puerto Rico Infrastructure		6.400	³		07/01/2043		276,885

25 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	U.S. Possessions (Continued)

	$1,400,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500	%		10/01/2037	$	844,466

	185,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		148,470

	200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			04/01/2027		173,648

	1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		981,100

	125,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		103,634

	440,000	Puerto Rico ITEMECF (IEP/HESL/HECR Obligated Group)		5.750			06/01/2019		189,191

	1,500,000	Puerto Rico Public Buildings Authority		6.500			07/01/2030		1,113,135

	1,265,000	Puerto Rico Public Buildings Authority		6.000			07/01/2019		1,022,436

	3,000,000	Puerto Rico Public Buildings Authority		5.750	²		07/01/2034		2,499,780

	1,000,000	Puerto Rico Public Buildings Authority		6.750			07/01/2036		738,440

	115,000	Puerto Rico Public Buildings Authority		6.250			07/01/2023		87,103

	2,070,000	Puerto Rico Public Buildings Authority		6.000			07/01/2041		1,458,170

	1,015,000	Puerto Rico Public Buildings Authority, Series D		5.250			07/01/2036		695,914

	5,725,000	Puerto Rico Public Finance Corp., Series B		5.500			08/01/2031		3,016,789

	7,385,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2037		5,325,397

	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		7.280	³		08/01/2034		5,323,800

	950,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2042		667,993

	3,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.375			08/01/2039		2,111,910

	5,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.750			08/01/2037		3,732,550

	5,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.375			08/01/2039		3,897,850

	3,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		2,322,060

	18,015,000	Puerto Rico Sales Tax Financing Corp., Series C		6.380	³		08/01/2038		2,590,017

	5,500,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2039		4,140,070

	2,170,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2042		1,615,413

	22,130,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750			08/01/2057		17,555,286

	3,235,000	University of Puerto Rico, Series P		5.000			06/01/2030		1,931,004

	1,300,000	University of Puerto Rico, Series Q		5.000			06/01/2030		775,983

	17,450,000	V.I. Tobacco Settlement Financing Corp.		6.250	³		05/15/2035		2,409,147

	7,000,000	V.I. Tobacco Settlement Financing Corp.		7.625	³		05/15/2035		688,100

	4,150,000	V.I. Tobacco Settlement Financing Corp.		6.875	³		05/15/2035		500,573

	2,195,000	V.I. Tobacco Settlement Financing Corp.		6.500	³		05/15/2035		280,521

	2,235,000	V.I. Tobacco Settlement Financing Corp. (TASC)		5.000			05/15/2031		2,235,268

	30,000	V.I. Tobacco Settlement Financing Corp. (TASC)		5.000			05/15/2021		30,007

									331,025,244

	Total Investments, at Value (Cost $1,043,597,129)—107.1%								955,759,951

	Net Other Assets (Liabilities)—(7.1)								(63,689,518)

	Net Assets—100.0%							$	892,070,433

*January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

Footnotes to Statement of Investments

1. 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 4 of the accompanying Notes.

26 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Footnotes to Statement of Investments (Continued)

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

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

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

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. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after January 30, 2015. See Note 4 of the accompanying Notes.

7. 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 4 of the accompanying Notes.

8. Subject to a forbearance agreement. Rate shown is the original contractual interest rate. See Note 4 of the accompanying Notes.

9. Interest or dividend is paid-in-kind, when applicable.

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


ARC		Assoc. of Retarded Citizens
BSVHS		Baptist/St. Vincent’s Health System
CCC		Continuing Care Center
DOCNHS		Daughters of Charity National Health Systems
EDFA		Economic Devel. Finance Authority
GIH		Germantown Interfaith Housing
GO		General Obligation
GPA		General Purpose Authority
H&EFA		Health and Educational Facilities Authority
H&HEFA		Hospitals and Higher Education Facilities Authority
HDA		Hospital Devel. Authority
HEBA		Higher Education Building Authority
HECR		Hospital Episcopal Cristo Redentor
HEFA		Higher Education Facilities Authority
HESL		Hospital Episcopal San Lucas
IDA		Industrial Devel. Agency
IEP		Iglesia Episcopal Puertorriquena
IRSch		Iron Range School
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
KC		Kidspeace Corporation
KCH		Kidspeace Childrens Hospital
KMAKNC		Kidspeace Mesabi Academy
KNCONM		Kidspeace National Centers of North America
KNCONY		Kidspeace National Centers of New York
MAS		Mercy Adult Services
MCMCSPA		Mercy Catholic Medical Center of Southeastern Pennsylvania
MHH		Mercy Haverford Foundation
MHP		Mercy Health Plan
MHSSPA		Mercy Health System of Southeastern Pennsylvania
PPAM		Philadelphia Presbytery Apartments of Morrisville
RITES		Residual Interest Tax Exempt Security
ROLs		Reset Option Longs
RR		Residential Resources
RRDC		Residential Resources Devel. Corp.
RRSW		Residential Resources Southwest

27 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



STATEMENT OF INVESTMENTS Unaudited / Continued

Abbreviation: Continued


TASC		Tobacco Settlement Asset-Backed Bonds
UPMC		University of Pittsburgh Medical Center
V.I.		United States Virgin Islands
WMHS		Western Maryland Health Systems

See accompanying Notes to Financial Statements.

28 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES January 30, 2015¹ Unaudited



Assets
Investments, at value (cost $1,043,597,129)—see accompanying statement of investments	$	955,759,951

Cash		4,199,082

Receivables and other assets:
Interest		11,733,443
Shares of beneficial interest sold		683,592
Investments sold on a when-issued or delayed delivery basis		40,225
Other		232,418

Total assets		972,648,711


Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		78,555,000
Shares of beneficial interest redeemed		990,102
Dividends		724,808
Trustees’ compensation		146,746
Distribution and service plan fees		112,199
Shareholder communications		6,985
Other		42,438

Total liabilities		80,578,278


Net Assets	$	892,070,433



Composition of Net Assets
Paid-in capital	$	1,094,839,141

Accumulated net investment income		13,037,443

Accumulated net realized loss on investments		(127,968,973)

Net unrealized depreciation on investments		(87,837,178)

Net Assets	$	892,070,433

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

29 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued



Net Asset Value Per Share

Class A Shares:

Net asset value and redemption price per share (based on net assets of $601,322,871 and 55,532,176 shares of beneficial interest outstanding)	$	10.83
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	11.37


Class B Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $15,065,798 and 1,392,105 shares of beneficial interest outstanding)	$	10.82


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $243,976,842 and 22,582,607 shares of beneficial interest outstanding)	$	10.80


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $31,704,922 and 2,926,880 shares of beneficial interest outstanding)	$	10.83

See accompanying Notes to Financial Statements.

30 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF

OPERATIONS For the Six Months Ended January 30, 2015¹ Unaudited



Investment Income
Interest	$	30,744,500

Expenses
Management fees		2,229,560

Distribution and service plan fees:
Class A		440,735
Class B		72,286
Class C		1,095,353

Transfer and shareholder servicing agent fees:
Class A		301,457
Class B		8,034
Class C		122,008
Class Y		15,018

Shareholder communications:
Class A		7,798
Class B		680
Class C		4,063
Class Y		418

Interest expense and fees on short-term floating rate notes issued (See Note 4)		325,714

Borrowing fees		517,446

Trustees’ compensation		6,917

Custodian fees and expenses		2,381

Interest expense on borrowings		159

Other		71,142

Total expenses		5,221,169

Net Investment Income		25,523,331

Realized and Unrealized Gain
Net realized gain on investments		4,909,591

Net change in unrealized appreciation/depreciation on investments		31,057,462

Net Increase in Net Assets Resulting from Operations	$	61,490,384

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

31 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014

Operations
Net investment income	$	25,523,331	$	59,299,359

Net realized gain (loss)		4,909,591		(6,473,581)

Net change in unrealized appreciation/depreciation		31,057,462		(20,998,208)

Net increase in net assets resulting from operations		61,490,384		31,827,570


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(16,835,715)		(36,896,556)
Class B		(387,175)		(1,058,123)
Class C		(5,911,539)		(13,216,533)
Class Y		(861,748)		(1,718,189)

		(23,996,177)		(52,889,401)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(10,886,860)		(136,470,700)
Class B		(2,451,771)		(9,126,545)
Class C		(2,524,443)		(61,970,892)
Class Y		4,149,928		(5,698,171)

		(11,713,146)		(213,266,308)


Net Assets
Total increase (decrease)		25,781,061		(234,328,139)

Beginning of period		866,289,372		1,100,617,511

End of period (including accumulated net investment income of $13,037,443 and $11,510,289, respectively)	$	892,070,433	$	866,289,372

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

32 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF

CASH FLOWS For the Six Months Ended January 30, 2015¹ Unaudited



Cash Flows from Operating Activities
Net increase in net assets from operations	$	61,490,384

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(43,786,566)
Proceeds from disposition of investment securities		75,553,976
Short-term investment securities, net		2,349,234
Premium amortization		770,868
Discount accretion		(6,406,666)
Net realized gain on investments		(4,909,591)
Net change in unrealized appreciation/depreciation on investments		(31,057,462)
Change in assets:
Decrease in other assets		320,874
Decrease in interest receivable		1,093,735
Decrease in receivable for securities sold		1,664,775
Change in liabilities:
Decrease in other liabilities		(46,747)

Net cash provided by operating activities		57,036,814


Cash Flows from Financing Activities
Proceeds from borrowings		7,600,000
Payments on borrowings		(7,600,000)
Payments on short-term floating rate notes issued		(15,000,000)
Payment on bank overdraft		(1,084,249)
Proceeds from shares sold		51,404,124
Payments on shares redeemed		(84,394,814)
Cash distributions paid		(3,762,793)

Net cash used in financing activities		(52,837,732)

Net increase in cash		4,199,082

Cash, beginning balance		—

Cash, ending balance	$	4,199,082


Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $20,560,931.
Cash paid for interest on borrowings—$1,127.
Cash paid for interest on short-term floating rate notes issued—$325,714.

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

33 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended January 30, 2015 (Unaudited)¹		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011¹		Year Ended July 30, 2010¹

Per Share Operating Data
Net asset value, beginning of period	$	10.38	$	10.53	$	11.47	$	10.60	$	10.96	$	9.28

Income (loss) from investment operations:
Net investment income²		0.33		0.67		0.61		0.63		0.69		0.71
Net realized and unrealized gain (loss)		0.43		(0.22)		(0.94)		0.90		(0.39)		1.62

Total from investment operations		0.76		0.45		(0.33)		1.53		0.30		2.33

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.60)		(0.61)		(0.66)		(0.66)		(0.65)

Net asset value, end of period	$	10.83	$	10.38	$	10.53	$	11.47	$	10.60	$	10.96



Total Return, at Net Asset Value³		7.32%		4.57%		(3.13)%		14.84%		2.98%		25.50%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	601,323	$	586,870	$	737,142	$	795,924	$	723,618	$	817,706

Average net assets (in thousands)	$	594,851	$	624,096	$	812,430	$	752,625	$	760,121	$	778,632

Ratios to average net assets:⁴
Net investment income		6.04%		6.60%		5.32%		5.67%		6.50%		6.71%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.77%		0.76%		0.69%		0.70%		0.70%		0.69%
Interest and fees from borrowings		0.12%		0.14%		0.09%		0.12%		0.13%		0.27%
Interest and fees on short-term floating rate notes issued⁵		0.07%		0.13%		0.11%		0.16%		0.20%		0.22%

Total expenses		0.96%		1.03%		0.89%		0.98%		1.03%		1.18%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.96%		1.03%		0.88%		0.97%		1.03%		1.17%

Portfolio turnover rate		5%		6%		10%		15%		16%		17%

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods. See Note 2 of the accompanying Notes.

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

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.

34 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Class B	Six Months Ended January 30, 2015 (Unaudited)¹		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011¹		Year Ended July 30, 2010¹

Per Share Operating Data
Net asset value, beginning of period	$	10.37	$	10.52	$	11.47	$	10.59	$	10.95	$	9.28

Income (loss) from investment operations:
Net investment income²		0.28		0.59		0.51		0.54		0.60		0.62
Net realized and unrealized gain (loss)		0.43		(0.22)		(0.95)		0.91		(0.38)		1.61

Total from investment operations		0.71		0.37		(0.44)		1.45		0.22		2.23

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.52)		(0.51)		(0.57)		(0.58)		(0.56)

Net asset value, end of period	$	10.82	$	10.37	$	10.52	$	11.47	$	10.59	$	10.95



Total Return, at Net Asset Value³		6.91%		3.75%		(4.03)%		14.02%		2.13%		24.36%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	15,065	$	16,828	$	26,479	$	41,662	$	48,569	$	68,602

Average net assets (in thousands)	$	15,842	$	20,693	$	35,453	$	44,543	$	57,201	$	71,759

Ratios to average net assets:⁴
Net investment income		5.29%		5.82%		4.47%		4.86%		5.67%		5.87%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.53%		1.56%		1.53%		1.54%		1.53%		1.53%
Interest and fees from borrowings		0.12%		0.14%		0.09%		0.12%		0.13%		0.27%
Interest and fees on short-term floating rate notes issued⁵		0.07%		0.13%		0.11%		0.16%		0.20%		0.22%

Total expenses		1.72%		1.83%		1.73%		1.82%		1.86%		2.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.72%		1.83%		1.72%		1.81%		1.86%		2.01%

Portfolio turnover rate		5%		6%		10%		15%		16%		17%

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods. See Note 2 of the accompanying Notes.

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

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.

35 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


FINANCIAL HIGHLIGHTS Continued


Class C	Six Months Ended January 30, 2015 (Unaudited)¹		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012			Year Ended July 29, 2011¹		Year Ended July 30, 2010¹

Per Share Operating Data
Net asset value, beginning of period	$	10.36	$	10.51	$	11.45	$	10.58		$	10.94	$	9.27

Income (loss) from investment operations:
Net investment income²		0.28		0.60		0.52		0.54			0.61		0.63
Net realized and unrealized gain (loss)		0.42		(0.22)		(0.94)		0.91			(0.39)		1.61

Total from investment operations		0.70		0.38		(0.42)		1.45	��		0.22		2.24

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.53)		(0.52)		(0.58)			(0.58)		(0.57)

Net asset value, end of period	$	10.80	$	10.36	$	10.51	$	11.45		$	10.58	$	10.94



Total Return, at Net Asset Value³		6.83%		3.79%		(3.88)%		14.01%			2.20%		24.47%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	243,977	$	236,269	$	304,243	$	332,380		$	277,553	$	307,583

Average net assets (in thousands)	$	240,764	$	255,808	$	342,161	$	302,122		$	287,679	$	287,513

Ratios to average net assets:⁴
Net investment income		5.28%		5.84%		4.55%		4.89%			5.74%		5.93%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.52%		1.52%		1.46%		1.46%			1.46%		1.45%
Interest and fees from borrowings		0.12%		0.14%		0.09%		0.12%			0.13%		0.27%
Interest and fees on short-term floating rate notes issued⁵		0.07%		0.13%		0.11%		0.16%			0.20%		0.22%

Total expenses		1.71%		1.79%		1.66%		1.74%			1.79%		1.94%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.71%		1.79%		1.65%		1.73%			1.79%		1.93%

Portfolio turnover rate		5%		6%		10%		15%			16%		17%

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s reporting periods. See Note 2 of the accompanying Notes.

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

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.

36 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Class Y	Six Months Ended January 30, 2015 (Unaudited)¹		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Period Ended July 29, 2011²

Per Share Operating Data
Net asset value, beginning of period	$	10.38	$	10.53	$	11.48	$	10.60	$	10.68

Income (loss) from investment operations:
Net investment income³		0.33		0.69		0.62		0.64		0.44
Net realized and unrealized gain (loss)		0.43		(0.22)		(0.94)		0.92		(0.07)

Total from investment operations		0.76		0.47		(0.32)		1.56		0.37

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.62)		(0.63)		(0.68)		(0.45)

Net asset value, end of period	$	10.83	$	10.38	$	10.53	$	11.48	$	10.60



Total Return, at Net Asset Value⁴		7.39%		4.72%		(3.08)%		15.09%		3.73%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	31,705	$	26,322	$	32,754	$	28,701	$	12,171

Average net assets (in thousands)	$	29,657	$	28,437	$	34,321	$	20,110	$	4,849

Ratios to average net assets:⁵
Net investment income		6.17%		6.75%		5.46%		5.70%		6.23%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.62%		0.62%		0.55%		0.56%		0.57%
Interest and fees from borrowings		0.12%		0.14%		0.09%		0.12%		0.13%
Interest and fees on short-term floating rate notes issued⁶		0.07%		0.13%		0.11%		0.16%		0.20%

Total expenses		0.81%		0.89%		0.75%		0.84%		0.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.81%		0.89%		0.74%		0.83%		0.90%

Portfolio turnover rate		5%		6%		10%		15%		16%

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. 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.

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

5. Annualized for periods less than one full year.

6. 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 ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS January 30, 2015 Unaudited

1. Organization

Oppenheimer Rochester 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 (“1940 Act”), as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

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

2. Significant Accounting Policies

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

38 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

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

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.

39 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2016	$	1,143,881
2017		48,870,545
2018		43,078,455
No expiration		37,442,587

Total	$	130,535,468

As of January 30, 2015, it is estimated that the capital loss carryforwards would be $93,092,881 expiring by 2018 and $32,532,996 which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended January 30, 2015, it is estimated that the Fund will utilize $4,909,591 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	965,856,926¹

Gross unrealized appreciation	$	62,956,890
Gross unrealized depreciation		(150,794,068)

Net unrealized depreciation	$	(87,837,178)

1. The Federal tax cost of securities does not include cost of $77,740,203, 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 in Note 4.

40 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

3. Securities Valuation

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:

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.

41 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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.

42 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

3. Securities Valuation (Continued)

methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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 January 30, 2015 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	$	—	$	624,734,707	$	—	$	624,734,707
U.S. Possessions		—		331,025,244		—		331,025,244

Total Assets	$	—	$	955,759,951	$	—	$	955,759,951

4. Investments and Risks

43 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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.

44 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)

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.

45 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to 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 January 30, 2015, municipal bond holdings with a value of $130,410,339 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $78,555,000 in short-term floating rate securities issued and outstanding at that date.

At January 30, 2015, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

46 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)


Principal Amount		Inverse Floater¹	Coupon Rate²		Maturity Date		Value

	$ 3,250,000	Berks County, PA Municipal Authority ROLs³		17.189%		11/1/31	$	5,444,010
	7,980,000	Chester County, PA IDA (Water Facilities Authority)³		8.800		2/1/41		8,922,997
	6,240,000	Delaware County, PA IDA ROLs³		11.697		11/1/38		6,771,024
	6,970,000	Montgomery County, PA IDA RITES		12.834		8/1/38		10,523,027
	8,000,000	PA Commonwealth Financing Authority ROLs		7.990		6/1/32		10,389,120
	6,155,000	PA Southcentral General Authority (Hanover Hospital) ROLs³		18.923		6/1/29		9,805,161

							$	51,855,339

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 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 $78,555,000 or 8.08% of its total assets as of January 30, 2015.

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

47 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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 January 30, 2015, the Fund had sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions

Sold securities		$40,225

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 January 30, 2015 is as follows:


Cost			$39,737,908
Market Value			$1,750,852
Market Value as % of Net Assets			0.20%

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 January 30, 2015, securities with an aggregate market value of $17,607,541, representing 1.97% of the Fund’s net assets, were subject to these forbearance agreements.

5. Shares of Beneficial Interest

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


	Six Months Ended January 30, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount

Class A
Sold		2,639,412		$	28,191,698			5,689,720		$	58,137,092
Dividends and/or distributions reinvested		1,337,024			14,287,355			3,029,465			30,890,536
Redeemed		(5,010,123	)		(53,365,913	)		(22,171,343	)		(225,498,328)

Net decrease		(1,033,687	)	$	(10,886,860	)		(13,452,158	)	$	(136,470,700)

48 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

5. Shares of Beneficial Interest (Continued)


	Six Months Ended January 30, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount

Class B
Sold		14,425		$	153,957			14,809		$	150,764
Dividends and/or distributions reinvested		33,106			353,550			93,178			949,037
Redeemed		(278,293	)		(2,959,278	)		(1,001,669	)		(10,226,346)

Net decrease		(230,762	)	$	(2,451,771	)		(893,682	)	$	(9,126,545)



Class C
Sold		1,262,477		$	13,455,295			2,157,744		$	21,893,192
Dividends and/or distributions reinvested		481,928			5,138,163			1,112,153			11,317,055
Redeemed		(1,984,927	)		(21,117,901	)		(9,405,754	)		(95,181,139)

Net decrease		(240,522	)	$	(2,524,443	)		(6,135,857	)	$	(61,970,892)



Class Y
Sold		891,356		$	9,503,103			1,210,804		$	12,372,773
Dividends and/or distributions reinvested		73,120			781,863			143,946			1,467,996
Redeemed		(573,788	)		(6,135,038	)		(1,928,725	)		(19,538,940)

Net increase (decrease)		390,688		$	4,149,928			(573,975	)	$	(5,698,171)

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended January 30, 2015 were as follows:


	Purchases		Sales

Investment securities		$43,786,566		$75,553,976

7. 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 Through November 30, 2014
Up to $200 million			0.60%
Next $100 million			0.55
Next $200 million			0.50
Next $250 million			0.45
Next $250 million			0.40
Over $1 billion			0.35


Fee Schedule Effective December 1, 2014
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 $4 billion			0.35
Over $5 billion			0.33

The Fund’s management fee for the fiscal six months ended January 30, 2015 was 0.50% of average annual net assets before any applicable waivers.

49 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Fees and Other Transactions with Affiliates (Continued)


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		8,644
Accumulated Liability as of January 30, 2015		68,499

50 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

7. Fees and Other Transactions with Affiliates (Continued)

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.


Six Months 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

January 30, 2015		$85,235		$—		$24,868		$3,174

51 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Borrowings and Other Financing

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 $2.5 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 0.1741% as of January 30, 2015. 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 six months ended January 30, 2015 equal 0.10% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of January 30, 2015, the Fund had no borrowings outstanding. Details of the borrowings for the six months ended January 30, 2015 are as follows:

52 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

8. Borrowings and Other Financing (Continued)


Average Daily Loan Balance	$	198,913
Average Daily Interest Rate		0.156	%
Fees Paid	$	46,485
Interest Paid	$	1,127

The Fund executed no transactions under the Facility during the six months ended January 30, 2015.

53 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Borrowings and Other Financing (Continued)

Details of reverse repurchase agreement transactions for the six months ended January 30, 2015 are as follows:


Fees Paid		$	175,632

9. Pending Litigation

54 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

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

55 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND



BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

Investment Performance of the Adviser and the Fund. Throughout the year, the Adviser provided information on the investment performance of the Fund, including comparative performance information. The Board also reviewed information, prepared by the Adviser and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail funds in the Municipal Pennsylvania category. The Board noted that the Fund’s five-year performance was better than its category median, the Fund’s three-year performance was equal to its category median and its one-year and ten-year performance was below its category median.

Costs of Services by the Adviser. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load Municipal Pennsylvania funds with comparable asset levels and distribution features. The Fund’s contractual management fees and total expenses were lower than its peer group median and category median.

56 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

57 OPPENHEIMER ROCHESTER 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 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.

Householding—Delivery of Shareholder Documents

58 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND


Trustees and Officers		Brian F. Wruble, Chairman of the Board of Trustees and Trustee
		David K. Downes, Trustee
		Matthew P. Fink, Trustee
		Edmund P. Giambastiani, Jr., Trustee
		Elizabeth Krentzman, Trustee
		Mary F. Miller, Trustee
		Joel W. Motley, Trustee
		Joanne Pace, Trustee
		Daniel Vandivort, Trustee
		Peter I. Wold, Trustee
		William F. Glavin, Jr., Trustee
		Daniel G. Loughran, Vice President
		Scott S. Cottier, Vice President
		Troy E. Willis, Vice President
		Mark R. DeMitry, Vice President
		Michael L. Camarella, Vice President
		Charles S. Pulire, Vice President
		Richard Stein, Vice President
		Arthur P. Steinmetz, President and Principal Executive Officer
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
		Laundering Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

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

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

59 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

Information Sources

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

•

Applications or other forms

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

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

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Your transactions with us, our affiliates or others

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

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When you set up challenge questions to reset your password online

Protection of Information

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

Disclosure of Information

Right of Refusal

60 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Internet Security and Encryption

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.

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

Other Security Measures

How You Can Help

Who We Are

61 OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

LOGO

OppenheimerFunds^®

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A Better Website for Investors

We redesigned the OppenheimerFunds investor site to help you find the information and services you need—quickly. Visit oppenheimerfunds.com/investors to see how well the new site will work for you. You can also visit our website for 24-hour access to account information and transactions or call us at 800 CALL OPP (800 225 5677) for 24-hour automated information and automated transactions. Representatives are also available Mon–Fri 8am–8pm ET.

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Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			11

Fund Expenses			15

Statement of Investments			17

Statement of Assets and Liabilities			55

Statement of Operations			57

Statements of Changes in Net Assets			58

Statement of Cash Flows			59

Financial Highlights			60

Notes to Financial Statements			66

Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements			86

Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments			89

Trustees and Officers			90

Privacy Policy Notice			91

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 1/30/15*


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Barclays Municipal Bond Index

6-Month	7.39%	2.28%	4.52%
1-Year	14.70	9.25	8.86
5-Year	7.99	6.94	5.42
10-Year	2.13	1.63	4.82

Oppenheimer Rochester is using social media to provide timely information related to muni market developments at www.twitter.com/RochesterFunds.

*January 30, 2015, was the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes to Financial Statements. Index returns are calculated through January 31, 2015.

2 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fund Performance Discussion

While interest rates continued to hover at low levels, Oppenheimer Rochester High Yield Municipal Fund once again generated high levels of tax-free income and a competitive, yield-driven total return for the 6 months ended January 30, 2015, the last business day of this reporting period. The Fund’s Class A shares provided a distribution yield of 6.46% at net asset value (NAV) at the end of this reporting period. For residents in the top 2015 bracket for federal income taxes, a taxable investment with a January 2015 yield of less than 10.28% would not have delivered as much after-tax income as the Class A shares of this Fund. At 7.39% as of January 30, 2015, the 6-month cumulative total return at NAV for this Fund’s Class A shares exceeded the Barclays Municipal Bond Index, its benchmark, by 287 basis points.

MARKET OVERVIEW

Overall, the muni market rallied during the 6 months ended January 31, 2015, thanks in part to positive reports from the Federal Reserve.

It came as no surprise to Fed watchers that the Federal Open Market Committee (FOMC) voted in October 2014 to end quantitative easing the next month.

Considered by many to be the largest intervention in the Fed’s history, the program was initiated in 2008 to stimulate the economy by adding billions to its holdings of

The committee’s concerns about falling energy


YIELDS & DISTRIBUTIONS FOR CLASS A SHARES

Dividend Yield w/o sales charge		6.46	%

Dividend Yield with sales charge		6.15

Standardized Yield		5.82

Taxable Equivalent Yield		10.28

Last distribution (1/27/15)	$	0.039

Total distributions (8/1/14 to 1/31/15)	$	0.24

Endnotes for this discussion begin on page 12 of this report

3 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

prices, among other factors, played into its decision to maintain its policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities and rolling over maturing Treasury securities at auction.

The Fund’s investment team will continue to search for value in the muni market as it seeks to produce competitive levels of tax-free

income amid stable or changing market conditions.

FUND PERFORMANCE

Oppenheimer Rochester High Yield Municipal Fund held more than 1,110 securities as of January 30, 2015. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

4 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

last payout of this reporting period was 3.9 cents per Class A share, a change necessitated by the persistence of low interest rates. In all, the Fund distributed 24.4 cents per Class A share this reporting period.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (MSA), the national litigation settlement with U.S. tobacco manufacturers, represented 21.4% of the Fund’s total assets (21.5% of net assets) at the end of this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 13.0% of the Fund’s total assets (13.1% of net assets) at the end of this reporting period. Puerto Rico’s “tobacco bonds” are excluded from this figure, as they are backed by proceeds from the MSA and included in this Fund’s tobacco holdings, as discussed earlier in this report.

The Fund’s holdings, most of which are insured, include general obligation (G.O.) debt and securities from many different sectors. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things.

February 2015 Update: Shortly after this reporting period ended, a federal judge ruled that the Recovery Act violates the United

5 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

States Constitution and is therefore invalid. The Commonwealth and PREPA have appealed the court’s ruling.

Puerto Rico debt continued to be the subject of a variety of critical reports during this reporting period. However, while most of the muni bonds issued by Puerto Rico continued to face some pricing pressure, the tide turned for many of the island’s securities and prices were rallying late in this reporting period. Investors should note that deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rico bonds and the performance of the Oppenheimer Rochester municipal funds that hold them, including this Fund.

Our investment team is determined to protect our shareholders’ best interest and enforce all bond covenants that have been negotiated. We will also continue to monitor credit rating changes and other developments related to our Puerto Rico holdings closely and will post information on our website (oppenheimerfunds.com) and on our Twitter feed (twitter.com/RochesterFunds). We encourage investors to contact their financial advisors for the latest information, as the situation remains quite fluid.

interest of maximizing the potential benefits to our shareholders.

As of January 30, 2015, the Fund remained invested in land development (or “dirt”) bonds, which are Special Assessment and Special Tax bonds that help finance the infrastructure needs of new real estate development. At the end of this reporting period, the Special Assessment and Special Tax sectors represented 9.9% and 1.9% of the Fund’s total assets (9.9% and 1.9% of net assets), respectively.

Overall, we believe that the bonds in these sectors 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. Additionally, we continue to believe that improvements in the housing market and the general economy could further strengthen the credit profiles of these sectors.

The Fund’s holdings in municipal bonds issued by utilities represented 8.5% of total assets (8.5% of net assets) at the end of this reporting period. As of January 30, 2015, this

6 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

LOGO

set of holdings included sewer utilities with 4.8% of total assets (4.9% of net assets); electric utilities with 2.2% of total assets (2.2% of net assets); water utilities with 1.4% of total assets (1.4% of net assets), and gas utilities with 0.1% of total assets (0.1% of net assets). Our holdings in these sectors consist of securities in the mid-range of the credit spectrum and include bonds issued by PREPA and PRASA.

As of January 30, 2015, the Fund was invested in the hospital/healthcare sector,

which represented 7.5% of total assets (7.6% of net assets). Our holdings in this sector consist of securities across the credit spectrum, and include bonds issued in Puerto Rico.

The Fund remained invested in the adult living facilities sector, which represented 7.3% of the Fund’s total assets (7.4% of net assets) as of January 30, 2015. These bonds finance various projects at senior living centers, tend to outperform in densely populated geographies with strong real estate values and in more rural areas with stable home prices.

7 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

LOGO

8 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

G.O. securities, which are backed by the full faith and taxing authority of state and local governments, comprised 6.7% of total assets (6.8% of net assets) as of January 30, 2015. The Fund’s holdings in this sector include bonds issued in many U.S. municipalities, including the Commonwealth of Puerto Rico.

The Fund’s airline holdings represented 4.9% of total assets (4.9% of net assets) as of January 30, 2015. Many of the Fund’s holdings in this sector are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance, and we believe that these bonds offer investors valuable collateral.

Nearly all of the sales tax revenue bonds held by the Fund this reporting period were issued in Puerto Rico. In all, this sector represented 4.8% of the Fund’s total assets (4.8% of net assets) as of January 30, 2015, and included bonds issued in various U.S municipalities. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenue.

Tax increment financing (TIF) bonds constituted 4.7% of the Fund’s total assets (4.7% of net assets) on January 30, 2015. Traditionally, this type of financing has been used for urban and suburban renewal projects. When tax collections increase, driven either by an improving economy or inflation, the credit quality of these types of securities generally improves, which can lead to enhanced performance.

The Fund was also invested in the municipal leases sector this reporting period, which accounted for 3.1% of the Fund’s total assets (3.1% of net assets) as of January 30, 2015. As state and local governments seek new ways to reduce costs and improve near-term cash flow, many lease all types of assets, including office space for public sector employees. The bonds held by this Fund (including some issued by Puerto Rico) are backed by the proceeds of these lease arrangements.

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 goals 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 fixed-

9 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

income investors through interest rate and economic cycles.

INVESTMENT STRATEGY

This high yield fund has neither a maturity cap nor a limit on below-investment-grade securities, or “junk” bonds.

The Rochester Way, we believe, distinguishes our approach to municipal investing from those of our competitors.

LOGO

Daniel G. Loughran,

10 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES*



Tobacco Master Settlement Agreement			21.4%

Special Assessment			9.9

Hospital/Healthcare			7.5

Adult Living Facilities			7.3

General Obligation			6.7

Airlines			4.9

Sewer Utilities			4.8

Sales Tax Revenue			4.8

Tax Increment Financing (TIF)			4.7

Municipal Leases			3.1

Portfolio holdings are subject to change. Percentages are as of January 30, 2015, and are based on total assets.

CREDIT ALLOCATION*


	NRSRO- Rated		Sub- Adviser- Rated		Total

AAA		2.3%		0.3%		2.6%

AA		8.8		0.4		9.2

A		6.7		0.5		7.2

BBB		12.3		8.6		20.9

BB or lower		30.6		29.5		60.1

Total		60.7%		39.3%		100.0%

*	January 30, 2015, was the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes to Financial Statements.

11 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Performance

DISTRIBUTION YIELDS

As of 1/30/15


	Without Sales Charge	With Sales Charge
Class A	6.46%	6.15%
Class B	5.75	N/A
Class C	5.81	N/A
Class Y	6.59	N/A

STANDARDIZED YIELDS

For the 30 Days Ended 1/31/15


Class A			5.82%
Class B			5.35
Class C			5.35
Class Y			6.25

TAXABLE EQUIVALENT YIELDS

As of 1/31/15


Class A			10.28%
Class B			9.45
Class C			9.45
Class Y			11.04

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 1/30/15


	Inception Date		6-Month		1-Year		5-Year		10-Year		Since Inception

Class A (ORNAX)		10/1/93		7.39%		14.70%		7.99%		2.13%		4.48%

Class B (ORNBX)		10/1/93		6.95		13.78		7.08		1.65		4.27

Class C (ORNCX)		8/29/95		7.01		13.90		7.16		1.35		3.78

Class Y (ORNYX)		11/29/10		7.47		15.05		N/A		N/A		9.01

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 1/30/15


	Inception Date		6-Month		1-Year		5-Year		10-Year		Since Inception

Class A (ORNAX)		10/1/93		2.28%		9.25%		6.94%		1.63%		4.25%

Class B (ORNBX)		10/1/93		1.95		8.78		6.77		1.65		4.27

Class C (ORNCX)		8/29/95		6.01		12.90		7.16		1.35		3.78

Class Y (ORNYX)		11/29/10		7.47		15.05		N/A		N/A		9.01

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 investments. Returns for periods of less than one year are not annualized. 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

12 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Distribution yields for Class A shares are based on dividends of $0.039 for the 27-day accrual period ended January 27, 2015. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on January 27, 2015; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of $0.0349, $0.0350 and $0.0398, respectively, for the 27-day accrual period ended January 27, 2015, and on the corresponding net asset values on that date.

Taxable equivalent yield is based on the standardized yield and the 2015 top federal tax rate of 43.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

13 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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. or its affiliates.

14 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended January 30, 2015.

15 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Actual	Beginning Account Value August 1, 2014		Ending Account Value January 30, 2015		Expenses Paid During 6 Months Ended January 30, 2015
Class A	$	1,000.00	$	1,073.90	$	5.26
Class B		1,000.00		1,069.50		9.22
Class C		1,000.00		1,070.10		9.22
Class Y		1,000.00		1,074.70		4.47

Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.00		5.13
Class B		1,000.00		1,016.19		8.99
Class C		1,000.00		1,016.19		8.99
Class Y		1,000.00		1,020.76		4.37


Class	Expense Ratios
Class A		1.01%
Class B		1.77
Class C		1.77
Class Y		0.86

16 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS January 30, 2015* / Unaudited


Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—112.3%
	Alabama—3.7%
	$6,215,000	AL Space Science Exhibit Finance Authority		6.000	%		10/01/2025	$	6,272,178
	50,050,000	Jefferson County, AL Sewer		0.000	¹¹		10/01/2050		32,679,146
	30,000,000	Jefferson County, AL Sewer		7.000			10/01/2051		36,450,000
	10,000,000	Jefferson County, AL Sewer		0.000	¹¹		10/01/2046		6,578,500
	21,895,000	Jefferson County, AL Sewer		0.000	¹¹		10/01/2039		14,505,438
	20,045,000	Jefferson County, AL Sewer		0.000	¹¹		10/01/2046		14,119,097
	11,500,000	Jefferson County, AL Sewer		5.500			10/01/2053		13,199,240
	59,250,000	Jefferson County, AL Sewer		6.500			10/01/2053		69,404,857
	17,500,000	Jefferson County, AL Sewer		0.000	¹¹		10/01/2050		12,213,250

									205,421,706


	Alaska—0.3%
	2,250,000	AK Industrial Devel. & Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)¹		6.120			08/01/2031		685,732
	1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)²		5.875			12/01/2027		709,483
	500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)²		6.000			12/01/2036		214,995
	31,850,000	AK Northern Tobacco Securitization Corp. (TASC)		6.125	³		06/01/2046		965,055
	20,860,000	AK Northern Tobacco Securitization Corp. (TASC)		6.375	³		06/01/2046		656,047
	10,350,000	Koyukuk, AK (Tanana Chiefs Conference Health Care Facility)		7.750			10/01/2041		11,608,043

									14,839,355


	Arizona—1.5%
	4,404,000	Buckeye, AZ Watson Road Community Facilities District		6.000			07/01/2030		4,530,967
	7,948,000	East San Luis, AZ Community Facilities District Special Assessment (Area One)²		6.375			01/01/2028		5,408,773
	4,275,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)²		8.500			01/01/2028		777,922
	335,000	Estrella Mountain Ranch, AZ Community Facilities District		6.125			07/15/2027		358,584
	500,000	Estrella Mountain Ranch, AZ Community Facilities District		6.200			07/15/2032		533,400
	305,000	Estrella Mountain Ranch, AZ Community Facilities District		5.450			07/15/2021		308,724
	810,000	Estrella Mountain Ranch, AZ Community Facilities District		5.625			07/15/2025		818,610
	900,000	Estrella Mountain Ranch, AZ Community Facilities District		5.800			07/15/2030		908,703
	1,015,000	Estrella Mountain Ranch, AZ Community Facilities District		5.900			07/15/2022		1,093,216
	4,014,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.750			07/01/2032		4,121,856
	578,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.000			07/01/2017		613,298
	1,224,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.375			07/01/2022		1,269,337

17 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Arizona (Continued)
	$1,000,000	Goodyear, AZ IDA Water & Sewer (Litchfield Park Service Company)		6.750	%		10/01/2031	$	1,001,100
	1,870,000	Maricopa County, AZ IDA (Immanuel Campus Care)²		8.500			04/20/2041		747,776
	329,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien		5.250			07/01/2024		333,655
	286,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien		5.250			07/01/2024		292,226
	698,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien		5.300			07/01/2030		706,146
	1,125,000	Palm Valley, AZ Community Facility District No. 3		5.300			07/15/2031		1,141,402
	350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.350			07/15/2031		354,361
	420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.300			07/15/2025		427,606
	1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		1,677,208
	1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)		5.875			11/01/2037		1,061,328
	1,235,000	Pima County, AZ IDA (Christian Senior Living)		5.050			01/01/2037		1,249,882
	3,700,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)		6.375			06/01/2036		3,738,443
	1,250,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)		6.250			06/01/2026		1,262,037
	3,000,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)		8.125			07/01/2041		3,039,420
	5,730,000	Pima County, AZ IDA (P.L.C. Charter Schools)		7.500			04/01/2041		6,347,178
	1,500,000	Pima County, AZ IDA (P.L.C. Charter Schools)		6.750			04/01/2036		1,520,295
	250,000	Pima County, AZ IDA (Paradise Education Center)		5.875			06/01/2022		256,583
	550,000	Pima County, AZ IDA (Paradise Education Center)		6.000			06/01/2036		560,148
	1,600,000	Pima County, AZ IDA (Sonoran Science Academy)		5.670			12/01/2027		1,606,352
	1,960,000	Pima County, AZ IDA (Sonoran Science Academy)		5.750			12/01/2037		1,964,724
	8,890,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		6.550			12/01/2037		9,142,921
	2,215,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		5.600			12/01/2022		2,278,216
	11,100,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		5.750			12/01/2032		11,386,935
	1,005,000	Pinal County, AZ IDA (San Manuel Facility)		6.250			06/01/2026		1,052,396
	1,089,000	Prescott Valley, AZ Southside Community Facilities District No. 1		7.250			07/01/2032		801,297
	1,500,000	Quail Creek, AZ Community Facilities District		5.550			07/15/2030		1,522,125
	265,000	Show Low Bluff, AZ Community Facilities District		5.600			07/01/2031		266,174
	75,000	Show Low Bluff, AZ Community Facilities District Special Assessment		5.200			07/01/2017		78,375
	1,000,000	Tartesso West, AZ Community Facilities District		5.900			07/15/2032		1,045,230
	695,000	Tempe, AZ IDA (Tempe Life Care Village)		6.000			12/01/2032		767,753
	1,550,000	Tempe, AZ IDA (Tempe Life Care Village)		6.250			12/01/2042		1,709,898

18 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Arizona (Continued)
	$125,000	Tucson, AZ IDA (Joint Single Family Mtg.)		5.000	%		01/01/2039	$	126,468
	1,800,000	Verrado, AZ Community Facilities District No. 1		6.000			07/15/2027		2,137,590
	610,000	Verrado, AZ Community Facilities District No. 1		6.000			07/15/2033		706,953
	675,000	Verrado, AZ Community Facilities District No. 1		5.700			07/15/2029		779,537

									83,833,128


	Arkansas—0.2%
	5,630,000	AR Devel. Finance Authority (Paco Steel & Engineering Corp.)		0.090	⁴		12/01/2015		5,630,000
	5,645,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)^2,5		6.250			02/01/2038		3,169,950

									8,799,950


	California—14.3%
	2,500,000	Adelanto, CA Public Utility Authority		6.750			07/01/2039		2,948,075
	750,000	Alhambra, CA (Atherton Baptist Homes)		7.625			01/01/2040		814,305
	4,070,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.250			09/01/2040		4,201,380
	1,095,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.000			09/01/2030		1,130,533
	380,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.000			09/01/2028		392,365
	11,600,000	Anaheim, CA Public Financing Authority		5.000			05/01/2046		13,410,296
	100,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		5.750			05/01/2034		100,437
	220,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		6.200			05/01/2031		220,422
	5,500,000	Brea, CA Community Facilities District (Brea Plaza Area)		7.375			09/01/2039		6,149,165
	127,310,000	CA County Tobacco Securitization Agency		6.489	³		06/01/2046		10,291,740
	246,760,000	CA County Tobacco Securitization Agency		7.477	³		06/01/2055		1,858,103
	107,400,000	CA County Tobacco Securitization Agency		6.619	³		06/01/2050		2,171,628
	33,920,000	CA County Tobacco Securitization Agency		6.650	³		06/01/2046		1,038,630
	8,770,000	CA County Tobacco Securitization Agency		8.150	³		06/01/2033		2,555,139
	215,100,000	CA County Tobacco Securitization Agency		7.000	³		06/01/2055		2,484,405
	15,015,000	CA County Tobacco Securitization Agency (TASC)		1.456			06/01/2036		14,192,779
	36,000,000	CA County Tobacco Securitization Agency (TASC)		5.650			06/01/2041		32,964,480
	19,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		13,821,170
	57,000,000	CA County Tobacco Securitization Agency (TASC)		6.400	³		06/01/2046		2,899,020
	58,530,000	CA County Tobacco Securitization Agency (TASC)		5.700			06/01/2046		53,362,972
	5,000,000	CA County Tobacco Securitization Agency (TASC)		6.125			06/01/2038		5,001,350
	2,630,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		2,630,579
	1,290,000	CA County Tobacco Securitization Agency (TASC)		5.500			06/01/2033		1,290,168

19 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	California (Continued)
	$7,285,000	CA County Tobacco Securitization Agency (TASC)		5.875	%		06/01/2043	$	7,286,967
	520,920,000	CA County Tobacco Securitization Agency (TASC)		6.669	³		06/01/2050		31,958,442
	5,500,000	CA County Tobacco Securitization Agency (TASC)		5.450			06/01/2028		5,461,500
	4,625,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2042		4,626,110
	255,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2045		215,337
	9,125,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		10,708,461
	3,985,000	CA GO⁶		5.050			12/01/2036		4,028,254
	340,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.000	³		06/01/2047		10,642,000
	133,715,000	CA Golden State Tobacco Securitization Corp. (TASC)⁶		5.750			06/01/2047		118,913,628
	22,400,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2033		19,508,832
	54,315,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.750			06/01/2047		48,302,873
	7,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.300			06/01/2037		6,059,550
	30,420,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)⁶		5.750			07/01/2039		35,771,791
	11,095,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center Obligated Group)⁶		5.000			11/15/2042		11,889,150
	1,835,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)		6.250			07/15/2050		2,067,219
	10,000,000	CA Infrastructure and Economic Devel. (SanfordConsortium)⁶		5.000			05/15/2040		11,252,700
	750,000	CA Municipal Finance Authority (Harbor Regional Center)		8.500			11/01/2039		952,943
	380,000	CA Public Works		6.625			11/01/2034		381,710
	25,800,000	CA Silicon Valley Tobacco Securitization Authority		8.590	³		06/01/2041		3,183,462
	13,505,000	CA Silicon Valley Tobacco Securitization Authority		9.002	³		06/01/2047		951,292
	43,890,000	CA Silicon Valley Tobacco Securitization Authority		8.435	³		06/01/2056		416,955
	160,600,000	CA Silicon Valley Tobacco Securitization Authority		8.147	³		06/01/2056		1,268,740
	70,785,000	CA Silicon Valley Tobacco Securitization Authority		8.994	³		06/01/2036		14,559,059
	1,145,000	CA Statewide CDA (Albert Einstein Academy)		6.000			11/01/2032		1,201,242
	1,730,000	CA Statewide CDA (Albert Einstein Academy)		6.250			11/01/2042		1,823,091
	10,000	CA Statewide CDA (Escrow Term)		6.750			09/01/2037		10,022
	2,019,578	CA Statewide CDA (Microgy Holdings)²		9.000			12/01/2038		20
	8,015,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)		6.000			09/02/2044		8,113,504

20 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	California (Continued)
	$200,000	CA Statewide CDA Special Tax Community Facilities District No. 2007-1 (Orinda)		5.600	%		09/01/2020	$	206,146
	555,300,000	CA Statewide Financing Authority Tobacco Settlement		7.071	³		06/01/2055		5,414,175
	4,515,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2037		4,516,219
	965,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		965,261
	100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		100,020
	2,500,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)		7.250			08/01/2033		3,189,525
	10,465,000	Cerritos, CA Community College District⁶		5.250			08/01/2033		12,549,364
	165,000	Chino, CA Community Facilities District Special Tax		5.000			09/01/2026		166,934
	1,440,000	Coyote Canyon, CA Public Facilities Community Facilities District No. 2004-1		6.625			09/01/2039		1,657,008
	820,000	Elsinore Valley, CA Municipal Water District Community Facilities District No. 2004-1		6.625			09/01/2040		846,543
	100,000	Fort Bragg, CA Redevel. Agency Tax Allocation		5.300			05/01/2024		100,191
	377,795,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.626	³		06/01/2057		3,910,178
	80,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		6.750	³		06/01/2047		3,215,200
	1,000,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		8.001	³		06/01/2057		9,850,000
	350,000	Jurupa, CA Public Financing Authority		6.000			09/01/2031		361,673
	310,000	Jurupa, CA Public Financing Authority		6.000			09/01/2030		320,351
	500,000	Jurupa, CA Public Financing Authority		6.000			09/01/2032		516,650
	400,000	Jurupa, CA Public Financing Authority		6.000			09/01/2028		413,404
	350,000	Jurupa, CA Public Financing Authority		6.000			09/01/2029		361,711
	1,280,000	Lathrop, CA Special Tax Community Facilities District No. 03-2		7.000			09/01/2033		1,295,450
	3,250,000	Los Alamitos, CA Unified School District COP		0.000	¹¹		08/01/2042		2,563,730
	1,625,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)		5.750			09/01/2040		1,676,545
	31,940,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)⁶		5.375			05/15/2030		35,877,244
	5,000,000	Los Angeles, CA Dept. of Water & Power⁶		5.000			07/01/2034		5,690,250
	10,625,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)		9.250			08/01/2024		10,687,475
	26,875,000	Los Angeles, CA Unified School District⁶		5.000			07/01/2030		27,428,893
	200,000	Maywood, CA Public Financing Authority		7.000			09/01/2038		200,312
	25,000,000	Northern CA Tobacco Securitization Authority (TASC)		5.375			06/01/2038		22,010,250
	115,975,000	Northern CA Tobacco Securitization Authority (TASC)		6.375	³		06/01/2045		3,225,265
	14,440,000	Paramount, CA Unified School District		0.000	¹¹		08/01/2045		12,217,973
	21,711,000	River Rock, CA Entertainment Authority¹		8.000			11/01/2018		2,162,198
	1,750,000	Riverside County, CA Redevel. Agency		7.125			10/01/2042		2,204,720

21 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	California (Continued)
	$100,000	Sacramento County, CA Special Tax Community Facilities District No. 2004-1 (McClellan Park)		6.000	%		09/01/2031	$	101,405
	325,000	San Bernardino, CA Special Tax Community Facilities District No. 2006-1 (Lytle Creek)		5.625			09/01/2034		335,325
	2,000,000	San Buenaventura, CA Community Memorial Health Systems		8.000			12/01/2031		2,634,820
	750,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.750			08/01/2041		929,205
	1,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		7.000			08/01/2041		1,232,080
	6,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)		5.750			06/01/2026		7,064,100
	78,990,000	Silicon Valley CA Tobacco Securitization Authority		8.865	³		06/01/2047		5,564,056
	143,080,000	Southern CA Tobacco Securitization Authority		7.100	³		06/01/2046		2,966,048
	195,570,000	Southern CA Tobacco Securitization Authority		6.383	³		06/01/2046		5,051,573
	18,690,000	Southern CA Tobacco Securitization Authority		5.125			06/01/2046		16,017,330
	41,325,000	Southern CA Tobacco Securitization Authority		6.400	³		06/01/2046		922,374
	1,000,000	Southern CA Tobacco Securitization Authority (TASC)		5.000			06/01/2037		863,430
	17,145,000	Stockton, CA Unified School District		5.950	³		08/01/2043		5,792,438
	14,735,000	Stockton, CA Unified School District		5.950	³		08/01/2041		5,384,464
	6,245,000	Stockton, CA Unified School District		6.000	³		08/01/2037		2,688,660
	12,115,000	Stockton, CA Unified School District		5.920	³		08/01/2038		5,018,275
	1,425,000	Susanville, CA Public Financing Authority (Utility Enterprises)		6.000			06/01/2045		1,629,901
	1,335,000	Susanville, CA Public Financing Authority (Utility Enterprises)		5.875			06/01/2035		1,521,620
	4,615,000	Tustin, CA Community Facilities District Special Tax (Legacy/Columbus)		6.000			09/01/2036		4,911,975
	200,000	Upland, CA Community Facilities District (San Antonio)		6.100			09/01/2034		204,392
	3,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.500			09/01/2042		4,478,950
	7,000,000	West Sacramento, CA Special Tax Community Facilities District No. 27		7.000			09/01/2040		7,503,860

									796,201,134


	Colorado—3.9%
	960,000	CO Andonea Metropolitan District No. 2¹		6.125			12/01/2025		546,874
	2,380,000	CO Andonea Metropolitan District No. 3¹		6.250			12/01/2035		1,341,178
	14,000,000	CO Arista Metropolitan District		9.250			12/01/2037		7,882,840
	3,000,000	CO Beacon Point Metropolitan District		6.125			12/01/2025		3,023,130
	3,500,000	CO Beacon Point Metropolitan District		6.250			12/01/2035		3,522,540
	1,000,000	CO Confluence Metropolitan District		5.400			12/01/2027		825,830
	1,025,000	CO Country Club Highlands Metropolitan District¹		7.250			12/01/2037		421,962
	1,500,000	CO Crystal Crossing Metropolitan District¹		6.000			12/01/2036		941,070
	1,213,000	CO Elbert and Highway 86 Metropolitan District		5.750			12/01/2036		873,117
	4,475,000	CO Elbert and Highway 86 Metropolitan District¹		7.500			12/01/2032		1,993,433
	2,251,000	CO Elkhorn Ranch Metropolitan District		6.375			12/01/2035		1,657,974

22 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Colorado (Continued)
	$1,790,000	CO Fossil Ridge Metropolitan District No. 1		7.250	%		12/01/2040	$	2,017,795
	14,350,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System)⁶		5.000			01/01/2044		16,568,941
	1,030,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)		5.300			07/01/2037		1,030,010
	5,080,000	CO High Plains Metropolitan District¹		6.125			12/01/2025		2,891,942
	10,875,000	CO High Plains Metropolitan District¹		6.250			12/01/2035		6,130,890
	473,000	CO Horse Creek Metropolitan District		5.750			12/01/2036		413,000
	500,000	CO Huntington Trails Metropolitan District		6.250			12/01/2036		504,335
	1,697,000	CO Huntington Trails Metropolitan District		8.250			12/01/2037		1,750,014
	2,500,000	CO International Center Metropolitan District No. 3		6.500			12/01/2035		2,238,225
	1,069,000	CO Liberty Ranch Metropolitan District		6.250			12/01/2036		979,835
	1,875,000	CO Madre Metropolitan District No. 2		5.500			12/01/2036		1,482,881
	3,000,000	CO Murphy Creek Metropolitan District No. 3¹		6.000			12/01/2026		1,480,320
	10,060,000	CO Murphy Creek Metropolitan District No. 3¹		6.125			12/01/2035		4,912,700
	2,275,000	CO Neu Towne Metropolitan District¹		7.250			12/01/2034		604,217
	1,000,000	CO North Range Metropolitan District No. 2		5.500			12/15/2037		1,019,380
	1,290,000	CO North Range Metropolitan District No. 2		5.500			12/15/2018		1,336,827
	7,855,000	CO Northwest Metropolitan District No. 3		6.250			12/01/2035		7,664,045
	4,500,000	CO Northwest Metropolitan District No. 3		6.125			12/01/2025		4,487,220
	12,585,000	CO Park Valley Water and Sanitation Metropolitan District		6.000	³		12/15/2017		4,657,205
	290,000	CO Potomac Farms Metropolitan District		7.625			12/01/2023		265,510
	1,590,000	CO Potomac Farms Metropolitan District		7.250			12/01/2037		1,222,630
	915,000	CO Prairie Center Metropolitan District No. 3		5.400			12/15/2031		947,428
	2,253,000	CO Regency Metropolitan District¹		5.750			12/01/2036		1,813,305
	500,000	CO Silver Peaks Metropolitan District		5.750			12/01/2036		338,835
	1,720,000	CO Sorrell Ranch Metropolitan District²		6.750			12/15/2036		865,556
	4,950,000	CO Sorrell Ranch Metropolitan District		5.750			12/01/2036		4,170,078
	1,260,000	CO Stoneridge Metropolitan District		5.625			12/01/2036		1,287,418
	8,000,000	CO Talon Pointe Metropolitan District²		8.000			12/01/2039		803,680
	655,000	CO Todd Creek Farms Metropolitan District No. 1²		6.125			12/01/2019		321,186
	4,390,000	CO Traditions Metropolitan District No. 2 CAB		8.500			12/15/2037		4,380,518
	500,000	CO Wheatlands Metropolitan District		6.000			12/01/2025		502,865
	4,000,000	CO Wheatlands Metropolitan District No. 2		8.250			12/15/2035		4,033,120
	892,000	CO Wyndham Hill Metropolitan District		6.375			12/01/2035		892,009
	500,000	CO Wyndham Hill Metropolitan District		6.250			12/01/2025		500,260
	17,120,000	Colorado Springs, CO Urban Renewal (University Village Colorado)		7.000			12/01/2029		13,733,493
	3,415,000	Cundall Farms, CO Metropolitan District		6.875			12/01/2044		3,474,045
	31,350,000	Denver, CO City & County Airport Special Facilities (United Air Lines)		5.750			10/01/2032		32,943,207
	35,375,000	Denver, CO City & County Airport Special Facilities (United Air Lines)		5.250			10/01/2032		36,727,386
	1,700,000	Denver, CO International Business Center Metropolitan District No. 1		5.375			12/01/2035		1,847,220
	950,000	Denver, CO International Business Center Metropolitan District No. 1		5.000			12/01/2030		1,028,764

23 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Colorado (Continued)
	$2,065,000	Hawthorn, CO Metropolitan District No. 2		6.375	%		12/01/2044	$	2,101,179
	740,000	Tabernash Meadows, CO Water & Sanitation District		7.125			12/01/2034		828,859
	295,000	Tallyns Reach CO Metropolitan District No. 3		5.000			12/01/2033		307,682
	685,000	Tallyns Reach CO Metropolitan District No. 3		5.125			11/01/2038		715,051
	5,468,763	Woodmen Heights, CO Metropolitan District No. 1		6.000			12/01/2041		5,425,013
	20,183,519	Woodmen Heights, CO Metropolitan District No. 1		0.000	¹¹		12/15/2041		10,125,466

									216,801,493


	Connecticut—0.1%
	2,350,000	CT H&EFA (ECHNS/MMH/RGH/TACHC Obligated Group)		6.000			07/01/2025		2,401,488
	470,000	Georgetown, CT Special Taxing District²		5.125			10/01/2036		187,911
	10,404,447	Mashantucket Western Pequot Tribe CT		4.000			07/01/2031		1,415,005

									4,004,404


	Delaware—0.1%
	1,300,000	Bridgeville, DE Special Obligation (Heritage Shores)		5.450			07/01/2035		1,304,901
	7,539,000	Millsboro, DE Special Obligation (Plantation Lakes)		5.450			07/01/2036		5,943,069

									7,247,970


	District of Columbia—1.9%
	10,000,000	District of Columbia (Howard University)		6.250			10/01/2032		11,603,700
	25,610,000	District of Columbia (Howard University)		6.500			10/01/2041		30,384,985
	5,000,000	District of Columbia (National Public Radio)⁶		5.000			04/01/2035		5,667,750
	3,200,000	District of Columbia Center for Strategic & International Studies		6.375			03/01/2031		3,552,096
	2,000,000	District of Columbia Center for Strategic & International Studies		6.625			03/01/2041		2,212,760
	35,000	District of Columbia Tobacco Settlement Financing Corp.		6.250			05/15/2024		35,008
	32,680,000	District of Columbia Tobacco Settlement Financing Corp.		6.750			05/15/2040		32,687,843
	1,375,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.897	³		06/15/2055		10,689,034
	1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		7.250	³		06/15/2055		7,163,450

									103,996,626


	Florida—11.2%
	300,000	Aberdeen, FL Community Devel. District²		5.500			11/01/2011		255,108
	1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2046		1,269,610
	1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2042		1,272,040
	750,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2032		961,500

24 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Florida (Continued)
	$8,000,000	Alachua County, FL Industrial Devel. Revenue (North Florida Retirement Village)		5.875	%		11/15/2042	$	8,215,760
	4,710,000	Amelia Concourse, FL Community Devel. District²		5.750			05/01/2038		1,833,179
	125,000	Arborwood, FL Community Devel. District (Centex Homes)⁵		5.250			05/01/2016		124,392
	13,820,000	Arlington Ridge, FL Community Devel. District¹		5.500			05/01/2036		5,422,277
	1,045,000	Avignon Villages, FL Community Devel. District²		5.300			05/01/2014		136,435
	755,000	Avignon Villages, FL Community Devel. District²		5.400			05/01/2037		98,573
	14,970,000	Baker, FL Correctional Devel. Corp. (Detention Center)		7.500			02/01/2030		9,461,639
	225,000	Bayshore, FL Hsg. Corp.²		8.000			12/01/2016		81,567
	3,160,000	Baywinds, FL Community Devel. District⁵		7.020			05/01/2022		2,742,659
	8,000,000	Baywinds, FL Community Devel. District		5.250			05/01/2037		8,017,120
	7,555,000	Belle Isle, FL Charter School (Cornerstone Charter Academy & Cornerstone Charter High School Obligated Group)		6.000			10/01/2042		8,040,635
	9,820,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment		7.375			05/01/2034		9,826,383
	5,355,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment		7.500			05/01/2034		5,359,016
	3,645,000	Boynton Village, FL Community Devel. District Special Assessment		6.000			05/01/2038		3,706,236
	300,000	Broward County, FL HFA (Single Family)		5.000			10/01/2039		300,597
	5,845,000	Buckeye Park, FL Community Devel. District²		7.875			05/01/2038		2,370,323
	25,465,000	CFM, FL Community Devel. District, Series A²		6.250			05/01/2035		10,830,264
	8,510,000	Chapel Creek, FL Community Devel. District Special Assessment²		5.500			05/01/2038		5,066,514
	26,530,000	Clearwater Cay, FL Community Devel. District²		5.500			05/01/2037		10,009,769
	1,690,000	Creekside, FL Community Devel. District²		5.200			05/01/2038		762,460
	1,255,000	Crosscreek, FL Community Devel. District²		5.600			05/01/2039		535,596
	2,625,000	Crosscreek, FL Community Devel. District²		5.500			05/01/2017		1,119,169
	7,200,000	Cypress Creek of Hillsborough County, FL Community Devel. District		5.350			05/01/2037		7,202,952
	55,000	Dade County, FL HFA (Golden Lakes Apartments)		6.050			11/01/2039		55,068
	55,000	Dade County, FL HFA (Siesta Pointe Apartments)		5.650			09/01/2017		55,165
	1,200,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)		8.000			06/01/2022		1,200,492
	7,745,000	Deer Run, FL Community Devel. District Special Assessment²		7.625			05/01/2039		4,650,563
	1,940,000	Durbin Crossing, FL Community Devel. District Special Assessment¹		5.250			11/01/2015		1,367,913
	685,000	FL Capital Trust Agency (American Opportunity)²		8.250			06/01/2038		5,446
	940,000	FL Capital Trust Agency (American Opportunity)²		7.250			06/01/2038		4,982
	2,000,000	FL Capital Trust Agency (American Opportunity)¹		5.875			06/01/2038		1,800,140
	3,085,000	FL Capital Trust Agency (American Opportunity)¹		5.750			06/01/2023		2,776,716
	12,500,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)¹		8.260			07/15/2038		5,000,375
	6,718,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)¹		7.000			07/15/2032		2,687,402
	20,000	FL HFA (Spinnaker Cove Apartments)		6.500			07/01/2036		20,052

25 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Florida (Continued)
	$95,000	FL HFA (Stoddert Arms Apartments)		6.250	%		09/01/2026	$	95,139
	4,755,000	FL HFC (Westchase Apartments)		6.610			07/01/2038		4,329,380
	30,000	FL HFC (Westwood Apartments)		5.400			02/01/2039		30,037
	3,400,000	FL Lake Ashton II Community Devel. District		5.375			05/01/2036		2,638,604
	2,093,132	Forest Creek, FL Community Devel. District⁵		5.450			05/01/2036		2,094,262
	1,355,000	Forest Creek, FL Community Devel. District⁵		5.450			05/01/2036		1,357,331
	7,660,000	Glades, FL Correctional Devel. Corp. (Glades County Detention)¹		7.375			03/01/2030		2,451,123
	3,130,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District		5.500			05/01/2038		3,120,735
	1,900,000	Harbor Bay, FL Community Devel. District		6.750			05/01/2034		1,907,505
	16,535,000	Heritage Harbour North, FL Community Devel. District		6.375			05/01/2038		17,682,529
	1,910,000	Heritage Plantation, FL Community Devel. District²		5.100			11/01/2013		592,119
	3,480,000	Heritage Plantation, FL Community Devel. District¹		5.400			05/01/2037		1,078,835
	845,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A²		5.500			05/01/2036		335,761
	13,500,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)⁶		5.125			11/15/2032		14,526,135
	10,000,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)⁶		5.250			11/15/2036		10,760,100
	4,835,000	Highlands, FL Community Devel. District		5.550			05/01/2036		3,601,978
	6,035,000	Hillsborough County, FL IDA (Senior Care Group)¹		6.750			07/01/2029		3,016,715
	6,900,000	Hillsborough County, FL IDA (Senior Care Group)²		6.700			07/01/2021		3,449,103
	5,480,000	Indigo, FL Community Devel. District¹		5.750			05/01/2036		3,348,444
	1,045,000	Keys Cove, FL Community Devel. District		5.875			05/01/2035		1,064,688
	1,425,000	Lakeside Landings, FL Devel. District²		5.500			05/01/2038		569,914
	2,000,000	Lakeside Landings, FL Devel. District²		5.250			05/01/2013		799,880
	8,315,000	Lakewood Ranch, FL Stewardship District		5.500			05/01/2036		8,334,124
	15,715,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)		5.400			05/01/2037		15,790,432
	8,835,000	Lee, FL Memorial Health System (Lee Memorial Hospital/Cape Memorial Hospital Obligated Group) SPEARS		0.090	⁴		04/01/2037		8,835,000
	3,910,000	Legends Bay, FL Community Devel. District		5.875			05/01/2038		3,160,218
	100,000	Leon County, FL Educational Facilities Authority (Southgate Residence Hall)		6.750			09/01/2028		100,019
	1,275,000	Liberty County, FL Revenue (Twin Oaks)²		8.250			07/01/2028		285,090
	1,180,000	Madison County, FL Mtg. (Twin Oaks)		6.000			07/01/2025		756,722
	5,360,000	Magnolia Creek, FL Community Devel. District²		5.900			05/01/2039		1,852,952
	5,000,000	Magnolia Creek, FL Community Devel. District²		5.600			05/01/2014		1,727,450
	2,805,000	Magnolia West, FL Community Devel. District Special Assessment¹		5.350			05/01/2037		2,033,934
	2,700,000	Main Street, FL Community Devel. District		6.800			05/01/2038		2,751,813
	1,010,000	Miami-Dade County, FL HFA (Homeownership Mtg.)		5.450			10/01/2038		1,015,262
	4,000,000	Miami-Dade County, FL School Board		5.000			05/01/2031		4,763,680

26 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Florida (Continued)
	$5,455,000	Miami-Dade County, FL School Board		5.000	%		05/01/2032	$	6,395,769
	50,000,000	Miami-Dade County, FL School Board COP⁶		5.375			02/01/2034		56,019,500
	10,000,000	Miami-Dade County, FL School Board COP⁶		5.250			02/01/2027		11,076,700
	10,000,000	Miami-Dade County, FL School Board COP⁶		5.000			02/01/2027		10,981,800
	16,595,000	Miromar Lakes, FL Community Devel. District		6.875			05/01/2035		16,695,400
	12,430,000	Montecito, FL Community Devel. District²		5.100			05/01/2013		8,083,975
	5,525,000	Montecito, FL Community Devel. District¹		5.500			05/01/2037		3,593,239
	595,000	Moody River, FL Estates Community Devel. District		5.350			05/01/2036		506,381
	10,425,000	Nassau County, FL (Nassau Care Centers)		6.900			01/01/2038		10,826,363
	4,345,000	Naturewalk, FL Community Devel. District¹		5.500			05/01/2038		2,162,811
	3,640,000	Naturewalk, FL Community Devel. District¹		5.300			05/01/2016		1,809,626
	750,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)		5.500			07/01/2032		779,888
	5,000	Orange County, FL HFA (Park Avenue Villas)		5.250			09/01/2031		5,007
	3,750,000	Palm Bay, FL Educational Facilities (Patriot Charter School)²		7.000			07/01/2036		1,125,300
	3,000,000	Palm Beach County, FL Health Facilities Authority (Sinai Residences Boca Raton)		7.500			06/01/2049		3,475,230
	5,115,000	Palm Beach County, FL School Board		5.000			08/01/2029		6,252,729
	5,500,000	Palm Beach County, FL School Board		5.000			08/01/2031		6,666,935
	12,835,000	Palm Coast Park, FL Community Devel. District Special Assessment		5.700			05/01/2037		11,068,647
	6,195,000	Palm Glades, FL Community Devel. District Special Assessment		7.125			05/01/2039		6,415,294
	1,850,000	Palm River, FL Community Devel. District²		5.150			05/01/2013		729,030
	1,565,000	Palm River, FL Community Devel. District²		5.375			05/01/2036		617,674
	1,495,000	Parkway Center, FL Community Devel. District, Series A		6.300			05/01/2034		1,470,288
	5,850,000	Pine Ridge Plantation, FL Community Devel. District		5.400			05/01/2037		5,195,736
	2,250,000	Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy)		7.125			09/15/2041		2,510,618
	4,600,000	Pinellas County, FL Health Facility Authority (St. Mark Village)		5.650			05/01/2037		4,625,576
	25,000	Pinellas County, FL HFA (Single Family Hsg.)		5.200			03/01/2037		25,024
	1,805,000	Poinciana West, FL Community Devel. District Special Assessment		6.000			05/01/2037		1,824,097
	655,000	Port St. Lucie, FL Special Assessment (Peacock & Lowry)		5.350			07/01/2027		639,306
	10,100,000	Portico, FL Community Devel. District		5.450			05/01/2037		8,199,382
	3,005,000	Portofino Cove, FL Community Devel. District Special Assessment²		5.500			05/01/2038		1,180,304
	5,905,000	Portofino Isles, FL Community Devel. District (Portofino Court)²		5.600			05/01/2036		1,181,827
	1,000,000	Portofino Landings, FL Community Devel. District Special Assessment²		5.200			05/01/2017		392,440
	1,955,000	Portofino Landings, FL Community Devel. District Special Assessment²		5.400			05/01/2038		767,846
	2,470,000	Portofino Vista, FL Community Devel. District²		5.000			05/01/2013		968,660
	2,740,000	Quarry, FL Community Devel. District		5.500			05/01/2036		2,740,384

27 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Florida (Continued)
	$435,000	Renaissance Commons, FL Community Devel. District, Series A		5.600	%		05/01/2036	$	391,109
	6,930,000	Reunion East, FL Community Devel. District		7.375			05/01/2033		7,040,118
	7,200,000	Reunion East, FL Community Devel. District¹		5.800			05/01/2036		4,680,792
	3,070,000	Reunion East, FL Community Devel. District¹		7.375			05/01/2033		1,995,838
	145,000	Ridgewood Trails, FL Community Devel. District		5.650			05/01/2038		72,330
	8,390,000	River Bend, FL Community Devel. District		5.450			05/01/2035		7,447,971
	5,150,000	River Bend, FL Community Devel. District²		7.125			11/01/2015		662,599
	7,890,000	River Glen, FL Community Devel. District Special Assessment²		5.450			05/01/2038		3,147,084
	200,000	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		121,708
	1,895,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)		6.500			07/01/2040		2,096,476
	4,185,000	Seminole County, FL IDA (Progressive Health)		7.500			03/01/2035		4,264,264
	14,600,000	South Bay, FL Community Devel. District²		5.375			05/01/2013		7,738,584
	16,775,000	South Bay, FL Community Devel. District²		5.950			05/01/2036		8,891,421
	7,150,000	South Bay, FL Community Devel. District²		5.125			11/01/2009		3,789,786
	4,000,000	South Fork East, FL Community Devel. District		6.500			05/01/2038		2,706,680
	1,005,000	South Fork, FL Community Devel. District Special Assessment		6.150			05/01/2033		1,009,573
	2,325,000	St. Johns County, FL IDA (Glenmoor)		1.344	⁴		01/01/2049		872,596
	860,333	St. Johns County, FL IDA (Glenmoor)¹		2.500			01/01/2049		9
	3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)		6.000			08/01/2045		4,041,450
	3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)		5.875			08/01/2040		4,011,700
	1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250			10/01/2041		904,550
	2,625,000	St. John’s Forest, FL Community Devel. District, Series A		6.125			05/01/2034		2,627,310
	980,000	Tavares, FL First Mtg. (Osprey Lodge Lakeview)		8.750			07/01/2046		984,929
	1,000,000	Tavares, FL First Mtg. (Osprey Lodge Lakeview)		8.375			07/01/2036		1,000,620
	16,765,000	Tern Bay, FL Community Devel. District²		5.000			05/01/2015		4,088,145
	19,075,000	Tern Bay, FL Community Devel. District²		5.375			05/01/2037		4,654,491
	2,535,000	Town Center, FL at Palm Coast Community Devel. District		6.000			05/01/2036		2,484,072
	4,950,000	Treeline, FL Preservation Community Devel. District¹		6.800			05/01/2039		1,980,941
	650,000	Turnbull Creek, FL Community Devel. District Special Assessment		5.250			05/01/2037		620,406
	9,620,000	Verandah East, FL Community Devel. District		5.400			05/01/2037		9,635,584
	1,265,000	Villa Vizcaya, FL Community Devel. District Special Assessment²		5.550			05/01/2039		695,914
	8,340,000	Villages of Westport, FL Community Devel. District⁷		5.700			05/01/2035		4,181,342
	1,955,000	Villages of Westport, FL Community Devel. District⁷		5.400			05/01/2020		980,159
	4,395,000	Waterford Estates, FL Community Devel. District Special Assessment²		5.125			05/01/2013		1,291,998
	3,350,000	Waterford Estates, FL Community Devel. District Special Assessment²		5.500			05/01/2037		985,939

28 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon				Maturity		Value
	Florida (Continued)
	$3,190,000	Waterlefe, FL Community Devel. District Golf Course²		8.125	%			10/01/2025	$	219,568
	7,340,000	Waters Edge, FL Community Devel. District		0.000	¹¹			05/01/2039		6,135,359
	139,000	Waters Edge, FL Community Devel. District		5.350				05/01/2039		140,009
	14,800,000	Waterstone, FL Community Devel. District²		5.500				05/01/2018		5,872,492
	18,550,000	West Villages, FL Improvement District²		5.800				05/01/2036		11,043,928
	19,520,000	West Villages, FL Improvement District		5.500				05/01/2038		19,728,669
	1,215,000	West Villages, FL Improvement District²		5.350				05/01/2015		933,460
	14,925,000	Westridge, FL Community Devel. District²		5.800				05/01/2037		5,623,889
	16,790,000	Westside, FL Community Devel. District²		7.200				05/01/2038		8,552,994
	11,210,000	Westside, FL Community Devel. District¹		5.650				05/01/2037		5,610,157
	7,420,000	Wyld Palms, FL Community Devel. District²		5.400				05/01/2015		2,268,813
	4,340,000	Wyld Palms, FL Community Devel. District²		5.500				05/01/2038		1,328,257
	3,830,000	Zephyr Ridge, FL Community Devel. District²		5.250				05/01/2013		1,508,139
	2,665,000	Zephyr Ridge, FL Community Devel. District²		5.625				05/01/2037		1,050,889

										624,026,997


	Georgia—1.5%
	725,000	Atlanta, GA Tax Allocation (Beltline)		7.500				01/01/2031		868,216
	4,100,000	Atlanta, GA Tax Allocation (Beltline)		7.500				01/01/2031		4,909,914
	385,000	East Point, GA (Camp Creek), Series B		8.000				02/01/2026		386,186
	5,000,000	Forsyth County, GA School District		5.000				02/01/2015		5,000,700
	10,625,000	Franklin County, GA Industrial Building Authority (Emmanuel College)²		6.250				11/01/2043		8,493,200
	1,380,000	Franklin County, GA Industrial Building Authority (Emmanuel College)²		6.000				11/01/2032		1,125,004
	1,435,000	Franklin County, GA Industrial Building Authority (Emmanuel College)²		5.750				11/01/2025		1,215,875
	31,945,000	Fulton County, GA Devel. Authority (Piedmont Healthcare)⁶		5.000				06/15/2029		35,996,865
	13,730,000	Fulton County, GA Devel. Authority (Piedmont Healthcare/Piedmont Hospital/Piedmont Hospital Foundation Obligated Group)⁶		5.250				06/15/2037		15,467,247
	2,250,000	GA Road & Tollway Authority (I-75 S Express Lanes)		6.252	³			06/01/2024		1,339,492
	9,100,000	GA Road & Tollway Authority (I-75 S Express Lanes)		0.000	¹¹			06/01/2049		4,973,241
	3,750,000	GA Road & Tollway Authority (I-75 S Express Lanes)		6.751	³	��		06/01/2034		1,144,913
	2,000,000	Marietta, GA Devel. Authority (University Facilities)		7.000				06/15/2039		2,140,480

										83,061,333


	Hawaii—0.1%
	4,720,000	HI Dept. of Transportation (Continental Airlines)		7.000				06/01/2020		4,737,464
	405,000	HI Dept. of Transportation (Continental Airlines)		5.625				11/15/2027		405,518
	25,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)		6.375				07/01/2032		25,057

29 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Hawaii (Continued)
	$2,540,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)		6.300	%		07/01/2022	$	2,547,442

									7,715,481


	Idaho—0.1%
	1,500,000	ID Health Facilities Authority (St. Luke’s Health System) Floaters		0.090	⁴		03/01/2020		1,500,000
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)		5.350			01/01/2025		5,009
	1,600,000	Nampa, ID Local Improvement District No. 148		6.625			09/01/2030		1,657,696

									3,162,705


	Illinois—7.3%
	600,000	Annawan, IL Tax Increment (Patriot Renewable Fuels)		5.625			01/01/2018		554,292
	30,685,000	Caseyville, IL Tax (Forest Lakes)¹		7.000			12/30/2022		1,428,694
	32,500,000	Chicago, IL GO⁶		5.250			01/01/2033		33,725,900
	35,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)		6.125			02/20/2042		35,067
	10,000	Chicago, IL O’Hare International Airport (General Airport)		5.250			01/01/2034		10,035
	7,500,000	Cook County, IL GO SPEARS		0.120	⁴		11/15/2025		7,500,000
	10,032,000	Cortland, IL Special Tax (Sheaffer System)¹		5.500			03/01/2017		2,006,500
	1,175,000	Country Club Hills, IL GO		5.000			12/01/2031		1,228,768
	2,425,000	Country Club Hills, IL GO		5.000			12/01/2032		2,532,621
	965,000	Country Club Hills, IL GO		5.000			12/01/2027		1,007,566
	1,010,000	Country Club Hills, IL GO		5.000			12/01/2028		1,055,935
	915,000	Country Club Hills, IL GO		5.000			12/01/2026		953,595
	1,120,000	Country Club Hills, IL GO		5.000			12/01/2030		1,171,565
	1,060,000	Country Club Hills, IL GO		5.000			12/01/2029		1,109,089
	653,000	Deerfield, IL (Chicagoland Conservative Jewish High School Foundation)		6.000			10/01/2042		632,404
	355,000	Deerfield, IL (Chicagoland Conservative Jewish High School Foundation)		6.000	³		10/01/2031		132,845
	1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)		5.625			03/01/2036		1,010,600
	1,585,000	Franklin Park, IL GO		6.250			07/01/2030		1,862,470
	2,437,500	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375			03/01/2034		2,081,137
	1,800,000	Harvey, IL GO		5.625			12/01/2032		1,487,718
	6,165,000	Harvey, IL GO		5.500			12/01/2027		5,141,363
	10,575,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)		6.500			12/01/2037		11,004,134
	11,000,000	IL Finance Authority (Advocate Health Care)⁶		5.375			04/01/2044		12,440,010
	685,000	IL Finance Authority (Advocate Health Care)		5.375			04/01/2044		774,673
	41,175,000	IL Finance Authority (Advocate Health Care)⁶		5.375			04/01/2044		46,609,329
	20,000,000	IL Finance Authority (Advocate Health Care)⁶		5.500			04/01/2044		22,794,800
	3,195,000	IL Finance Authority (Bethel Terrace Apartments)		5.375			09/01/2035		3,209,473
	145,000	IL Finance Authority (Bridgeway/Bridgeway Foundation/Occupation Devel. Center Obligated Group)		4.625			07/01/2027		124,229

30 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Illinois (Continued)
	$5,000,000	IL Finance Authority (Central Dupage Health System/Central Dupage Hospital Assoc.)⁶		5.375	%		11/01/2039	$	5,771,100
	12,500,000	IL Finance Authority (Central Dupage Health)⁶		5.500			11/01/2039		14,554,000
	5,625,000	IL Finance Authority (DeKalb Supportive Living)		6.100			12/01/2041		5,666,963
	2,250,000	IL Finance Authority (Franciscan Communities)		5.500			05/15/2027		2,378,700
	2,030,000	IL Finance Authority (Friendship Village Schaumburg)		5.625			02/15/2037		2,030,629
	1,000,000	IL Finance Authority (Lake Forest College)		6.000			10/01/2048		1,134,940
	850,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2026		871,633
	1,500,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2039		1,526,520
	21,000,000	IL Finance Authority (Provena Health)		7.750			08/15/2034		26,572,350
	575,000	IL Finance Authority (Rogers Park Montessori School)		6.000			02/01/2034		608,160
	1,310,000	IL Finance Authority (Rogers Park Montessori School)		6.125			02/01/2045		1,369,409
	1,090,000	IL Finance Authority (RUMC/RCMC/CMH/RCF/TYW Obligated Group)		7.250			11/01/2030		1,346,859
	11,970,000	IL Finance Authority (St. Anthony Lassing)		6.500			12/01/2032		12,636,849
	1,500,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2040		1,664,160
	5,775,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2046		6,379,238
	2,850,000	IL Finance Authority (Uno Charter School Network)		7.125			10/01/2041		3,319,509
	4,620,000	IL GO SPEARS		0.140	⁴		04/01/2037		4,620,000
	8,700,000	IL Health Facilities Authority		6.900			11/15/2033		6,959,913
	17,390,000	IL Sports Facilities Authority SPEARS		0.140	⁴		06/15/2032		17,390,000
	7,140,000	Lake County, IL Special Service Area No. 8²		7.125			03/01/2037		3,594,419
	13,635,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)¹		7.125			01/01/2036		7,581,060
	4,000,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)²		6.125			03/01/2040		720,560
	2,950,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)²		5.750			03/01/2022		531,413
	1,778,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)²		5.750			03/01/2022		347,706
	25,360,000	Northern IL Municipal Power Agency (Prarie Street) SPEARS		0.140	⁴		01/01/2037		25,360,000
	3,500,000	Plano, IL Special Service Area No. 5²		6.000			03/01/2036		2,138,465
	4,520,000	Quad Cities, IL Regional EDA (Heritage Woods Moline)		6.000			12/01/2041		4,550,284
	5,810,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)		6.375			08/01/2040		4,757,286
	162	Robbins, IL Res Rec (Robbins Res Rec Partners)		7.250			10/15/2024		176
	2,500,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)		6.625			06/01/2037		2,576,225
	1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		1,400,175
	13,190,000	Southwestern IL Devel. Authority (Local Government Programming)		7.000			10/01/2022		11,069,708

31 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Illinois (Continued)
	$5,045,000	Southwestern IL Devel. Authority (Village of Sauget)		5.625	%		11/01/2026	$	4,386,274
	13,165,000	Southwestern IL Devel. Authority Solid Waste Disposal (Center Ethanol Company)		8.250			12/01/2019		13,185,537
	12,795,000	Upper, IL River Valley Devel. Authority (DeerPath Huntley)		6.500			12/01/2032		13,507,809
	7,890,000	Upper, IL River Valley Devel. Authority (Living Springs McHenry)		6.100			12/01/2041		7,978,841
	3,025,000	Vernon Hills, IL Tax Increment (Town Center)		6.250			12/30/2026		3,123,585
	3,035,000	Volo Village, IL Special Service Area (Lancaster Falls)		5.750			03/01/2036		3,161,195
	5,391,000	Volo Village, IL Special Service Area (Remington Pointe)		6.450			03/01/2034		5,412,995
	1,900,000	Will-Kankakee, IL Regional Devel. Authority (Senior Estates Supportive Living)		7.000			12/01/2042		1,995,019
	6,315,000	Yorkville, IL United City Special Services Area Special Tax (Bristol Bay)		5.875			03/01/2036		6,485,379

									404,289,855


	Indiana—1.0%
	1,140,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)		9.000			12/01/2045		802,355
	955,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)		8.000			12/01/2045		672,597
	7,770,000	Barclay’s Capital Muni Trust Receipts Floaters		0.170	⁴		04/01/2030		7,770,000
	4,300,000	Carmel, IN Redevel. District COP		6.500			07/15/2035		4,887,724
	5,805,000	East Chicago, IN Solid Waste Disposal (USG Corp.)		6.375			08/01/2029		5,818,874
	1,000,000	Hammond, IN Local Public Improvement District		6.750			08/15/2035		1,020,530
	600,000	Hammond, IN Local Public Improvement District		6.500			08/15/2030		611,676
	2,850,000	IN Finance Authority (BHI Senior Living)		5.750			11/15/2041		3,198,783
	1,675,000	IN Finance Authority (BHI Senior Living)		5.500			11/15/2031		1,876,385
	11,505,000	IN Finance Authority (Marian University)		6.375			09/15/2041		12,899,521
	925,000	IN Finance Authority Educational Facilities (Irvington Community)		9.000			07/01/2039		960,289
	7,839,582	North Manchester, IN Economic Devel. (Peabody Retirement Community)¹		1.000			12/01/2045		156,870
	9,119,085	North Manchester, IN Economic Devel. (Peabody Retirement Community)		6.050	⁴		12/01/2045		4,598,390
	6,360,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)		6.500			07/01/2022		7,182,539
	230,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)		5.550			05/15/2019		230,497
	4,380,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)		6.250			01/01/2024		3,950,409

									56,637,439


	Iowa—0.8%
	940,000	IA Finance Authority (Amity Fellowserve)		6.375			10/01/2026		953,273
	2,190,000	IA Finance Authority (Amity Fellowserve)		6.500			10/01/2036		2,217,485
	690,000	IA Finance Authority (Amity Fellowserve)		6.000			10/01/2028		690,076

32 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Iowa (Continued)
	$130,000	IA Finance Authority (Amity Fellowserve)		5.900	%		10/01/2016	$	132,248
	1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)²		5.900			12/01/2028		498,788
	1,005,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)		5.375			06/01/2025		941,162
	360,990,000	IA Tobacco Settlement Authority		7.125	³		06/01/2046		9,753,950
	25,230,000	IA Tobacco Settlement Authority		5.500			06/01/2042		22,671,930
	10,000,000	IA Tobacco Settlement Authority (TASC)		5.625			06/01/2046		9,106,300

									46,965,212


	Kansas—0.0%
	710,000	Lenexa, KS Multifamily Hsg. (Meadows Apartments)		7.950			10/15/2035		710,845
	15,000	Olathe, KS Senior Living Facility (Catholic Care Campus)		6.000			11/15/2038		15,244
	3,872,787	Olathe, KS Tax Increment (Gateway)¹		5.000			03/01/2026		1,986,391

									2,712,480


	Kentucky—0.4%
	2,160,000	Kuttawa, KY (1st Mtg.-GF/Kentucky)		6.750			03/01/2029		2,164,104
	14,000,000	KY EDFA (Baptist Healthcare System)⁶		5.375			08/15/2024		15,677,900
	1,000,000	KY EDFA (Masonic Home Independent Living II)		7.375			05/15/2046		1,157,940
	1,250,000	KY EDFA (Masonic Home Independent Living II)		7.250			05/15/2041		1,441,600

									20,441,544


	Louisiana—0.3%
	1,200,000	Juban Park, LA Community Devel. District Special Assessment²		5.150			10/01/2014		240,168
	11,415,000	LA HFA (La Chateau)		7.250			09/01/2039		12,692,110
	360,000	LA Local Government EF&CD Authority (Sharlo Apartments)		8.000			06/20/2028		324,025
	555,000	LA Public Facilities Authority (Progressive Healthcare)¹		6.375			10/01/2020		219,231
	5,350,000	LA Public Facilities Authority (Progressive Healthcare)¹		6.375			10/01/2028		2,113,303
	7,400,000	Lakeshore Villages, LA Master Community Devel. District¹		5.250			07/01/2017		2,591,036

									18,179,873


	Maine—0.4%
	2,000,000	ME H&HEFA (Maine General Medical Center)		6.750			07/01/2041		2,314,720
	4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)		6.625			07/01/2020		4,820,688
	12,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)		6.875			10/01/2026		12,317,862

									19,453,270


	Maryland—0.0%
	2,250,000	Salisbury, MD Special Obligation (Villages at Aydelotte Farm)²		5.250			01/01/2037		819,427
	Massachusetts—1.3%
	6,905,000	MA Devel. Finance Agency (Lasell College)		6.000			07/01/2041		8,071,116

33 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Massachusetts (Continued)
	$321,825	MA Devel. Finance Agency (Linden Ponds)		5.500	%		11/15/2046	$	281,858
	1,600,702	MA Devel. Finance Agency (Linden Ponds)		0.965	³		11/15/2056		9,924
	2,057,748	MA Devel. Finance Agency (Linden Ponds)		6.250			11/15/2039		2,014,391
	6,062,305	MA Devel. Finance Agency (Linden Ponds)		6.250			11/15/2046		5,938,695
	685,000	MA Devel. Finance Agency (Linden Ponds)		6.250			11/15/2018		686,863
	448,200	MA Devel. Finance Agency (Northern Berkshire Healthcare)¹		0.000	¹¹		02/15/2043		22,410
	362,228	MA Devel. Finance Agency (Northern Berkshire Healthcare)²		6.000			02/15/2043		18,112
	236,453	MA Devel. Finance Agency (Northern Berkshire Healthcare)¹		3.184	³		02/15/2043		11,823
	1,000,000	MA Devel. Finance Agency (VOA Concord)		5.200			11/01/2041		1,002,250
	13,055,000	MA Educational Financing Authority, Series H⁶		6.350			01/01/2030		13,970,950
	4,590,000	MA HFA, Series A⁶		5.250			07/01/2025		4,590,638
	9,980,000	MA HFA, Series A⁶		5.300			06/01/2049		10,293,988
	17,790,000	MA HFA, Series C⁶		5.350			12/01/2042		18,890,312
	8,015,000	MA HFA, Series C⁶		5.400			12/01/2049		8,227,085
	220,000	MA Industrial Finance Agency (Cambridge Friends School)		5.800			09/01/2028		220,200
	50,000	MA Port Authority (Delta Air Lines)		5.000			01/01/2027		50,017

									74,300,632


	Michigan—3.3%
	10,100,000	Detroit, MI City School District⁶		6.000			05/01/2029		12,320,788
	1,720,000	Detroit, MI City School District		5.000			05/01/2031		1,954,660
	206,150	Detroit, MI GO		5.250			04/01/2022		203,954
	906,750	Detroit, MI GO		5.000			04/01/2021		906,741
	1,220,000	Detroit, MI GO		5.000			04/01/2020		1,214,437
	54,250	Detroit, MI GO		5.250			04/01/2017		54,350
	350,300	Detroit, MI GO		5.250			04/01/2020		350,307
	6,200	Detroit, MI GO		5.375			04/01/2015		6,216
	250,000	Detroit, MI GO		5.250			11/01/2035		276,167
	155,000	Detroit, MI GO		5.250			04/01/2020		155,014
	15,500	Detroit, MI GO		5.250			04/01/2023		15,170
	342,550	Detroit, MI GO		5.250			04/01/2021		342,673
	1,540,000	Detroit, MI Local Devel. Finance Authority		6.850			05/01/2021		1,540,986
	2,440,000	Detroit, MI Local Devel. Finance Authority		6.700			05/01/2021		2,441,684
	270,000	Detroit, MI Local Devel. Finance Authority (Chrysler Corp.)		5.375			05/01/2018		270,038
	20,000	Detroit, MI Water Supply System		5.000			07/01/2034		20,070
	100,000	Detroit, MI Water Supply System		5.000			07/01/2034		100,349
	430,000	Macomb, MI Public Academy		6.750			05/01/2037		435,126
	4,943,250	MI Finance Authority (City of Detroit)		5.000			04/01/2021		4,943,201
	1,909,700	MI Finance Authority (City of Detroit)		5.250			04/01/2020		1,909,738
	295,750	MI Finance Authority (City of Detroit)		5.250			04/01/2017		296,297
	1,123,850	MI Finance Authority (City of Detroit)		5.250			04/01/2022		1,112,139
	845,000	MI Finance Authority (City of Detroit)		5.250			04/01/2020		845,042
	33,800	MI Finance Authority (City of Detroit)		5.375			04/01/2015		33,887
	84,500	MI Finance Authority (City of Detroit)		5.250			04/01/2023		82,700
	1,867,450	MI Finance Authority (City of Detroit)		5.250			04/01/2021		1,833,593

34 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Michigan (Continued)
	$1,400,000	MI Finance Authority (Old Redford Public School Academy)		5.900	%		12/01/2030	$	1,427,230
	13,320,000	MI Hospital Finance Authority (McLaren Health Care Corp.)⁶		5.000			08/01/2035		13,613,173
	2,590,000	MI Hospital Finance Authority (Oakwood Obligated Group)		5.000			07/15/2037		2,866,975
	840,000	MI Public Educational Facilities Authority (American Montessori)		6.500			12/01/2037		850,744
	1,400,000	MI Public Educational Facilities Authority (Old Redford Academy)		6.000			12/01/2035		1,404,046
	1,275,000	MI Strategic Fund Limited Obligation (Wolverine Human Services)		7.875			08/31/2028		1,326,638
	2,900,000	MI Strategic Fund Solid Waste (Genesee Power Station)		7.500			01/01/2021		2,901,682
	344,990,000	MI Tobacco Settlement Finance Authority		7.305	³		06/01/2052		5,323,196
	3,048,780,000	MI Tobacco Settlement Finance Authority		8.877	³		06/01/2058		16,128,046
	8,630,000	MI Trunk Line Fund		5.000			09/01/2019		8,875,351
	1,625,000	Pontiac, MI City School District		4.500			05/01/2020		1,446,185
	52,930,000	Wayne County, MI Airport Authority (Detroit MetroWayne Airport)⁶		5.000			12/01/2029		54,617,516
	10,000,000	Wayne County, MI Airport Authority (Detroit MetroWayne Airport)⁶		5.000			12/01/2034		10,322,561
	16,448,000	Wayne County, MI GO		2.170	⁴		12/01/2016		16,416,255
	13,925,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)		6.000			12/01/2029		13,959,812

									185,144,737


	Minnesota—0.7%
	3,000,000	Columbia Heights, MN Multifamily & Health Care Facilities (Crest View Corp.)		5.700			07/01/2042		3,002,400
	2,830,000	Eveleth, MN Multifamily (Manor House Woodland)		5.700			10/01/2036		2,171,827
	1,510,000	Eveleth, MN Multifamily (Manor House Woodland)		5.500			10/01/2025		1,269,125
	1,000,000	Falcon Heights, MN (Kaleidoscope Charter School)		6.000			11/01/2037		1,042,630
	6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)		6.850			12/01/2029		6,397,455
	5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)		5.500			04/01/2042		5,121,754
	730,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)		5.400			04/01/2028		721,547
	1,000,000	Minneapolis, MN Tax Increment (Ivy Tower)		5.700			02/01/2029		999,960
	500,000	Minneapolis, MN Tax Increment (Ivy Tower)		5.500			02/01/2022		500,020
	2,100,000	Northwest MN Multi-County Hsg. & Redevel. Authority		5.450			07/01/2041		2,100,693
	830,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)		5.375			08/01/2021		859,357
	790,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)		5.625			02/01/2031		811,583

35 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Minnesota (Continued)
	$1,595,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)		7.000	%		09/15/2037	$	1,596,420
	1,721,068	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)		5.630			10/01/2033		1,772,132
	2,772,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)		6.250			03/01/2029		2,828,299
	400,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)		5.750			09/01/2026		408,424
	650,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)		6.000			09/01/2036		663,695
	2,305,000	St. Paul, MN Hsg. & Redevel. Authority Charter School (Hmong College Prep Academy)		5.500			09/01/2043		2,429,770
	700,000	St. Paul, MN Port Authority (Great Northern)		6.000			03/01/2030		715,659
	475,761	St. Paul, MN Port Authority Parking Revenue (4th Parking Ramp)²		8.000			12/01/2027		113,835
	725,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)⁵		6.000			02/01/2019		667,442

									36,194,027


	Mississippi—0.2%
	2,395,000	Meridian, MS Tax Increment (Meridian Crossroads)		8.750			12/01/2024		2,758,417
	3,885,000	MS Business Finance Corp. (Intrinergy Wiggins)¹		8.000			01/01/2023		3,563,206
	1,755,000	Ridgeland, MS Tax Increment (Colony Park)		5.375			10/01/2028		1,915,284
	1,395,000	Ridgeland, MS Tax Increment (Colony Park)		5.250			10/01/2027		1,518,695
	16,410,000	Stonebridge, MS Public Improvement District Special Assessment²		7.500			10/01/2042		2,297,400

									12,053,002


	Missouri—1.4%
	400,000	Belton, MO Tax Increment (Belton Town Center)		5.625			03/01/2025		401,332
	250,000	Belton, MO Tax Increment (Belton Town Center)		5.500			03/01/2020		251,032
	730,000	Branson Hills, MO Infrastructure Facilities		5.500			04/01/2022		328,529
	750,000	Branson Hills, MO Infrastructure Facilities		5.500			04/01/2027		337,530
	500,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2017		225,020
	500,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2016		225,020
	4,900,000	Branson, MO Commerce Park Community Improvement District¹		5.750			06/01/2026		1,372,098
	2,485,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		2,554,232
	13,000,000	Branson, MO IDA (Branson Hills Redevel.)		7.050			05/01/2027		13,056,030
	1,200,000	Branson, MO IDA (Branson Landing)		5.250			06/01/2021		1,203,564
	2,470,000	Branson, MO IDA (Branson Landing)		5.500			06/01/2029		2,472,322
	21,860,000	Branson, MO IDA (Branson Shoppe Redevel.)		5.950			11/01/2029		22,501,372
	570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)		6.125			12/01/2036		506,189
	1,100,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		912,274
	1,215,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.500			04/01/2021		1,090,560
	1,250,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)		5.000			11/01/2023		1,251,050
	1,233,000	Kansas City, MO IDA (West Paseo)		6.750			07/01/2036		1,242,248

36 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Missouri (Continued)
	$1,400,000	Kansas City, MO Tax Increment (Shoal Creek Parkway)		6.500	%		06/01/2025	$	1,424,906
	750,000	Lees Summit, MO IDA (Kensington Farms)		5.750			03/01/2029		767,940
	1,300,000	Lees Summit, MO IDA (Kensington Farms)		5.500			03/01/2021		1,347,515
	2,800,000	Lees Summit, MO Tax (Summit Fair Community Improvement District)		6.000			05/01/2042		3,001,068
	2,310,000	Liberty, MO Tax Increment (Liberty Triangle)		5.875			10/01/2029		2,410,739
	3,020,000	MO Dardenne Town Square Transportation Devel. District¹		5.000			05/01/2026		1,394,545
	3,825,000	MO Dardenne Town Square Transportation Devel. District¹		5.000			05/01/2036		1,556,890
	220,000	MO Grindstone Plaza Transportation Devel. District		5.250			10/01/2021		215,721
	400,000	MO Grindstone Plaza Transportation Devel. District		5.400			10/01/2026		365,428
	115,000	MO Grindstone Plaza Transportation Devel. District		5.550			10/01/2036		98,569
	717,000	Northwoods, MO Transportation Devel. District⁵		5.850			02/01/2031		676,497
	4,580,000	St. Louis, MO IDA (Railway Exchange Building Redevel.)²		8.000			04/27/2033		2,135,837
	2,442,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)		6.000			08/21/2026		1,571,500
	2,034,000	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		1,338,006
	1,660,000	St. Louis, MO Tax Increment (Printers Lofts)¹		6.000			08/21/2026		788,550
	3,043,000	St. Louis, MO Tax Increment (Security Building Redevel.)²		6.300			04/01/2027		1,478,229
	1,510,000	St. Louis, MO Tax Increment (Washington East Condominiums)²		5.500			01/20/2028		1,043,878
	2,367,000	St. Louis, MO Tax Increment (Washington East Condominiums)		5.500			01/20/2028		2,204,766
	1,108,000	St. Louis, MO Tax Increment Financing, Series A		5.500			09/02/2028		709,729
	975,000	Stone Canyon, MO Improvement District (Infrastructure)²		5.750			04/01/2027		483,483
	1,865,000	Stone Canyon, MO Improvement District (Infrastructure)²		5.700			04/01/2022		924,816
	905,000	Suemandy, MO Mid-Rivers Community Improvement District		7.500			10/01/2029		1,019,736

									76,888,750


	Montana—0.1%
	5,935,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)		6.250			09/01/2031		4,474,575
	1,650,000	MT Facilities Finance Authority (St. John’s Lutheran)		6.125			05/15/2036		1,703,278
	1,125,000	MT Facilities Finance Authority (St. John’s Lutheran)		6.000			05/15/2025		1,169,426

									7,347,279


	Nebraska—0.6%
	910,000	Beatrice, NE Community Redevel. Authority (Beatrice Biodiesel)		6.625			12/01/2021		898,370

37 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Nebraska (Continued)
	$20,000,000	Douglas County, NE Hospital Authority (Methodist Health System)⁶		5.750	%		11/01/2048	$	22,752,032
	2,400,000	NE Educational Facilities Authority (Midland Lutheran College)		5.600			09/15/2029		2,318,520
	6,960,000	Santee Sioux Nation, NE Tribal Health Care (Indian Health Service)		8.750			10/01/2020		7,142,422

									33,111,344


	Nevada—0.8%
	16,500,000	Clark County, NV Airport		0.100	⁴		07/01/2027		16,500,000
	770,000	Clark County, NV Improvement District		5.050			02/01/2031		711,064
	1,000,000	Clark County, NV Improvement District		5.000			02/01/2026		967,940
	18,000,000	Las Vegas, NV Valley Water District		5.000			06/01/2039		21,468,960
	410,000	Mesquite, NV Special Improvement District (Canyon Creek)⁵		5.500			08/01/2025		370,452
	110,000	Mesquite, NV Special Improvement District (Canyon Creek)⁵		5.400			08/01/2020		106,513
	1,625,000	Mesquite, NV Special Improvement District No. 07-01 (Anthem at Mesquite)⁵		6.150			08/01/2037		1,666,291

									41,791,220


	New Hampshire—0.1%
	1,445,000	NH Business Finance Authority (Huggins Hospital)		6.875			10/01/2039		1,586,697
	4,620,000	NH H&EFA (Franklin Pierce College)		6.050			10/01/2034		4,241,991
	515,000	NH HE&HFA (Franklin Pierce College)		5.300			10/01/2028		452,309

									6,280,997


	New Jersey—6.1%
	150,000	NJ EDA (Cadbury at Cherry Hill)		5.500			07/01/2018		146,194
	170,000	NJ EDA (Continental Airlines)		4.875			09/15/2019		180,567
	3,750,000	NJ EDA (Continental Airlines)		5.625			11/15/2030		4,173,112
	7,250,000	NJ EDA (Continental Airlines)		5.625			11/15/2030		8,155,815
	7,440,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		8,127,010
	7,455,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		8,143,395
	7,455,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		8,143,395
	11,000,000	NJ EDA (GMT Realty)		6.875			01/01/2037		11,121,880
	565,000	NJ EDA (Leap Academy Charter School)		6.000			10/01/2034		592,397
	750,000	NJ EDA (Leap Academy Charter School)		6.200			10/01/2044		784,320
	500,000	NJ EDA (Leap Academy Charter School)		6.300			10/01/2049		523,450
	1,000,000	NJ EDA (Paterson Charter School Science & Technology)		6.100			07/01/2044		1,026,770
	8,450,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2027		8,463,013
	96,125,000	NJ Tobacco Settlement Financing Corp.⁶		5.000			06/01/2029		84,661,598
	85,640,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2041		69,443,763
	154,950,000	NJ Tobacco Settlement Financing Corp.		4.750			06/01/2034		123,017,904
	210,000	Weehawken Township, NJ GO		6.000			08/01/2021		253,182

38 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$210,000	Weehawken Township, NJ GO		6.000	%		08/01/2022	$	251,387

									337,209,152


	New Mexico—0.2%
	97,000	Dona Ana County, NM Multifamily (Montana Meadows Apartments)		8.500			12/01/2015		97,069
	500,000	Mariposa East, NM Public Improvement District²		5.750			09/01/2021		424,010
	775,000	Mariposa East, NM Public Improvement District²		5.500			09/01/2016		689,548
	875,000	Montecito Estates, NM Public Improvement District		7.000			10/01/2037		908,364
	2,750,000	NM Hospital Equipment Loan Council (Gerald Champion Memorial Hospital)		5.500			07/01/2042		2,773,183
	129,000	NM Regional Hsg. Authority (Wildewood Apartments)		8.750			12/01/2020		129,076
	1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,919,918
	4,490,000	Saltillo, NM Improvement District		7.625			10/01/2037		4,762,139
	1,000,000	Ventana West, NM Public Improvement District Special Levy		6.875			08/01/2033		1,001,910

									12,705,217


	New York—8.4%
	14,980,000	Brookhaven, NY IDA (BK at Lake Grove)		7.750	⁴		11/01/2046		16,376,136
	10,000,000	Brookhaven, NY IDA (BK at Lake Grove)		7.750	⁴		11/01/2046		10,932,000
	15,015,000	Brookhaven, NY IDA (BK at Lake Grove)		7.750	⁴		11/01/2046		16,425,059
	1,010,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2045		840,926
	17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		6.656	³		06/01/2055		161,247
	14,060,000	Islip, NY IDA (Engel Burman at Sayville)		6.500	⁴		11/01/2045		14,816,006
	9,345,000	Islip, NY IDA (Engel Burman at Sayville)		6.500	⁴		11/01/2045		9,847,481
	5,705,000	Islip, NY IDA (Engel Burman at Sayville)		6.500	⁴		11/01/2045		6,011,758
	1,500,000	Islip, NY IDA (Engel Burman at Sayville)		7.750	⁴		11/01/2045		1,647,870
	1,000,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		6.000			06/01/2030		1,158,760
	3,560,000	Nassau County, NY IDA (Amsterdam at Harborside)		5.500			07/01/2020		3,558,184
	1,780,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		1,758,729
	2,937,408	Nassau County, NY IDA (Amsterdam at Harborside)²		2.000			01/01/2049		88,122
	750,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2032		743,123
	2,100,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		2,074,905
	1,895,000	Nassau County, NY Tobacco Settlement Corp.		5.125			06/01/2046		1,562,068
	2,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.000			06/01/2035		1,735,580
	413,400,000	NY Counties Tobacco Trust V		7.848	³		06/01/2060		1,868,568
	412,100,000	NY Counties Tobacco Trust V		7.151	³		06/01/2060		1,776,151
	37,380,000	NY Liberty Devel. Corp. (Bank of America Tower)^6,8		5.125			01/15/2044		42,478,874

39 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$900,000	NY MTA, Series D		5.250	%		11/15/2029	$	1,101,384
	560,000	NY MTA, Series D		5.250			11/15/2028		686,050
	485,000	NY MTA, Series D		5.250			11/15/2027		598,611
	900,000	NY MTA, Series D		5.250			11/15/2030		1,098,990
	900,000	NY MTA, Series D		5.250			11/15/2033		1,083,978
	900,000	NY MTA, Series D		5.250			11/15/2032		1,087,902
	900,000	NY MTA, Series D		5.250			11/15/2031		1,095,012
	1,500,000	NY TSASC, Inc. (TFABs)		5.125			06/01/2042		1,306,680
	8,765,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.927	⁹		04/01/2036		9,319,825
	14,200,000	NYC IDA (American Airlines)		8.000			08/01/2028		15,615,314
	59,000,000	NYC IDA (American Airlines)		7.625			08/01/2025		64,702,940
	2,995,000	NYC IDA (American Airlines)		8.500			08/01/2028		3,112,314
	40,000,000	NYC IDA (American Airlines)		7.750			08/01/2031		43,674,000
	19,550,000	NYC IDA (British Airways)		7.625			12/01/2032		19,662,804
	6,675,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.650			10/01/2028		5,869,795
	5,070,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.750			10/01/2036		4,461,042
	8,630,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		8,597,896
	12,955,000	NYC Municipal Water Finance Authority⁶		5.750			06/15/2040		15,020,144
	20,600,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		22,585,016
	75,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2035		75,461
	26,750,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		31,963,843
	200,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		200,638
	2,700,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		2,700,270
	6,195,000	Rensselaer County, NY IDA (Rensselaer Polytechnic Institute)⁵		0.100	⁴		02/01/2022		6,195,000
	8,385,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		7,787,736
	7,465,616	Westchester County, NY IDA (EBC White Plains)		8.000	⁴		11/01/2043		8,166,563
	7,462,689	Westchester County, NY IDA (EBC White Plains)		8.000	⁴		11/01/2043		8,163,361
	7,465,591	Westchester County, NY IDA (EBC White Plains)		8.000	⁴		11/01/2043		8,166,535
	9,640,000	Westchester County, NY IDA (Engel Burman at Armonk)		6.500	⁴		11/01/2045		10,158,343
	9,795,000	Westchester County, NY IDA (Engel Burman at Armonk)		6.500	⁴		11/01/2045		10,321,677
	9,640,000	Westchester County, NY IDA (Engel Burman at Armonk)		6.500	⁴		11/01/2045		10,158,343
	2,000,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2045		1,909,620
	2,600,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-C		6.200			03/01/2020		2,602,158

									465,110,792


	North Carolina—0.1%
	1,500,000	NC Medical Care Commission (AHACHC)		5.800			10/01/2034		1,519,080

40 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	North Carolina (Continued)
	$1,650,000	NC Medical Care Commission (Whitestone)		7.750	%		03/01/2031	$	1,920,715

									3,439,795


	North Dakota—0.0%
	25,000	Cass County, ND Industrial Devel. Revenue (Fraser Ltd.)		7.000			11/01/2015		24,967
	2,505,000	Richland County, ND Hsg. (Birchwood Properties)		6.750			05/01/2029		2,491,072

									2,516,039


	Ohio—8.2%
	9,950,000	Allen County, OH Hospital Facilities (Catholic Healthcare)⁶		5.000			06/01/2038		11,312,926
	113,205,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2047		96,837,821
	44,380,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.500			06/01/2047		41,122,064
	2,295,300,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.504	³		06/01/2052		19,900,251
	77,055,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.250			06/01/2037		68,934,174
	33,115,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.125			06/01/2024		28,694,147
	18,115,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.375			06/01/2024		16,040,470
	30,200,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2030		26,269,470
	12,937,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.000			06/01/2042		11,091,149
	15,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.750			06/01/2034		12,705,450
	1,280,000	Butler County, OH Hsg. (Anthony Wayne Apartments)¹		6.500			09/01/2030		723,277
	5,645,000	Butler County, OH Port Authority (Maple Knoll Communities)		7.000			07/01/2043		6,055,900
	4,495,000	Centerville, OH Health Care (Bethany Lutheran Village)		6.000			11/01/2038		4,761,733
	5,000	Cleveland, OH Airport (Continental Airlines)		5.700			12/01/2019		5,016
	325,000	Columbus-Franklin County, OH Finance Authority, Series A		6.000			05/15/2035		344,058
	9,500,000	Cuyahoga County, OH Hospital Facilities (CSAHS-UHHS-Cuyahoga/Canton Obligated Group)		7.500			01/01/2030		9,517,195
	32,500,000	Gallia County, OH Hospital Facilities (Holzer/HHlthS/HMCG/HMCJ Obligated Group)		8.000			07/01/2042		37,478,675
	7,500,000	Grove City, OH Tax Increment Financing		5.375			12/01/2031		7,760,925
	11,395,000	Hamilton County, OH Hospital Facilities (UC Health) SPEARS		0.110	⁴		02/01/2044		11,395,000
	1,450,000	Hancock County, OH Hospital (BVRHC/BVHF Obligated Group)		6.250			12/01/2034		1,722,325
	629,413	Hickory Chase, OH Community Authority Infrastructure Improvement²		7.000			12/01/2038		503,531

41 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Ohio (Continued)
	$125,000	Lake County, OH Hospital Facilities (Lake Hospital System)		5.750	%		08/15/2038	$	139,315
	570,000	Lorain County, OH Port Authority (Alumalloy LLC)		6.000			11/15/2025		570,815
	10,000,000	Montgomery County, OH (Miami Valley Hospital)⁶		5.750			11/15/2023		12,162,300
	7,060,000	OH Higher Education Facility Commission (Ashland University)		6.250			09/01/2024		6,837,539
	16,320,000	OH Port Authority of Columbiana Solid Waste (Apex Environmental)⁷		7.250			08/01/2034		12,206,870
	1,052,622	OH Port Authority of Columbiana Solid Waste (Apex Environmental)¹		10.820			08/01/2034		832,719
	1,815,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.300			02/15/2024		1,305,765
	2,500,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400			02/15/2034		1,793,775
	4,100,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)		5.750			12/01/2032		4,453,338
	1,955,000	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)		5.400			11/01/2036		971,303
	3,415,000	Warren County, OH Port Authority (Corridor 75 Park)		7.500			12/01/2034		3,668,905

									458,118,201


	Oklahoma—0.1%
	1,700,000	Ardmore, OK Devel. Authority (Airpark Increment District)		5.750			11/01/2022		1,726,775
	1,500,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)		6.625			10/01/2037		1,502,895
	4,840,000	Grady County, OK Criminal Justice Authority		7.000			11/01/2041		4,851,374
	100,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)		6.500			09/01/2026		100,279

									8,181,323


	Oregon—0.0%
	5,000	Lane County, OR Hsg. Authority & Community Services (Firewood)		6.600			11/01/2015		5,020
	795,000	OR Facilities Authority (Concordia University)		6.125			09/01/2030		862,774
	10,000	OR GO (Elderly & Disabled Hsg.)		5.300			08/01/2032		10,018
	1,300,000	Salem, OR Hospital Finance Authority (Capital Manor)		6.000			05/15/2047		1,458,574
	370,000	Western Generation, OR Agency Cogeneration (Wauna Cogeneration)		5.000			01/01/2021		389,121

									2,725,507


	Pennsylvania—0.9%
	500,000	Luzerne County, PA IDA		7.750			12/15/2027		525,045
	1,005,000	Luzerne County, PA IDA		7.500			12/15/2019		1,054,848
	8,238,655	Northampton County, PA IDA (Northampton Generating)¹⁰		5.000			12/31/2023		7,561,355
	24,937,498	PA EDFA (Bionol Clearfield)²		8.500			07/01/2015		1,098,746
	11,500,000	PA Geisinger Authority Health System, Series A⁶		5.250			06/01/2039		13,095,970

42 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Pennsylvania (Continued)
	$4,000,000	PA HEFA (Shippensburg University)		6.250	%		10/01/2043	$	4,539,560
	1,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)		6.125			03/15/2043		1,649,265
	1,165,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)		5.500			06/15/2022		1,257,839
	2,000,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)		5.500			06/15/2032		2,096,100
	5,250,000	Philadelphia, PA H&HEFA (Temple University Health System)		5.625			07/01/2042		5,687,693
	3,350,000	Philadelphia, PA H&HEFA (Temple University Health System)		5.625			07/01/2036		3,640,378
	5,865,000	York, PA GO		7.250			11/15/2041		6,721,759

									48,928,558


	Rhode Island—1.3%
	44,240,000	Central Falls, RI Detention Facility¹		7.250			07/15/2035		17,956,574
	7,500,000	RI Health & Educational Building Corp. (Public Schools Financing Program)		6.000			05/15/2029		8,597,625
	9,735,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)⁶		5.200			10/01/2047		9,944,166
	42,825,000	RI Tobacco Settlement Financing Corp. (TASC)		7.868	³		06/01/2052		355,447
	8,225,000	RI Tobacco Settlement Financing Corp. (TASC)		6.250			06/01/2042		8,262,424
	52,090,000	RI Tobacco Settlement Financing Corp. (TASC)		6.125	³		06/01/2052		585,492
	25,605,000	RI Tobacco Settlement Financing Corp. (TASC), Series A		6.125			06/01/2032		25,715,101

									71,416,829


	South Carolina—0.4%
	6,747,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)		7.750			11/01/2039		6,593,506
	14,191,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)		6.200			11/01/2036		14,260,961
	7,620,000	SC Connector 2000 Assoc. Toll Road, Series B		6.453	³		01/01/2020		1,831,086
	8,500,000	SC Connector 2000 Assoc. Toll Road, Series B		6.621	³		01/01/2024		1,617,550
	200,000	SC Connector 2000 Assoc. Toll Road, Series B		6.300	³		01/01/2026		34,060

									24,337,163


	South Dakota—0.0%
	1,425,000	Turner County, SD Tax Increment		5.000			12/15/2026		1,434,562


	Tennessee—0.4%
	8,890,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)²		5.750	⁴		04/01/2042		3,133,992
	215,000	Memphis-Shelby County, TN Airport Authority (Express Airlines)¹		6.125			12/01/2016		32,250
	9,000,000	Shelby County, TN HE&HFB (Trezevant Manor)		5.500			09/01/2047		9,288,900
	6,525,000	Shelby County, TN HE&HFB (Trezevant Manor)		8.000			09/01/2044		7,269,763

									19,724,905

					��
	Texas—10.0%
	230,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)		7.750			12/01/2028		225,954

43 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Texas (Continued)
	$1,460,000	Bexar County, TX HFC (Perrin Square)²		9.750	%		11/20/2031	$	730,088
	2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)¹		6.300	⁴		07/01/2032		111,387
	11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)²		6.750			10/01/2038		542,450
	41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)¹		5.000			03/01/2041		1,962,462
	13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)¹		5.400			05/01/2029		641,250
	10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)¹		7.700			03/01/2032		500,000
	26,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)²		7.700			04/01/2033		1,306,000
	15,870,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)		7.000			11/01/2039		20,949,670
	1,100,000	Celina, TX Special Assessment		5.875			09/01/2040		1,103,190
	700,000	Celina, TX Special Assessment		5.375			09/01/2028		702,079
	400,000	Celina, TX Special Assessment		5.500			09/01/2032		401,180
	750,000	Clifton, TX Higher Education Finance Corp. (Idea Public Schools)		5.750			08/15/2041		860,175
	2,115,000	Danbury, TX Higher Education Finance Corp. (Island Foundation)		6.250			02/15/2036		2,116,502
	22,450,000	Donna, TX GO		6.250			02/15/2037		22,574,148
	2,000,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.750			09/01/2043		2,145,940
	1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.125			09/01/2028		1,614,270
	1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.500			09/01/2036		1,610,505
	3,500,000	Galveston, TX Special Assessment		6.125			09/01/2044		3,521,315
	2,400,000	Galveston, TX Special Assessment		5.625			09/01/2028		2,414,904
	3,700,000	Galveston, TX Special Assessment		6.000			09/01/2038		3,722,644
	10,000,000	Grand Parkway, TX Transportation Corp.⁶		5.000			04/01/2053		11,272,200
	11,238,709	Gulf Coast, TX IDA (Microgy Holdings)²		7.000			12/01/2036		112
	20,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)		8.000			04/01/2028		20,041
	3,225,000	Harris County, TX Cultural Education Facilities Finance Corp. (Space Center Houston)		7.000			08/15/2028		3,575,783
	2,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)		5.750			11/01/2036		2,798,730
	2,000,000	HFDC of Central TX (Lutheran Social Services of the South)		6.875			02/15/2032		2,003,840
	7,980,000	Houston, TX Airport Special Facilities (Continental Airlines)		5.700			07/15/2029		8,001,706
	7,290,000	Houston, TX Airport Special Facilities (Continental Airlines)		5.700			07/15/2029		7,309,829
	1,210,000	Houston, TX Airport System		5.000			07/01/2025		1,409,033
	2,000,000	Houston, TX Airport System		5.000			07/01/2024		2,338,740
	555,000	Houston, TX Airport System		5.000			07/01/2026		641,264
	815,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500			05/15/2031		1,020,437

44 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Texas (Continued)
	$750,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000	%		08/15/2041	$	822,712
	500,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000			08/15/2036		551,605
	600,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)		5.875			09/01/2044		606,810
	500,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)		5.375			09/01/2028		505,785
	600,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)		5.750			09/01/2038		606,840
	6,110,000	Maverick County, TX GO COP		8.750			03/01/2034		6,114,033
	1,800,000	Maverick County, TX GO COP		8.750			03/01/2034		1,801,188
	520,000	Midlothian, TX Devel. Authority Tax Increment		5.125			11/15/2026		528,876
	1,300,000	New Hope, TX Educational Facilities Finance Corp. Retirement Facility (Wesleyan Homes)		5.500			01/01/2049		1,341,301
	785,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		5.875			04/01/2036		921,645
	1,950,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		6.000			04/01/2045		2,289,963
	1,630,000	Newark, TX Cultural Education Facilities Finance Corp. (A.W. Brown Fellowship Charter School)		6.000			08/15/2042		1,683,040
	1,600,000	North Central TX HFC (Village Kaufman Apartments)		6.150	⁴		01/01/2043		1,697,792
	38,000,000	North Central TX HFDC (Children’s Medical Center)⁶		5.750			08/15/2039		44,626,060
	16,000,000	North TX Tollway Authority⁶		5.750			01/01/2048		18,042,880
	5,920,000	North TX Tollway Authority⁶		5.750			01/01/2048		6,675,866
	3,000,000	Red River, TX Health Facilities Devel. Corp. (Happy Harbor Methodist Home)		8.000			11/15/2049		3,539,160
	2,100,000	Sabine Neches, TX HFC (Fox Run Apartments)		6.150			01/01/2043		2,228,352
	1,902,147	Sabine Neches, TX HFC (Single Family Mtg.)⁶		5.430			12/01/2039		2,133,927
	4,100,000	Sabine River, TX Authority Pollution Control (TXU Electric Company)²		6.150			08/01/2022		194,750
	1,800,000	Sabine River, TX Authority Pollution Control (TXU Electric Company)¹		6.450	⁴		06/01/2021		85,500
	10,000,000	San Jacinto, TX Community College District⁶		5.125			02/15/2038		11,170,900
	27,085,000	Sanger, TX Industrial Devel. Corp. (Texas Pellets)		7.500			07/01/2038		29,362,578
	4,890,000	Springhill, TX Courtland Heights Public Facility Corp.		5.850			12/01/2028		4,156,793
	14,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)⁶		5.750			11/15/2024		16,261,280
	34,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)⁶		6.250			11/15/2029		39,491,680
	3,810,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)		5.750			11/15/2037		3,931,844
	13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)⁶		5.000			12/01/2033		15,505,425
	27,525,000	Travis County, TX HFDC (Longhorn Village)		7.125			01/01/2046		30,303,649

45 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Texas (Continued)
	$1,600,000	Travis County, TX HFDC (Querencia Barton Creek)		5.650	%		11/15/2035	$	1,619,376
	2,495,000	Trinity, TX River Authority (TXU Energy Company)²		6.250			05/01/2028		118,513
	20,100,000	Trophy Club, TX Public Improvement (Highlands Trophy Club)		7.750			10/01/2037		21,835,434
	34,600,000	TX Angelina & Neches River Authority (Aspen Power)²		6.500			11/01/2029		13,493,654
	117,755,000	TX Municipal Gas Acquisition & Supply Corp.⁶		6.250			12/15/2026		150,719,710
	1,600,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)		6.250			09/01/2036		1,659,520
	200,000	TX Student Hsg. Corp. (University of North Texas)		6.850			07/01/2031		177,250
	635,000	TX Student Hsg. Corp. (University of North Texas)		6.750			07/01/2021		591,083
	2,095,000	Vintage Township, TX Public Facilities Corp.		7.375			10/01/2038		2,237,313
	4,615,000	Wise County, TX (Parket County Junior College District)		7.750			08/15/2028		5,675,481
	2,920,000	Wise County, TX (Parket County Junior College District)		7.500			08/15/2025		3,553,728

									559,011,124


	Utah—0.6%
	4,915,000	Hideout, UT Local District No. 1 Special Assessment		8.250			08/01/2034		5,015,807
	1,950,000	Hideout, UT Local District No. 1 Special Assessment		7.750			08/01/2024		1,990,852
	1,750,000	UT Charter School Finance Authority (Endeavor Hall)		6.000			07/15/2032		1,833,388
	910,000	UT Charter School Finance Authority (Endeavor Hall)		5.500			07/15/2022		958,849
	3,870,000	UT Charter School Finance Authority (Endeavor Hall)		6.250			07/15/2042		4,072,053
	6,550,000	UT Charter School Finance Authority (Hawthorn Academy)		8.250			07/15/2046		8,284,309
	750,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)		6.300			07/15/2032		832,005
	1,640,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)		6.550			07/15/2042		1,834,553
	1,565,000	UT HFA (RHA Community Service of Utah)		6.875			07/01/2027		1,567,003
	825,000	Utah County, UT Charter School (Renaissance Academy)		5.625			07/15/2037		833,918
	4,400,000	West Valley City, UT Sewer (East Hollywood High School)		5.625			06/15/2037		4,303,860

									31,526,597


	Vermont—0.2%
	460,000	Burlington, VT Electric		5.750			07/01/2031		526,709
	315,000	Burlington, VT Electric		5.625			07/01/2030		359,393
	280,000	Burlington, VT Electric		5.500			07/01/2029		318,489
	1,283,567	VT Educational & Health Buildings Financing Agency (Marlboro College)		2.779			04/01/2019		1,271,539

46 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	Vermont (Continued)
	$6,500,000	VT HFA (Single Family Hsg.)		0.050	%⁴		11/01/2035	$	6,500,000

									8,976,130


	Virginia—1.0%
	1,833,000	Celebrate, VA North CDA Special Assessment¹		6.750			03/01/2034		1,184,026
	5,100,000	Celebrate, VA South CDA Special Assessment²		6.250			03/01/2037		2,805,051
	3,206,000	Farms New Kent, VA Community Devel. Authority Special Assessment¹		5.800			03/01/2036		1,618,164
	9,200,000	Farms New Kent, VA Community Devel. Authority Special Assessment¹		5.450			03/01/2036		4,990,172
	14,300,000	Farms New Kent, VA Community Devel. Authority Special Assessment¹		5.125			03/01/2036		7,775,482
	641,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2044		641,122
	2,052,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2054		102,867
	1,300,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2044		1,088,308
	3,000,000	New Port, VA CDA		5.600			09/01/2036		1,745,580
	2,050,000	Norfolk, VA EDA, Series A		6.000			11/01/2036		1,934,913
	18,986,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation		6.450			09/01/2037		20,510,576
	3,251,000	VA H2O Community Devel. Authority		5.200			09/01/2037		1,858,142
	253,700,000	VA Tobacco Settlement Authority		7.441	³		06/01/2047		5,989,857
	6,000,000	VA Tobacco Settlement Financing Corp.		5.200			06/01/2046		4,522,680
	2,404,674	West Point, VA IDA Solid Waste (Chesapeake Corp.)²		6.375			03/01/2019		24

									56,766,964


	Washington—2.0%
	10,000,000	Barclay’s Capital Muni Trust Receipts Floaters		0.120	⁴		06/01/2039		10,000,000
	750,000	Greater Wenatchee, WA Regional Events Center		5.000			09/01/2027		814,470
	200,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600			03/01/2028		200,084
	10,000	King County, WA Hsg. Authority (Kona Village)		6.700			01/01/2020		10,016
	725,000	King County, WA Hsg. Authority (Southwood Square Apartments)		6.200			10/01/2031		725,674
	100,000	King County, WA Hsg. Authority (Southwood Square Apartments)		6.100			10/01/2021		101,008
	2,815,000	Kitsap County, WA Consolidated Hsg. Authority		5.500			06/01/2027		2,875,325
	1,500,000	Kitsap County, WA Consolidated Hsg. Authority		5.600			06/01/2037		1,526,445
	50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)		6.100			10/01/2031		50,041
	1,915,000	Seattle, WA Hsg. Authority (Newholly Phase II)		7.000			01/01/2032		1,933,729
	1,675,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.600			09/01/2025		1,684,497
	1,250,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.750			09/01/2030		1,256,513
	100,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.100			09/01/2015		100,948

47 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	Washington (Continued)
	$4,274,358	Tacoma, WA Consolidated Local Improvements District No. 65		5.750	%		04/01/2043	$	4,285,129
	12,000,000	Tes Properties, WA⁶		5.625			12/01/2038		13,941,600
	1,500,000	Tes Properties, WA⁶		5.500			12/01/2029		1,741,650
	18,075,000	WA Health Care Facilities Authority (Catholic Health Initiatives)⁶		6.375			10/01/2036		21,358,283
	17,410,000	WA Health Care Facilities Authority (Peacehealth)⁶		5.000			11/01/2028		19,505,990
	15,000,000	WA Health Care Facilities Authority (Seattle Childrens Hospital)⁶		5.625			10/01/2038		18,206,550
	10,860,000	WA Kalispel Tribe Indians Priority District		6.750			01/01/2038		10,722,187

									111,040,139


	West Virginia—0.5%
	4,500,000	Brooke County, WV (Bethany College)		6.750			10/01/2037		5,102,370
	3,000,000	Brooke County, WV (Bethany College)		6.500			10/01/2031		3,378,570
	27,145,000	Harrison County, WV Tax Increment (Charles Pointe)¹		7.000			06/01/2035		13,871,909
	1,840,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000			06/01/2035		1,510,493
	3,045,000	WV Hospital Finance Authority (UTD Health System)		5.500			06/01/2039		3,461,008

									27,324,350


	Wisconsin—0.7%
	3,970,000	Necedah, WI Community Devel. Authority Exempt Facility (Castle Rock Renewable Fuels)¹		7.500			03/01/2018		3,443,697
	1,800,000	Sokaogon, WI Chippewa Community (Gaming)²		8.250			01/01/2017		802,710
	1,750,000	Sokaogon, WI Chippewa Community (Gaming)²		7.000			01/01/2026		780,413
	3,000,000	WI H&EFA (AE Nursing Centers)		7.250			06/01/2038		3,256,110
	2,015,000	WI H&EFA (Beloit College)		6.125			06/01/2039		2,302,964
	750,000	WI H&EFA (Beloit College)		6.125			06/01/2035		862,740
	1,000,000	WI H&EFA (Eastcastle Place)		6.125			12/01/2034		999,880
	6,335,000	WI H&EFA (Wellington Homes)		6.750			09/01/2037		6,810,632
	2,000,000	WI Public Finance Authority (Las Ventanas Retirement Community)		36.095	³		10/01/2042		20
	2,000,000	WI Public Finance Authority (Las Ventanas Retirement Community)		0.210	³		10/01/2042		626,960
	6,657,500	WI Public Finance Authority (Las Ventanas Retirement Community)		7.000			10/01/2042		6,751,038
	660,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)		7.000			07/01/2031		714,443
	845,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		6.000			07/15/2042		920,070
	1,325,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		5.750			07/15/2032		1,440,288
	1,910,000	WI Public Finance Authority Educational Facility (Ask Academy)⁵		6.000			02/01/2045		1,896,802
	5,875,000	WI Public Finance Authority Educational Facility (Horizon Academy West Charter School)		6.000			09/01/2045		6,051,191

									37,659,958

48 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity			Value
	U.S. Possessions—13.6%
	$28,225,000	Northern Mariana Islands Commonwealth, Series B		5.000	%		10/01/2033	��	$	24,876,386
	53,230,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047			37,673,532
	11,450,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2042			7,792,068
	3,325,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038			2,404,474
	7,645,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044			5,441,711
	2,750,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037			1,950,932
	11,980,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033			8,230,260
	152,450,000	Puerto Rico Children’s Trust Fund (TASC)		9.355	³		05/15/2055			4,582,647
	13,000,000	Puerto Rico Commonwealth GO		6.500			07/01/2040			9,498,320
	3,040,000	Puerto Rico Commonwealth GO		6.500			07/01/2040			2,221,146
	9,265,000	Puerto Rico Commonwealth GO		6.000			07/01/2039			6,689,052
	16,700,000	Puerto Rico Commonwealth GO		5.750			07/01/2041			11,763,981
	11,540,000	Puerto Rico Commonwealth GO		5.750			07/01/2036			8,244,522
	2,625,000	Puerto Rico Commonwealth GO		6.000			07/01/2035			1,914,727
	19,550,000	Puerto Rico Commonwealth GO		6.500			07/01/2037			14,405,808
	8,845,000	Puerto Rico Commonwealth GO		5.500			07/01/2026			6,558,567
	1,500,000	Puerto Rico Commonwealth GO		5.000			07/01/2024			1,112,460
	39,600,000	Puerto Rico Commonwealth GO		8.000			07/01/2035			33,189,552
	3,255,000	Puerto Rico Commonwealth GO		5.500			07/01/2026			2,413,582
	98,660,000	Puerto Rico Commonwealth GO		5.500			07/01/2039			68,635,789
	1,545,000	Puerto Rico Commonwealth GO		5.000			07/01/2041			1,034,377
	5,000,000	Puerto Rico Commonwealth GO		5.000			07/01/2033			3,452,950
	1,870,000	Puerto Rico Commonwealth GO		5.250			07/01/2026			1,372,580
	2,250,000	Puerto Rico Commonwealth GO		6.000			07/01/2039			1,624,432
	2,145,000	Puerto Rico Commonwealth GO		2.664			07/01/2019			2,048,925
	285,000	Puerto Rico Commonwealth GO		2.684			07/01/2020			270,055
	2,165,000	Puerto Rico Commonwealth GO		5.250			07/01/2037			1,487,355
	7,750,000	Puerto Rico Electric Power Authority, Series A⁷		7.000			07/01/2043			3,979,237
	5,500,000	Puerto Rico Electric Power Authority, Series A⁷		5.000			07/01/2042			2,825,790
	18,635,000	Puerto Rico Electric Power Authority, Series A⁷		6.750			07/01/2036			9,568,886
	100,000	Puerto Rico Electric Power Authority, Series A⁷		7.000			07/01/2040			51,343
	5,295,000	Puerto Rico Electric Power Authority, Series A⁷		7.000			07/01/2033			2,718,506
	9,125,000	Puerto Rico Electric Power Authority, Series A⁷		5.050			07/01/2042			4,688,243
	2,745,000	Puerto Rico Electric Power Authority, Series A⁷		5.000			07/01/2029			1,409,805
	30,000	Puerto Rico Electric Power Authority, Series AAA⁷		5.250			07/01/2028			15,406
	40,000	Puerto Rico Electric Power Authority, Series AAA		5.250			07/01/2021			20,528
	40,000	Puerto Rico Electric Power Authority, Series AAA⁷		5.250			07/01/2022			20,530
	10,000	Puerto Rico Electric Power Authority, Series AAA⁷		5.250			07/01/2023			5,133
	4,570,000	Puerto Rico Electric Power Authority, Series AAA⁷		5.250			07/01/2026			2,346,375
	95,000	Puerto Rico Electric Power Authority, Series AAA⁷		5.250			07/01/2030			48,789
	250,000	Puerto Rico Electric Power Authority, Series AAA⁷		5.250			07/01/2029			128,385
	140,000	Puerto Rico Electric Power Authority, Series CCC⁷		5.250			07/01/2028			71,893
	2,475,000	Puerto Rico Electric Power Authority, Series CCC⁷		5.250			07/01/2027			1,270,888

49 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$30,000	Puerto Rico Electric Power Authority, Series CCC⁷		5.000	%		07/01/2028	$	15,407
	40,000	Puerto Rico Electric Power Authority, Series CCC		5.000			07/01/2027		20,540
	35,000	Puerto Rico Electric Power Authority, Series CCC		5.000			07/01/2024		17,968
	20,000	Puerto Rico Electric Power Authority, Series CCC⁷		5.000			07/01/2025		10,268
	185,000	Puerto Rico Electric Power Authority, Series DDD⁷		5.000			07/01/2022		94,955
	15,000	Puerto Rico Electric Power Authority, Series NN		5.500			07/01/2020		7,722
	1,015,000	Puerto Rico Electric Power Authority, Series TT⁷		5.000			07/01/2027		521,213
	895,000	Puerto Rico Electric Power Authority, Series TT⁷		5.000			07/01/2026		459,556
	5,560,000	Puerto Rico Electric Power Authority, Series TT⁷		5.000			07/01/2037		2,856,561
	6,620,000	Puerto Rico Electric Power Authority, Series TT⁷		5.000			07/01/2032		3,400,297
	210,000	Puerto Rico Electric Power Authority, Series TT⁷		5.000			07/01/2022		107,787
	15,000	Puerto Rico Electric Power Authority, Series TT		5.000			07/01/2024		7,701
	5,000	Puerto Rico Electric Power Authority, Series TT		5.000			07/01/2020		2,575
	10,000	Puerto Rico Electric Power Authority, Series TT⁷		5.000			07/01/2025		5,134
	20,000	Puerto Rico Electric Power Authority, Series TT		5.000			07/01/2018		10,454
	170,000	Puerto Rico Electric Power Authority, Series TT⁷		5.000			07/01/2017		90,873
	90,000	Puerto Rico Electric Power Authority, Series WW⁷		5.000			07/01/2028		46,220
	135,000	Puerto Rico Electric Power Authority, Series WW⁷		5.250			07/01/2033		69,343
	185,000	Puerto Rico Electric Power Authority, Series WW⁷		5.250			07/01/2025		94,981
	390,000	Puerto Rico Electric Power Authority, Series WW⁷		5.375			07/01/2024		200,199
	60,000	Puerto Rico Electric Power Authority, Series WW⁷		5.500			07/01/2021		30,792
	395,000	Puerto Rico Electric Power Authority, Series WW⁷		5.500			07/01/2038		202,900
	85,000	Puerto Rico Electric Power Authority, Series WW⁷		5.375			07/01/2022		43,625
	17,970,000	Puerto Rico Electric Power Authority, Series XX⁷		5.750			07/01/2036		9,229,572
	38,050,000	Puerto Rico Electric Power Authority, Series XX⁷		5.250			07/01/2040		19,548,187
	2,070,000	Puerto Rico Electric Power Authority, Series XX⁷		5.250			07/01/2035		1,063,338
	165,000	Puerto Rico Electric Power Authority, Series XX⁷		5.250			07/01/2027		84,726
	10,000	Puerto Rico Electric Power Authority, Series XX		5.250			07/01/2026		5,134
	20,000	Puerto Rico Electric Power Authority, Series ZZ⁷		5.000			07/01/2018		10,454
	150,000	Puerto Rico Electric Power Authority, Series ZZ⁷		5.250			07/01/2025		77,012
	50,000	Puerto Rico Electric Power Authority, Series ZZ⁷		5.250			07/01/2026		25,672
	10,000	Puerto Rico Electric Power Authority, Series ZZ		5.000			07/01/2026		5,135
	820,000	Puerto Rico Electric Power Authority, Series ZZ⁷		5.000			07/01/2017		438,331
	515,000	Puerto Rico Electric Power Authority, Series ZZ⁷		5.250			07/01/2018		269,129
	850,000	Puerto Rico Electric Power Authority, Series ZZ⁷		5.000			07/01/2022		436,279
	95,000	Puerto Rico Electric Power Authority, Series ZZ		5.000			07/01/2021		48,756
	60,000	Puerto Rico Electric Power Authority, Series ZZ⁷		5.250			07/01/2024		30,802
	50,000	Puerto Rico Electric Power Authority, Series ZZ⁷		5.250			07/01/2022		25,663
	190,000	Puerto Rico Electric Power Authority, Series ZZ		4.625			07/01/2025		97,552
	25,000	Puerto Rico Electric Power Authority, Series ZZ		5.250			07/01/2021		12,830
	215,000	Puerto Rico Electric Power Authority, Series ZZ		5.000			07/01/2024		110,375
	1,115,000	Puerto Rico Highway & Transportation Authority		5.000			07/01/2028		580,982
	6,940,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2019		5,421,181
	6,415,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		4,673,135
	350,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2021		271,792
	150,000	Puerto Rico Highway & Transportation Authority		3.112			07/01/2027		123,255
	215,000	Puerto Rico Highway & Transportation Authority		5.000			07/01/2023		150,169
	9,000,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2022		6,435,180

50 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$605,000	Puerto Rico Highway & Transportation Authority, Series H		5.450	%		07/01/2035	$	313,928
	5,000,000	Puerto Rico Infrastructure		5.000			07/01/2031		3,169,600
	3,000,000	Puerto Rico Infrastructure		5.000			07/01/2037		1,901,520
	3,000,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		1,809,570
	15,000,000	Puerto Rico Infrastructure Financing Authority		6.140	³		07/01/2034		4,066,950
	500,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		489,860
	4,050,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)		6.000			07/01/2033		4,452,732
	8,825,000	Puerto Rico Public Buildings Authority		6.000			07/01/2041		6,216,595
	7,000,000	Puerto Rico Public Buildings Authority		5.875			07/01/2039		4,904,970
	260,000	Puerto Rico Public Buildings Authority		5.500			07/01/2023		193,604
	1,520,000	Puerto Rico Public Buildings Authority		5.000			07/01/2036		1,025,164
	75,505,000	Puerto Rico Public Buildings Authority		5.250			07/01/2042		50,737,850
	3,870,000	Puerto Rico Public Buildings Authority		5.000			07/01/2032		2,652,924
	5,100,000	Puerto Rico Public Buildings Authority		6.250			07/01/2026		3,823,623
	12,000,000	Puerto Rico Public Buildings Authority		6.125			07/01/2023		9,059,760
	1,640,000	Puerto Rico Public Buildings Authority		5.250			07/01/2033		1,136,618
	12,095,000	Puerto Rico Public Buildings Authority		5.750			07/01/2022		9,119,267
	13,840,000	Puerto Rico Public Buildings Authority		5.625			07/01/2039		9,596,241
	4,980,000	Puerto Rico Public Buildings Authority		6.750			07/01/2036		3,677,431
	1,515,000	Puerto Rico Public Buildings Authority, Series D		5.250			07/01/2036		1,038,729
	37,020,000	Puerto Rico Public Finance Corp., Series B		5.500			08/01/2031		19,507,689
	40,625,000	Puerto Rico Sales Tax Financing Corp.		5.250			08/01/2057		30,084,031
	27,765,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2042		19,522,960
	6,250,000	Puerto Rico Sales Tax Financing Corp., Series A		5.375			08/01/2039		4,399,813
	1,510,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2037		1,088,876
	37,060,000	Puerto Rico Sales Tax Financing Corp., Series A		8.694	³		08/01/2035		6,510,330
	2,040,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2028		1,618,536
	5,995,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2043		3,901,546
	35,000,000	Puerto Rico Sales Tax Financing Corp., Series A		0.000	¹¹		08/01/2033		19,959,800
	1,630,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2024		1,330,993
	38,835,000	Puerto Rico Sales Tax Financing Corp., Series A		5.750			08/01/2037		28,990,716
	11,455,000	Puerto Rico Sales Tax Financing Corp., Series A		5.250			08/01/2027		9,043,952
	7,945,000	Puerto Rico Sales Tax Financing Corp., Series A		7.890	³		08/01/2034		1,409,920
	3,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.375			08/01/2039		2,338,710
	53,275,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		41,235,916
	13,525,000	Puerto Rico Sales Tax Financing Corp., Series A-1		5.250			08/01/2043		9,119,231
	44,865,000	Puerto Rico Sales Tax Financing Corp., Series C		5.250			08/01/2041		30,912,882
	135,000	Puerto Rico Sales Tax Financing Corp., Series C		5.000			08/01/2046		98,766
	51,775,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2042		38,542,863
	5,000,000	Puerto Rico Sales Tax Financing Corp., Series C		0.000	¹¹		08/01/2032		3,819,950
	300,000	Puerto Rico Sales Tax Financing Corp., Series C		5.000			08/01/2035		207,840
	5,000,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2039		3,763,700
	1,470,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375			08/01/2038		1,040,745

51 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$5,000,000	University of Puerto Rico, Series P		5.000	%		06/01/2030	$	2,984,550

									758,372,890

	Total Municipal Bonds and Notes (Cost $7,267,756,762)								6,248,249,565

Shares
	Common Stocks—0.0%
	7,679	Delta Air Lines, Inc.^12,13							363,294
	4,927	General Motors Co.^12,13							160,719
	15,021	Motors Liquidation Co. GUC Trust^12,13							246,344

	Total Common Stocks (Cost $54,137)								770,357

Units			Strike Price			Expiration
	Rights, Warrants and Certificates—0.0%
	4,479	General Motors Co. Wts.^12,13	$	22.960			07/10/2016		102,838
	4,479	General Motors Co. Wts.^12,13		15.500			07/10/2019		69,424

	Total Rights, Warrants and Certificates (Cost $—)								172,262

Principal Amount			Coupon			Maturity
	Corporate Loans—0.3%
	$ 6,000,000	Aspen Power Senior Secured Bridge Promissory Note¹³		9.000	%⁴		11/16/2015		6,000,000
	3,500,000	Aspen Power Senior Secured Bridge Promissory Note¹³		9.000	⁴		11/16/2015		3,500,000
	7,000,000	Aspen Power Senior Secured Bridge Promissory Note¹³		9.000	⁴		11/16/2015		7,000,000

	Total Corporate Loans (Cost $16,500,000)								16,500,000


	Total Investments, at Value (Cost $7,284,310,899)—112.6%								6,265,692,184
	Net Other Assets (Liabilities)—(12.6)								(699,165,407	)

	Net Assets—100.0%							$	5,566,526,777

Footnotes to Statement of Investments

*January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

1. 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.

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 4 of the accompanying Notes.

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

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

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after January 30, 2015. See Note 4 of the accompanying Notes.

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 4 of the accompanying Notes.

7. Subject to a forbearance agreement. Rate shown is the original contractual interest rate. See Note 4 of the accompanying Notes.

8. Restricted security. The aggregate value of restricted securities as of January 30, 2015 was $42,478,874, which represents 0.76% of the Fund’s net assets. See Note 4 of the accompanying Notes. Information concerning restricted securities is as follows:

52 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Footnotes to Statement of Investments (Continued)


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation
NY Liberty Devel. Corp. (Bank of America Tower)		7/23/10 - 3/4/11	$	37,380,000	$	42,478,874	$	5,098,874

9. Represents the current interest rate for the inverse floating rate security. See Note 4 of the accompanying Notes.

10. Interest or dividend is paid-in-kind, when applicable.

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

12. Non-income producing security.

13. Received as a result of a corporate action

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
AH&HC		Advocate Health & Hospitals Corp.
AHACHC		ARC/HDS Alamance Country Housing Corp.
AHCN		Advocate Health Care Metro
AHSGA		Adventist Health System-Georgia
ANSHN		Advocate of North Side Health Network
BHI		Baptist Homes of Indiana
BVHF		Blanchard Valley Health Foundation
BVRHC		Blanchard Valley Regional Health Care
CAB		Capital Appreciation Bond
CCC		Continuing Care Center
CCHCS		Cook Children’s Health Care System
CCMCtr		Cook Children’s Medical Center
CCPN		Cook Children;s Physical Network
CDA		Communities Devel. Authority
CDHA		Central Dupage Hospital Association
CDHS		Central Dupage Health System
CMCD		Children’s Medical Center of Dallas
CMCtrF		Children’s Medical Center Foundation
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.
ECHNS		Eastern Connecticut Health Network System
EDA		Economic Devel. Authority
EDFA		Economic Devel. Finance Authority
EF&CD		Environmental Facilities and Community Devel.
FCommH		Fayette Community Hospital
GO		General Obligation
H&EFA		Health and Educational Facilities Authority
H&HEFA		Hospitals and Higher Education Facilities Authority
HDC		Housing Devel. Corp.
HE&HFA		Higher Education and Health Facilities Authority
HE&HFB		Higher Educational and Housing Facility Board
HEFA		Higher Education Facilities Authority
HFC		Housing Finance Corp.

53 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Abbreviations (Continued)


HFDC		Health Facilities Devel. Corp.
HHlthS		Holzer Health Systems
HMCG		Holzer Medical Center-Gallipolis
HMCJ		Holzer Medical Center-Jackson
IDA		Industrial Devel. Agency
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK		John Fitzgerald Kennedy
KGC		Kuakini Geriatric Care
KHS		Kaukini Health System
KMC		Kuakini Medical Center
KSS		Kuakini Support Services
LIFERS		Long Inverse Floating Exempt Receipts
MA		Mercy Alliance
MMH		McKenna Memorial Hospital
MTA		Metropolitan Transportation Authority
NH		Northgate Housing
NTH		North Terrace Housing
NY/NJ		New York/New Jersey
NYC		New York City
NYS		New York State
OH		Oakwood Healthcare
PClinic		Piedmont Clinic
PHC		Piedmont Healthcare
PHHosp		Piedmont Henty Hospital
PHI		Piedmont Heart Institute
PHIP		Piedmont Heart Institute Physicians
PHlthCF		Piedmont Healthcare Foundation
PHosp		Piedmont Hospital
PMCC		Piedmont Medical Care Corp.
PMSH		Piedmont Mountainside Hospital
PNH		Piedmont Newnan Hospital
RCF		Rush-Copley Foundation
RCMC		Rush-Copley Medical Center
Res Rec		Resource Recovery Facility
RGH		Rockville General Hospital
RHA		Resource Healthcare of America
RITES		Residual Interest Tax Exempt Security
ROLs		Reset Option Longs
RUMC		Rush University Medical Center
SJHCN		St. Joseph Home Care Network
SJHE		St. Joseph Hospital of Eureka
SJHO		St. Joseph Hospital of Orange
SJHS		St. Joseph Health System
SPEARS		Short Puttable Exempt Adjustable Receipts
TASC		Tobacco Settlement Asset-Backed Bonds
TFABs		Tobacco Flexible Amortization Bonds
TYW		The YMCA of Wichita
UC		United Care
UHHS		University Hospitals Health System
VH		Village Housing
VOA		Volunteers of America
WICF		W.I. Cook Foundation

See accompanying Notes to Financial Statements.

54 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES January 30, 2015¹ Unaudited


Assets
Investments at value (cost $7,284,310,899)—see accompanying statement of investments	$	6,265,692,184
Cash		10,390,067
Receivables and other assets:
Interest		80,031,885
Shares of beneficial interest sold		14,507,781
Investments sold (including $1,506,275 sold on a when-issued or delayed delivery basis)		10,883,755
Other		843,634

Total assets		6,382,349,306

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		770,895,000
Investments purchased (including $1,896,802 purchased on a when-issued or delayed delivery basis)		30,113,060
Shares of beneficial interest redeemed		7,987,009
Dividends		5,187,554
Trustees’ compensation		731,169
Distribution and service plan fees		628,228
Shareholder communications		27,590
Other		252,919

Total liabilities		815,822,529

Net Assets	$	5,566,526,777


Composition of Net Assets
Paid-in capital	$	8,965,905,583
Accumulated net investment income		71,208,982
Accumulated net realized loss on investments		(2,451,969,073)
Net unrealized depreciation on investments		(1,018,618,715)

Net Assets	$	5,566,526,777

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

55 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued


Net Asset Value Per Share

Class A Shares:

Net asset value and redemption price per share (based on net assets of $3,378,910,965 and 463,978,342 shares of beneficial interest outstanding)	$	7.28

Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	7.64

Class B Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $68,451,285 and 9,358,188 shares of beneficial interest outstanding)	$	7.31

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,387,274,297 and 191,152,368 shares of beneficial interest outstanding)	$	7.26

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $731,890,230 and 100,602,679 shares of beneficial interest outstanding)	$	7.28

See accompanying Notes to Financial Statements.

56 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT

OF OPERATIONS For the Six Months Ended January 30, 2015¹ Unaudited


Investment Income
Interest	$	215,371,163
Dividends		5,389

Total investment income		215,376,552

Expenses
Management fees		10,258,267
Distribution and service plan fees:
Class A		2,472,296
Class B		333,285
Class C		6,178,359
Transfer and shareholder servicing agent fees:
Class A		1,668,582
Class B		37,045
Class C		686,666
Class Y		339,521
Shareholder communications:
Class A		23,557
Class B		1,612
Class C		12,728
Class Y		3,258
Interest expense and fees on short-term floating rate notes issued (See Note 4)		4,747,244
Legal, auditing and other professional fees		2,895,519
Borrowing fees		1,966,717
Trustees’ compensation		42,521
Custodian fees and expenses		27,518
Interest expense on borrowings		58
Other		838,551

Total expenses		32,533,304
Net Investment Income		182,843,248
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(64,330,081)
Net change in unrealized appreciation/depreciation on investments		261,729,765
Net Increase in Net Assets Resulting from Operations	$	380,242,932

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

57 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014
Operations
Net investment income	$	182,843,248	$	381,267,912
Net realized loss		(64,330,081)		(4,795,521)
Net change in unrealized appreciation/depreciation		261,729,765		99,151,615

Net increase in net assets resulting from operations		380,242,932		475,624,006

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(110,717,759)		(250,693,322)
Class B		(2,164,944)		(5,771,650)
Class C		(40,574,703)		(86,591,025)
Class Y		(23,082,014)		(36,840,501)

		(176,539,420)		(379,896,498)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(6,314,025)		(490,548,695)
Class B		(11,673,322)		(31,751,567)
Class C		24,446,775		(174,369,616)
Class Y		144,216,083		80,952,069

		150,675,511		(615,717,809)

Net Assets
Total increase (decrease)		354,379,023		(519,990,301)
Beginning of period		5,212,147,754		5,732,138,055


End of period (including accumulated net investment income of $71,208,982 and $64,905,154, respectively)	$	5,566,526,777	$	5,212,147,754

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

58 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT

OF CASH FLOWS For the Six Months Ended January 30, 2015¹ Unaudited


Cash Flows from Operating Activities
Net increase in net assets from operations	$	380,242,932
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(634,057,776)
Proceeds from disposition of investment securities		555,167,374
Short-term investment securities, net		5,467,790
Premium amortization		7,595,498
Discount accretion		(38,957,116)
Net realized loss on investments		64,330,081
Net change in unrealized appreciation/depreciation on investments		(261,729,765)
Change in assets:
Decrease in other assets		954,878
Increase in interest receivable		(164,318)
Decrease in receivable for securities sold		7,135,149
Change in liabilities:
Decrease in other liabilities		(93,964)
Increase in payable for securities purchased		15,098,060

Net cash provided by operating activities		100,988,823

Cash Flows from Financing Activities
Proceeds from borrowings		3,400,000
Payments on borrowings		(24,700,000)
Payments on short-term floating rate notes issued		(33,475,000)
Proceeds from shares sold		675,926,164
Payments on shares redeemed		(677,404,406)
Cash distributions paid		(35,423,969)

Net cash used in financing activities		(91,677,211)
Net increase in cash		9,311,612
Cash, beginning balance		1,078,455
Cash, ending balance	$	10,390,067

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $143,538,562.

Cash paid for interest on borrowings—$3,404.

Cash paid for interest on short-term floating rate notes issued—$4,747,244.

1. January 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

59 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIALHIGHLIGHTS


Class A	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011¹		Year Ended July 30, 2010¹
Per Share Operating Data
Net asset value, beginning of period	$	7.01	$	6.87	$	7.50	$	6.92	$	7.17	$	5.90

Income (loss) from investment operations:
Net investment income²		0.25		0.50		0.51		0.50		0.55		0.57
Net realized and unrealized gain (loss)		0.26		0.13		(0.65)		0.60		(0.25)		1.25

Total from investment operations		0.51		0.63		(0.14)		1.10		0.30		1.82

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.24)		(0.49)		(0.49)		(0.52)		(0.55)		(0.55)

Net asset value, end of period	$	7.28	$	7.01	$	6.87	$	7.50	$	6.92	$	7.17


Total Return, at Net Asset Value³		7.39%		9.63%		(2.19)%		16.63%		4.65%		31.39%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,378,911	$	3,260,438	$	3,688,901	$	4,463,156	$	3,969,090	$	4,651,798

Average net assets (in thousands)	$	3,292,468	$	3,477,994	$	4,450,000	$	4,001,353	$	4,149,509	$	4,393,199

Ratios to average net assets:⁴
Net investment income		6.91%		7.24%		6.69%		7.00%		8.07%		8.04%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.77%		0.71%		0.73%		0.64%		0.64%		0.59%
Interest and fees from borrowings		0.07%		0.09%		0.10%		0.12%		0.11%		0.27%
Interest and fees on short-term floating rate notes issued⁵		0.17%		0.25%		0.25%		0.31%		0.35%		0.39%

Total expenses		1.01%		1.05%		1.08%		1.07%		1.10%		1.25%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		1.05%		1.08%		1.07%		1.10%		1.25%

Portfolio turnover rate		9%		16%		18%		11%		18%		16%

60 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate securities.

See accompanying Notes to Financial Statements.

61 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class B	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011¹		Year Ended July 30, 2010¹
Per Share Operating Data
Net asset value, beginning of period	$	7.04	$	6.89	$	7.53	$	6.94	$	7.19	$	5.92

Income (loss) from investment operations:
Net investment income²		0.22		0.45		0.45		0.44		0.50		0.51
Net realized and unrealized gain (loss)		0.27		0.14		(0.66)		0.61		(0.26)		1.25

Total from investment operations		0.49		0.59		(0.21)		1.05		0.24		1.76

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.44)		(0.43)		(0.46)		(0.49)		(0.49)

Net asset value, end of period	$	7.31	$	7.04	$	6.89	$	7.53	$	6.94	$	7.19


Total Return, at Net Asset Value³		6.95%		8.89%		(3.12)%		15.76%		3.75%		30.18%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	68,451	$	77,369	$	107,602	$	161,197	$	162,309	$	226,466

Average net assets (in thousands)	$	73,061	$	90,234	$	142,525	$	156,216	$	186,637	$	237,875

Ratios to average net assets:⁴
Net investment income		6.15%		6.49%		5.86%		6.17%		7.21%		7.23%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.53%		1.49%		1.56%		1.48%		1.49%		1.46%
Interest and fees from borrowings		0.07%		0.09%		0.10%		0.12%		0.11%		0.27%
Interest and fees on short-term floating rate notes issued⁵		0.17%		0.25%		0.25%		0.31%		0.35%		0.39%

Total expenses		1.77%		1.83%		1.91%		1.91%		1.95%		2.12%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%		1.83%		1.91%		1.91%		1.95%		2.12%

Portfolio turnover rate		9%		16%		18%		11%		18%		16%

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate securities.

See accompanying Notes to Financial Statements.

62 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Class C	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011¹		Year Ended July 30, 2010¹
Per Share Operating Data
Net asset value, beginning of period	$	6.99	$	6.85	$	7.48	$	6.90	$	7.15	$	5.89

Income (loss) from investment operations:
Net investment income²		0.22		0.44		0.45		0.44		0.50		0.51
Net realized and unrealized gain (loss)		0.27		0.14		(0.65)		0.61		(0.25)		1.25

Total from investment operations		0.49		0.58		(0.20)		1.05		0.25		1.76

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.44)		(0.43)		(0.47)		(0.50)		(0.50)

Net asset value, end of period	$	7.26	$	6.99	$	6.85	$	7.48	$	6.90	$	7.15


Total Return, at Net Asset Value³		7.01%		8.84%		(2.94)%		15.80%		3.86%		30.27%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,387,274	$	1,311,700	$	1,463,567	$	1,691,778	$	1,479,323	$	1,725,341

Average net assets (in thousands)	$	1,355,122	$	1,337,849	$	1,735,006	$	1,533,562	$	1,545,519	$	1,617,761

Ratios to average net assets:⁴
Net investment income		6.14%		6.49%		5.92%		6.23%		7.30%		7.26%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.53%		1.47%		1.50%		1.41%		1.41%		1.37%
Interest and fees from borrowings		0.07%		0.09%		0.10%		0.12%		0.11%		0.27%
Interest and fees on short-term floating rate notes issued⁵		0.17%		0.25%		0.25%		0.31%		0.35%		0.39%

Total expenses		1.77%		1.81%		1.85%		1.84%		1.87%		2.03%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%		1.81%		1.85%		1.84%		1.87%		2.03%

Portfolio turnover rate		9%		16%		18%		11%		18%		16%

63 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

1. January 30, 2015, July 29, 2011 and July 30, 2010 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate securities.

See accompanying Notes to Financial Statements.

64 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Class Y	Six Months Ended January 30, 2015¹ (Unaudited)		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Period Ended July 29, 2011^1,2
Per Share Operating Data
Net asset value, beginning of period	$	7.00	$	6.86	$	7.50	$	6.91	$	6.90

Income (loss) from investment operations:
Net investment income³		0.25		0.50		0.52		0.50		0.36
Net realized and unrealized gain (loss)		0.28		0.14		(0.66)		0.62		0.02

Total from investment operations		0.53		0.64		(0.14)		1.12		0.38

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.25)		(0.50)		(0.50)		(0.53)		(0.37)

Net asset value, end of period	$	7.28	$	7.00	$	6.86	$	7.50	$	6.91


Total Return, at Net Asset Value⁴		7.47%		9.96%		(2.19)%		16.97%		6.00%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	731,890	$	562,641	$	472,068	$	517,080	$	172,676

Average net assets (in thousands)	$	670,817	$	501,364	$	572,611	$	344,746	$	62,327

Ratios to average net assets:⁵
Net investment income		7.03%		7.36%		6.83%		7.05%		8.02%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.62%		0.56%		0.59%		0.49%		0.48%
Interest and fees from borrowings		0.07%		0.09%		0.10%		0.12%		0.12%
Interest and fees on short-term floating rate notes issued⁶		0.17%		0.25%		0.25%		0.31%		0.35%

Total expenses		0.86%		0.90%		0.94%		0.92%		0.95%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86%		0.90%		0.94%		0.92%		0.95%

Portfolio turnover rate		9%		16%		18%		11%		18%

1. January 30, 2015 and July 29, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

2. For the period from November 29, 2010 (inception of offering) to July 29, 2011.

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

5. Annualized for periods less than one full year.

6. Interest and fee expense related to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate securities.

See accompanying Notes to Financial Statements.

65 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS January 30, 2015 Unaudited

1. Organization

Oppenheimer Rochester High-Yield Municipal Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

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

2. Significant Accounting Policies

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

66 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

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

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.

67 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

During the fiscal year ended July 31, 2014, did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended July 31, 2014 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2016	$	81,480,187
2017		566,789,505
2018		915,944,693
2019		35,463,515
No expiration		812,830,326

Total	$	2,412,508,226

As of January 30, 2015, it is estimated that the capital loss carryforwards would be $1,599,677,900 expiring by 2018 and $812,830,326 which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended January 30, 2015, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	6,444,382,291 ¹


Gross unrealized appreciation	$	577,984,558
Gross unrealized depreciation		(1,622,613,962)

Net unrealized depreciation	$	(1,044,629,404)

1. The Federal tax cost of securities does not include cost of $865,939,297, 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 in Note 4.

68 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Securities Valuation

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:

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.

69 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

“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.

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.

70 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

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

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

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 January 30, 2015 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	$	—	$	205,421,706	$	—	$	205,421,706
Alaska		—		14,839,355		—		14,839,355
Arizona		—		82,771,800		1,061,328		83,833,128
Arkansas		—		5,630,000		3,169,950		8,799,950
California		—		796,201,114		20		796,201,134
Colorado		—		211,540,071		5,261,422		216,801,493
Connecticut		—		4,004,404		—		4,004,404
Delaware		—		7,247,970		—		7,247,970
District of Columbia		—		103,996,626		—		103,996,626
Florida		—		617,032,834		6,994,163		624,026,997
Georgia		—		83,061,333		—		83,061,333
Hawaii		—		7,715,481		—		7,715,481
Idaho		—		3,162,705		—		3,162,705
Illinois		—		389,675,624		14,614,231		404,289,855
Indiana		—		56,637,439		—		56,637,439

71 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
Iowa	$	—	$	46,965,212	$	—	$	46,965,212
Kansas		—		2,712,480		—		2,712,480
Kentucky		—		20,441,544		—		20,441,544
Louisiana		—		18,179,873		—		18,179,873
Maine		—		19,453,270		—		19,453,270
Maryland		—		819,427		—		819,427
Massachusetts		—		74,266,399		34,233		74,300,632
Michigan		—		185,144,737		—		185,144,737
Minnesota		—		36,194,027		—		36,194,027
Mississippi		—		12,053,002		—		12,053,002
Missouri		—		76,888,750		—		76,888,750
Montana		—		7,347,279		—		7,347,279
Nebraska		—		33,111,344		—		33,111,344
Nevada		—		41,791,220		—		41,791,220
New Hampshire		—		6,280,997		—		6,280,997
New Jersey		—		337,209,152		—		337,209,152
New Mexico		—		12,705,217		—		12,705,217
New York		—		465,110,792		—		465,110,792
North Carolina		—		3,439,795		—		3,439,795
North Dakota		—		2,516,039		—		2,516,039
Ohio		—		457,614,670		503,531		458,118,201
Oklahoma		—		8,181,323		—		8,181,323
Oregon		—		2,725,507		—		2,725,507
Pennsylvania		—		48,928,558		—		48,928,558
Rhode Island		—		71,416,829		—		71,416,829
South Carolina		—		10,076,202		14,260,961		24,337,163
South Dakota		—		1,434,562		—		1,434,562
Tennessee		—		16,590,913		3,133,992		19,724,905
Texas		—		545,517,358		13,493,766		559,011,124
U.S. Possessions		—		758,372,890		—		758,372,890
Utah		—		31,526,597		—		31,526,597
Vermont		—		8,976,130		—		8,976,130
Virginia		—		56,766,940		24		56,766,964
Washington		—		111,040,139		—		111,040,139
West Virginia		—		27,324,350		—		27,324,350
Wisconsin		—		37,659,938		20		37,659,958
Common Stocks		770,357		—		—		770,357
Rights, Warrants and Certificates		172,262		—		—		172,262
Corporate Loans		—		16,500,000		—		16,500,000

Total Assets	$	942,619	$	6,202,221,924	$	62,527,641	$	6,265,692,184

72 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

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


	Transfers out of Level 2*		Transfers into Level 3*
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Florida	$	1,290,855	$	1,290,855
Total Assets	$	1,290,855	$	1,290,855

* Transferred from Level 2 to Level 3 because of the lack of observable market data.

4. Investments and Risks

73 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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 typically has 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. Through the exercise of this right, the Fund can voluntarily terminate or “collapse” the 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.

74 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

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) 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.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a Trust, the transaction is considered a secured

75 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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 January 30, 2015, municipal bond holdings with a value of $1,340,968,373 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $770,895,000 in short-term floating rate securities issued and outstanding at that date.

At January 30, 2015, 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
	$ 2,490,000	Allen County, OH Hospital Facilities (Catholic Healthcare Partners) LIFERS		18.251	%		6/1/38	$	3,852,926
	1,335,000	CA GO ROLs³		11.979			12/1/36		1,378,254
	77,555,000	CA Golden State Tobacco Securitization Corp. ROLs³		6.743			6/1/47		62,753,628
	3,750,000	CA Health Facilities Financing Authority (SJHS/SJHCN Obligated Group) ROLs		21.353			7/1/39		6,388,950
	5,550,000	CA Health Facilities Financing Authority ROLs³		8.087			11/15/42		6,344,149
	3,855,000	CA Health Facilities Financing Authority ROLs³		17.998			7/1/39		6,567,841
	5,000,000	CA Infrastructure and Economic Devel. (Sanford Consortium) RITES		8.042			5/15/40		6,252,700
	2,615,000	Cerritos, CA Community College District DRIVERS		16.060			8/1/33		4,699,364
	16,250,000	Chicago, IL GO ROLs³		8.355			1/1/33		17,475,900
	7,175,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System) LIFERS		9.429			1/1/44		9,393,940
	2,525,000	Detroit, MI City School District ROLs³		18.447			5/1/29		4,745,788
	2,500,000	District of Columbia GO ROLs³		7.950			4/1/35		3,167,750
	4,675,000	Douglas County, NE Hospital Authority ROLs³		19.204			11/1/48		7,427,032
	680,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/PMSH/PNH/PMCC/PClinic/PHlthCF/PHI/PHIP/PHHosp Obligated Group) ROLs		16.340			6/15/29		1,045,928
	3,465,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/PMSH/PNH/PMCC/PClinic/PHlthCF/PHI/PHIP/PHHosp Obligated Group) ROLs		16.160			6/15/37		5,202,247
	7,280,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/PMSH/PNH/PMCC/PClinic/PHlthCF/PHI/PHIP/PHHosp Obligated Group) ROLs		15.410			6/15/29		10,965,937
	2,875,000	Geisinger, PA Authority (Geisinger Health System) ROLs		16.310			6/1/39		4,470,970
	5,000,000	Grand Parkway, TX Transportation Corp. ROLs³		8.140			4/1/53		6,272,200
	11,750,000	Highlands County, FL Health Facilities Authority ROLs³		8.390			11/15/36		13,536,235
	1,250,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.740			4/1/44		1,948,700

76 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)


Principal Amount		Inverse Floater¹	Coupon Rate²			Maturity Date		Value
	$ 2,500,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.740	%		4/1/44	$	3,809,100
	2,200,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.740			4/1/44		3,352,008
	5,000,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		17.180			4/1/44		7,794,800
	4,345,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.740			4/1/44		6,619,521
	2,750,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.740			4/1/44		4,190,010
	1,250,000	IL Finance Authority (CDHS/CDHA Obligated Group) ROLs		16.740			11/1/39		2,021,100
	3,125,000	IL Finance Authority (CDHS/CDHA Obligated Group) ROLs		17.180			11/1/39		5,179,000
	3,500,000	KY EDFA (Baptist Healthcare System) ROLs³		15.825			8/15/24		5,177,900
	7,985,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) ROLs		16.650			5/15/30		11,922,244
	1,250,000	Los Angeles, CA Dept. of Water & Power ROLs		15.440			7/1/34		1,940,250
	6,740,000	Los Angeles, CA Unified School District DRIVERS		15.170			7/1/30		7,293,893
	4,550,000	MA Educational Financing Authority ROLs³		14.417			1/1/30		5,045,950
	8,895,000	MA HFA ROLs³		8.709			12/1/42		9,995,312
	3,010,000	MA HFA ROLs³		11.355			12/1/49		3,222,085
	3,750,000	MA HFA ROLs³		11.118			6/1/49		4,063,988
	1,555,000	MA HFA ROLs³		10.666			7/1/25		1,555,638
	6,660,000	MI Hospital Finance Authority (McLaren Health Care Corp.) ROLs		7.960			8/1/35		6,953,173
	2,500,000	Miami-Dade County, FL School Board ROLs³		16.050			2/1/27		3,576,700
	12,500,000	Miami-Dade County, FL School Board ROLs³		16.485			2/1/34		18,519,500
	2,500,000	Miami-Dade County, FL School Board ROLs³		15.181			2/1/27		3,481,800
	2,500,000	Montgomery County, OH (Miami Valley Hospital) ROLs		18.040			11/15/23		4,662,300
	60,560,000	NJ Tobacco Settlement Financing Corp. ROLs³		5.220			6/1/29		49,096,598
	9,500,000	North Central TX HFDC (CMCD/CMCtrF Obligated Group) ROLs		18.175			8/15/39		16,126,060
	1,480,000	North TX Tollway Authority ROLs³		18.358			1/1/48		2,235,866
	4,000,000	North TX Tollway Authority ROLs³		18.358			1/1/48		6,042,880
	18,695,000	NY Liberty Devel. Corp. ROLs³		8.306			1/15/44		23,793,876
	3,240,000	NYC Municipal Water Finance Authority ROLs³		18.381			6/15/40		5,305,144
	2,455,000	RI Hsg. & Mtg. Finance Corp. ROLs³		16.160			10/1/47		2,664,166
	642,000	Sabine Neches, TX HFC (Single Family Mtg.) ROLs³		9.488			12/1/39		728,927
	2,500,000	San Jacinto, TX Community College District ROLs³		15.435			2/15/38		3,670,900
	3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs³		17.038			11/15/29		5,761,280
	8,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs³		18.776			11/15/29		13,991,680
	6,750,000	Tarrant County, TX Health Facilities Devel. Corp. (CCMCtr/CCHCS/CCPN/WICF Obligated Group) ROLs		8.030			12/1/33		8,755,425
	3,000,000	Tes Properties, WA ROLs		17.610			12/1/38		4,941,600
	375,000	Tes Properties, WA ROLs		17.180			12/1/29		616,650
	39,305,000	TX Municipal Gas Acquisition & Supply Corp. ROLs³		12.545			12/15/26		72,269,710

77 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)


Principal Amount		Inverse Floater¹	Coupon Rate²			Maturity Date		Value
	$ 8,705,000	WA Health Care Facilities Authority (Peacehealth) ROLs		7.840	%		11/1/28	$	10,800,990
	5,000,000	WA Health Care Facilities Authority (Seattle Childrens Hospital/Seattle Children’s Healthcare System Obligated Group) ROLs		13.360			10/1/38		8,206,550
	4,520,000	WA Health Care Facilities Authority ROLs³		20.045			10/1/36		7,803,283
	3,335,000	Wayne County, MI Airport Authority ROLs³		11.660			12/1/34		3,657,561
	8,335,000	Wayne County, MI Airport Authority ROLs³		11.664			12/1/29		9,131,909
	5,670,000	Wayne County, MI Airport Authority ROLs³		11.659			12/1/29		6,212,109
	3,645,000	Wayne County, MI Airport Authority ROLs³		11.661			12/1/29		3,993,498

								$	570,073,373

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 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 $770,895,000 or 12.08% of its total assets as of January 30, 2015.

78 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

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 January 30, 2015, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$1,896,802
Sold securities		1,506,275

Restricted Securities. As of January 30, 2015, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

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 January 30, 2015 is as follows:


Cost	$	549,688,518
Market Value	$	204,907,244
Market value as % of Net Assets		3.68%

79 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

representing 1.55% of the Fund’s net assets, were subject to these forbearance agreements. Principal payments of $1,452,375 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

5. Shares of Beneficial Interest

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


	Six Months Ended January 30, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount

Class A
Sold		49,416,080		$	353,156,876			137,102,282		$	933,950,926
Dividends and/or distributions reinvested		12,667,690			90,709,209			30,093,455			205,951,112
Redeemed		(63,089,022	)		(450,180,110	)		(239,441,124	)		(1,630,450,733	)

Net decrease		(1,005,252	)	$	(6,314,025	)		(72,245,387	)	$	(490,548,695	)


Class B
Sold		93,892		$	673,264			484,637		$	3,287,365
Dividends and/or distributions reinvested		261,529			1,880,748			705,140			4,839,098
Redeemed		(1,983,809	)		(14,227,334	)		(5,810,952	)		(39,878,030	)

Net decrease		(1,628,388	)	$	(11,673,322	)		(4,621,175	)	$	(31,751,567	)



Class C
Sold		16,308,362		$	115,909,839			35,469,141		$	241,146,185
Dividends and/or distributions reinvested		4,506,352			32,157,608			9,923,437			67,687,442
Redeemed		(17,350,725	)		(123,620,672	)		(71,505,039	)		(483,203,243	)

Net increase (decrease)		3,463,989		$	24,446,775			(26,112,461	)	$	(174,369,616	)



Class Y
Sold		29,615,654		$	210,859,420			60,336,987		$	411,211,484
Dividends and/or distributions reinvested		2,626,089			18,790,997			4,169,746			28,544,554
Redeemed		(11,961,286	)		(85,434,334	)		(52,993,918	)		(358,803,969	)

Net increase		20,280,457		$	144,216,083			11,512,815		$	80,952,069

80 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended January 30, 2015 were as follows:


	Purchases		Sales
Investment securities	$	634,057,776	$	555,167,374

7. 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

The Fund’s management fee for the fiscal six months ended January 30, 2015 was 0.38% of average annual net assets before any applicable waivers.

81 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Fees and Other Transactions with Affiliates (Continued)

participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended January 30, 2015, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		43,290
Accumulated Liability as of January 30, 2015		343,066

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

82 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

7. Fees and Other Transactions with Affiliates (Continued)

net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.15% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees vote annually to approve its continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.


Six Months 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
January 30, 2015		$	327,373		$	35,449		$	39,897		$	57,842

8. Borrowing and Other Financing

83 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Borrowing and Other Financing (Continued)

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 six months ended January 30, 2015 equal 0.05% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of January 30, 2015, the Fund had borrowings outstanding at an interest rate of 0.1741%. Details of the borrowings for the six months ended January 30, 2015 are as follows:


Average Daily Loan Balance	$	73,913
Average Daily Interest Rate		0.154	%
Fees Paid	$	355,879
Interest Paid	$	3,404

84 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

8. Borrowing and Other Financing (Continued)

The Fund executed no transactions under the Facility during the six months ended January 30, 2015.

Details of reverse repurchase agreement transactions for the six months ended January 30, 2015 are as follows:


Fees Paid		$ 767,150

9. Pending Litigation

85 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited

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

86 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Investment Performance of the Adviser and the Fund. Throughout the year, the Adviser provided information on the investment performance of the Fund, including comparative performance information. The Board also reviewed information, prepared by the Adviser and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail funds in the High Yield Municipal category. The Board noted that the Fund’s three-year and five-year performance was better than its category median although its one-year and ten-year performance was below its category median.

Costs of Services by the Adviser. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load High Yield Municipal funds with comparable asset levels and distribution features. The Fund’s contractual management fees and total expenses were lower than its peer group median and category median.

87 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited

of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

88 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

Householding—Delivery of Shareholder Documents

89 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND


Trustees and Officers		Brian F. Wruble, Chairman of the Board of Trustees and Trustee
		David K. Downes, Trustee
		Matthew P. Fink, Trustee
		Edmund P. Giambastiani, Jr., Trustee
		Elizabeth Krentzman, Trustee
		Mary F. Miller, Trustee
		Joel W. Motley, Trustee
		Joanne Pace, Trustee
		Daniel Vandivort, Trustee
		Peter I. Wold, Trustee
		William F. Glavin, Jr., Trustee
		Daniel G. Loughran, Vice President
		Scott S. Cottier, Vice President
		Troy E. Willis, Vice President
		Mark R. DeMitry, Vice President
		Michael L. Camarella, Vice President
		Charles S. Pulire, Vice President
		Richard Stein, Vice President
		Arthur P. Steinmetz, President and Principal Executive Officer
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
		Laundering Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

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

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

90 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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91 OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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Item 2.

Code of Ethics.

Not applicable to semiannual reports.

Item 3.

Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4.

Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11.

Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 1/30/2015, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)	(1) Not applicable to semiannual reports.

(2) Exhibits attached hereto.

(3) Not applicable.

(b)	Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Multi-State Municipal Trust


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		3/9/2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		3/9/2015


By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer

Date:		3/9/2015

Expense Ratios